A Guide to Getting an MBA in the USA

The USA is the most preferred destination for higher education among international students. The average yearly cost of tuition for a 2-year MBA program exceeds $60,000, and tuition at one of the best business schools in the USA might reach $90,000 or higher. The US boasts the world's largest MBA ecosystem, with nearly 125,000 students applying each year, according to the US Department of Education. The demand for American degrees among international students is evident, as they constitute 26% of the non-USA resident student population across all programs and 27.9% in top USA B-schools. Notably, prestigious recruiters like McKinsey, Goldman Sachs, and JP Morgan are among the top organizations offering lucrative job opportunities to MBA graduates in the USA.While pursuing an MBA in America is a dream for many, it is essential to consider various aspects of the degree. In this regard, we will guide you through the average MBA fees, the top MBA colleges in the USA, and the costs involved, among other factors.

Masters of Business Administration in the USA

Doing your MBA in America has many benefits; as American universities focus on giving practical and hands-on knowledge more than bookish theoretical knowledge, it also has a significant value in your CV as the employer is always looking for someone who has a degree from a renowned university and who has hands-on practical experience. 

Pursuing your MBA in America will help not only your professional growth but also your personal growth in terms of the following: 

1. International Exposure
2. A higher salary
3. You learn how multinationals work as a whole 
4. Learning how to incorporate multi-sector skills
5. Adds creativity 
6. More job opportunities start to knock on the door
7. You have a strong network of professionals working in your as well as different fields
8. Your self-confidence gets a boost and improves your communication skills
9. You get trained to decisions making and master stress and pressure

Types of MBA in the USA: 

Listed below are the five types of MBA in America  for international students to enrol themselves into:

1. Full-Time MBA

Lowest Average Fees (Per year): $73,000

Universities that offer Full-Time MBA in USA: Stanford, Harvard, UPenn, Chicago-Booth, MIT.

If you're ready to immerse yourself in your studies fully, a full-time MBA in the USA is a popular choice. It's a comprehensive program spanning about two years, offering networking opportunities and internships to enhance your learning experience.

2. Part-Time MBA

Lowest Average Fees (Per year): $13,000

Universities that offer Part-Time MBA in the USA: MIT, Harvard, Stanford, and Columbia University.

For those balancing work and study, a part-time MBA in the USA allows you to pursue your degree while continuing your employment. These programs offer flexible schedules, often with evening or weekend classes, and can take longer to complete.

3. Executive MBA (EMBA)

Lowest Average Fees (Per year): $89,000

Universities that offer Executive MBA in USA: UPenn Wharton, MIT, Yale, Northwestern.

Designed for experienced professionals in leadership roles, an EMBA in USA focuses on advanced management skills. The part-time program accommodates busy schedules, typically targeting mid-career professionals.

4. Online MBA

Lowest Average Fees (Per year): $10,000

Universities that offer Online MBA in USA: Indiana University, University of North Carolina, and University of Florida.

An online MBA from USA provides flexibility if you prefer the convenience of studying remotely. You can access course materials, participate in discussions, and complete assignments online, allowing you to balance your education with personal and professional commitments.

5. Early Career MBA

Lowest Average Fees (Per year): $26,000

Universities that offer Early Career MBA in USA: Chicago-Booth, UPenn Wharton, UCLA.

Specifically designed for recent college graduates or individuals with limited work experience, an early career MBA in USA provides a solid business foundation to kick-start your career in the business world.

MBA Specializations in the USA 

Given below are the 8 types of MBA in USA specialisations offered to international students to choose from:

1. MBA in General Management

Universities that offer MBA in General Management: Harvard University, Stanford University, Northwestern University, University of Michigan - Ann Arbor, Yale University.

This specialisation provides a broad foundation in business principles, covering various functional areas such as finance, marketing, operations, and strategy.

2. MBA in Marketing

Universities that offer MBA in Marketing: Stanford University, Northwestern University, University of California - Los Angeles, Harvard University, Indiana University.

Focusing on the principles and strategies of marketing, this specialisation prepares students to understand consumer behaviour, develop marketing plans, and effectively promote products or services in a competitive market.

3. MBA in Human Resource Management

Universities that offer MBA in Human Resource Management: Northwestern University, Vanderbilt University, University of Michigan, Brigham Young University, Purdue University.

This specialisation focuses on managing and developing human capital within organisations. Students learn about recruitment, training, compensation, employee relations, and organisational behaviour to effectively support and lead human resource functions.

4. MBA in Entrepreneurship

Universities that offer MBA in Entrepreneurship: Babson College, Stanford University, Massachusetts Institute of Technology, the University of California - Berkeley and the University of Pennsylvania.

Geared towards aspiring entrepreneurs, this specialisation provides the knowledge and skills necessary to start and manage successful ventures. Students learn about opportunity assessment, business planning, financing, and innovation.

5. MBA in Finance

Universities that offer MBA in Finance: University of Pennsylvania, University of Chicago, New York University, Columbia University., Massachusetts Institute of Technology.

This specialisation delves into financial management, investment analysis, risk assessment, and capital markets. It gives students the skills to manage financial resources wisely and make informed decisions.

6. MBA in Business Analytics

Universities that offer MBA in Business Analytics: University of Pennsylvania, New York University, University of Michigan, Boston University, and University of Virginia.

This specialisation gives students analytical and quantitative skills focusing on data-driven decision-making. They learn to extract insights from data, use statistical models, and apply analytical tools to drive business strategies.

7. MBA in Consulting

Universities that offer MBA in Consulting: Harvard University, University of Pennsylvania, Northwestern University, University of Chicago, Columbia University.

This specialisation prepares students for consulting careers, teaching them problem-solving, strategic thinking, and project management skills. Students learn to analyse business challenges, develop recommendations, and provide valuable insights to clients.

8. MBA in Operations Management

Universities that offer MBA in Operations Management: Massachusetts Institute of Technology, Carnegie Mellon University, University of Michigan, Ann Arbor, Northwestern University, University of Pennsylvania.

This specialisation focuses on optimising business operations and supply chains. Students learn about process improvement, logistics, quality management, and lean principles to enhance efficiency and productivity.

MBA Admissions in the USA

Students must thoroughly research all American business schools and their admission requirements. One must meet the eligibility for an MBA in America. The GPA requirements, application deadlines, TOEFL-iBT scores, and work experience requirements for an MBA in America may vary. Therefore, international applicants must start planning their studies at least 1.5 years in advance to give themselves enough time for visa processing after being accepted. You can also check out Menlo coaching's team of MBA admissions consultants can help you navigate the complexities of the application process and boost your chances of securing a spot in a top program.

Below are a few pointers one must know while applying for an MBA in America.

Intake for MBA in the USA

In the USA, there are primarily three admission intakes:

1. Fall Intake
2. Spring Intake
3. Summer Intake

However, the two major semesters are Fall and Spring since few universities offer summer intakes.

Basic Requirements MBA in USA

An applicant is assessed based on several criteria as part of the eligibility for an MBA in America. The following are some basic criteria that an international student must meet:

1. 16 Years of Full-Time Education

You must have a 10+2+4 education or complete a four-year bachelor's program.‍

2. Standardised Exams Scores

Most business schools in the USA will require a strong GMAT score for you to be admitted. In some cases, GRE equivalents are accepted by universities.

3. Language Proficiency Scores

International applicants must submit the TOEFL, IELTS, PTE, or equivalent test scores to prove their English language proficiency. Usually, an IELTS score of 7.0< is acceptable.

4. Work Experience

Most applicants must have at least three years of work experience to enrol in an MBA in USA. However, this varies from university to university and with the type of MBA program chosen.

Document Requirements

As an international student, there will be specific requirements you will have to meet if you want to apply for an MBA in USA requirements

Eligibility for MBA in USA:

1. Applicants must have a minimum of 16 years of education.
2. Applicants must hold a bachelor's degree from a well-reputed university to get an MBA in USA.
3. Most universities require that applicants have a minimum of 2-3 years of work experience.

Entrance tests to pursue an MBA in the USA:

1. Applicants must take a test to prove their English proficiency, like the IELTS or TOEFL.
2. Applicants must show their GRE or GMAT scores to the university.

University Specific:

Depending upon the university you're applying to for your MBA in USA, you may need to submit the following:

1. Letter of recommendation
2. Resume
3. Statement of Purpose
4. Previous Transcripts

Admission Requirements at US Business Schools

USA Student Visa

Non-immigrants who wish to pursue higher education in the USA should apply for an F-1 Student Visa. The I-20 form, which serves as evidence of acceptance, must be received by students from the university to enrol for an F-1 visa. While in the US studying on an F-1 visa, students are not allowed to work full-time. On-campus work is restricted to a max of 20 hours per week.

Students must submit the following documents while applying for the F-1 visa:

1. Recent passport-size photograph
2. Valid passport
3. DS-160 confirmation page with barcode
4. Visa application fee receipts
5. VFS appointment letter
6. SEVIS receipt and I-20

Cost of Studying in the US

The total cost of an MBA in USA includes the tuition fees and cost of living in USA, along with the amount an international student will pay before leaving their home country. A few of these costs of obtaining an MBA in USA are described in the sections below.

Tuition Fees

The tuition fees for an MBA in USA can range from $45,000 to $77,000 annually. However, an MBA at an IVY league school may cost over $121,000. The following table lists the tuition fees for some of the top business schools for an MBA in USA.

1. Stanford University - $77,000
2. Harvard University - $73,400
3. University of Pennsylvania - $84,800
4. Massachusetts Institute of Technology - $80,300 
5. Columbia University - $80,400
6. University of California Berkeley - $67,400
7. University of Chicago - $77,800
8. University of California, Los Angeles - $71,700
9. Northwestern University - $78,200
10. Yale University - $79,400

Cost of Living in USA

Understanding the cost of living is a crucial financial planning component when considering studying or residing in the US. To ensure a comfortable lifestyle while properly managing your finances, it's critical to evaluate and budget for the cost of an MBA in USA. People can make informed decisions and create an achievable financial plan to support their academic or professional endeavours by gaining insight into the average cost of living in the US.

1. Books and study material: $900 - $2,000 / year
2. Travel: $300 - $700 / year
3. Accommodation: $9,800 - $11,100 / year
4. Electricity: $100 - $150 / month
5. Food: On-campus: $250 / month Off-campus: $400 - $600 / month
6. Phone subscription: $50 / month
7. Home Internet: $45 - $50 / month
8. Health Insurance: $700 - $1,100 / year
9. Clothes: $500 / year‍
10. Water, Trash and Sewer: $50 - $75 / month

Scholarships for MBA in the USA

If you are considering pursuing an MBA in USA, scholarships can be a valuable resource to pay for your education and make your journey more affordable. We have listed some scholarships for MBA abroad. Exploring these scholarship options can be a significant first step towards realising your MBA aspirations.

1. Harvard Business School: Horace W. Goldsmith Fellowship

Scholarship Offered: $10,000

At Harvard Business School, exceptional MBA candidates are awarded the Horace W. Goldsmith Fellowship. It honours students who have excelled academically, shown promise as leaders, and expressed a desire to have a positive impact in the fields they have chosen.

2. Wharton School: Joseph Wharton Fellowship

Scholarship Offered: $20,000

The Joseph Wharton Fellowship is a prestigious scholarship awarded to outstanding MBA students at the Wharton School. The fellowship recognises people who have excelled in academics, exhibited leadership skills, and shown a strong commitment to business and community.

3. MIT Sloan: McKinsey Award

Scholarship Offered: $10,000

Merit-based scholarships are given to MBA candidates who deserve them through the McKinsey Award at MIT Sloan. This scholarship celebrates people who have excelled academically and leadership potential.

4. Columbia Business School: Columbia Fellows' Program

Scholarship Offered: Full or partial tuition fee waiver

The Columbia Fellows' Program at Columbia Business School is a highly competitive scholarship program that seeks to draw exceptional MBA candidates. Recipients of the Columbia Fellows' Program scholarship join a diverse and talented cohort who gain access to a strong alumni network and a challenging academic environment.

5. Kellogg School of Management: Kellogg Scholarship

Scholarship Offered: $7,000

The Kellogg Scholarship awards excellent MBA students with extraordinary academic success and leadership potential. By receiving the scholarship, students join a vibrant and diverse community, gaining access to a top-notch education, networking opportunities, and resources needed to excel in their field of interest.

MBA in USA: Placements

By 2024, there will be over 138,000 additional job openings in the US, according to the BLS, due to a 23% increase in demand for various business and related professions. The annual salary range for MBA graduates in the USA is between $115,000 and $145,000. Following are the jobs offered to MBA graduates and their national average salaries per year, broken down by MBA specialisation:

1. MBA in General Management

Executive Director: $126,952 per year

Office Manager: $46,828 per year

2. MBA in Marketing

Senior Product Manager: $137,287 per year

Sales Manager: $74,370 per year

Marketing Manager: $65,789 per year

Account Manager: $51,892 per year

3. MBA in Human Resource Management

HR Director: $95,122 per year

HR Manager: $79,628 per year

4. MBA in Entrepreneurship

Business Development Director: $104,297 per year

Business Development Manager: $79,411 per year

5. MBA in Finance

Chief Financial Officer: $191,918 per year

Finance Manager: $92,533 per year

Accounting Manager: $75,632 per year

Financial Analyst: $69,656 per year

6. MBA in Business Analytics

Data Analyst: $74,792 per year

7. MBA in Consulting

Management Consultant: $94,473 per year

IT Consultants: $76,201 per year

8. MBA in Operations Management

Senior IT Manager: $128,378 per year

IT Manager: $97,133 per year

System Engineer: $83,690 per year

Project Manager: $78,463 per year

Operations Manager: $64,633 per year

MBA in USA: ROI

The return on investment is one of the most significant factors among Indian students studying MBA in USA. The table below presents the tuition fees against the annual salary offered to graduates of top B-schools in USA: