US business schools are the most popular amongst overseas students who seek a world-class, prestigious MBA degree. Whether it is the dynamic course curriculum, the state-of-the-art facilities and resources, international peers, distinguished faculty and alumni or exciting career prospects- a business administration master degree from a reputed US B-school offers that and much more and is most definitely the first choice for many overseas students.
Some of the world’s leading business schools are located in the United States- such as Stanford Graduate School of Business, UPenn’s Wharton School and the Harvard Business School, among many others. All these provide a rewarding learning experience and professional opportunities- besides the culturally diverse experience to a student who chooses to study abroad. Although, there are part-time business administration master degree options available, yet many international students opt for the full-time program- majoring in subjects such as operations management, finance, marketing, supply chain management, business analytics, information technology and much more.
Which university is the best for an MBA in the USA?
The best universities for pursuing an MBA in the USA need to be the ones that offer an optimal mix of traditional business learning, coupled with real-life skills in leadership, communication, creativity, management and resilience. The US News has emerged with its ranking of the top-most b-schools for master study in the US for this year, 2020 as follows:
- Stanford University / University of Pennsylvania (Wharton) – both tie at the first position
- Northwestern University (Kellogg)
- University of Chicago (Booth)
- Massachusetts Institute of Technology (Sloan)
- Harvard University
- University of California-Berkeley (Haas)
- Columbia University
- Yale University
- New York University (Stern)
|School||Overall Score||Accept rate||Average GPA||Average GMAT||Average Salary & Bonus||Job Rate|
|1. Pennsylvania (Wharton)||100||23.1%||3.6||732||$172,016||94%|
|3. Northwestern (Kellogg)||99||27.0%||3.6||730||$163,752||96%|
|3. Chicago (Booth)||99||24.2%||3.6||730||$164,607||95%|
|5. MIT (Sloan)||97||14.6%||3.6||727||$160,291||94%|
|7. UC-Berkeley (Haas)||94||17.7%||3.7||725||$159,972||91%|
|10. New York (Stern)||90||26.1%||3.5||721||$168,291||94%|
Job rate refers to MBAs employed three months after graduation. Average salary and bonus refer to sign-on bonus, adjusted for the percentage of students reporting a signing bonus.
Source: US News & World Report
How can I get a full scholarship for an MBA in the USA?
Many of the prominent US business schools offer generous full and partial scholarships, to the tune of millions of dollars, in order to attract the best talent. In fact, a student can avail of financial assistance options through study abroad scholarships when researching an MBA in the USA. You can get a scholarship to an MBA program in the USA if:
- You have a high GPA score
- You have a high GMAT score
- Have a rich and varied work experience- professionally.
- Have engaged on various initiatives/clubs during undergraduate, and participated in some notable project work
- Have volunteered on various initiatives for social causes
In general, there are two categories of MBA study abroad scholarships- merit-based and need-based. Those who obtain merit-based scholarships, do so on the basis of their exceptional academic achievements such as a high GMAT score, leadership experience or a superlative undergraduate result. Scholarships on the basis of financial need are awarded after assessing the situation of the applicant but is more to do with maintaining diversity in the MBA applicant pool.
Given hereunder are ten business schools that offer generous scholarships in both number and financial aid, besides offering support to the student for finding alternative funding sources for students pursuing an MBA in the USA:
- Harvard Business School (HBS)- Has a financial aid budget of $34 million for a need-based scholarship for 50% of MBA applicants. The financial aid package that HBS offers is nearly $40,000 per year.
- Stanford Graduate School of Business (GSB) – Offers generous scholarships to students that help fund their entire attendance at GSB. A GSB award amounts to $35,000 per year- which is offered on a needs basis. GSB pays the gap between the financial ability of a student to contribute to the fee and the cost of attendance through various loans and scholarships.
- UPenn’s Wharton School – Those who gain admission to the Wharton MBA program are qualified for the school’s financial aid program- on the basis of their unique personal qualities, professional/academic achievements, personal background and community engagement. Wharton offers six different types of fellowships or scholarships.
- Duke University Fuqua School of Business – Fuqua offers it’s admitted applicants merit-based partial or full-tuition scholarships for their MBA program. Some students have received financial assistance of around $66,000. The criteria for awarding merit-based scholarships are on the basis of community engagement, academic achievement, extracurricular/professional distinction or leadership qualities. The Keller Scholars scheme, for instance, offers to fund the entire tuition fee for gifted students.
- Columbia Business School (CBS)- CBS offers need-based scholarships up to $30,000, as well as merit-based scholarships such as the Toigo Fellowship, Forte Foundation Scholarship amongst many others.
- Chicago- Booth – They have a special scholarship program for Indian students such as The India Trust Fellowship (for students residing and working in India), the Zonis Fellowship (student from an emerging economy), the Akhtarali H. Tobaccowala Fellowship (for Indian students), Distinguished Fellows Program and Forté Foundation Fellowship (both offering waiver on entire tuition fee along with an annual stipend of $25,000) and the Canfield Private Equity Fellowship (for students that have an investment banking/private equity work experience) amongst many others.
- Kellogg Business School– They offer both need-based and merit-based financial aid to all their admitted overseas students.
- MIT Sloan – Sloan has generous scholarship schemes for its overseas students- both merit and need-based financial aid- which includes the McKinsey Award, Legatum Fellowship, Forte Foundation Fellowship, MIT Sloan Social Impact Fellowship, Fulbright Grant, Dean’s Fellowship and the Nippon Foundation International Fellowship.
- Yale School of Management (SOM) – They offer need-blind aid to students who deserve financial help in the form of assistantships, loans and scholarships. Their Specific Scholarship Schemes can cover the expenses for up to $61,500 for deserving students.
- McCombs School of Business- They offer various scholarships to meritorious overseas students such as the Recruiting Scholarships, Sylff Global Fellows Program, Continuing Student Scholarships (for second-year students pursuing MBA), Forte and Texas Venture Labs Scholarships and the Consortium. The financial aid can range from $2000 to cover the entire tuition fee.
What is the number #1 business school in America?
Currently, there are two business schools in the US that have tied in for the first position- Stanford Graduate School of Business and UPenn’s Wharton – making them the most sought-after institutions for pursuing MBA in the USA. This is according to US News review 2020.
What is the hardest business school to get into?
Although most business schools offer a majority of their applicants’ admission to their full-time MBA program, there are exceptions where admission is selective for certain programs and is offered on the basis of impressive academic credentials, high GRE/GMAT score or stellar work experience. Such prestigious business schools are difficult to get into, but if you manage to get through, then their MBA degree can be your ticket to excellent career prospects ahead.
Here is a list of the ten full-time graduate business schools that accepted the least percentage of applicants in 2019 (fall session) and are the hardest to get into :
|BUSINESS SCHOOL (NAME) (STATE)||FULL-TIME ACCEPTANCES (FALL 2019)||FULL-TIME APPLICANTS (FALL 2019)||FULL-TIME ACCEPTANCE RATE||US NEWS BUSINESS SCHOOL RANK|
|Stanford University (CA)||504||7,342||6.9%||1 (tie)|
|Harvard University (MA)||1,058||9,228||11.5%||6|
|Massachusetts Institute of Technology (Sloan)||759||5,200||14.6%||5|
|Columbia University (NY)||888||5,427||16.4%||8|
|University of Florida (Warrington)||57||329||17.3%||28 (tie)|
|University of California—Berkeley (Haas)||628||3,540||17.7%||7|
|University of Arizona (Eller)||36||173||20.8%||46 (tie)|
|Duke University (Fuqua) (NC)||695||3,036||22.9%||12 (tie)|
|Pennsylvania State University—University Park (Smeal)||86||375||22.9%||41 (tie)|
|University of Pennsylvania (Wharton)||1,364||5,905||23.1%||1 (tie)|
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