Every professional who wishes to grow in his/her job considers getting an MBA at some stage in their career. The United States has always been regarded as a hotbed of entrepreneurship, and it has always been at the top of every MBA aspirant’s wishlist. More than half of students seeking to pursue management courses overseas submit their GMAT score to US colleges each year. This article will help you learn each and every essential thing that you must know before moving to the USA for an MBA. Let’s get started!
Why Study in the USA?
The United States is one of the top locations for pursuing an MBA globally, since it is home to some of the world’s most prestigious business schools. The United States of America is one of the most popular places for MBA candidates due to its modern infrastructure, world-class education, and outstanding employment prospects. Students have the freedom to pick their courses and duration, as well as a wide choice of specialties from which to choose. In the academic year 2016-2017, over one million foreign students came to the United States to further their education. As per the US Department of Education, the United States has the world’s biggest MBA market, with over 1,25,000 MBA graduates per year. One may believe that the enormous number of MBA graduates graduating from its institutions each year stiffens competition in the HR field, yet the scale of the US economy and the scope of options outnumber the number of individuals searching for decent jobs.
Excellent quality education
Real education isn’t about what you study in school; it’s about how you apply what you’ve learned to real-world situations. The MBA program’s curriculum is structured in such a way that students may integrate theory and practise. Students are equipped to confront difficulties they may experience in the business through internships and training programmes.
High chances of getting a good job
Pursuing school in a country like the United States increases your chances of being hired by a reputable business because the major academic centres also serve as commercial centres, with many Fortune 500 firms establishing headquarters here. The best seller is the type of the employment responsibilities that these businesses bring to such universities; they are more crucial, more leadership-oriented, and include key decision-making positions in these organisations, implying that students begin their targeted growth trajectories sooner than normal.
The United States is well-known for being a country of immigrants. Students from all over the globe prefer top B-schools, so you’ll be immersed in an environment that’s a genuine melting pot of skills, cultures, races, and nations. Students mingle with individuals from many walks of life who have one thing in common: merit. This broadens their horizons, better equips them to cope with various viewpoints, and provides them with a solid foundation for dealing with diverse points of view. Students gain a larger perspective on any issue and have the chance to learn how to deal with any difficulty.
Train to be an entrepreneur
MBA programmes include a wide range of topics related to successfully running and managing a business. Students in the management programme learn how to deal with a variety of problems that arise when starting and running a firm. Their entrepreneurial ideas take flight thanks to their unique thinking paired with business abilities.
Why Pursue MBA?
Everyone from recent college graduates to seasoned professionals wants to join the MBA bandwagon, sometimes without giving much attention to the question of “why MBA.” Why not seek a master’s degree in science or an MTech degree in engineering for science grads? If you’re considering an MBA, make sure to consider the advantages of the programme in the light of your educational and career goals. Make a list of why you want to get an MBA, what your goals are, and how an MBA degree will help you achieve them. The transparency in course selection will also assist you in determining the precise programme and, as a result, the institution or university where you should pursue this programme, as well as the specialties that you should pursue. Also, think about what you want to accomplish with your life once you finish your management degree. MBA grads will earn much more than their peers, according to the GMAC’s 2020 Corporate Recruiters Survey. MBA graduates earn $115,000 on average, about 75% more than those with a bachelor’s degree.
Here are some reasons why you should pursue MBA:
To gain knowledge
Top B-schools’ curricula will eventually educate you to deal with complicated circumstances and provide effective answers. You can obtain information in other methods, such as browsing the Internet or talking to your senior coworkers, but the ambiance at a top B-school will be entirely different and will help you advance in your career. Understanding from top scholars, working on real-world projects, obtaining real-world information, and learning multiple approaches to tackle a complicated problem are all rich experiences you won’t have outside these institutions.
Adds value to your profile
An MBA programme will provide you with abilities that will help you achieve senior management roles in the future. This will eventually provide you the authority to create plans and lead the organisation, although before you may have held less important positions in similar organisations.
A master’s degree in business administration is linked with advancement in one’s profession. People might get stagnant after spending a significant amount of time with a certain set of work duties. An MBA is frequently preceded by the desire to learn new abilities that will help you remain ahead of your peers while also promising professional advancement. You can apply for positions you couldn’t apply for before by reskilling, upskilling, or simply training yourself in the same area and looking at a similar set of challenges via a business lens. It’s no surprise that top positions in a variety of sectors need an MBA as a minimum requirement.
Getting an MBA from a renowned B-school will put you in a league of your own. You will get the opportunity to meet some of the sharpest minds who will become tomorrow’s chief executives at a top management institution. It’s an opportunity to network with a diverse group of brilliant individuals from various backgrounds, areas, and nations. This will assist you in widening your viewpoint on a variety of critical subjects.
The entire process of obtaining an MBA degree will assist you in realising your full potential. The graduate degree will provide you with a plethora of options because it is recognised all around the world and in a variety of fields. The programme is structured in such a manner that you will emerge as an entirely new person with a completely different perspective on many professional and personal issues.
MBA programmes often provide students the option of specialising in a particular industry. Companies nowadays want individuals that are well-versed in their sector and company, as well as capable of handling the subtleties of the job. This will not only improve your work possibilities, but will also ensure a bright future.
Eligibility and Requirements
The following are the requirements for an MBA in the United States for Indian students:
- You must have a GPA of 3.5 to 4.0 and above in a bachelor’s degree. In the United States, having a business-related bachelor’s degree is not required for an MBA. As a result, students in engineering, medicine, and even science can apply for an MBA.
- A minimum of 2 to 4 years of professional experience is required, however this varies greatly depending on the business school. Depending on the sort of MBA you choose, they may also require 6 to 8 years of experience.
- The GMAT score must be provided directly to the business school.
- MBA essays or SOP, as well as recommendation letters. These are required, regardless of the business school; a minimum of 2 letters of recommendation and one essay should be submitted.
Visa for MBA in USA :
You must apply for an applicable visa to study in the United States as an international student. However, the F1 visa is valid for full-time study in the United States.
You must complete the Ds-160 online application form and deposit the $160 F1 application cost. After that, you must attach the school’s I-20 form. Your passport, as well as the two forms, must be submitted with the appropriate papers. Then you’ll be called in for a visa interview process. If you do well in it, you will get your passport stamped with your visa very soon.
Top MBA Colleges in USA
Tuition Fee per year
University of Pennsylvania (Wharton)
University of Chicago (Booth)
Massachusetts Institute of Technology (Sloan)
Northwestern University (Kellogg)
University of California-Berkeley (Haas)
New York University (Stern)
University of California-Los Angeles (Anderson)
University of North Carolina-Chapel Hill (Kenan-Flagler)
University of Texas
Carnegie Mellon University
University of Michigan
University of California-LA Campus
University of Virginia
Popular MBA Scholarships in USA
Some of the popular scholarships available are:
Stanford Reliance Dhirubhai Fellowship
This scholarship is given to Indian students who need financial help to pursue an MBA at Stanford. Students who received this award must return to India and work for an Indian organisation within 2 years after completing the MBA degree.
JN Tata Endowment
This is not a scholarship, but rather a debt that the student must repay within 7 years of finishing the graduating programme. However, the interest rate charged is only 2%, and it is erased if the candidate repays the loan within the stipulated time frame. The endowment program’s value ranges from Rs 1.5 to 6 lacs.
Columbia Business School – The Board of Overseers China & India Fellowships
This fellowship is given to students from India and China each year, and the funding can be renewed for a second year. These honours are given to those who have succeeded in both their academic and professional endeavours.
Emerging Economy Fellowships
This fellowship of University of Pennsylvania, Wharton is given to students who have excelled in their studies. It is also available to students from underdeveloped nations.
Chicago Booth – The India Trust Fellowship
It is a merit based scholarship awarded to students residing and working in India at the time of enrollment to the full-time MBA programme. Its goal is to advance women’s commercial interests. This fellowship is given to students who have excelled in the areas of academics, management, and extracurricular activities.
Akhtarali H. Tobaccowala Fellowship
Students who live in India at the time of their admission to Chicago Booth are eligible for this scholarship. This scholarship is automatically awarded to all students who have been accepted and satisfy the qualifying requirements. In honour of Akhtarali H. Tobaccowala, a 1952 graduate of Chicago Booth, students who receive it are named Akhtarali H. Tobaccowala Fellows.
Harvard University- Need-Based Fellowships
Students who desire to study MBA programmes at Harvard University are given need-based grants. These are provided to students who have been accepted but do not have sufficient financial resources.
Popular MBA Specializations in USA
The majority of MBA applicants consider this area to be their ideal field. Everyone wants to work for some of the top firms in this field and get worldwide corporate experience. People who choose to work in this field must have knowledge in a variety of disciplines since they will be exposed to a variety of industries.
This area swallows a huge portion of MBA graduates and is considered one of the most interesting occupations to pursue. Working in this industry will allow you to encounter some of the most well-known figures in the business world. Aside from that, one is also given the task of managing a huge quantity of money and the management funds of a few of the industry’s greatest names.
Many MBA graduates want to use their newfound knowledge and desire to make a difference in the world. Entrepreneurs are entrusted with creating a profitable company model using their expertise, creativity, and limited resources.
People with experience managing line of operations in the industrial or service industries are in high demand these days. MBA programmes provide new techniques and skills that help businesses adopt new technology and create profit-maximizing plans.
It’s a burgeoning industry that will continue to be significant in the future. MBA graduates will always have an advantage over others if they combine technical expertise with business understanding. The demand for employees with both technical and management abilities has increased as a result of the advent of technologies such as automation and cloud computing. Business and data analytics are two areas that assist organisations in establishing new business strategies.
Jobs after MBA in USA
A marketing manager, as the name implies, is in charge of the company’s market engagement. A marketing manager is also in charge of executing services or delivering a product to the market. And it’s a fantastic session to choose from among the many job options available after earning a part-time MBA. You can acquire a sales MBA marketing career after completing this degree.
Marketing managers are creative professionals who are in charge of the company’s tarnished and unanticipated reputation in the marketplace. Print or video ads, public speaking engagements, sponsorships, and printed literature are all examples of planned impressions. Unplanned illustrations can take place when one of the firm’s representatives makes a public blunder, necessitating immediate damage regulation, or when the company is attacked by an external force, such as when somebody tampers with the company’s products after they quit production, or when a flaw in the product isn’t discovered until after it’s been in circulation.
A marketing manager should always be Street Smart, with excellent communication skills, be extroverted, and be receptive to other people’s ideas and perspectives.
Average salary: $70,648
A management consultant is a professional who assists organisations or businesses in improving their performance by thoroughly examining current issues and providing solutions that will increase the organization’s efficiency.
When it relates to working, a management consultant must be strategic, calm, and efficient. In addition, he should be an expert in his industry and solution-oriented, so if you have a flair for solving issues and managing people in a crisis, as well as excellent communication skills, you should apply. Then you might enjoy slamming management consulting.
Average salary: $92,827
An investment banker is someone who works very closely with a finance company and is in charge of generating cash for governments, organisations, and other institutions.
An investment banker manages big, complex financial transactions for a customer or a group of clients, such as negotiating an acquisition, merger, or sale. He also sells the investment risk money in a future enterprise and is heavily involved in generating funds through the issuance of securities.
Excellent number-crunching talents, good presentation and communication skills, and the ability to work long and arduous hours are all required qualities for investment bankers.
Average salary: $100,000
A business analyst is a person who analyses and comprehends the demands of a business area or an organisation with the goal of offering technical solutions using computer procedures that are cost-effective. They also handle a project’s or an organization’s requirements and communicate them to clients, facilitators, and possible partners. After completing a part-time MBA, this is another excellent work option.
Assisting with the strategic plan, reporting and scheduling, enlisting objectives, interpreting and simplifying educational needs, communication and leadership, and requirement analysis are all part of a business analyst’s job description.
Average salary: $82,679
Financial advisers are experts that provide their customers with financial advice depending on their circumstances. A financial adviser is frequently referred to as a planner, educator, or partner for all of your financial needs.
A financial adviser can assist you in making the proper investments and achieving your objectives. He is the spokesman for your investments and counsels you on your long-term objectives. They are experts in their field who are responsible for the situation, understand how to grow, and believe in taking actions.
Average salary: $90,530
An Administrative Manager is someone who oversees the smooth operation of a company and ensures that it is managed efficiently. He is in charge of overseeing employees, planning, organising, and executing administrative systems in order to support operations.
His work includes maintaining administrative employees and keeping track of their performance as well as the achievement of goals. They also supply necessary materials and meet the financial goal by predicting educational needs, presenting data for budget creation, scheduling expenditures, tracking expenses, and analysing variations.
Average salary: $86,683
Human Resource Manager
A Human Resource Manager is a specialist who plans and implements strategies for managing people or workers in a company. Typical responsibilities of human resource (HR) managers include recruiting, training, career progression, remuneration and benefits, employee engagement, industrial relations, employment legislation, compliance, disciplinary procedures concerns, redundancies, and so on. Furthermore, the position necessitates keeping up with rapidly changing areas such as employment law.
Any major business with a professional environment requires an HR Manager. Banks, insurance firms, hospitals, colleges, and technological institutions are among them.
Average salary: $61,000
A product manager’s job includes overseeing and developing new goods for a firm or organisation. You will be accountable for developing commercial strategies and overseeing the functional educational needs needed to produce a physical or virtual product.
They provide strong product knowledge to the table, allowing them to lead the company and make strategic product choices. They may be required, for instance, to assess the market and competitive circumstances, develop a differentiated product vision, and offer unique value based on client needs.
Average salary: $93,356
An operations manager is responsible for developing and supervising the manufacturing process as well as revamping company processes in the manufacturing of goods and services. He is in charge of ensuring that enterprises run smoothly and efficiently in terms of the resources and educational needs.
Banking systems, hospitals, corporations, suppliers, consumers, and technology are all places where an operation manager could work. Alongside supply chains, marketing, MBA finance freshman, and human resources, management is one of the most important departments in a company. The operations function is responsible for overseeing both strategic and day-to-day products and service production.
Average salary: $95,284
An IT manager, also known as an information technology manager, is a person in charge of a company’s technical infrastructure’s installation and upkeep. Because today’s businesses are so dependent upon technology, an IT manager’s responsibilities include creating and advising firms on technical solutions as well as troubleshooting computer issues.
You’ll be in control of your development team as an IT manager, and it’ll be your job to make sure everyone is doing the correct thing at the right time. It’s a profession with a lot of variety, and you’ll have the chance to work in a variety of industries.
Average salary: $145,740
High Paying Companies for MBA Graduates
MBA graduates may now earn a basic salary of US$165,000 (£126,637) directly out of business school, according to research by Management Consulted, with a considerable rise after signing bonuses, bonus payments, and tuition assistance are completed.
The data was reviewed by Business Insider, and the overall compensation value for new MBA recruits at 13 of these businesses was determined. The great majority of the businesses on the list are related to the financial services or consulting industries, which is unsurprising.
The top 10 high paying companies for MBA graduates are listed below.
1. PwC Strategy&
Potential total compensation: $256,400
PwC is this year’s winner, offering the best compensation to MBA grads. The international strategy consulting business that uses innovative thinking to assist customers solve their most difficult strategic challenges. Healthcare, fuel, financial services, pharmaceuticals, telecommunications, aviation, media technology, and fast-moving consumer products are among the areas in which it operates.
2. Bain & Company
Potential total compensation: $252,250
Bain & Company is a management consulting firm that works with governmental, private, and nonprofit organisations. It specifically aids senior executives in making better judgments, turning those decisions into actions, and achieving long-term success.
Potential total compensation: $250,000
With AlixPartners, we’ve made it into the top 3. Company performance, corporate turnarounds, legal consulting, and financial investigation are among the services provided by the worldwide business consultancy firm. The firm’s speciality is dealing with high-stakes situations, which has attracted global behemoths like GM and Enron.
4. Accenture Strategy
Potential total compensation: $247,500
Accenture Strategy is a worldwide consulting business that works with clients in more than 40 sectors. It assists clients in hiring top talent, promoting sustainability, and establishing global partnerships and influence. Technology, consumer growth, supply chain operations, people and corporate value are among its specialties.
5. AT Kearney
Potential total compensation: $247,100
AT Kearney is an international strategic management consulting company that combines strategic thinking and collaborative working techniques to assist clients achieve corporate solutions. Top government and charity organisations, as well as 75 % of Fortune Global 500 businesses, are among its clientele.
6. L.E.K. Consulting
Potential total compensation: $245,000
L.E.K. specialises in mergers & acquisitions, business strategy, and management. Defense, aerospace, biosciences, healthcare, entertainment, and power are among the areas where it provides services.
7. BCG (Boston Consulting Group)
Potential total compensation: $244,250
BCG, of the BCG Matrix network, is among the world’s most prominent consulting organisations, advising companies on how to get the most out of their investments. Several of the world’s 500 largest corporations, as well as NGOs and small enterprises, are among its clientele.
8. Deloitte S&O
Potential total compensation: $240,000
Deloitte S&O is a member of the Big Four accounting companies and the world’s biggest worldwide professional services network, assisting customers with their most difficult corporate challenges. Tax, audit, consultancy, financial advising, and enterprise risk are some of the services it offers.
9. MicKinsey & Company
Potential total compensation: $239,000
McKinsey & Company is a management consulting business that specialises in strategy, general organisational structure, policy, management and research, profit and expenses, and information system.
80% of the world’s major enterprises, ranging from private businesses to government agencies and NGOs, are among its clientele.
10. KPMG Strategy
Potential total compensation: $235,000
KPMG Strategy is a worldwide network of professional service businesses and a member of the infamous Big Four. Financial audit, tax, and advising are the company’s three core services, and it works with customers to reduce corporate risks and assess business possibilities.
US Based Companies with High MBA Employees
One of the top employers of MBA talent is Amazon, the world’s largest e-commerce company. Indeed, the retail behemoth is the #1 MBA recruiter on US campuses, having hired grads from over 29 business schools in the last year. If you have a love for fast-paced innovation and excellent analytical abilities, Amazon has a variety of options for you, ranging from HR to finance and big data.
Deloitte, one of the Big Four accounting companies in the professional services sector, is another favourite employer among MBA graduates, hiring from 28 different campuses around the United States. Graduates of business schools can work in tax, audit, consultancy, financial advising, and enterprise risk evaluation at Deloitte. There’s more: at Deloitte, an MBA graduate earns an average of US$240,000.
Google is another company with a lot of MBA talent, which is somewhat expected. MBAs may improve their careers in finance, management, technology, and consulting, as well as work in a world-renowned inventive environment, thanks to the tech giant, which has regularly been rated one of the best employers in the world.
PwC Strategy& is a global strategy consulting business that uses creative thinking to assist customers address difficult strategic challenges. Its activities cover a wide range of industries, including healthcare, energy, finance, aviation, and media technology, allowing MBA graduates to work in their chosen industry. MBA graduates at PwC may expect to earn up to US$256,400.
The world’s largest software company is also a top MBA employer in the United States, hiring graduates from more than 20 business schools. MBAs at Microsoft may anticipate working in areas such as technology, marketing, management, and sales, as well as a high-pressure, high-reward atmosphere.
McKinsey & Company
McKinsey & Company is a management consulting firm that delivers services in strategy, general organisation, policy, management and research, profit and expenses, and information systems to 80% of the world’s top businesses. The business is known for employing MBA graduates with strong problem-solving, teamwork, and analytical abilities.
J.P. Morgan, a global banking giant, prefers MBAs with experience in investment, private banking, marketing, and research. MBA internships like the Launching Leaders programme, the Proud to Be MBA programme, and the Wharton MBA programme help the firm develop b-school talent.
Boston Consulting Group (BCG)
The famous advisory company BCG, which is part of the larger BCG Matrix network, is one of the world’s most attractive destinations for MBA graduates who want to assist businesses optimise their assets as effectively as possible. Most of the world’s 500 largest corporations, as well as NGOs and small enterprises, are among its clientele.
Ernst & Young
Ernst & Young is a worldwide professional services business established in London, England, with a large number of MBA workers working in the United States. Graduates at EY can work in a variety of areas, including consulting, assurance, taxation, and transaction services.
Bain & Company
Bain & Company is among the Big Three management consulting firms, working with public, commercial, and nonprofit organisations to assist them make smarter choices. It is second only to PwC in terms of high compensation. The firm has branches in over 30 countries and hires MBAs from 17 different business schools in the United States, making it a truly global and varied workplace.
Johnson & Johnson
Johnson & Johnson is a prominent employer for MBA graduates, as well as one of the world’s top corporations in the medical devices, pharmaceuticals, and consumer packaged goods (CPG) industries. For MBAs fresh out of business school, the corporation provides a variety of internship and professional development opportunities.
Cisco Systems is a global technology corporation headquartered in San Jose, California, in the core of Silicon Valley. Cisco creates and sells networking gear, software, telecommunications equipment, and other high-tech goods and services, making it an excellent location to work for MBAs with an entrepreneurial spirit.
Facebook, being one of the world’s largest corporations, is known for employing MBA graduates from over 15 of the world’s best business schools. Those looking for a full-time job at the social networking site must have strong problem-solving abilities and be creative.
Credit Suisse is a global financial services firm that specialises in wealth management, investment management, and basic banking. Despite its Swiss location, it hires MBA graduates from 15 different business schools across the United States.
Accenture Strategy is a worldwide consulting business that works with clients in more than 40 sectors. It assists clients in hiring top talent, promoting sustainability, and establishing global partnerships and influence. MBAs may expect to find high-paying employment at Accenture in the areas of technology, client growth, supply chain management, people and enterprise value.
PepsiCo is among the world’s largest multinational foods, beverage, and snack companies. MBA graduates with an entrepreneurial mentality and a passion for sustainability are sought by the firm. The marketing and finance divisions employ the great majority of MBAs.
USA Living Costs for International Students
The estimated cost of living in the United States is between $10000 – $18000 per year, or $1000 – $1500 per month. This covers expenses such as accommodation, room and board, meals, transportation, textbooks, clothing, and entertainment. This table will provide you with an estimate of your monthly average expenses:
International Calling cards
Petrol for car
What are the qualifying exams for MBA in the USA?
GMAT, IELTS or TOEFL
What is the MBA tuition fee in the USA?
Although an MBA degree is costly, the average tuition for a 2 year MBA course is more than $60,000. If you study in one of the finest business schools, you may have to pay $100,000 as tuition fee.
Is an MBA in the USA worth it?
No country can compete with the United States, which is unquestionably the most popular MBA location for Indian students. It’s becoming obvious that getting an MBA isn’t only a hazardous investment, it’s also a risk that’s not worth taking. MBA programmes have typically provided a solid foundation in key business topics, improved job possibilities, and access to a prominent network.
It’s a crucial decision to choose the best location for your education. Whether you choose to stay at home or travel abroad, it is critical that you make the best decision for you. Before making a decision that will certainly affect your life, you should always consider the benefits and draw conclusions about what would be best for you in the long term. This post is not intended to discourage you from studying abroad; there are several advantages to doing so. However, if you are planning to go for an MBA in the USA, do it without any hesitation. The USA is known for the best MBA programs in the world.