Top business schools in USA – Ranking, costs, salaries
Top American institutions need a promo just as much as the Pope needs to spell out his name at Starbucks. Everyone already knows!! A million international students, making up 5% of the total student population, pretty much says it all.
The United States of America has the highest number of globally prestigious institutions and over the years it has done an incredible job of turning their names into high quality brands. The MBA program, being one of the most lucrative professional degrees out there, enjoys a particularly privileged status when obtained from the crème de la crème of these American universities.
With all the top MBA employers belonging to the American soil, the country clearly has an overwhelming advantage in employment opportunities for MBA graduates, adding to the already convincing reasons as to why an MBA, in the USA, usually has a happy ending.
What makes USA so popular among MBA seekers?
51 of the top 100 MBA programs, ranked by the Financial Times’ Global MBA Rankings, are from the US. And there is good reason for such an uncontested reign over the realm of business education. The MBA degree itself originated in the country as a means to provide a scientific approach towards business management.
It was University of Pennsylvania’s Wharton which began its first version of training its students, back in the late 1800s, with the aspects of managing a successful business – accounting, finance, legal, marketing, operations, and more.
Dartmouth’s Tuck took it further to an advanced degree while it was none other than Harvard which conferred the first MBA. The rest of the country, and gradually the whole world, began to appreciate this American model of providing its students, and the future managers, with an academic training vs letting them figure it out on the job.
USA is also the world’s largest economy with the most GDP per capita in the world. While China is catching up, the US dollar is still quite high and mighty. This flourishing economy is famous for housing large corporations with some of the largest market capital.
For instance, 41% of the Financial Times Global 500 rankings, from 2015, were US based companies. These corporate giants are also some of the largest employers in the country, creating a large demand for MBA trained management, among other specialized employees.
Thus, there is quite a happy balance feeding into the system which creates some of the best management graduates to be recruited by some of the most successful corporations. And that is one of the reasons for the prosperity of the reputed US B-schools.
Multicultural Society
The American society has always been popular for immigrants. Well, that is how the America, as we now know it, essentially began. It is not only multicultural, it’s lifestyle, its arts, media, music, sports, and even some of the non-mainstream ideas like work habits, education system, and more, have had made a massive impression on the rest of the world, sometimes even permeating into otherwise hard-core traditional structures.
In fact, most foreign cultures grow up exposed to the US media, thereby already seasoning its people to the ways of American life. So, while students who travel to the US, for an education, face various shades of challenges (Read Experience of moving to the US from India and Cultural problems faced by Indian students in the USA), they still have the advantage of working in an environment with a universal language and a familiarity which maybe foreign but certainly not alien.
Quality of Life
As you can imagine, the country offers a world class education resource, and a wide scale of opportunities for international students who want to pursue a career, after graduation. One of the major challenges that students face is managing the cost of education, especially for an MBA.
There are multiple means to finance your education including scholarships, fellowships, assistantships, and even education loan which often creates a long-term debt burden, damping the satisfaction of accomplishing the degree.
However, if you are able to combat the tuition costs, MBA salaries are extremely rewarding, often ranging from $100,000 to almost $200,000, if you are so lucky. While expenses can vary between cities, we will tabulate some of the popular cities for a quick glance (Source: Numbeo).
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