MBA from USA: Requirements, Cost Of Living, Placements and Top Universities
One of the most demanded degrees in the world is the Master of Business Administration (MBA), particularly for students who wish to advance into leadership positions in the future. Students who complete this degree have the necessary understanding of current business trends, challenges, and solutions.
Why pursue an MBA in the USA?
The US is renowned for housing some of the most prestigious business schools in the world, providing MBA hopefuls with cutting-edge facilities, academic brilliance, and excellent employment chances to help them get the most out of their education. Some of the key justifications for choosing to get an MBA in the US are as follows:
Industry experience: US educational institutions strongly focus on experiential learning through internships, co-ops, and a variety of training programmes that provide students with the chance to contact business executives to prepare them for problems in the future.
Excellent employment opportunities: Most Fortune 500 organisations have their headquarters in the US, which raises your chances of being chosen for a position with a reputable company. Additionally, the occupations are more crucial and involve leadership-focused duties for essential decision-making roles.
The first preference of MBA candidates: With 1,25,000 MBA applicants graduating each year, the US has the biggest MBA marketplace in the world, according to the United States Department of Education.
Requirements for an MBA in the USA
A candidate is assessed based on several characteristics as part of the requirements for pursuing an MBA in the United States. Following is a list of some prerequisites that an overseas student must meet:
Education Qualification:- 16 years of education is required, which entails completing a four-year bachelor's programme or having a 10+2+4 education.
Scores on standardised tests: Most business schools in the United States will demand a strong GMAT score for admission. Some colleges would accept GRE equivalents.
Language Competency Scores: International applicants must provide their IELTS or TOEFL results to prove their English language competency.
Work Experience: Applicants must typically have at least three years of work experience to study MBA in the United States. However, this varies depending on the sort of MBA programme taken and from institution to university.
Documents Needed for MBA Studies in the USA
International students who wish to study abroad must submit a few more papers, including:
Academic Record GMAT/GRE Results
Character Reference Letters
Resume
Objective Statement in a Cover Letter
US Cost of Living
The cost range for students in the USA is typically between:
0.75 to 1.50 lakhs (monthly) for lodging
Meals: between 0.02 and 0.03 lakhs (per meal)
Transportation: $0.07 to $0.22,000 per month
Personal Expenses (Monthly): 0.22 lakhs to 0.45 lakhs
Between 0.34 and 0.53 lakhs (monthly) for health insurance
Placements
According to the BLS, by 2024, there will be over 138,000 new job openings due to a 23% increase in demand for different businesses and associated positions. Apple, Amazon, Deloitte, JP Morgan, Goldman Sachs, and McKinsey are a few of the top MBA hiring managers in the United States.
American MBA admissions
In contrast to Indian universities, which only provide one intake, American higher education institutions have three intakes. Intakes may also be known as a semester in various universities. The following three intakes are accessible in the US:
Fall: Beginning in August, Fall is a popular intake for students of India.
Spring: Avoiding the September intake because it begins in January is preferable.
Summer: The summer intake is accessible for a select few programmes and colleges and often starts in May.
Here is a list of the top business schools in the USA that provide the top MBA programmes.
1. Harvard University's Graduate School of Design
2. Stanford University's Graduate School of Business
3. Massachusetts Institute of Technology's MIT Sloan School of Management
4. Wharton School of Management, Pennsylvania University
5. The University of California, Berkeley's Haas Business School
6. Northwestern University's Kellogg School of Management
7. New York University's Stern School of Business
8. University of Chicago's Booth School of Business
Scholarships offered in the USA may typically include the following:
Need-based financial aid
Merit-based financial aid
Need-based scholarships are for students from economically poor homes. In contrast, merit-based scholarships require the academic achievements of the students who desire to apply for financial help.
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