Top MBA Colleges in the USA in 2023 

May 15, 2024
mba colleges in usa

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Have you dreamed of pursuing an MBA in the United States of America but felt discouraged by the high tuition fees? Or the prospect of starting your MBA journey with little to no work experience left you feeling uncertain. Worry not; we have got you covered!

MBA, or master’s in business administration, is a famous and prestigious postgraduate (P.G.) program that prepares students in different business fields like finance, marketing, human resources, etc. The MBA program opens up opportunities for aspiring students, especially in the USA, where the scope of business professionals is vast.

According to the U.S. News Ranking 2023, there are around 493 top MBA colleges in the USA. The top MBA colleges in the USA enhance students’ knowledge and serve as a platform for networking, skill development, and career growth.

Today, we’ll explore the top MBA colleges in the USA for 2023, grouped into three categories: top-ranked, affordable, and those that don’t require prior work experience. We’ll also delve into the MBA fees in the USA and the factors that influence the fees.

Top MBA Colleges in the USA with Low Fees

The table below shows the top MBA colleges in the USA with low fees:

MBA Colleges in the USA Location1st Year Tuition Fees
(INR)
Course Duration
Worcester State University.Worcester, MA5.14 lakh1.5 years
Polytechnic University of Puerto Rico.San Juan, Puerto Rico6.69 lakh1.5-2 years
Cameron University.Lawton, Oklahoma8.02 lakh2 years
Southeast Missouri State University.Cape Girardeau, Missouri8.38 lakh2 years
Northeastern State University.Tahlequah, Oklahoma9.27 lakh1.5-2 years
Central Michigan University.Mount Pleasant, Michigan10.19 lakh1.5-2 years
Minnesota State University.Mankato, Minnesota10.00 lakh2 years
University of South Dakota.Vermillion, South Dakota11.61 lakh1.5 years
Missouri State University.Springfield, Missori15.58 lakh2 years
Lehman College.Bronx, New York18.17 lakh1 year

Eligibility Requirement for MBA in USA with Low Fees

The eligibility criteria for the MBA colleges in the USA with low fees are as follows:

1. Completion of undergraduate (UG) degree from a reputed US college or institution or its equivalent in another country.

2. Submission of the following scores:

  • Graduate Management Admissions Test (GMAT): 700 or higher.
  • Graduate Record Examination (GRE): An average score of 320, or an 80+ percentile rating.

3. Proof of English Proficiency (in case English is not the applicant’s native language):

  • Test of English as a Foreign Language (TOEFL): A minimum score of 79 to 109.
  • International English Language Testing System (IELTS): An average of 7 in the IELTS band.

Also, read about the Top 10 Universities in India and Top Management Courses.

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MBA Colleges in the USA That Do Not Require Work Experience

The table below shows the top MBA colleges in USA without work experience:

MBA Colleges in the USALocation1st Year Tuition Fees (INR)
Wharton MBA (University of Pennsylvania)Philadelphia, PA69,97013
Chicago Booth School of Business (University of Chicago)Chicago, Illinois64,36,672
Columbia Business School (Columbia University)New York66,54,230
Yale School of ManagementNew Haven, Connecticut65,32,510
Stanford Graduate School of BusinessStanford, California63,62,996
Harvard Business School (HBS)Boston, Massachusetts60,72,754
Haas School of Business, University of California, BerkeleyPiedmont Ave, Berkeley, California60,73,167
Stern School of Business, New York University (NYU)New York City68,07,537
Anderson School of Management (UCLA)Los Angeles5915070
Sloan School of Management (MIT)Cambridge, Massachusetts66,48,276

Eligibility Requirement for MBA in USA without Work Experience

The eligibility criteria of most of the MBA colleges in the USA without work experience are as follows:

  1. A bachelor’s degree from a recognized school/college/university
  2. GMAT score
  3. IELTS/ TOEFL/ PTE for English language proficiency
  4. Latest resume
  5. Transcripts
  6. Personal Essays as demanded by the university
  7. LORs (Letters of recommendation)

Top 5 MBA Programs in the USA

Here is the list of universities in the USA for Masters in Business Administration ranking from 1 to 5 as per the latest US News Rankings 2023.

1. University of Chicago (Booth)

The University of Chicago (Booth), also known as Booth School of Commerce, is ranked first (tie) in Top Business Schools and first (tie) in Part-Time MBA. The curriculum at the Booth is grounded on business principles such as accounting, economics, psychology, sociology, and statistics. Students in the Full-Time MBA Program at Chicago Booth typically finish the program in 21 months (two academic years).

Eligibility

  1. Completion of undergraduate(UG) degree from a reputed US college or institution or its equivalent in another country.
  2. Submission of the following scores:
    o GMAT: 600 or higher.
    o GRE: 330 or higher.
    o Pearson Test of English (PTE): 54 or higher.
  3. Proof of English Proficiency (in case English is not the applicant’s native language):
    o TOEFL: 100 or higher.
    o IELTS: 7 or higher.

Placements

88.70 per cent

Fees:

Full-time: INR 64.2 Lakhs per year.

2. University of Pennsylvania (Wharton)

From once being the US’s first Business School to now having the largest alumni network in the country, the Wharton School at the University of Pennsylvania stands in a tie with the University of Chicago (Booth). Students in the Full-Time MBA Program at Chicago Booth typically finish the program in 20 months (two academic years).

The university offers the following MBA specializations:

  • Business Analytics.
  • Business Economics & Public Policy.
  • Business, Energy, Environment & Sustainability.
  • Operations, Information & Decisions.

Eligibility

  1. Completion of an undergraduate degree in an accredited U.S. college or its equivalent in another country.
  2. Submission of the results of the following with a 3.65 GPA or higher.
    o GMAT: 750 or higher
    o GRE: 328 or higher
  3. Candidates whose first language is not English must provide TOEFL (Average of 115) or the equivalent of PTE scores as proof of English proficiency.

Placements

89.90 per cent

Fees

Full-time: INR 70,18,231 per year

3. Northwestern University (Kellogg)

Founded in 1908, the Kellogg School of Management has been ranked third in the U.S. News Ranking 2023 for its vibrant combination of students, faculty, alumni, and staff. The university offers both one-year and two-year MBA programs. Kellogg One-Year students begin with business fundamentals, Strategy, Management, and Organization, followed by Accounting and Finance courses suited to your level.

The two-year students study the nine courses under their MBA program in the first year. The courses include

  • Accounting.
  • Management and organizations.
  • Marketing.
  • Finance.
  • Managerial economics.
  • Decision sciences.
  • Operations.
  • Management and strategy.

During their second year, students need to complete a half-credit course in Leadership and Crisis Management.

Eligibility

  1. Completion of a U.S. bachelor’s degree or a comparable non-U.S. degree from a reputable institution.
  2. Submission of scores:
    o GMAT: 739 or higher
    o Median GRE: 162 for Verbal and 163 for Quants.
  3. Proof of English Proficiency (in case English is not the applicant’s native language):
    o TOEFL: 104 or higher.
    o IELTS: 7.0 or higher.

Placements

86.4 per cent

Fees

Full-time: INR 89,31,843 per year

4. Stanford University

Founded around 150 years ago and rooted in educating students for lives of leadership and purposeful contribution; advancing fundamental knowledge and cultivating creativity, and accelerating solutions and amplifying their impact, Stanford University stands in third place with Northwestern University (Kellogg). The two-year MBA program at Stanford University mainly entails core requirements, distribution requirements, and electives.

During the course you will:

  • Study complex managerial issues.
  • Gain insight into the perspective of a senior leader.
  • Develop your decision-making and communication skills.

Eligibility

  1. Completion of a U.S. bachelor’s degree or a comparable non-U.S. degree from a reputable institution.
  2. Submission of scores:
    o Grade Point Average (GPA): No minimum GPA is required.
    o GMAT and GRE scores: No minimum scores are required.
  3. English Proficiency scores
    o TOEFL: 100 for the internet-based test
    o IELTS: 7.0 or higher
    o Pearson Test of English (PTE): Overall 68 or above.

Placements

71.50 per cent

Fees

Full-time: INR 72.4 Lakhs per year.

5. Harvard University

Founded in 1636 as Havard Colleges, Harvard University (also called Harvard Business School) is a private Ivy research university in Cambridge, Massachusetts. The university provides a two-year, full-time MBA program that focuses on real-world practice. The university offers the following MBA specializations:

  • Business, Government & the International Economy.
  • Entrepreneurial Management.
  • Finance.
  • General Management, etc.

Eligibility

  1. A 4-year UG degree or its equivalent.
  2. GMAT or GRE test results: There is no minimum GMAT or GRE score required to apply.
  3. English Proficiency results(in case your UG degree is non-English):
    o TOEFL: Lower than 109 on the internet-based test.
    o IELTS: lower than 7.5.
    o PTE with lower than 75 or a Duolingo test with lower than 130.

Placements

69 per cent

Fees

Full-time: INR 60,72,754 per year.

MBA Fees in the USA

There are several factors that can influence the fees for top MBA programs in the US. Here are some of the most important ones:

1. School Reputation:

Top-ranked universities like Harvard University, and Wharton School of the University of Pennsylvania, usually charge higher fees than less reputed ones.

2. Location:

Universities located in expensive cities in the USA like New York or San Francisco may have higher fees than the less expensive ones.

3. Program Duration:

A one-year MBA program is usually less expensive than a two-year MBA program.

4. Curriculum & Program Offerings:

An MBA program offering specialized curricula or offerings usually charges higher than the ones with a general curriculum.

5. Faculty & Resources:

The top MBA colleges in the USA or any other country with renowned faculty and cutting-edge resources generally charge higher fees.

6. Alumni Network:

The top MBA colleges in the USA or any other country with a strong alumni network offering robust career services may charge higher fees.

The table below shows a comparative analysis of the MBA program of the top MBA colleges in the USA and India:

BasisMBA in IndiaMBA in USA
Course Duration2 years1-2 years
Course FeesBetween INR 20,000 to 40 LakhsUp to 90 lakhs
Entrance ExamCAT, NMAT, IIFT, XAT, SNAPGMAT or GRE
Fees AffordabilityComparatively AffordableHighly Expensive 
Work Experience RequirementNo Work Experience or 2 – 5 yearsNo work experience or 2 – 3 years for a full-time MBA or up to 10-13 year for Executive MBA.
Focus of ProgramTheoretical knowledgePractical knowledge
NetworkingGeneral Networking OpportunitiesInternational Networking Opportunities
Average Salary per annumINR 5 – 22 LakhsINR 40 – 10 Crore Lakhs
ExposureDomestic ExposureGlobal Exposure
Visa RequirementsNo Visa is required.Visa required.
Top CollegesIIM Ahmedabad, IIM Calcutta, IIM Lucknow. IIM Bangalore, ISB SPJIMR Mumbai, XLRI JamshedpurUniversity of Chicago (Booth), Wharton School at the University of Pennsylvania, Harvard Business School. Northwestern University (Kellogg) Stanford University

Pursuing an MBA from a top-ranking college in the USA has both benefits and drawbacks. The benefits include

  • Access to a large alumni network.
  • Exposure to varied viewpoints and ideas.
  • Prospects for career progression.
  • Access to world-class resources and instructors.
  • Intensive learning opportunities & more.

Yet, the leading MBA schools in the United States may be costly, with tuition and living fees totaling hundreds of thousands of dollars. Admissions competition can also be fierce, with acceptance rates as low as 5% at some colleges.

Hence, evaluate both the benefits and drawbacks of the MBA colleges in the USA before enrolling in one.

Evaluate numerous career choices to choose the right career path for yourself. Dive into our guide on Career Advice.

Frequency Asked Questions(FAQs)

Do top MBA colleges in the USA offer scholarships or financial aid?

Yes, top MBA colleges in the USA offer scholarships or financial aid to deserving students. Some of the business schools also offer 100% scholarships to aid your MBA program.

What is the acceptance rate for top MBA colleges in the USA?

The acceptance rate for top MBA colleges in the USA like the University of Chicago’s Booth School of Business and the Wharton School is 23.6%.

Can I pursue an MBA online from a top college in the USA?

Yes, you can pursue an MBA online from top colleges in the USA. Top MBA colleges in the USA like Indiana University–Bloomington (Kelley) and the University of North Carolina–Chapel Hill (Kenan-Flagler) provide online MBA programs.

Do top MBA colleges in the USA provide job placement assistance?

Yes, top MBA colleges in the USA provide job placement assistance to their students. Many of these institutions have dedicated career departments, offering a range of resources and support for placement. The job placement assistance includes.
1 One-on-one career coaching.
2 Resume and cover letter reviews.
3 Job search strategies.
4 Networking events.
5 Recruitment events with top employers.

What is the average starting salary for graduates from top MBA colleges in the USA?

The average starting salary plus bonus awarded to 2021 graduates was $105,684 among the 131 rated full-time MBA programmes as per the annual survey of US News and World Reports.

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