Many students plan to take up an MBA in the USA to enhance their career opportunities and increase their compensation. According to the Global MBA Rankings report by the Financial Times, the USA has 51 of the world’s best 100 MBA programs. As per the BLS survey, there will be a 23% rise in demand for various business management roles, thus creating about 138,000 new jobs by 2024. All these facts are quite luring for the students. But, with the Covid-19, the USA being one of the most hit countries by this virus, it certainly questions the need to study MBA in the USA now.
Even after months of this Pandemic, we are no closer to determining the outcome. The slowdown of the USA economy has raised doubts about whether to study in the USA. This blog will highlight why MBA in the USA is such a teasing option for youngsters and also the impact of the Pandemic on B-schools.
Why is an MBA in the USA a reasonable option for many International Students?
Many international students consider pursuing their MBA in the USA, as the country boasts of several world-class B-schools. These B-Schools possess a brand of their own. As per GMAC reports, 91 percent of the 960 employers prefer MBA in the USA over others. Some of the B-Schools have a short payback time, which is four years. Some of these colleges are – Michigan State University, Texas A&M University, etc.
Even though the cost of the degree of an MBA in the USA is 170,000 USD to 220,000 USD, successful graduates can earn 70,000 – 150,000 USD PA on average. After passing from top MBA colleges like Penn Wharton or MIT, one can easily earn between 170,000 – 220,000 USD yearly. To get a detailed idea on the same, please check the graph below:
A range of Globally Ranked MBA Specializations are available in the USA
Among the other factors of choosing an MBA in the USA is the range of career-oriented specializations on offer. As per the QS MBA Rankings 2019 concerning Specializations, the below-mentioned universities draw the most attention. Let’s check them below, along with their ranks for the respective specializations offered.
- Consulting: Columbia University (#2) and Harvard University (#3)
- Finance: UPenn – Wharton (#1), Harvard (#2) and Columbia (#3)
- Information Management: MIT – Sloan (#1), Northwestern University – Kellogg (#2) and Stanford University (#3)
- Marketing: Stanford University (#1), Northwestern – Kellogg (#2) and UCLA – Anderson (#3)
- Operations Management: MIT- Sloan (#1) and Erasmus – RSM (#3)
- Technology: MIT – Sloan (#1), UC Berkeley – Haas and Stanford University (#3)
- Entrepreneurship: Stanford University (#1)
Other than this, there are a range of types of MBA courses available based on students’ requirements. Depending on the below-mentioned criteria, students can opt for a particular course:
- Career objectives
- Amount of time that students can invest in their studies.
- Admission requirements
- Cost of attendance
Some of the notable types of courses offered are – Full-time MBA, Part-time MBA, Certificate MBA, Online MBA, Executive MBA, and Global MBA. These courses fulfill the requirements of most students.
Scholarships for MBA in USA
A range of scholarship and fellowship programs are available, which bears the tuition fees and sometimes cost of living expenses and medical costs too. These scholarship programs thus are hugely beneficial for students who belong to humble financial backgrounds. Few of such scholarship programs are –
- Stanford Reliance Dhirubhai Fellowship – This scholarship covers up to 80 percent of tuition fees.
- Harvard Business School Scholarship – The value of coverage is up to 40,000 USD per year.
- McComb’s Scholarships and Fellowships programs – This aims at waiving off the tuition fees to lessen the financial burden of the students. The value of coverage is 2000 USD.
Yes, MBA in the USA, a very lucrative option for students because of all the above mentioned reasons. But due to the current economic slowdown and pandemic situation, one must think twice before planning. Let’s discuss the current situation below.
Is a full-time MBA in the USA a good option now?
With putting a hold on visas in this Pandemic, the students are in a dilemma of whether doing an MBA in the USA is still a good option. Though most colleges are willing to start classroom teaching by the end of this year, there are still doubts about the feasibility of starting the classes.
Students who have been laid off from their current employers or have their jobs at risk may apply for various online MBA programs. After this, they can easily switch fields if they want to. Financial problems are a significant aspect that one has to live with. So, a full-time MBA may not be an option for many in this period.
The slowdown of the global economy has forced many students to rethink their dreams to study MBA in the USA now. Many students are going for online or low cost or certificate programs to continue with their Management Education rather than learning nothing.
Some colleges enable flexible and special time-slots for their international students so that more students can enroll without their visas. Hess, a former associate director of employer development with the University of Chicago Booth School of Business, voices a different opinion. According to him, if the students are not concerned about their jobs or are happy with their current situation, they must wait till the year ends with planning for an MBA in the USA.
Many MBA alumni in the USA feel that the online classes via Zoom calls are not often the best way to study critical courses like an MBA. According to them, on-campus classes are essential to make learning more interactive. A survey released in March by Poets and Quants showed that many students in the USA were planning to defer their MBA courses until next semester or year.
However, before deferring, the prospective and admitted students must ensure that they are guaranteed a seat in the later semester or year if they refuse to take up the course this fall. Also, the students getting a scholarship or funding should clarify the conditions regarding the same in the subsequent semester or year.
But to avail of the actual benefits of world-class management education, a full-time on-campus MBA is important. But at such times, the possibility of pursuing a full-time on-campus program is bleak. Based on the priority, one has to decide whether to study MBA in the USA this year. Students can opt for online or certificate courses but if they are interested in an on-campus course, then waiting this year can be a good choice.