MBA Fees in the USA – There are approximately 553 MBA institutions in the United States. Out of these approx 288 are publicly funded, while the remaining are profit-oriented (private). The MBA program in the United States is among the most popular globally. According to the US Department of Education, the United States has the world’s biggest market for B-Schools, with over 1,25,000 students attending MBA each year. The large number should not deter you, as the US economy can accumulate many MBA graduates seeking better prospects.
An MBA enhances the technical, administrative, and leadership abilities and ensures a prosperous future and develops a student’s overall individuality. MBA fees in the United States of America, for Indian students could reach up to $10 million also.
| FACTORS | PARTICULARS |
| No. of MBA Colleges in the USA | Approximately 550 |
| Cost of MBA in the USA | Living Expenses: 10 Lakhs approx. (annually) Tuition Cost: 20 Lakhs to 60 Lakhs (per year) |
| Top Specializations | Finance, Entrepreneurship, Operations Management, Consulting, Information Systems/Technology |
| Exams Required | GMAT/GRE, TOEFL/IELTS |
MBA eligibility requirements may differ from one college to the next. The following are the basic admission criteria for MBA programs:
- A bachelor’s degree or similar course from an esteemed university in any discipline.
- A bachelor’s degree or equivalent with a minimum score of 75% GMAT score of 600+ CGPA
- A minimum of two to three years of work experience is required or recommended by most universities.
For some, studying MBA in the United States can be prohibitively expensive; however, numerous well-known scholarships provide tuition aid. Since many universities in the USA do not give a fee waiver, Indian students apply for scholarships (the tuition fee can be too out of budget for some families). A student visa in the United States costs around 38,084 INR. To study a program that needs at least 18 or more hours of study in a week, students typically need an F1 visa. An F1 visa costs around 16,300 INR in SEVIS. This visa also permits Indian students to work part-time or on-campus jobs while pursuing their MBA.
Students with F1 visas can stay in the United States for an additional 60 days after completing their course. IELTS and TOEFL are the most commonly accepted language ability tests by American Universities. Some colleges and universities accept PTE also. IELTS, TOEFL, and PTE registration fees average 17,922, 14,935, and 13,300, respectively.
For MBA programs in the United States, the GMAT is widely accepted. The minimum requirement is 600, but some schools may accept GRE scores. The GMAT registration fee is 18,700 INR, while the GRE registration fee is 19,000 INR.
Following are some of the Top Business/Management Schools in the USA with their fee structure (annually):
| UNIVERSITY | ANNUAL FEE (INR) |
|---|---|
| Stanford | 55,75,125 |
| Wharton | 60,02,845 |
| MIT | 57,59,245 |
| Harvard | 54,81,198 |
| Haas | 51,08,321 |
| Booth | 54,81,198 |
| Kellogg | 55,85,039 |
| Anderson | 48,57,957 |
| Yale | 53,99,661 |
| Ross | 53,01,282 |
Some of the well-known scholarships that benefit Indian Students are:
- Havard MBA scholarship
- Wharton fellowship program
- Chicago Booth MBA scholarship
- Kellogg MBA scholarships
- MIT Sloan MBA scholarship
- JN Tata Endowment for the higher education of Indians
Students who enrol in universities such as Harvard, MIT Sloan, University of Chicago (BOOTH), Wharton, University of Michigan (Ross), UC Berkeley, UCLA (Anderson), and others can apply for loans from Prodigy Finance. They can also borrow money from banks and non-bank financial institutions with low-interest rates for students.
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