Top Schools for MBA
The Master of Business Administration (MBA) is widely regarded as the most prestigious postgraduate management qualification available. Each year, tens of thousands of ambitious working professionals submit applications to a variety of MBA programs.
An MBA program provides you with fundamental management knowledge because it is a generalist degree. This means that you will get a holistic view of the business across areas such as marketing, finance, and accounting, all while developing vital soft skills and leadership skills.
What is MBA?
So, what does an MBA means? MBA stands for Master of Business Administration.
In 1908, the Graduate School of Administration at Harvard University, which is now known as Harvard Business School, became the first institution to offer the Master of Business Administration degree, which is now offered by business schools all over the world.
Although having the MBA on your resume will help you stand out to potential employers, the real significance of having it goes far beyond those three letters on a piece of paper. You will expand your knowledge of business, grow your professional network, and improve your career and salary prospects while you are enrolled in an MBA program.
Pursuing a Master of Business Administration degree is an investment in your future. It is a promising path to take if you are interested in assuming a leadership role and earning opportunities to climb the corporate ladder.
The abilities that are covered in MBA coursework place a significant emphasis on the skills that are required to assume responsibility for making business decisions and to motivate others to perform to the best of their abilities.
The courses that students pursuing a Master of Business Administration degree take are intended to cover all aspects of organizational management. Additionally, candidates may choose to concentrate their studies on whichever industries and topics are of the most interest to them.
If you have your sights set on a position of authority, you may have already given some thought to obtaining a master’s degree in business administration. It is particularly interesting to note that in addition to the benefits of graduating with a business degree that is most commonly cited, there are other benefits that may prove to be just as impactful on your trajectory.
This is something that you should keep in mind. You can make a decision about whether or not to earn an MBA if you educate yourself about the benefits as well.
What are the primary benefits of having an MBA?
As we take a look at the top schools for MBA, it is important to go over the most common knowledge regarding the benefits of earning it.
As a whole, these benefits are the reason why hiring managers who are screening candidates for corporate decision-making roles increasingly require candidates to have an MBA.
- MBA graduates are frequently hired for a wide variety of positions within corporations, many of which are associated with management on various levels.
- A candidate who has earned a degree in business administration, demonstrating a good balance of soft skills and expertise in decision-making, is the one that hiring managers look to when searching for someone to entrust with the leadership of a team.
- Not only with an MBA increases your earning potential, but it can also increase the number of job opportunities that are available to you. The National Association of Colleges and Employers estimated that the average salary for graduates with a master’s degree in business administration in the year 2020 was approximately $79,043, which is approximately $20,000 more than the average salary for graduates with a bachelor’s degree in business.
- Hiring managers who are looking to fill high-paying positions with employees who have the potential for further advancement are looking for candidates who have already demonstrated their ability to excel in management and their commitment to doing so. Completing a Master of Business Administration program can assist you in achieving that distinction.
- In addition, even when the job market is competitive, MBA graduates might have a better chance of finding employment. According to a report in the Financial Times, during the height of the first wave of the COVID-19 pandemic, 2020 graduates with MBAs found conditions more hospitable than people with undergraduate diplomas. This was the case in both the United States and Europe. It is not uncommon for large employers, including well-known brands like Google, Amazon, and Netflix, to concentrate their hiring efforts on students attending business schools, and this trend did not significantly shift when the economy was hit hard by the pandemic.
- Earning a master’s degree in business administration (MBA) can be an important step on a career path that leads to opportunities at a higher level, the earning potential that comes with positions of authority, and a greater level of security in those important roles. These arguments are persuasive, and it’s possible that they’re enough to make you think about participating in a course or program.
What are the top schools for MBA?
Here are the top schools for MBA in the US:
In order to be considered for admission to Harvard Business School, applicants are required to submit either their GMAT or GRE scores. The average GMAT score for a student admitted to Harvard Business School in the previous year was 730. Moreso, scores on the TOEFL exam are required for applicants from other countries.
The Harvard Business School cited a 13% acceptance rate in 2021. In a given year, Harvard Business School has two application deadlines, and there are currently 1,609 full-time MBA students enrolled there. In order to apply, you will need to submit two recommendation letters. The median starting salary for MBA graduates is currently estimated to be $150,500.
University of Chicago (Booth)
In order to be considered for admission to the University of Chicago (Booth) MBA program, applicants are required to submit either their GMAT or GRE scores. In the class of accepted students from the previous year, the average GMAT score was 732, and the average undergraduate grade point average was 3.54. Scores on the TOEFL exam are also required for applicants from other countries. Moreso, two letters of recommendation will be asked as well.
In the year 2021, the rate of acceptance was 23%. After graduation, MBA students at Booth earn a median salary of $155,000 in the workforce.
Northwestern University (Kellogg)
When applying to the full-time MBA program offered by the Kellogg School of Management at Northwestern University, prospective students are required to submit either their GMAT or GRE scores as part of the admissions process. The average GMAT score for incoming students at Kellogg last year was 727, and their undergraduate grade point average was 3.7. Scores on the TOEFL exam are required for applicants from other countries as well. Along with an application, you are required to submit two different recommendation letters.
In the previous academic year, admission to the full-time MBA program at Kellogg was granted to 26% of applicants and currently, there are 1,061 full-time MBA students enrolled at Kellogg. Graduates of the Kellogg School of Management can expect to earn a median base salary of $150,000.
University of Pennsylvania (Wharton)
In order to be considered for admission into the MBA program at the University of Pennsylvania (Wharton), applicants are required to submit either their GMAT or GRE scores. The students who were accepted into the program the previous year had an average GMAT score of 733 and an average undergraduate GPA of 3.6. Scores on the TOEFL examination are required of international applicants as well. The program asks for two letters of recommendation too. MBA graduates from Wharton earn a median base salary of $155,000 after graduation.
A candidate must submit either their GMAT or GRE score in order to be considered for admission to the Stanford Graduate School of Business. The average GMAT score of incoming students at Stanford University’s Graduate School of Business was 738, and their undergraduate grade point average was 3.78. Applications are required to include two letters of recommendation as well.
In 2021, the acceptance rate at Stanford GSB was reported to be 6.2%. There are three application rounds for the full-time MBA program that Stanford offers, and there are currently 899 students enrolled. MBA graduates can expect to earn a median base salary of $158,400 upon graduation.
New York, NY
A score on the Graduate Management Admission Test (GMAT), the Graduate Record Examination (GRE), or the Executive Assessment is required for admission to the full-time MBA program at Columbia Business School. Incoming students report an average GMAT score of 729 and an undergraduate GPA of 3.5.
When applying to Columbia University, international students are only required to submit one letter of recommendation and are not required to submit a TOEFL score unlike the other top schools for MBA.
The acceptance rate for the school was 19% and there are currently 1,609 students enrolled at the full-time MBA program. Graduates typically start out with a starting salary of $150,000.
New York University (Stern)
New York, NY
To be considered for admission to its full-time MBA program, the NYU Stern School of Business requires applicants to submit a score from the Graduate Management Admission Test (GMAT), Graduate Record Examination (GRE), Executive Assessment, or request a test waiver. In the previous school year, incoming students had a GMAT score of 729 and a 3.59 undergraduate GPA on average. Applicants are required to submit two letters of recommendation before their applications will be reviewed for admission consideration.
The previous year, Stern accepted 19% of applicants, and there are currently 658 full-time MBA students enrolled there. MBA graduates from Stern University make a median base salary of $155,000.
Duke University (Fuqua)
When applying to the full-time MBA program at Duke University’s Fuqua School of Business, prospective students are required to submit a score from a standardized test; however, the school is willing to accept either the GMAT, the GRE, or the Executive Assessment. It is acceptable for applicants to submit more than one score for each test taken. The average GMAT score of incoming students to Fuqua in 2021 was 713, and their undergraduate grade point average was 3.48.
The previous year, applicants to Duke’s full-time MBA program had a 19% chance of being accepted. Each year, there are four application rounds, including one for early action, which is also an option. Fuqua graduates earn a median $140,000 base salary.
Massachusetts Institute of Technology (Sloan)
Applicants to the full-time MBA program at the MIT Sloan School of Management are required to submit their test scores from either the GMAT or the GRE. In the year 2021, incoming students had a GMAT score of 728 on average and a GPA of 3.5 in their undergraduate work. In order to be considered for admission, applicants are also required to submit one letter of recommendation.
The percentage of applicants who were accepted into MIT’s full-time MBA program in 2021 was 12%, and the institution currently has 861 students enrolled in the program. Graduates of the Sloan School of Management earn a median base salary of $150,000.
University of Virginia (Darden)
In order to be considered for admission, candidates for the Master of Business Administration program at the University of Virginia (Darden) are required to submit either their GMAT, GRE, Executive Assessment, MCAT, or LSAT score along with one letter of recommendation.
The average GMAT score of admitted students was 715, and their undergraduate grade point average was 3.52. Scores on an English language test are also necessary for international applicants unless the applicants meet the criteria for an exemption.
The average starting salary for graduates with an MBA from Darden is $144,500.
How to apply for an MBA?
Now that we know about the top schools for MBA, here are more of the things you need to prepare for your MBA admissions.
So, how to apply for an MBA? what are the typical requirements for getting into an MBA program? The majority of business schools require applicants to have completed at least some level of professional work in addition to holding a bachelor’s degree or an equivalent qualification.
Before you can submit your application by the deadline for an MBA application round, you will need to get all of your application materials ready, including your resume, essays, recommendation letters, and GMAT scores as mentioned above.
If everything goes well, the next step will be an interview before you will receive a final acceptance offer.
The admissions process for the top schools for MBA can be challenging. Acceptance rates for top-ranked MBA programs reach as low as 6.2%. However, the majority of top-tier programs admit between 20 and 60 percent of applicants.
The GMAT is a key performance indicator for business schools, but schools also look at your holistic profile, taking into consideration all aspects of your application at the same time.
The process of applying for an MBA requires organization and perseverance. You should start the application process now that you have a better understanding of what an MBA is and how it can help you advance in your career. Additionally, you will need to do research to determine which business school is the best fit for your personality, areas of interest, and career goals.
Because of the holistic and all-encompassing approach that we take here at AdmissionSight, we are positive that we can improve your chances of being accepted into a top-tier MBA program. Obtaining a Master of Business Administration degree from a highly regarded institution will enable you to enter competitive hiring processes at prestigious companies such as Goldman Sachs, McKinsey, Bain, Apple, Google, and Facebook, amongst many others. Feel free to set up an appointment today to book your initial consultation.