The MBA program began in the United States in the early part of the twentieth century. MBA stands for Master of Business Administration. It is a post graduate degree in business communication and is valued worldwide for its value in business and management.
Typically it takes two years to get the degree in the United States. An MBA is a valuable degree because it provides students with the theoretical and practical knowledge necessary for securing executive and management positions in businesses as well as government. Criteria for getting into an MBA program vary among institutions offering this degree program. Generally a GMAT score over 600 is necessary to get in top rated MBA programs. Additionally, most schools require 4-5 years work experience for admission and look at factors like academic excellence, accomplishments and diversity.
MBA schools are ranked globally and nationally. Some of the top ranked MBA programs in the United States are offered at the University of Pennsylvania: Wharton, Harvard Business School, Stanford University GSB, Columbia Business School, MIT Sloan School of Management, University of Chicago Booth, and New York University: Stern.
The University of Pennsylvania: Wharton is located in Philadelphia, Pennsylvania. It is an Ivy League campus founded in the 1740′s by Benjamin Franklin. It is part of a 269 acre campus. Admission to the MBA program here is based on a background check, four essays, transcripts, resume, interview and GMAT/GRE scores. From over 6819 applicants, only 817 were accepted. The median GMAT score was 720. Total costs for tuition, fees and living expense for one year of the two year program is $84,700.
Harvard Business School is located in Boston, Massachusetts. The campus is located on 40 acres and the college itself was founded in 1906. Out of 9093 applicants, only 12% were accepted. Enrollment in the MBA program is 1843. Tuition is $48,600 while total costs are $79,600.
Stanford University GSB is located in Stanford, California. It was founded in 1925. Unlike many MBA programs no prior work experience is required. Tuition is $38,700 with total expenses for one year being $78,514. Over 7500 applications were submitted but only 750 MBA students were admitted.
The Columbia Business School was established in 1916 as part of Columbia University and is located in New York, New York. Students there represent over 61 countries. From a pool of 6885 applicants, 1028 were accepted. Tuition costs are $53,208 while total costs are $83,556. The Columbia Business School is one of the most selective of top business schools with an admission rate of only 15%. GMAT scores range from 680 to 760 and students average 3-7 years of work experience. The school has close ties with Wall Street, home to the New York Stock Exchange and other major financial institutions.
The MIT Sloan School of Management was founded in 1914 and its first MBA program was started in 1925. It is located in Cambridge, Massachusetts. The median GMAT score for students there is 710. In addition, most students average 5 years work experience. Tuition for the MIT Sloan School of Management is $50, 353 and total costs for one year is $80,189.
The University of Chicago Booth, located in Chicago, Illinois, was founded in 1898. The MBA program there lasts 21 months and 21 courses are offered. Tuition is $50,900 with total expenses estimated to be about $82,595. The acceptance rate for applicants in the MBA program here is 22%.
New York University: Stern is located in New York, New York. Enrollment includes 826 fulltime MBA students and 2176 part time MBA students. The average GMAT is 717 and the average GPA is 3.5. Students average work experience is 4.7 years. Tuition at New York University: Stern is $22,000.
Dartmouth College Tuck is part of Dartmouth College. It was founded in 1900 and is located in Hanover, New Hampshire. Tuition is $50,700 and total expenses are estimated to be $79,950.
Why get MBA degrees from these colleges, universities and business schools? All boast of a comprehensive, intense, diverse curriculum in business with an emphasis on a global community. As the best schools with the best programs, they attract the best students and are able to provide high quality educational experiences to prepare students for excellence, leadership, and accomplishments in the business world after graduation. These schools have long lists of notable alumni that have become extremely successful in the business world.
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