Top MBA Colleges in USA for Indian Students 2024: Rankings, Tuition Fees, Eligibility & More

The United States has long been a global leader in business education. Universities in the USA have produced several influential business leaders who have shaped the global economy. In fact, according to the QS World University rankings, 4 out of the top 10 business schools in the world are in the USA.

This article offers an overview of these top business schools in the United States. We have evaluated factors such as academic reputation, faculty expertise, student outcomes, and industry impact. Join us as we explore these premier business schools and their MBA degrees.

Top universities in the USA for an MBA program

These are the top MBA colleges in the USA according to the QS Global MBA Rankings 2024. All of them are well known for providing exceptional business and management studies programs. 

Now let’s take a close look at the top three MBA colleges in the USA.

1. Stanford Graduate School of Business

Website: https://www.gsb.stanford.edu/ 

Rank: #1, by QS Global MBA Rankings 2024: United States

Overview 

Located in the heart of Silicon Valley, Stanford Graduate School of Business is renowned for its excellent curriculum. The business school places a strong emphasis on leadership and entrepreneurship. 

The two-year MBA program at Stanford provides a comprehensive foundation in business management. The first year focuses on core subjects, while the second year allows for a more personalized experience with a variety of electives.

List of Specializations 

• Accounting
• Finance
• Economic Analysis and Policy
• General and Interdisciplinary
• Marketing
• Organizational Behavior
• Operations, Information, and Technology
• Political Economics
• Strategic Management

Application Deadlines

There are multiple rounds of admission deadlines. 

• Round 1
  • Application Deadline: September 10, 2024
  • Decision Released: December 5, 2024
• Round 2
  • Application Deadline: January 8, 2025
  • Decision Released: April 3, 2025
• Round 3
  • Application Deadline: April 8, 2025
  • Decision Released: May 29, 2025

Application Fee 

The non-refundable application fee is $125. 

Tuition Fees 

The estimated cost of attendance for a single student pursuing a first-year MBA in 2024-2025 is $130,746.

Tuition for the academic year is $82,455.

Other expenses if you stay on campus are as follows: 

• Living expenses: $19,008
• Housing: $20,880
• Medical insurance: $7,620
• Health fee:  $783

The estimated total for a year is $130,746. 

2. Wharton School of Business, University of Pennsylvania

Website: https://www.wharton.upenn.edu/ 

Rank: #2, by QS Global MBA Rankings 2024: United States

Overview 

The Wharton School was established in 1881. It is located in Philadelphia and is a prestigious Ivy League institution known for its rigorous academic programs. Wharton is consistently ranked among the top business schools globally. The B-school is particularly noted for its finance program.

List of Specializations 

• Accounting
• Business Analytics
• Business Economics and Public Policy
• Business, Energy, Environment and Sustainability
• Diversity, Equity, and Inclusion
• Environmental, Social, and Governance Factors For Business
• Entrepreneurship & Innovation
• Finance
• Healthcare Management
• Management
• Marketing
• Marketing & Operations (Joint Major)
• Multinational Management
• Operations, Information, and Decisions
• Organizational Effectiveness
• Quantitative Finance
• Real Estate
• Social and Governance Factors for Business
• Statistics
• Strategic Management

Application Deadlines

Wharton MBA application deadlines for 2024-2025 are as follows: 

• Round 1: Wednesday, September 4, 2024 (decision on December 10, 2024)
• Round 2: Friday, January 3, 2025 (decision on April 1, 2025) 
• Round 3: Wednesday, April 2, 2025 (decision on May 13, 2025)
• Deferred Admissions Round: Wednesday, April 23, 2025 (decision on July 1, 2025)

Application Fee 

The non-refundable application fee is $275. 

Tuition Fees 

The estimated cost of attendance and on-campus living costs for a single year are given below: 

• Tuition: $84,830
• University Fees: $4,670
• Living Expenses: $33,804
• Health Insurance: $4,412

The total is $127,716 for one year. 

3. Harvard Business School

Website: https://www.hbs.edu/ 

Rank: #3, by QS Global MBA Rankings 2024: United States

Overview 

Harvard Business School (HBS) is a part of the prestigious Harvard University. Established in 1908, it is perhaps the most recognizable brand name among B-schools. Their tagline, “We educate leaders,” is not an idle boast. As of 2022, 41 former students of Harvard Business School were CEOs of Fortune 500 companies. 

List of Specializations 

• Accounting and Management
• Business, Government & the International Economy 
• Entrepreneurial Management 
• Finance
• General Management
• Marketing
• Negotiation, Organizations & Markets
• Organizational Behavior
• Strategy
• Technology & Operations Management

Application Deadlines

The application dates for the 2025 session are:

• Round 1: September 4, 2024 (decision on December 10, 2024)
• Round 2: January 6, 2025 (decision on Mar 26, 2025)

Application Fee 

The non-refundable application fee is $250

Tuition Fees 

For the 2024-2025 academic year, the cost of attendance for a single student in the MBA program is as follows:

• Tuition: $76,410
• HUHS Student Health Fee: $1,592
• Student Health Insurance Plan: $4,202
• Course & Program Materials Fee: $2,650
• Housing: $17,280
• Food: $6,120
• Transportation: $2,280
• Other Living Expenses: $8,320

The total cost of attendance for a single student amounts to $118,854.

How to choose the best MBA program in the USA? 

While rankings are a good proxy of program quality, they can’t be the sole factor to determine the best MBA degree for you. It is one of the most important factors but not the only one. You must make an informed decision based on a comprehensive evaluation. 

Here are some factors you must take into consideration when you seek admission to the top MBA colleges in the USA. 

1. Curriculum Design

The quality of the curriculum is an important factor. MBA courses often have overlapping domains. Such as an MBA in Business Analytics has a large overlap with an MBA in Information Systems. But the two are quite different in application. Therefore select a course with a curriculum that aligns with your personal and professional goals. 

2. Culture 

The institutional culture plays a significant role in your overall MBA journey. A balanced environment that supports both academic growth and personal development is vital. Many good B-schools have entrepreneurship clubs and programs. Working in an incubator environment and tackling business problems head-on would help you to apply theory in practice. Look for B-schools with a special focus on such programs. 

3. Program Cost 

Finances are a crucial consideration during the MBA admissions process for most students. This is partly because an MBA program is usually costlier than other postgraduate programs. 

Though MBAs receive lucrative jobs, they usually live and work in some of the most expensive cities in the world, e.g. New York, London, Mumbai, and Singapore. It’s important to weigh the program’s cost against the potential return on investment. 

4. Alumni Network 

A strong alumni network goes a long way in achieving success after university. A robust alumni community opens doors to professional opportunities. Some universities have such an extensive alumni network that their students get more than one job offer even before they have graduated from the program. 

So, as a prospective MBA student, you need to evaluate these factors and choose a program that best fits your goals and career ambitions.

However, it is difficult to filter universities and find the one that is an exact match for you. There are so many factors that have to be accounted for. Thankfully, this problem of abundance is easy to navigate using SelectRight. 

Find Your Ideal University with SelectRight

With the help of an AI algorithm, SelectRight matches your profile with 40,000 programs worldwide. Based on the criteria you choose, SelectRight finds programs that are a perfect fit for you. This ensures you have a higher probability of being accepted into the programs you apply to. 

Here is how it works: 

1. Sign up and provide your profile details. 
2. SelectRight algorithm then matches you with thousands of programs that are perfect for you. 
3. Compare the shortlisted programs and discover the pros and cons of each. 
4. Get advice from our experts who guide you through finding the right business school for your MBA. 
5. Connect with alumni and students and build your network. 

If you are aiming for admissions in Spring 2025, now is the right time to create your profile on SelectRight.

Application process for enrollment in an MBA at top universities in the USA 

The formal requirements for applying to MBA programs are straightforward. For example, a typical MBA application at Harvard Business School includes:

• A standardized test score, such as the GMAT and GRE
• College transcripts detailing all courses taken and grades received
• Two professional recommendations
• One or more essays covering personal, professional, and academic topics
• A detailed resume
• An application form listing your work experience and extracurricular activities
• For some schools, you might be required to create a video essay

After submitting your written application, you may be invited for an interview. 

Eligibility for studying an MBA in USA’s top colleges

Over 500 universities offer MBA courses in the USA. Specific requirements can vary between institutions but there are common eligibility standards for pursuing an MBA in the USA:

• Education: Most MBA programs require a four-year undergraduate degree (16 years of education). However, some universities may accept 15 years of education.
• English Proficiency: Proof of English language proficiency through tests like TOEFL and IELTS is required. Harvard Business School prefers a TOEFL score of at least 100 and an IELTS score of at least 7.5.
• Standardized Tests: A strong score on the GMAT or GRE is generally expected. Harvard for example accepts both GMAT and GRE. The median GMAT score of the class of 2025 (admission 2023) was 740. GRE scores had a median of 163 in Verbal and 163 in Quantitative. 
• Work Experience: Many MBA programs prefer applicants with few years of professional experience. The HBS Class of 2025 had an average work experience of 4.9 years. This is not mandatory except for Executive MBA programs but certainly helps. 

It’s essential to check the specific requirements of your desired universities as they may have additional or different criteria.

GMAT/GRE requirements for studying an MBA in the USA

Most top MBA programs in the United States accept both the GMAT and GRE for admission.

Whether submitting GMAT/GRE scores is mandatory, and whether there is any minimum score for eligibility, depends on the university.  Even some of the best schools do not specify a minimum required score for the GMAT or GRE. However, successful applicants commonly have high scores. Here are some insights from the Stanford Graduate School of Business: 

• The average GMAT score for admitted students is around 738.
• For the GRE, successful applicants often have scores in the 164 range for both the verbal and quantitative sections.

Scholarships to study for an MBA in the USA

Several top business schools offer scholarships that can significantly reduce the financial burden of MBA education. Here’s a look at some of the notable MBA scholarships available:

1. Stanford Knight-Hennessy Scholars Program (Stanford Business School)
   • Award Details: Covers tuition, living expenses, and travel.
   • Eligibility: Candidates must demonstrate independence of thought, purposeful leadership
2. Harvard Business School Scholarships (Harvard University)
   • Award Details: Up to $40,000 per year based on financial need.
   • Eligibility: Must provide a complete financial picture.
3. McKinsey Award (MIT Sloan School of Management)
   • Award Details: $10,000.
   • Eligibility: Requires outstanding academic records and leadership.
4. Donald P. Jacobs International Scholarships (Kellogg School of Management)
   • Award Details: Part of tuition fees.
   • Eligibility: Automatically considered for all international students upon admission.
5. Dean’s Scholarship (Stern School of Business)
   • Award Details: Full tuition.
   • Eligibility: Prestigious award for outstanding students.

Education loans for Masters in the USA

Pursuing an MBA degree from a top MBA college in the USA can be quite expensive. The tuition alone can be upwards of $150,000 for a two-year program. 

An education loan for study abroad can help you meet the cost. You can get a loan with an interest rate of 8.2-15% from public and private sector banks. The most well-known are:

Public Banks

• State Bank of India
• Bank of Baroda

Private Banks

• IDFC First Bank
• ICICI Bank
• Union Bank of India
• HDFC Credila
• Axis Bank
• Yes Bank

Private Providers

• Tata Capital
• Auxilo
• InCred
• Leap Finance
• Avanse Financial Services
• Mpower Finance (NBFC)
• Prodigy Finance (NBFC)

However, having many options can also be overwhelming. Many students apply to multiple lenders, but tracking each application can be exhausting. In this confusion, you might miss the opportunity to secure the most suitable education loan. This is where FundRight comes in to simplify the process.

Get Your Best Education Loan With FundRight

FundRight addresses this issue by offering a complete solution that connects you with 15 leading banks and NBFCs in India and abroad and gets you competitive loan offers from them. 

Here’s how it works:

1. Sign up on FundRight and complete your profile.
2. Wait as you get competitive loan offers from multiple lenders within 2 days. 
3. You can ask for assistance from FundRight’s financial experts to select the best possible loan. 
4. Upload your documents securely through FundRight’s portal.
5. Get loan approval in as little as 10 days.

If you aim for Spring 2025 admissions to top MBA colleges in the USA, go ahead and create your FundRight profile today. Over 60,000 students have successfully secured affordable and convenient education loans through FundRight. Why not start today and possibly save lakhs in interest? 

Benefits of studying an MBA in the USA

Studying at the top MBA colleges in the USA offers numerous advantages. Here are some key benefits:

Top-Ranked Programs

The USA is home to some of the world’s leading business schools, such as Harvard, Stanford, and Wharton. These institutions consistently rank well in global MBA rankings. Students learn from distinguished faculty members who often have extensive industry experience.

Networking Opportunities

Studying in the USA provides access to a vast alumni network. Later, this becomes invaluable for career advancement. Learning with a diverse group of students also enriches the learning experience. 

Skill Development

MBA programs at top B-schools in the USA teach leadership, communication, and strategic thinking. These are essential qualities for success in the business world. Graduates are given training to tackle complex business problems effectively. 

Visa Benefits 

International students can benefit from favorable visa policies for STEM-designated MBA programs. The STEM designation means your stay can be extended by 24 months beyond the usual 12-month Optional Practical Training (OPT) period. This allows you to work in the USA for up to three years post-graduation. For many, this extended OPT period is the first step toward obtaining a green card.

Career and job opportunities after doing an MBA from the USA

For a fresh MBA graduate, the estimated total annual pay ranges from $108,000 to $198,000. The median total pay is approximately $144,193 per year. This median includes a base salary of $77,931 and additional pay averaging $66,262. 

MBA graduates can fit into multiple roles with ease. They can be consultants, analysts, executives, or run their startups. 

Here are some popular jobs for MBA students after graduation:

• Management Consultant
• Investment Banker
• Marketing Manager
• Product Manager
• Financial Manager
• Operations Manager
• Human Resources Manager
• Product Manager
• Business Development Manager
• Project Manager

Here are a few current examples of business leaders with an MBA degree:

• Jaime Dimon, CEO of JPMorgan Chase MBA from Harvard Business School
• Tim Cook, CEO of Apple Inc. MBA from Duke University’s Fuqua School of Business
• Doug McMillon, CEO of Walmart Inc. MBA from the University of Houston (Bauer)
• Mary T. Barra, CEO of General Motors Co. MBA from Stanford University

The list of highly successful MBA graduates from top MBA colleges in the USA goes on and on. 

FAQs

What is the subject matter of an MBA?

An MBA equips you with knowledge of processes that make a business more efficient, innovative, and profitable. For instance, an MBA in Finance graduate knows if it is better to raise capital through market borrowings such as debenture or take out a bank loan. An MBA in Operations Research knows when a bottleneck in a steel plant, if removed, can boost capacity by 20%.   

How long does an MBA last?

MBA programs last a full 2 years. Executive MBA programs (for those with extensive experience and already working as managers) are accelerated and complete the course in a year. 

Does an MBA have to be followed by an internship? 

Yes, an MBA is typically followed by an internship. Since it is a professional degree, much like engineering, gaining practical experience is crucial. MBA graduates usually take up internships lasting 3-6 months before starting full-time work. While pursuing a PhD in management is an option, it is less common and often does not provide the same immediate career benefits. Many MBA graduates also return to academia to teach after gaining a decade of experience in various industries.