Erudera's Complete Guide to Studying Business in The US
If you wish to study business in the United States, it is important to know three things: tuition fees are among the highest, scholarship and financial aid are possible, and education is world-class. Currently, the United States is home to approximately 1.1 million international students, which means the US is the most popular study abroad destination in the world. And, it’s no wonder. Universities in the US rank among the top universities in the world for their academic quality, comprehensive degrees, and student support. But why study business in the United States? Find top reasons and essential information just below.
Here’s everything you need to know about studying Business in the United States:
Reasons to Study Business in United States
Extensive Business Programs
One of the top reasons to study business in the United States is its extensive range of business programs, which offer outstanding preparation for the job market. The US is home to nearly 5,000 higher education institutions across its 50 states. These universities provide a wide array of business programs at the undergraduate and postgraduate levels. Business programs in the United States are innovative and comprehensive, taught in state-of-the-art facilities. Studying business in the US will provide you with the opportunity to make a difference in your business career and use your skills and knowledge to further your career in the US or abroad, which brings us to our next point.
Strong Employment Opportunities
The United States is home to literally the very best universities in the world. Thousands of students head to the US each year in pursuit of their business degrees. Why? Well, although each has their reasons to study business in the United States, some of the factors that attract international students within US university premises include strong employability opportunities, educational prestige, and internationally recognized degrees. Basically, with a degree in business from US business colleges, you will be valued by employers worldwide. Besides, English-language-based education will play its part in preparing you for a business career in a competitive global market.
Among the main reasons to study business in the United States is also the fact that this country attracts thousands of students from all over the world. In fact, the United States is THE most popular study destination for international students. Of course, the US gathers its fair share of domestic students as well, but thousands of students travel towards the US every year in pursuit of education, and, well, actions speak louder than words. As a domestic (or international) student obtaining your business degree in the United States, you will graduate with a fresh and global perspective on the business world and beyond - an often underrated virtue. You will create friendships with students from - basically - everywhere; China, India, Canada, South Korea, Brazil, and United Kingdom, to name a few.
Prestige and Extraordinary Study Experience
Many business degree programs in the US allow students to work in the industry during their studies through internship opportunities. This way, students gain work experience and create connections with the job market before even graduating from college. United States graduates are deemed as well-rounded when it comes to valuable industry skills and knowledge. Studying in the United States will provide you with an extraordinary study experience, where you will not only gain distinctive skills in the business world, but also have the chance to practice your English-speaking skills, discover the unique American culture, and travel around the States through reasonably-priced domestic flights.
The academic and application requirements to study business in the United States include:
- Secondary School Official Transcripts.
- SAT or ACT.
- Letters of Recommendation.
- Statement of Purpose.
- English Language Proficiency Test (TOEFL, IELTS, or PTE).
- GMAT or GRE (for graduate programs).
- Relevant Work Experience (for MBA programs).
- Undergraduate Degree in Business or Related Field (for graduate programs).
- Other University-Specific Requirements.
Students wishing to undertake a business degree program in the United States should start their application process early to make sure they have sufficient time to submit a complete and impressive application. Keep in mind that students must pay an application fee, which can be anywhere from $35 to $100, depending on the university. The application fee for MBA programs can be as high as $250 (non-refundable).
If you decide to apply to business school in the United States, you should keep in mind the several application deadlines:
- Early Decision. Students apply early and receive early notice of admission. This type of deadline is binding, which means you are contractually obligated to attend.
- Early Action. Similar to Early Decision, but Early Action is non-binding. Usually, students have to accept/decline the offer by May 1.
- Regular Decision. One of the most common application deadlines for business students. These deadlines are typically at the beginning of January, and acceptance letters are sent sometime in March/April.
- Rolling Admission. Deadlines are the same as for Regular Decision; however, universities do not wait until the deadline to send acceptance letters. Instead, they review and inform the applicants as they receive the application.
Prospective applicants can apply through three different application portals, including the Common Application, the Coalition Application, or the Universal College Application. Many schools also allow students to apply through their websites.
Degree Duration: How Long Does It Take to Study Business in United States?
The duration of business school can vary depending on your program and level of study. Generally, the different levels of business degrees in the US have the following specified duration:
- Undergraduate Business Degree: 4 years.
- Master’s Business Degree: 1-2 years.
- Full-time MBA: 2 years.
- Accelerated MBA: 12-18 months.
- Part-time MBA: Approx. 3 years.
- 4+1 Bachelor/MBA: 5 years.
- DBA: 3-6 years.
- PhD: 4-5 years.
Tuition Fees: How Much Does It Cost to Study Business in United States?
Business programs, at any level of study, can be rather pricey in the United States. However, universities usually offer scholarships and financial aid for students in need. Some of the top Business colleges in the United States charge the following tuition fees:
|University||Annual Tuition (Undergraduate)||Annual Tuition (Postgraduate)|
|Harvard University||$51,925||$73,440 (MBA)|
|Massachusetts Institute of Technology (MIT)||$55,510||$78,954 (MBA)|
|University of California, Berkeley (UCB)||$43,000||$68,444 (MBA)|
|Stanford University||N/A||$74,706 (MBA)|
Keep in mind that graduate programs, such as the Executive MBA are usually more expensive than undergraduate programs or Master’s programs. For example, the MIT Sloan School of Management (business school of the Massachusetts Institute of Technology) charges $185,435 in tuition fees per year for a 20-month Executive MBA.
How Much Does an MBA Cost?
Enrolling in an MBA program is an enormous investment. Top business schools charge upward of $100,000 for a two-year, full-time program. This means that you quit working and focus all your time, energy, and savings on your education. The return on investment is worth it for many. You gain knowledge and skills that can propel you forward in your career, which often means earning a sweet salary after graduation.
Tuition costs can vary dramatically from program to program. The average MBA tuition can be between $50,000 per year, or $80,000 for the full two years. Some MBA programs can be more than $60,000 a year or more in tuition alone. We've provided the tuition to the top 30 MBA programs on our MBA Rankings page. However, when you think about the price of an MBA you must also weigh the benefits of earning the degree -- because these amounts are inseparable from each other, and cutting down on the cost could produce a disproportionately high drop in ROI.
The MBA tuition can be an indication of the program's quality and regard among employers which in turn, can help you start your career after graduation. However, important questions should still remain: Does the stated tuition include fees and cover textbooks as well as study materials? What are the support services of the school? Does it have a dedicated careers service? Is there a good alumni network for you to draw upon? Are you given preference in choice of accommodation?
It is also important to remember that tuition is not the only cost of earning an MBA. There are travel expenses, fees, and the devotion of your time which you must also consider when evaluating the true cost of an MBA.
Business Career Prospects in United States
Career prospects for business graduates in the United States are rather good (in and out of the US). This is partly because business degrees obtained in the United States are recognized and valued globally for their quality and prestige. What plays a significant role in the employability of US business graduates is the fact that they enter the job market fully prepared to tackle business-world challenges. Universities in the United States design their business programs to help students showcase their strengths towards achieving professional success.
According to the Bureau of Labor Statistics, employment in Business and Financial operations is expected to grow by 5% in a matter of 10 years (2019-2029), which is one of the fastest growths compared to the average of other occupations. The BLS also reports that individuals employed in Business and Financial occupations earn a median salary of $72,250 per year. Salary-wise, occupations you can undertake with a business degree are highly satisfactory in the United States.