MBAs from the U.S. are always in vogue. Despite the coronavirus pandemic curtailing salaries in 2020, these graduates can still expect six-figure paychecks—a number that will allow them to recoup the cost of their programs early. This also enables the students to ease into their careers without the financial burden of student debt.
The Bureau of Labor Statistics says more than half of the international students in the U.S. enroll in business and management courses.
Improving global standards and uncertain visa rules have diminished the lure of the U.S. MBA. But, the U.S. MBA still enjoys a certain degree of status. Every year, international students flock to the U.S. for some of these best-in-class MBA programs. However, with more than 400 accredited U.S. MBA programs, choosing the right one becomes a difficult task.
Here to help you choose, we try to answer the “why” and the “which” of the top business schools in the U.S.
Business School Ranking Criteria
Forbes, Bloomberg, The Economist, Financial Times, U.S. World News, and Poets & Quants each release their own annual rankings of the country’s top business schools. These lists rank programs based on various criteria. Each criterion has its merit. Let’s look at what suits you.
Best ROI: Forbes’ List
Forbes’ list compares the median return on investment in an MBA program. The rankings respond to the question: Is an MBA worth it?
Forbes contends that a student applies for an MBA for greater financial rewards. If a student spends around one-third of a million dollars, will the ROI on the MBA be worth it? An MBA from a top school could cumulatively cost you around $350,000.
Here’s the Forbes list.
Employers Rate These Universities High
The Economist and Bloomberg rankings are best for information about the hirability of graduates from the business schools. Both of these focus on the quality of graduates that can be hired from the surveyed business schools. The publishers base their ranking on the employers’ assessment of the graduates.
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Get the Best Faculty
If you want to be taught by a faculty that is best in their domain, look for the Financial Times ranking. They assess the quality of a program’s teachers. Click the link for the Financial Times rankings.
Peer-Assessed
If you’re looking for what others have to say about MBA programs in the U.S., go to the U.S. News rankings for business schools. Peer assessment followed by employer assessment form the crux of U.S. News business school listings.
Overall Balance
If an overall, balanced assessment is what you are looking for, then the Poets & Quants rankings is the list for you. The P & Q is relatively balanced in its scale. It also considers rankings from other publications to arrive at its best business school.
The Magnificent 7
The term “M7 Business Schools” is used to describe seven elite schools of business. “M” or “M7” stands for magnificent or magical, depending on whom you ask, and it is one of the most popular terms in the business world.
The M7 are:
1. Columbia Business School
2. Harvard Business School
3. MIT Sloan School of Management
4. Northwestern University’s Kellogg School of Management
5. Wharton School at the University of Pennsylvania
6. University of Chicago’s Booth School of Business
7. Stanford Graduate School of Business
These seven schools have never failed to appear among the top 10 business schools in the world.
What’s My Target GMAT Score?
Twenty points higher than the median GMAT score of your chosen MBA program’s previous class is your target score.
Visa Issues
The Biden administration is expected to give a warmer welcome to international students, making it easier for them to find work in the U.S. The chances of obtaining a work visa may not change immediately. But many hope that the Biden administration will pursue more pro-migrant policies.
Experts predict he will support a much friendlier policy, a change that would help Big Tech companies struggling to recruit now.
According to a recent report by the Center for Immigration Studies, international students studying advanced graduate programs in the U.S. will also see greater benefits with Joe Biden as the U.S. President.
