USA Statistics

When taking the next step from university to enrolling in a business school in the United States, it is very important to remember that there are literally thousands of choices when selecting the business school that is right for you. Because of the vast number of business schools in the country that offer high quality education at a range of prices and acceptance criteria, studying the statistics is the best way to decide which business school is going to give you the best run for your money and time.

To begin with, you should start your search for the perfect business school by compiling a list of your own qualifications and looking at what you are capable of paying in tuition costs. Because many prestigious US business schools require a certain GPA to even be considered for admission, creating a profile for yourself will help give you an easier idea of what schools you have a chance in attending.

For example, the top 5 business schools in the United States are Harvard, Stanford, University of Pennsylvania (Wharton), Northwestern (Kellog), and Columbia. These are the most difficult business schools to be admitted to in the US, however, they are also the most prestigious and according to statistics, offer the highest quality education. The acceptance rates for these business schools are incredibly small, with an average of one thousand students admitted each fall, from an average of 70 countries. Average acceptance qualifications for the top 5 US business schools are as follows:

• a minimum undergraduate GPA of 2.8 (mid 80%)
• at least five years work experience
• an average GMAT score of mid 80% top ten percent undergraduate class rankings

In addition to this, there are other many important factors to consider before applying to one of the top 5 US business schools. For starters, the cost of tuition. The cost of tuition per year for top 5 business schools is considerably higher than that of a state funded business school. On average, the cost to apply to one of these schools is two hundred dollars alone, with yearly tuition averaging 70, 000 dollars, including insurance and room and board. This price, steep as it may seem, continues to raise every year. However, according to statistics, those who graduate with an MBA from a top five US business school have a better chance of obtaining the job of their choice in comparison to those who do not.

Naturally, because of price and qualifications, this is not going to be a viable option for everyone wanting to obtain an MBA. There is always the option of enrolling at a state university school of business. Many United States universities have very prestigious business programs, some of which are in the top twenty US business schools. Just to name a few in the top 20: University of Chicago, University of Michigan, University of California at Berkeley, University of Texas at Austin, and University of North Carolina (Chapel Hill). Unlike those Ivy League schools in the top 5, these are state universities and are not considered private, which often means the price of the education is lower, giving students more value for their college dollars. As the average acceptance qualifications are still high, the difference in yearly tuition costs is drastic. Average acceptance qualifications for these MBA programs are as follows:

• a minimum undergraduate GPA of 2.8 (mid 80%)
• at least two years post-baccalaureate work prior to enrolling
• a competitive GMAT score (recommended mid 80% or higher) recommended top ten percent undergraduate rankings

As you can see, these average qualifications do not strongly differ from those of the top 5 United States business schools, however, the difference is entirely in the number of those admitted, which on average is considerably higher. Also, unlike the private MBA programs, these business schools all offer financial aid and scholarship opportunities every year to students, which can aid greatly in the usually high tuition costs. Although the tuition costs of a year in an MBA program is always higher than any undergraduate program, the cost of one year at a state university is much less than that of Ivy League. For example, we found that the average cost of one tuition at one of the top 20 state university MBA programs is approximately 44,000 dollars, including books and room and board.

This is without the aid of scholarship money or financial aid and student loans. Another thing to consider is that state MBA programs offer a lower tuition to state residents, which usually results in paying about three thousand dollars less per year if attending a home state MBA program. This can also save money because many students who go this route have the option to live at home during the two year program, thus eliminating the often high cost of university room and board.

Naturally, there are thousands of universities in the United States that offer decent MBA programs, however, these statistics are based entirely on the top twenty in the country.