MBA Study in the USA
If you are thinking of doing your MBA study in the USA you want to make sure it is worth the time, energy and the expense. Is doing your MBA study in the US right for you? We’ve gathered some useful info for you to help with making that decision.
MBA Study in the USA - History of the MBA
The MBA was first introduced in the USA at the beginning of the 20th century making the United States the first country to ever offer an MBA program. The Wharton Business School, established in 1881, was the first business school in the United States, however the Tuck School of Business, which was established in 1942, was the first management school in the US to award a graduate degree in business.
MBA Study in the USA - Typical MBA program
The two most common types of MBA study in the USA are full-time and part-time. A full-time MBA program usually lasts one or two years. Full-time MBA’s are designed for students who have just graduated college and can get loans to cover their tuition, or people who have been working for some time and can afford to take a break in order to study.
If your full-time MBA study in the USA lasts for two years you can expect it to include a professional internship where you will get the chance to practice your skills in the real work place. Most people who do a one year full-time MBA usually have some experience in the business world and would not benefit enough from an internship placement to merit the extra year of study.
A part-time MBA study in the USA is a common choice for students as many are unable to drop their other commitments to focus solely on studying. By undertaking a part-time MBA program students are able to continue working and juggling their family responsibilities with their study. It is often the case that employers are willing to pay for employees to do a part-time MBA so that they can advance in their career. Part-time MBA’s take a minimum of two years to complete.
When you are doing an MBA study in the USA you have to take core classes in topics such as accounting, finance, management, leadership, entrepreneurship, international management and marketing. You will also be able to pick classes to tailor your degree to the specific area you wish to study, for instance finance or management. In most cases, when undertaking MBA study in the US you have a lot of freedom to get what you want out of the course and specialise in your area of expertise.
Generally MBA study in the USA is made up of 50 percent men and 50 percent women, with an average of 15 percent being international students. International students are encouraged to apply for MBA study in the USA as business is a worldwide subject and the more international the student body is the more beneficial it is to students.
MBA Study in the USA - What is the cost of getting an MBA?
There is no denying that the cost of getting an MBA is expensive. It is said that an MBA is worth between $10-30,000 a year more than an undergraduate degree, but whether you actually see this increase in your paycheck is another thing. Factors that affect the increase you see in your pay after you receive you MBA are:
- Whether you stay in your current job or go to a new one
- The amount of experience you have to the job sector you wish to go into
- The reputation of the graduate school you went to
- The demand for the type of work you want to do
- The location of the job you want to do
When you are thinking about the pay raise you expect to get remember to factor in the fact that an MBA can cost upwards of $54,000 a year. This is for an MBA from a premier school; at a smaller school it is closer to $12,00 a year. Taking these facts into account the average amount of time it takes to earn back the cost of your MBA is about ten years, although this can vary greatly from person to person.
MBA Study in the USA - What exactly can an MBA do for my career?
If you are looking to work your way up in your company then an MBA could be exactly what you need to do so. In a survey done with regards to accounting and finance professionals, 80% of executives said that an MBA is still important when people want to reach a senior level within a company. As well as the MBA allowing you to demand a higher salary and move up in the company, it has also been shown that having an MBA allows people to find a better balance between work and their personal life.
By doing your MBA study in the USA you will have more power to move higher up in your company at a faster rate, and also have more job opportunities open up to you. Most MBA programs insist that you have at least three years business or relevant work experience so you can use this to build your knowledge on when doing your MBA study in the USA. This means that many students stay at their jobs when studying and return there full time after they graduate, however some students stop work and re-enter the work place looking for new job opportunities. There is good news for MBA graduates in the U.S. who are looking for work as recent surveys have shown that at the time of graduation 88 percent of MBA graduates were in full time employment.
Your MBA gives you more tools in your kit to work with that will allow you to achieve better results and will help your career. The three main key sectors that MBA graduates are entering after graduation are Management Consultancy, Finance and Entrepreneurship.
MBA Study in the USA - How easy is it for international MBA graduates to stay and work in the U.S.? Many international MBA graduates do stay and work in the U.S. In order to stay as a graduate student you must apply for post-completion OPT before the completion of your course. This allows you to stay in the US for another twelve months to work full time. To start the process of applying for OPT you need to get a Designated School Official (DSO) at your place of study to recommend you for the OPT. The DSO will make the recommendation by submitting your F-1 Student Visa to the system as well as an I-765 form that you, the student, must file. To file the I-765 form you must pay a fee of $340.
Only after you receive your OPT can you take on full or part time employment in the USA. After your 12 months of OPT you can apply for a 17 month extension of post-completion OPT although the theory is that you will find work within this 12 month period and your employer will sponsor you for a visa allowing you to stay in the US. For additional information on applying for OPT as a graduate student you can find all the information you need on the US Citizenship and Immigration Services website.