por This type of degree lasts 2 years, the first year allows students to follow a study plan pre-established by the school while they choose their specialization.
The second year generally focuses on the student’s specialization and leads to an MBA with honors. Please note, however, that rules and programs vary by institution.
The average salary in the USA with an MBA was $109,000 in 2020 (including bonuses). This sum is close to $200,000 for graduates of the most selective institutions.
There are over 200,000 MBAs earned each year in the US. This diploma is still quite elitist as only 8% of the US population has an MBA.
While some schools are difficult to reach after high school, the admission rate is higher to enter these trade schools. In fact, Harvard’s admission rate is close to 3% for high school students seeking a bachelor’s degree. This figure is close to 10% for students who want to enter the prestigious Harvard Business School.
The different types of MBA in the USA
You can choose between an MBA or an Executive MBA. The Executive MBA is designed more as a part-time course for continuing working professionals. The Executive MBA therefore consists of online courses with a few hours of class per month (mainly on weekends).
The average age is higher and ranges between 30 and 50 years. Please note that this type of MBA is designed for senior executives, managers, and other professionals in advanced leadership positions.
Another option is also available in the United States: part-time MBAs. This type of course is less competitive and allows candidates to earn a degree while working at the same time. A part-time MBA is completed in 3 or 4 years because the workload is spread over a longer period of time.
Keep in mind that only a minority of American universities offer this type of degree. «Classic» MBAs are the most common.
American MBA: how much does it cost?
The average cost for this type of degree is around $60,000 per year. This price does not include other accessory expenses such as accommodation, purchase of books, etc.
The annual price of an MBA for the best American universities is around $100,000. Some students are advised by their bank’s human resources department. Thus, it is very common to see companies finance their employees’ MBAs.
What are the admission criteria?
- All the grades obtained during your license/master’s degree.
-Your GRE or GMAT results.
-One or more letters of recommendation from a teacher or professional.
-A motivation letter.
-The results of your TOEFL-type English exam if your diploma was obtained at a non-English speaking institution.
These admission criteria vary greatly between universities. The most selective universities obviously require very high GRE and GMAT scores. Expect an average score of 730 on the GMAT and 325+ on the GRE for top US business schools.
What is the added value of an MBA?
MBA programs help students develop the skills necessary to excel as business leaders.
These capabilities include the ability to quickly and accurately analyze large amounts of information and the ability to develop intelligent solutions to business problems.
MBA programs also teach students how to inspire and motivate people and how to earn respect, an essential skill for those who want to tackle ambitious business projects that require teamwork.
An MBA allows an entrepreneur to deepen his or her knowledge of the field in a classroom setting. For a manager or executive, an MBA facilitates access to certain positions of responsibility. Thus, many companies finance their employee’s studies on the condition that they return to work in the company after obtaining the MBA.
