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MBA in the US
The US has time an again proved to be the preferred destination of
choice for International students seeking an MBA from a foreign
university. International students constituted the largest group of
foreign students in the US for the sixth year, in a row!!!, in
2006-2007, according to the Open Doors Survey of the US based IIE
(Institute of International Education).
Selection for an MBA programme in US is like any other MBA based on
a consideration of educational background and academic achievements,
basic skills in English, professional experience and personal
statements.
Eligibility for an MBA program in the US
The basic minimum requirement in most US universities is a degree
from an accredited US four-year undergraduate college/university or
its equivalent. For an International aspirant, this means that a
three-year degree programme does not meet the eligibility criterion.
To be considered for admission in US, an international student must
have a post-graduate degree or a professional four-year degree like
engineering or a degree from a recognized one-year university
affiliated programme. Completion of the first year of a two-year
degree course may not meet the eligibility criterion of most US
business schools.
* GMAT (Graduate Management Admissions Test)
GMAT is a must not only for admission but also for getting a student
visa. Both quantitative and verbal scores are considered separately.
A good score will give you an edge above the others.
* TOEFL (Test of English as a Foreign Language)
TOEFL is another requirement for International students from
non-English speaking universities. It is a measure of one’s
reading, listening, speaking and writing skills in English. There
are facilities both for paper-based test as well as internet-based
test. The minimum scores required for most universities range from
550 to 600 on the paper-based TOEFL and 213 to 250 on the computer
based TOEFL.
* Letters of recommendation/ references/ assessment reports either
academic or/and professional are required. Usually two or three such
letters are required from individuals other than family members
assessing the applicant’s performance either in an academic
institution or at the work place. It is advisable to get references
from both academic as well as professional sources.
* Personal statements/admission essays have to be submitted. These
essays are a very important component of the admission form. Care
should be taken to explain how a master’s degree in that
particular school fits in with the applicant’s career plans. It is
recommended that both essays as well as letters of recommendation be
fine tuned with the respective vision of the particular school.
* Work experience
Work experience, usually between 3 to 5 years, is an important
consideration in most schools. This has to be relevant. An interview
may be required with the Admission Committee.
MBA study expenses in the US
For what is considered one of the most prestigious and sought after
qualification in the world today, the costs involved are big. An MBA
in the US is costlier than in most other countries. While the annual
tuition fees in top schools like Harvard, MIT, Kellogg, Wharton, NYU
etc varies between $40,000 and $70,000, others cost between $20,000
and $30,000 per year. The tuition fee varies between private (which
can cost $15,000 to $60,000 annually) and state schools (between
$10,000 and $20,000).
Add to this the living expense which, according to the College
Board, varies between $14,050 (low budget) to $20,970 (moderate
budget) for a 12-month period in 2007-2008. The breakdown of the
living expenses is as follows: housing - 54%, transportation - 20%
and miscellaneous - 26%.
Medical insurance is mandatory for foreign students. The total cost
of an MBA in the US thus depends on the tuition fee of the business
school you have chosen, your lifestyle which can make a big
difference in the cost of living, and, the location both of your
school as well as your residence.
The total approximate cost for an MBA in Boston University,
Virginia, Duke, Yale, Stanford, New York and Columbia exceeds
$50,000 for non-resident students. In universities such as Stetson
University, the University of Tampa, University of Mississippi,
North Carolina State University, Louisiana State University, Georgia
Tech, SUNY Buffalo and Brigham Young University, the total costs
vary between $15,000 and $20,000.
Funding your MBA program in the US
Scholarships, fellowships, grants and loans are available. Financial
aid (need-based grant), however, is not easy to come by for
management programs. Scholarships for MBA require excellent academic
and extra-curricular record. Full scholarships, which cover the
total cost of education except the air fare, are increasingly
difficult to obtain. Loans can be obtained from corporate banks. The
admission department of various business schools is the best place
to explore such options. Government funded schemes are not for
non-US citizens.
For an Indian student, it is advisable to start financial planning a
year in advance. This includes compiling crisp and to-the-point
application forms, assessing personal funds and trying to raise as
much money as possible from friends and family, identifying
financial assistance for which one is eligible, being realistic
about costs and trying to cut costs. Working part time, on-campus
can help meet incidental expenses. Finally, exploring the
possibility of raising funds from the home country is strongly
recommended.
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