(Authored by Dr. James Sturdevant, Director, MBA Program, Augustana University, South Dakota, USA)
One of the most popular degrees to pursue if you want to become an entrepreneur is the Master of Business Administration (MBA). Earning this degree can help you gain the leadership and management abilities needed to enter the corporate sector. According to AACSB Accredited, there are 882 business schools worldwide and 447 accredited MBA programmes in the US. With so many higher education institutions offering the MBA, choosing the right MBA programme for you is not easy.
When considering the US for your MBA programme, consider these facts:
- Despite competition from business schools in Europe and Asia, the US remains the most sought-after location for MBA programmes.
- US MBA programme applications from international students fell 13.7% between 2018 and 2019, which was mostly caused by the Trump administration’s anti-immigration policies, such as a block on any new H-1B visas.
- However, with the lifting of the ban on H-1B visas and the loosening of Covid-related travel restrictions for international students, applications to the US are once again surging.
- Increasing international applications were recorded by 43% of US business schools in 2021, according to the Graduate Management Admission Council (GMAC).
Here are eight reasons for selecting an MBA programme in the US:
1. The quality of US MBA programs
US MBA programs set the standard of worldwide excellence. Nearly half of the 100 business schools ranked by the Financial Times are from the US. A good MBA programme offers a leadership core, a well-rounded curriculum of business functions and skills, faculty with experience in business leadership, and offers experiential learning. It also helps students foster strong relationships with a vibrant business community. Programs at Harvard, Stanford, and Wharton are among the highest-ranked in the world year after year. However, there are many outstanding MBA programmes offered by regional universities across the US. An MBA programme’s success is measured by graduate employability, return on investment, starting salaries, and a myriad of metrics evaluated by alumni.
2. The worth of a two-year US MBA
Many students are drawn to the traditional two-year MBA that is widespread in the US, even though some top MBA programmes in Europe and Asia offer a one-year option. In North America, 86 percent of 2022 business school graduates were employed at the time of graduation, up from 80 percent in 2021, according to a survey report released by the Graduate Management Admission Council (GMAC, 2022). Globally, after the COVID pandemic, the responding graduates of participating business schools reported a 29 percent increase in total compensation compared to before the pandemic.
3. Bridging academics to experience
Most MBA programmes in the US will expose you to the most recent research and industry innovation, taught by a diverse faculty base that bridges academics to industry experiences. Many MBA programmes focus students on solving real-world business situations. Case study techniques place students in the position of business executives and engage their classmates in problem-solving.
4. Top jobs
According to US News, positions like marketing manager, business operations manager, management consultant, human resource manager, sales manager, and financial manager are among the top professions for MBA degree graduates in the US. MBA programs act as gatekeepers for sought-after positions because they have solid relationships with businesses. However, an MBA offers the entrepreneur essential skills, such as business scaling, strategic management, accounting, financing, business law, human resources management, and leadership.
5. Pay potential
According to the Graduate Management Admissions Council, the median base starting salary for recent MBA graduates in the US is $115,000. That’s $50,000 higher than for job candidates with a bachelor’s degree. Salaries vary by industry, location, and school attended.
6. US visa guidelines
International MBA students can now take advantage of friendlier visa conditions in the US thanks to the reinstatement of the H1-B visa. Many of the employers who sponsor H1-B visas are among the highest-paying employers for MBAs, and they are constantly on the market for top business school talent. The Optional Practical Training (OPT) system allows international graduates who have earned an MBA to remain in the US for one year (and an additional two years beyond that if they have earned a STEM MBA). The H1-B visa, which enables you to work in the US for a maximum of six years—three years initially with the potential of three more years—can be applied for throughout this time.
7. Multicultural learning environment
International students are represented in nearly all US MBA classrooms. Students gain from the various viewpoints and experiences of individuals during class discussions and group assignments. In several examples, international students comprise 33% of the MIT Sloan MBA programme, 44% of Columbia’s MBA programme, and 41% of Harvard’s most recent MBA graduating class.
8. Networking
Your MBA cohort offers a powerful career advantage. Your peers, MBA programme alumni, programme faculty, and programme partners are parts of a vast network across a variety of business professions, industries, and geographies. This network facilitates employment and business partner opportunities throughout your career.
Your passport to entrepreneurship may be a US MBA
There has never been a better time to sate the thirst of investors looking for the next great thing, as venture capital and entrepreneurship are on the increase in the US.
Making the US your MBA destination could be a terrific method to develop your start-up abilities and acquire the knowledge necessary to start your own business.
