Masters in Management in the USA: Universities, Fees & Jobs

This article will provide you with detailed information about Masters in Management in the USA, Top Universities, Fees & Jobs.

Many international students choose to go to the United States to do their Master's in Management studies or pursue other specialized business master's programs, such as MSc's, MAs, and more. And why not? The United States is the world's biggest economy, where English is the primary language.

MIM can either be a general program or specialist degree in subjects like finance, supply chain management, marketing, accounting, operations management, information technology, business analytics, among many others. Students can choose either a full-time or part-time mode of study; however, majorly international students opt for a full-time MIM.

To know more about Masters in Management in the USA keep on reading this article!

Masters in Management in USA: Admission Requirment

Here’s are the requirements for MiM courses in the USA: 

• Bachelor’s degree with a GPA of 3.0 on a scale of four points. It equates to 83-86% marks on average. 

• Proof of English Proficiency with IELTS or TOEFL scores. 

• GMAT or GRE scores. There are some institutions where you can apply for a master’s in management in the USA without GMAT. The minimum scores needed by leading institutions vary between 675 and 790 for GMAT and 300-320 for GRE.

Masters in Management: Documents Requirement

The documents mandatory for the completion of the admission process in Masters in Management are given below:

• Curriculum vitae: A detailed description of the previous academic qualifications, projects undertaken, work experience, internships, and others

• Statement of Purpose: Mention the motive of choosing the course and the university 

• Letter of Recommendation: At least 2-3 letters of recommendation from the previous university professors

• Grade cards: Submitting the 10th, 12th, and undergraduate degrees/certificates

• English Proficiency test scores: A minimum score for qualifying the test is necessary

Important Note: Be careful while writing your SOP. It should clearly explain why you selected this particular course and institution, along with your future goals.

You must also send your TOEFL or IELTS results. The minimum IELTS score for international students can range from 7.0 to 7.5. Those who complete the TOEFL (iBT) should ideally score between 80 and 100

Top 10 Universities in the USA for Masters in Management with fees

Here are the top universities for MiM courses:

• Stanford University- MS in Management Science and Engineering (18 months)- USD 95,570 or INR 71.22 lakhs (yearly)

• California State University-Los Angeles -  MSc in Business Administration (24 months)- USD 28,000 or INR 20.77 lakh

• Northwestern University- Kellogg School of Management- MS in Management Studies (10 months)- USD 60,240 or INR 44.89 lakhs

• Boston University- Questrom School of Business- MS in Management Studies (nine months) USD 58,560 or INR 43.59 lakhs
• Yale University- Yale School of Management - Master of Advanced Management (12 months)- $76,770 or INR 57.14 lakhs

• MIT Sloan School of Management - MS in Management Studies (nine months)- USD 78,954 or INR 58.83 lakhs

• University of Michigan, Ann Arbor- Ross School of Business Master of Management (ten months) USD 54,985 or INR 40.92 lakhs

• Duke University- Fuqua School of Business Master of Management Studies (ten months)- USD 57,500 or INR 42.82 lakhs

• Columbia University- Columbia Business School-MS in Management Science and Engineering (12 months) - USD 79,056 or INR 58.94 lakhs

• New York University (NYU)- Stern School of Business - MS in Quantitative Management (1.7 years) - USD 76,780 or INR 57.23 lakhs (yearly)

Masters in Management in the USA: Fees, in General,

The course fees in USA universities vary. The average fee is usually between $ 56,854- $ 149,080 (INR 41,78,587- INR 1,09,56,902). Read about the fee structure in advance before applying.

Masters in Management in the USA: Expenses to be considered

• $160 or INR 11,913 in student visa charges. 
• INR 14,700 in IELTS costs. 
• $213 or INR 15,785 in GRE charges. 
• $185 or INR 13,774 in TOEFL costs. 
• $250 or INR 18,614 in GMAT charges. 
• $56,800-150,000 or INR 42.14 lakhs to INR 1.13 crores in tuition fees (average). 
• $1,500-3,200 or INR 1.11 lakhs to INR 2.37 lakhs for accommodation (every month). 
• $450-500 or INR 33,386 to INR 37,096 in monthly food bills. 
• $500-1,000 or INR 37,096 to INR 74,191 in miscellaneous expenses (per month). 
• $36-127 or INR 2,671 to INR 9,422 in transportation costs (monthly pass).

Masters in Management: Scholarship offered

Due to the huge financial burden because of the tuition fees of a master of management in the USA and added living expenses, international students seek aid through scholarships. The list of scholarships in the USA for international students is as follow:

• Fuqua School of Business - Fuqua Merit Scholarships- A waiver on tuition costs

• Sloan School of Management- Research Assistantship- $33,924 or INR 25.19 lakhs annually

• Columbia Business School-  Laidlaw Foundation Scholarship-$7,500-30,000 or INR 5.57-22.28 lakhs

• Stanford University- The Aga Khan Foundation-50% discounts on tuition costs

• Anderson School of Management- Education Future International Scholarship-$3,000-14,000 or INR 2.23-10.40 lakhs

• Ross School of Business- Ross MM Scholarship- May Vary

Masters in Management in USA: Job Prospects

Masters in Management became popular among international students as a substitute of MBA from the last decade. After graduating, international students have a high possibility of getting great job opportunities in the USA.

The average salary earned by a graduate with a degree in Master of Management in the USA is 76,000 USD (per annum) (62-65 Lakhs INR). Some of the top recruiters for this program are Lockheed Martin, Booz, Allen & Hamilton, US Army etc.

Students can get the following jobs after completion of a Master of Management in the USA:

Human Resource Director -72 lakhs

Human Resource Manager- 54 lakhs

Project Manager - 58 lakhs

Operations Manager -54 lakhs

Director of Operations - 72 lakhs

Executive Director- 64 lakhs

Important note: Candidates are hired not just by corporations but also by the federal government and Army institutions.

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Conclusion

The master’s in management (MIM) is an academic degree for aspiring leaders, fresh graduates with an interest in pursuing a management career with no or little work experience.

The QS World University Ranking provides information on the best business schools and universities for studying for a master’s degree. More than 100 institutions were featured in the management ranking, out of which around 20 schools were from the US.

So, In this article, we have tried to cover everything related to Masters in Management in the USA. We hope you like this article.

Frequently Asked Questions about Masters in Management in the USA

1. Which universities offer a Masters in Management in the USA?

Many prestigious universities in the USA offer MIM programs. Here are a few examples:

• Duke University
• California Institute of Technology (MIT)
• Columbia University
• University of Southern California

This is not an exhaustive list, and many other universities provide excellent MIM programs. You can find a more comprehensive list by searching online directories or contacting schools directly. Consider using resources like the Graduate Management Admission Council (GMAC) or US News & World Report's Best Business Schools rankings to refine your search based on specific criteria https://www.gmac.com/ https://www.usnews.com/best-graduate-schools/top-business-schools/mba-rankings.

2. What are the typical costs associated with a Masters in Management in the USA? 

The overall cost of an MIM program in the USA can vary depending on the university, program duration, and living expenses. On average, tuition fees can range from $33,300 to $101,000 USD (INR 27 lakhs to 84 lakhs) per year. In addition to tuition, you'll also need to factor in living expenses like housing, food, and transportation. To get a better estimate of the total cost, consider contacting the specific universities you're interested in for detailed financial information. You can also find resources online that provide estimates for average student living expenses in different US cities https://www.go.study/cost-of-living-for-students-in-usa. 

https://www.go.study/cost-of-living-for-students-in-usa.

3. What jobs can I get with a Masters in Management degree?

An MIM degree equips you with a broad range of business skills and prepares you for various management roles. Some common career paths for MIM graduates include:

• Human Resources Manager
• Operations Manager
• Project Manager
• Consultant
• Business Analyst

The specific job opportunities available to you will depend on your experience, specialization within the program (if offered), and career goals.

4. Do I need work experience to apply for a Masters in Management program?

Unlike an MBA, many MIM programs in the USA do not require prior work experience. This makes them a good option for recent graduates or those looking to transition into a management career. However, some universities may recommend or have minimum work experience requirements for their specific programs. Be sure to check the admissions requirements for each university you consider.

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