Top 10 Most Expensive Private Business Schools in the U.S.

In 2013-2014, b-school prices at private, elite business schools in the U.S. increased about $3,000 since the previous academic year. The average tuition for these 10 costly programs is almost $13,000 more than the average tuition of all ranked programs.

By contrast, one of the least expensive schools (not listed below) is Brigham Young’s Marriott School of Management with tuition and fees at $22,560 (and only $11,280 for students of the Church of Jesus Christ of Latter-day Saints faith).

Check out our B-School Zones to learn more about the top MBA programs!

Source: U.S. News “The Short List”

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Related Resources:

• Which B-Schools Offer the Most Scholarships?
• CommonBond’s Story: A Revolution in Student Loans
• MBA Scholarships: How Do I Apply and What Should I Emphasize?

Dartmouth Tuck 2015 MBA Essay Tips and Deadlines

Want to learn more about Tuck? Check out our Dartmouth Tuck MBA Zone!The Dartmouth Tuck adcom is interested in learning about what you as an individual, a businessperson, and a leader can contribute to Tuck’s small, close-knit program. Use your essays as a platform for expressing your earnest desire to enter the world of management and to make a difference. 

Following the shrinking app trend, this year Tuck reduced its required questions from three to two and tweaked slightly the second required essay prompt. 

I strongly recommend Tuck applicants read The MBA Gatekeeper To Dartmouth’s Tuck School of Business,” Poets and Quants interview with Dawna Clarke, Director of Admissions at Tuck.

Essays:

Please respond fully but concisely to the following essay questions. There are no right or wrong answers. We encourage applicants to limit the length of their responses to 500 words for each essay. Please double-space your responses.

1. Why is an MBA a critical next step toward your short- and long-term career goals? Why is Tuck the best MBA fit for you and your goals and why are you the best fit for Tuck?

The MBA is a means to an end; it is a “step” towards a goal. That means you have to briefly discuss the most influential stops on your journey to date and then your reasons for wanting a Tuck MBA to continue on that journey.

You have to know a lot about Tuck as well as your goals to respond effectively to this question. Why do you want a small, tight-knit program in rural New Hampshire? Why do you want a program that stresses the integration of business functions?  Which of Tuck’s strengths appeal to you? How will they help you achieve your goals? 

To respond to the fit  part of the question, review Tuck’s six evaluation criteria for admission. You won’t have much room to address fit. Perhaps in your conclusion succinctly make the case for your fit with Tuck’s criteria. Point to elements of your application that show you meet the criteria without repeating them. You want the reader to see a match made in heaven.

2. Tell us about your most meaningful leadership experience and what role you played. What did you learn about your own individual strengths and weaknesses through this experience?

This question reflects the importance Tuck, like many MBA programs, places on leadership. Last year, Tuck asked about “collaborative leadership.” This year it dropped “collaborative” from the question. Perhaps some applicants confused collaborative leadership with teamwork, and Tuck really wants to see you as a leader. Perhaps, and more likely given Tuck’s collaborative culture, Tuck wants to know what leadership example you will use and whether your definition of leadership is a fit for Tuck. Your example should reflect a collaborative and enlightened approach to leadership. 

Have you co-chaired  a fundraiser that raised a record amount of money? Have you been a board member for a not-for-profit organization? Have you captained a sports team that led your company league while having an excellent relationship with the coach or manager of the team? Have you been a team lead on a project that came in early and under budget while cooperating closely with other team leads or members of your team? Are you the head of a sales team who empowered other members of your team in a way that greatly contributed to the success of that initiative? These could all be examples of leadership. How did you motivate your teammates? What did you learn about yourself through the experience? In answering the last question, don’t be generic and don’t wonder “What do they want to hear?” What did you actually learn from this most meaningful experience?

The question asks you to reveal strengths and weaknesses. The first is fun and should be relatively easy. However we all cringe at the idea of revealing weaknesses, especially in a situation where you want to impress — like now. Nonetheless, resist that nasty impulse to write something fluffy and meaningless. Don’t even think about a phony weakness. The adcom will see right through it. Reveal a weakness that hopefully you can show yourself addressing in this leadership experience or through another later experience. Don’t dwell on the weakness, but do include it. 

3. Optional question: Please provide any additional insight or information that you have not addressed elsewhere that may be helpful in reviewing your application (e.g., unusual choice of evaluators, weaknesses in academic performance, unexplained job gaps or changes, etc.). Complete this question only if you feel your candidacy is not fully represented by this application.

It is almost impossible for two or three 500-word essays plus a bunch of boxes, a transcript, and a GMAT score to represent fully the uniqueness and talents of a truly impressive candidate. That comment has nothing to do with writing style and everything to do with the complexity of accomplished human beings. In my opinion this “optional essay”  is optional in name only.

At the same time, don’t waste the reader’s time by writing a meaningless, superficial “grand finale” or summary. Don’t repeat what can be found elsewhere.

4Reapplicant question: How have you strengthened your candidacy since you last applied? Please reflect on how you have grown personally and professionally.

Straightforward MBA reapplication question. What has changed that would compel Tuck to admit you this year?

If you would like professional guidance with your Dartmouth Tuck MBA application, please consider Accepted’s MBA essay editing and MBA admissions consulting or our  MBA Application Packages, which include advising, editing, interview coaching, and a resume edit for the Dartmouth Tuck application. 

Dartmouth Tuck 2015 Application Deadlines:

Round Due Date Decisions Released
Early Action October 8, 2014 December 18, 2014
November Round November 5, 2014 February 13, 2015
January Round January 6, 2015 March 13, 2015
April Round April 1, 2015 May 15, 2015

Get 5 Tips for Writing Succinct MBA Application Essays!

Linda Abraham By , president and founder of Accepted.com and co-author of the new, definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.

The Economist’s Top 20 North American MBA Programs

How much do MBA rankings matter? Click here for the short answer. Below you’ll find The Economist’s top 20 American business schools, with a rank on the left (ranking the top 20 in the U.S. and Canada) and a rank on the right (the school’s place in the top 100 global rankings). As you’ll see, the American programs listed are all located at the top or very close to the top of the top global programs. The Economist article highlights the legacy of American programs – their size, their history, their all-star faculties (all of Wharton’s 245 professors have PhDs), and their financial magnitude.

As always when looking at rankings, you need to understand the methodology behind them. The Economist’s methodology is a weighted average going back to 2011 of some fairly quirky factors including “Diversity of recruiters,” “Number of languages taught,” and “Number of overseas countries with an official alumni branch.” If those and other factors considered by the Economist are not important to you, then this ranking probably isn’t that useful to you.

There are 16 schools on the global rankings that have an average GMAT score over 700; 14 of them are American (with Stanford GSB taking the cake with an average of 729).For opening up doors career-wise, the top 5 schools in the global rankings were all Americans – Chicago Booth, Dartmouth Tuck, UVA Darden, and Columbia. Interestingly, even with the top marks for job opportunities, graduates from American programs tend to earn less than those from European and Australian programs – the Economist article claims that this is likely due to the limited pre-MBA work experience of those accepted at American programs. (Even Stanford’s grads, who in America boast the highest average salary of around $130,000, earn less than grads from less prestigious programs like IMD in Switzerland and University of Queensland in Australia.)

In terms of cost, the American schools certainly rank at the top of the chart. A Harvard MBA will run students $112,000. A degree from Wharton costs $130,000.

How much do rankings really matter? Click here to view our 2-min answer.

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Where Does Wall St. Hire: U.S. B-Schools Sending Grads into Financial Services

According to GMAC’s just released Prospective Students Survey Report, 37% of prospective MBA students hope to go into finance after they earn their degree, making it the most popular post-MBA destination. If you fall into this crowded category, then you’ll be interested in knowing which b-schools prepare the most grads for jobs in financial services.

As you’ll see below, we’ve created two charts (based on data from U.S. News’ top 25, which happens to have 26 schools because of a tie for 25th place) that display the U.S. schools with the highest percentage of grads going into financial services and those with the highest number of grads reporting financial services jobs. We did not include non-U.S. programs because U.S. News doesn’t rank them, and we wanted the data to be consistent. There are definitely financial powerhouses outside the U.S.

Want to learn more? Get your free copy of MBA in Sight: Focus on Finance

For more information about the top MBA programs, check out our B-School Zone pages.

The top names on this list, in terms of absolute numbers, are the standard bearers in finance, known as Wall St. breeding grounds. I was a little surprised at how low MIT Sloan came out on both totem poles. It has very prominent faculty in finance, including Nobel Prize winner Robert C. Merton. Perhaps those smaller schools known for entrepreneurship, like Stanford, MIT Sloan, and Haas, are sending more of their graduates into non-traditional fields. Consequently they will not do as well in this kind of a ranking even though they have the curricular, co-curricular, and placement ability to support financial services goals.

Can you put less weight on attending schools at the top of the list even though you may want to go into financial services when you graduate? You can if you’ve already worked in financial services and are looking to get a broader understanding of business, management and leadership through the MBA. Those of you with that background already have valuable skills and a relevant network. Those of you looking to get into financial services for the first time, however, will probably want to look more closely at the programs higher up this list.

Realize that these lists don’t reflect the class profile of the programs or the typical credentials of admitted applicants. You need to know that information too to assess your competitiveness when choosing where to apply. Washington Olin (2nd in percentages) has an average GMAT of 696. UNC Kenan-Flagler (ranked #4 in percentages) has an average GMAT of 683. Both schools send 32% and 28% of their grads respectively into financial services. For those of you without GMAT bragging rights or other qualifications to get into Chicago (average GMAT 723), Columbia (716), and Wharton (average GMAT 725) — the leaders on this list in absolute numbers and overall USN ranking – Olin and Kenan-Flagler may be a good alternative and at least start you down your desired career path.

Much as I did with the similar data we compiled on consulting I must issue a warning: This list or ranking is valuable, but it doesn’t tell the whole story. “Financial services” is a very broad category covering everything from private equity and venture capital, to investment banking, money management, corporate financial analyst positions, and even good old bean counting (AKA accounting). Clearly your specific area of interest is critical, and you have to dig deeper into the employment reports at your target schools to confirm strong placement in your particular area of interest. Also understand how the curriculum and co-curricular activities, events, and clubs will help you do what you want to do after your MBA.

You want to attend a b-school that will help you realize your career goals. Identifying schools with exceptional track records for students with similar goals – especially for those of you seeking to change industries and enter financial services – is an excellent place to start when choosing which MBA programs to apply to, and ultimately, deciding where to attend. This list helps you focus your research. It is the starting gate, not the finish line.

Focus on Finance will help you research and identify the best programs for you to apply to given your finance goals.

Linda Abraham By , president and founder of Accepted.com and co-author of the new, definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.

Consulting at Top MBA Programs

MBA In Sight: Focus on Management Consulting - Click here to download your copy!Entrepreneurship is the sexy post-MBA job, but the reality is that less than 5% of grads from top MBA programs start a business at graduation. Per GMAC’s just released Prospective Students Survey Report, 34% of all graduate business students seek consulting positions after they earn their degree. My suspicion is that the figure is even higher among full-time MBA candidates. True, many will work as consultants for a few years, and then down the road start their own business.

If you are in that vast mass of MBA wannabes planning/hoping for a job in consulting immediately after you earn your degree, this ranking is for you! We’ve examined US Newstop MBA programs and the number of grads who have gone into consulting from each one. (The data here is from U.S. News.)

Schools Ranked by Percentage of Grads Going into Consulting

Schools Ranked by Number of Grads Going into Consulting

The biggest surprise is how low Stanford places on these lists. I would attribute that low ranking to the relatively high percentage of MBAs going into entrepreneurship (approximately 18%, the highest of any of these programs by far.).  Yale’s placement as #1 in percentage as well as Duke Fuqua’s, CMU Tepper’s and Emory’s as respectively #2,#6 and #8 on the percentage list also indicate real strength in consulting placement, which sometimes isn’t recognized.

Similarly Wharton’s #1 placement and Chicago Booth’s #4 spot in total numbers call into question the meme that these two programs are “just” finance powerhouses.

Certainly a high ranking in either of these lists indicates that the program has the recruiting ties, placement track record, and alumni network, as well as the curriculum, to support your consulting goals.  However, these numbers don’t tell the full picture. Dig into the schools’ class profile, placement stats, curriculum, extra-curricular activities and opportunities to determine which schools to apply to.

Ultimately you want to apply to programs that will take you where you want to go and that are likely to admit you.

Click here to download your free copy of Focus on Management Consulting

Linda Abraham By , president and founder of Accepted.com and co-author of the new, definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.