What are the similarities between Animal House, Legally Blonde, A Beautiful Mind, and Good Will Hunting? They are all set in prominent universities known as the Ivy League. They have a rich history and play a key role in American higher education. So, if you plan to apply for an MBA at one of these schools, here are some things you should know.
Which US MBA Programs are considered part of the Ivy League?
Harvard Business School, Harvard University (Massachusetts) - $146,880
Yale School of Management, Yale University (Connecticut) - $158,000
Master in Finance only program, Princeton University (New Jersey)
Columbia Business School, Columbia University (New York) - $154,752
IE Brown Executive MBA, Brown University (Rhode Island) - $115,079 (for one year)
Tuck School of Business, Dartmouth College (New Hampshire) - $155,040
The Wharton School, University of Pennsylvania (Pennsylvania) - $166,460
Cornell Johnson, Cornell University (New York) - $148,052
What is the origin of the Ivy League label?
The Ive League was formed by a group of eight athletically focused colleges in the North Eastern part of the US. For students, admittance and performance standards became increasingly stringent as their athletic teams gained more attention and financing. These elite colleges and universities have a well-earned reputation for turning forth students who excel in the classroom, as well as in the world of social standing and professional advancement. This reputation dates back to the 1960s. As of today, these institutions have maintained their reputation and have a significant presence in the US's top colleges. Stanford, MIT, and Caltech, which aren't exactly Ivy League schools but have a similar reputation and social prestige, are also in this position.
Should you care about Ivy League universities?
When you first begin researching MBA programs, these universities may catch your eye for a variety of reasons. They draw applicants from all over the world who are brilliant, hardworking, and career-minded.
It is common knowledge that these colleges provide significant assistance to students in their professional lives. Obtaining an MBA from one of these institutions will open many options for you in the future.
However, because these are private schools, they will be among the most expensive (averaging $55,000-$60,000 per year). Fortunately, they provide excellent financial assistance, which you could apply for.
What MBA Programs are still good, but not Ivy League?
There are numerous excellent alternative MBA programs to explore that have a high international ranking but a lower price tag. Acceptance to these colleges remains competitive, but it is worthwhile to apply.
Also, your MBA degree is not a popularity contest, and you should pursue the greatest education that will best help achieve your future goals. Here are the Times Higher Education and US News World University Rankings for 2022:
Berkeley Haas, University of California - $71,817 USD/year, 8th in THE, 4th in U.S. News
UCLA Anderson, University of California - $67,737 USD per year USD/year, 20th in THE, 14th in U.S. News
Kellogg, Northwestern University - $78,276 USD/year, 24th in THE, 24th in U.S. News
NYU Stern, New York University - $82,326 USD/year, 26th in THE, 30th in U.S. News
Texas McCombs, University of Texas at Austin - $51,020-$56,572 USD/year, 47th in THE, 43th in U.S. News
1) Before you apply to an Ivy League institution, keep in mind that overall acceptance rates in 2021 were below 7%. Therefore, it is imperative that your MBA application must be highly competitive.
2) The application requirements for each business school differs. Each admissions committee at each institution is looking for something slightly different. Make sure you do your homework to discover if you are an ideal fit for your specific MBA target programs.
3) Many MBA programs rank highly but charge a lesser tuition fee. As a result, an "alternative" school may be a better option.