You must have done some research before choosing a master’s in international business in the USA. And must have discovered that it is one of the most popular full-time programs for international students. Offered in MBA, MS, and MiM (Master in Management) avatars spanning 9-24 months, international business courses are taught at some USA’s leading universities. Costs may range between USD 18,000-80,000, working out to roughly INR 13-59 lakhs for Indian aspirants.
However, don’t be deterred by the steep costs since the course is worth it! Graduates usually get placed in top companies with salaries ranging between USD 60,000-179,000 or INR 44.5 lakhs to INR 1.3 crore per year. If you’ve graduated successfully with an MS in international business in the USA, you can expect job roles like marketing manager, investor relations specialist, foreign service officer, and whatnot! Here’s learning more about the course and the application procedure.
Master’s in international business in the USA- Reasons for Studying:
While many people take the conventional route of an MBA in international business in the USA, doing a master’s program is also a smart move. Here are some of the top reasons for applying to these courses:
● The USA houses 150+ top-ranked global institutions teaching international business. Some of them, such as the Thunderbird School of Global Management and Yale University, are among the top-50 global international business management institutions worldwide.
● Interestingly, the USA is where this course first started in 1946! The first international business course began at the modern-day Thunderbird School of Management (the American Institute of Foreign Trade back then!).
● These courses come with accreditation from the AACSB or the Association to Advance Collegiate Schools of Business.
● Jobs for international business graduates are also expected to increase in double digits over the next six-seven years.
● Attractive salaries and placements are the icings on the cake.
Read More: Exams Required to Study in the USA
Best Universities to Study International Business:
Here are some of the top universities that you should consider:
|Name of the Institution||Name of the Course and Tenure||Cost of the Course|
|University of Chicago||Master of Business Administration – International BusinessTenure- two years||$74,919 (three quarters) or INR 56.24 lakhs|
|Yale University||Master of Management Studies in Global Business & SocietyTenure – nine months||$76,770 or INR 57.64 lakhs|
|University of Florida||Master of International BusinessTenure- One year||$37,663 or INR 28.28 lakhs|
|New York University||Master of Business Administration – Global MBATenure- two years||$78,700 (nine months) or INR 59.09 lakhs|
|Northeastern University (D’ Amore-McKim)||Master of Science in International BusinessTenure- One year||$1,640 (per credit hour) or INR 1.23 lakhs|
|Thunderbird School of Global Management (Arizona State University)||Master in Global ManagementTenure- two years||$70,000 or INR 51.93 lakhs|
|Georgetown University||Master of Arts in International Business & PolicyTenure – One year||$79,650 or INR 59.83 lakhs|
|University of South Carolina Darla Moore School||Master of International Business, Tenure – nine monthsMaster of International Business + A Master’s DegreeTenure- One year and ten months||$18,360 or INR 13.79 lakhs /$36,720 or INR 27.59 lakhs|
|Hult International Business School||Master in International BusinessTenure – eleven months||$49,800 or INR 37.42 lakhs|
|George Washington University||Master of Science in International BusinessTenure – One year||USD 114,120 (INR 85.75 lakhs)|
|University of Delaware||Master of Science in International BusinessTenure – 18 months||$950 (per credit) or INR 71,380|
|Florida International University||Masters in International BusinessTenure- One year||$36,600 or INR 27.50 lakhs|
Apart from these educational degrees, you should note that there are several other kinds of programs that MIB (Master’s in International Business) candidates can look for. Some of these include short-term graduate courses, certificate courses and diplomas.
Know More: Here are 50 Interesting Facts about USA
Expected Study Costs:
Here are some of the expected costs for studying in the USA:
● $160 or INR 12,012 in J-1 and F-1 visa costs.
● INR 14,700 in IELTS costs.
● $2,000 or INR 1.50 lakhs in health insurance charges.
● $185 or INR 13,887 in TOEFL costs.
● $213 or INR 15,988 in GRE costs.
● $250 or INR 18,766 in GMAT costs.
● Tuition fees range between $18,000-80,000 or INR 13-59 lakhs approximately.
● $3,000 in yearly food and groceries or INR 2.23 lakhs
● $1,440 in yearly transportation costs or INR 1.06 lakhs
● $10,000 or INR 7.42 lakhs in yearly food costs.
● $794 or INR 58,907 in internet costs.
● $5,400 or INR 4.06 lakhs in yearly accommodation costs (dormitory).
● $1,980 in electricity and gas costs or INR 1.47 lakhs.
● $14,400 in rented apartment accommodation or INR 10.69 lakhs.
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You will need good undergraduate degree scores as per the USA standards. Alongside, work experience of three-five years is also required. Admission requirements vary across universities, although common criteria include:
● GPA of 3-3.66 in undergraduate course (equivalent to 83-89% of marks)
● TOEFL scores of 79-107 (iBT) and 550-600 in PBT.
● IELTS scores of 6-7.5.
● GMAT scores of 500-720, depending on the university.
● GRE scores of 130-304, depending on the institution.
● Work experience of three-five years.
● The USA takes only 10+2+4 academic qualifications for postgraduate courses. International students should thus have four-year undergraduate degrees.
Important Resources to Read About USA:
● Academic transcripts, including score sheets of graduation.
● Two-three LORs (Letters of Recommendation) from bosses, supervisors and professors.
● A resume or CV.
● Two-five years of work experience proof if needed.
● Valid identity proof and passport copy, along with passport-sized photographs.
You can directly apply at the official websites of your chosen universities. Upload and attach all supporting documents before waiting for the admissions committee to process the application.
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Future Career Prospects:
Graduates with degrees in MIB can get employment as marketing managers, investor relationship specialists, global research directors, foreign service officers, and diplomatic security specialists. Several leading corporations, including the Big Four (Deloitte, EY, PwC and KPMG), hire skilled graduates in the field. Even global conglomerates like McKinsey, Bain and Amazon are among the biggest recruiters of skilled MIB graduates in the USA.
The country has one of the biggest global economies and is thus an ideal study hub for MIB aspirants. It offers excellent career prospects in business operations, management, financial services, sales and more such fields. Candidates can also take up job roles as international trade specialists, management analysts, finance controllers, management consultants, and sales managers. Average salaries (per year) range from $42,000 to $143,000 or between INR 31.11 lakh to INR 1.06 crore.
Recommended Read: Part-Time Job Options in the USA for International Students
Work Permit Guidelines:
If you have done your MIB from the USA, make sure you apply for the H-1B visa type. It will require the following:
● An official offer of employment from your present company in the USA, with a letter.
● Citizenship filing.
● I-129 petition that your company will file.
● An attorney for completing the entire procedure seamlessly.
Those willing to stay back for PhD programs after MIB may find several attractive prospects as well. Research and development is a flourishing sector in the USA, and PhD graduates may get 20-25% hikes on average salaries compared to MIB candidates. More than $500 billion is spent annually by the country for research purposes. It automatically indicates attractive options for PhD and research aspirants.
Read More: What is the acceptable study gap in the USA?
Student Visa Procedure:
Here are the steps that you should follow for the student visa application:
● You should display proof of funds, equivalent to the cost of living and tuition fees.
● You will receive the F-1 visa I-20 form via your university.
● You will then have to complete the SEVIS I-901 form, and you should register for the global database of visitors.
● You have to then pay the SEVIS charge for the F-1 visa.
● You have to schedule your visa application appointment.
● Finish your DS-160 form and take a print-out for your interview.
Recommended Read: Student Visa for the USA- Fee & Application Procedure
There are many scholarships available for international students. Some of the top choices include the following:
● Thunderbird School of Global Management- Tuition costs are fully covered under the Alumni Scholarship, while $500 (INR 37,095) is the amount under the Ann Weaver Nichols scholarship.
● Yale University- There are two types of programs. The Jacob’s Fellowship, a loan forgiveness program, offers $25,000 or INR 18.55 lakhs for two years. The Assistantship program offers students perks for working on-campus.
● The University of South Carolina- At its Darla Moore School of Business, the university offers two scholarships, namely the Assistantship program, which carries $7,000 or INR 5.19 lakhs as the stipend for on-campus work. The Moore School Excellence scholarship offers $500-20,000 or INR 37,095-14.83 lakhs.
Studying a Master’s in International Business in the USA will give candidates a leg-up in terms of an innovative curriculum, industry exposure and rewarding job prospects.