MIT MBA: Eligibility, Admission, Fees, and More
The Massachusetts Institute of Technology’s (MIT) Sloan School of Management is a business school that is situated in Cambridge, Massachusetts. In addition to a two-year MIT MBA program and a shorter Executive MBA program, MIT Sloan Fellows Program in Innovation and Global Leadership also provides an MBA. The Entrepreneurship & Innovation Track is a notable feature of this speciality. The MIT MBA is known for its emphasis on technology and entrepreneurial training.
Men’s et Manus, which translates to “Thought and Hand,” is MIT’s motto, and it aptly captures the program’s practical approach to management education.
The Engineering Administration Curriculum was first introduced in 1914 as course XV, and as management theory and practise advanced, so did the program’s scope and depth.
After its founder, Alfred P. Sloan, who also contributed to the creation of the first university-based mid-career programme known as the Sloan Fellows Program, the school was renamed Alfred P. Sloan School of Management in 1964. Even by the norms of business schools, its courses are very challenging and place a strong focus on analytical reasoning.
MIT MBA Class Profile
In the MIT MBA Class of 2024, 408 students are enrolled. The middle 80% of scores ranged from 690 to 760, while the average GMAT score reported was 730. The average amount of prior professional experience for students in the Class of 2024 was five years. 46% of the entering students were women. There are 63 nationalities represented in the class, and 40% of the students are from abroad.
29% of first-year MIT Sloan students enrolled in the programme received undergraduate degrees in engineering. Meanwhile, 23% of students arrived to Cambridge with a business background, and 17% of first-year students majored in economics. 15% of students declared math and science as their majors, compared to 2% who chose to study the arts and 2% who chose computer science.
MIT MBA Curriculum
Throughout the course of two years, there are four semesters in the MIT Sloan MBA programme. During their second year, students have the option of writing an optional thesis. Sloan also offers a one-year MBA to experienced executives through the MIT Sloan Fellows MBA program. Students complete the basic curriculum in the first semester of their MBA programme. This program’s curriculum consists of five required courses.
- Economic Analysis for Business Decisions
- Data, Models, and Decisions
- Communication for Leaders
- Organizational Processes
- Financial Accounting
Managerial Finance, Introduction to Operations Management, Competitive Strategy, and Marketing Innovation are among the four alternative core courses you can select from. Electives make up three of the four semesters at Sloan. As a component of a track or credential, you can select electives to take. The non-Sloan graduate-level classes that can be taken at MIT and Harvard count as up to three authorised electives.
MIT MBA Application Process
Each year, at around the end of September, the middle of January, and the middle of April, there are three rounds during which applicants to the Sloan MBA programme can submit their documents. A one-page resume, cover letter, video statement, company organisational chart, online form with personal and professional information, two essays, one letter of recommendation, copies of their academic transcripts, copies of their GMAT or GRE results, a $250 application fee, and, if necessary, TOEFL or IELTS scores are required of prospective students. Only those who have received an invitation to interview at MIT Sloan may do so on campus, at one of numerous sites around the world, or through Skype.
- Cover Letter
- Video Statement
- Company Organizational Structure
- GMAT/GRE/TOEFL/IELTS Score(s)
- Recommendation Letter
- Application fee
MIT MBA Admission Deadline
|Rounds||Application Submission Deadline||Decision Notification|
|Round 1||September 29, 2022||December 14, 2022|
|Round 2||January 18, 2023||April 3, 2023|
|Round 3||April 11, 2023||May 18, 2023|
MIT MBA Finance
The cost of tuition for the 2022–2023 school year is $80,400. The total cost of the MBA program for students for the academic year is expected to be $119,995 after accounting for fees for books and supplies as well as estimated computer, food, personal, housing, or transit costs. Students who are U.S. citizens or permanent residents should apply for loans through the FAFSA, even though both U.S. and international students who wish to do so must submit a separate form, the MIT Graduate Loan Application, after being accepted. All Sloan fellowships, scholarships, teaching assistantships, and research assistantships, with the exception of the Legatum Fellowship and the MIT Public Service Center Fellows, are automatically considered for students upon admission.
- Tuition $80,400
- Total Fees $2,596
- Books & Supplies $1,008
- Food $6,777
- Personal (includes medical insurance) $9,657
- Housing $17,100
- Transportation $2,457
- Total $119,995
MIT MBA Rankings
MIT Rankings consistently attest to the university’s enduring intellectual superiority. The university has held the top spot in the QS World Rankings for more than nine years running. Over the past eight years, Time Higher Education has named the university among the top 5 globally. According to QS Rankings, MIT is also ranked first for graduate employability.
MIT Sloan School of Management is ranked #5 in the US News Rankings for best business schools and #5 in the QS World MBA rankings for 2022. (2023). Since it began drawing bright minds from all over the world more than 150 years ago, MIT has increased the number of international students as it has grown in stature. One of the top higher education institutions is Massachusetts Institute of Technology, according to ranking organisations including QS, THE, US News, and ARWU.
MIT MBA Scholarships
Any program at the Massachusetts Institute of Technology will cost you about 73,160 USD every year to attend. For overseas students, financial aid programmes like MIT scholarships, fellowships, and grants cut this prohibitive cost by roughly 60%.
According on their academic position, Massachusetts Institute of Technology students receive varying levels of support. While undergraduate students are awarded MIT scholarships through a centralised process, postgraduate students are considered for assistantships and fellowships through their respective departments. In addition to academic grants, students were able to find outside sponsorships and employment opportunities to help pay for their education.
MIT provides students with financial help total USD 625.626 in a given academic year, meeting the needs of 89% of new students.
|Name||Amount||International Students Eligible||Application Deadline|
|Joint Japan/World Bank Graduate Scholarship Program||Variable||Yes||Apr 20, 2023|
|Bharat Petroleum Scholarship 2020||Variable||Yes||N/A|
|R&D Systems Scholarship||₹124230||Yes||N/A|
|Innovation in Education Scholarship – La Tutors 123||₹41410||Yes||Feb 20, 2020|
MIT MBA Career Stats
Over 97% of the MBA class of 2022 from MIT Sloan had secured employment within three months after graduation. The reported class median salary was $160,000, while the average base pay was $159,391.
Over 31% of the class of 2022’s Sloan MBA graduates chose the consulting sector as their industry of choice. The IT sector, which comprises software/internet, computers/electronics, and telecommunications, attracted about 23% of new employees. A little over 23% of Sloan grads got jobs in the financial services industry. Four percent went into consumer goods/retail and seven percent pursued pharma/biotech.
According to the hiring patterns of most business schools, Sloan sent the majority of its Class of 2022 to the North-eastern United States, where the institution is located. 54% of the approximately 95% of students who are employed in post-MBA positions in North America found work there, and 25% of graduates who are based in the United States chose to work in Boston. With 19% of the graduating class of 2022, the West was the second-most popular region in the United States, while about 5% of the group looked for employment abroad.
The method used by MIT Sloan for MBA admissions is admirably straightforward. Because they believe that your most recent past triumphs are the best sign of your potential for future success, they do NOT want to hear about your long-term professional objectives. They are aware that when they are on campus, smart MBA students will draw that conclusion.
“Tech” doesn’t merely refer to companies like Google, Facebook, Microsoft, and Amazon at MIT Sloan. Real, hard technology such as mechanical, electrical, and civil engineering are also included. Students may pursue dual MS-MBA degrees in these fields through MIT Sloan’s LGO programme. This implies that even if you are not pursuing a combined degree yourself, you will find that there are more students than usual in your class who have backgrounds in science and engineering.