These LA Business Schools Are Helping Low Income Students Pursue Their Dreams
For many low-income applicants, unfortunately, the cost of an MBA program is just out of reach. That’s because, by the time you count tuition (often upwards of $80,000), boarding and books ($40,000), and other expenditures, the average cost of an MBA is around $140,000 according to Investopedia. And that’s all before you count lost salary for two years for a full-time MBA program.
What can you do?
For low-income MBA applicants in Los Angeles, California you don’t have to give up on your dreams due to money. Instead, business schools offer many options to help pay for your MBA program.
California DREAM Act
The California DREAM Act of 2011 is currently available to California residents who attended and graduated from high school in the state and are enrolled in an accredited California Institution of Higher Education. If you meet these eligibility requirements, you’ll be given access to California State financial aid and scholarships as well as specific university financial aid programs. In addition, need-based graduate applicants are eligible for the State University Grant (SUG) program, which awards up to $7,176 to help cover tuition.
California State University’s Long Beach College of Business Administration is just one of the MBA programs that provides this type of financial aid to low-income MBA applicants. The College of Business Economics at Cal State L.A. also accepts DREAM Act Applications for student financial aid.
Scholarships
MBA scholarships for low-income applicants are one of the best ways to help pay for your degree program. Scholarships vary by school and can range from a few thousand dollars per year to full-tuition coverage plus a stipend.
At the UCLA Anderson School, there are six unique fellowships available to MBA applicants.
- Donor Fellowships are awarded to MBA applicants based on professional development, intended career, community involvement, and/or financial need.
- Merit Fellowships are awarded based on the strength of a student’s application.
- External Fellowships are available for a variety of different situations and students. One example is the Girard Miller Foundation scholarship, which is awarded to a graduate student preparing for a career in state or local government finance.
Teaching Assistantships
For California MBA students, financial aid doesn’t stop in the first year. For second-year full-time MBA students, many Los Angeles business schools offer Teaching Assistantship (TA) positions. These positions are usually awarded to students who keep their grade point averages above a certain level and who apply and receive an appointment. The award amount varies by business school but, in some cases, covers 100 percent of a student’s services fee and tuition.
At UC Irvine’s Paul Merage School of Business, full-time MBA students who gain a TA appointment receive payment for 100 percent of their Graduate Student Health Insurance Program (GSHIP) premium. They also receive 100 percent of the Student Services Fee and Tuition components per quarter.
Military Veteran Aid
For low-income MBA applicants who also have a history of military service, there are many unique financial aid opportunities. The exact services available will depend on the school, but some of these programs are available at schools across California and the U.S.
First, there’s the Yellow Ribbon Program, which many Los Angeles business schools take part in, including Chapman University Argyros School of Business. This program awards MBA students up to $6,000 for tuition and fees. Another program open to military veterans is the Post-9/11 GI Bill, which includes payments directly to the university for tuition and fees, a monthly housing allowance, and an annual books and supplies stipend up to $1,000 per year.
Individual schools like the USC Marshall School of Business also offer their own specific scholarships for military veterans. The Schoen Family Scholarship Program for Veterans is available to full-time MBA students at Marshall and has, to date, provided a staggering $1.2 million in financial support to 173 students at the university.
Loans
Finally, most low-income MBA applicants in Los Angeles are eligible for federal student loans. Direct PLUS Loans are available to graduate students to help pay for educational expenses up to the cost of attendance. MBA students can request unsubsidized loans up to their full eligibility with an Income-Driven Repayment Plan that allows you to make payments based on your adjusted gross income. In most cases, payment will begin until after graduation.
For MBA applicants at Pepperdine University’s Graziadio School of Business and Management, financial aid loan application for Federal Graduate PLUS student aid and Federal Direct Stafford Loans is easy. The school provides loan counseling for graduate student borrowers, loan calculators, and more.
For more information about how your business school could help cover the cost of your MBA program, visit your school website and contact their financial aid office. Scholarships, loans, and aid opportunities vary per school. The Simple Dollar also has a handy guide on how DACA recipients may be able to handle financial expectations for students around the U.S.
Showdown: Find Out if You Should Get an MBA in New York City or Los Angeles
The battle for hip-hop supremacy may have ended in the ’90s, but we can keep the East Coast-West Coast beef alive while looking at full-time MBA programs in New York City and Los Angeles.
Both cities are home to top business schools and are ripe with employment opportunities in booming industries. But which is best for you? Let’s take a deeper dive.
Location
We’ll start with location, location, location.
The most bustling city in the country, NYC is is the capital of the business world. More Fortune 500 companies are headquartered here than in any other city. The city is not only home to Wall Street and the world’s largest financial institutions, but also some of the largest media, marketing, and advertising companies. While New York City can be daunting in its size, it’s also furiously expensive to live in, so it may not be for everyone. Getting to know the city’s vast public transportation system is a must and it can get pretty cold in the winter, so if you’re looking for beaches, keep reading.
Meanwhile, LA is Tinseltown. The city’s economy is driven by entertainment industries like television, film, video games, music recording, and production, but also by international trade, technology, petroleum, fashion, apparel, finance, telecommunications, and tourism. In the 2017 Global Financial Centres Index, Los Angeles was ranked as having the 19th most competitive financial center in the world, and sixth most competitive in United States. The city is also the largest manufacturing center in the western United States, with the ports of Los Angeles and Long Beach comprising the fifth-busiest port in the world and a vital trade route within the Pacific Rim.
New York City Full-Time MBA Programs
Full-time MBA Programs in New York City include:
- Stern School of Business – New York University
- Gabelli School of Business – Fordham University
- Columbia Business School
- Zicklin School of Business – Baruch College
What stands out about these programs?
A Columbia MBA opens up countless career options and is sure to pay off in the long run: The average starting salaries for Columbia MBAs is $104,000, with 37 percent of full-time MBA of graduates being employed in the financial services industry.
Meanwhile, Stern’s MBA curriculum gives students tons of flexibility, and allows degree seekers to choose one or two MBA specializations, NYU allows up to three specializations from 20 plus options.
Both Gabelli and Zicklin’s full-time programs feature cohort-based structures. Gabelli’s program features a New York immersion experience where, over the course of five days, students are exposed to a number of company visits with corporations like Deutsche Bank, Money.net, and Hewlett Packard. As an alternative to completing a major, Zicklin students may pursue a joint JD/MBA in conjunction with Brooklyn Law School or New York Law School.
Los Angeles Full-Time MBA Programs
Full-time MBA Programs in Los Angeles include:
- Anderson School of Management – UCLA
- Argyros School of Business – Chapman University
- Graziadio School of Business and Management – Pepperdine University
- Marshall School of Business – USC
- Peter F. Drucker and Masatoshi Ito Graduate School of Management – Claremont Graduate University
What’s special about these MBA programs?
Anderson features a Business Creation Option for MBAs, which gives students the chance to start their own businesses while still in school. Meanwhile, the Special Project Option challenges groups to tackle problematic issues that impact an entire industry.
Chapman’s full-time MBA curriculum features three main components—core/required courses, a capstone course, and elective courses. Students have several track options available to concentrate their studies, including: Corporate Finance, Marketing, Investment Management, Entrepreneurship, Information Systems in Digital Times, and more.
Graziadio full-time MBA students have the option to spend a trimester abroad in the fall term of their second year at one of Pepperdine’s partner universities in Africa, Asia, Europe, Latin America, or Oceania.
USC MBAs have required study-away coursework called PRIME International Experiential Learning, a 10-day site visit overseas. Students must complete industry—and company-oriented recommendations in capstone projects that incorporate concepts from global strategy and global economics.
At the Drucker School, students may choose two areas of concentration to focus their studies, and select elective within these areas of concentration. Concentrations are offered in: Strategy, Finance, Marketing, Leadership, Global Management, and Information Technology Management.
Jobs and Salary
When it comes to job placement, both New York and Los Angeles have their perks.
New York is home to business school with the highest job placement rate: Around 97 percent of Columbia Business School graduates receive offers within three months of graduation. The school’s class of 2016 boasted an average starting salary of roughly $125,000 plus a $25,000 signing bonus. The top three industries that employ Columbia graduates are financial Services (37 percent), consulting (35 percent) and technology/media (10 percent).
Check out a complete breakdown of NYC salaries and employment opportunities, give our guide to getting paid in New York a read.
While Silicon Valley has a reputation for being the prime place for MBA jobs in California, LA has been catching up recently—and fast. Los Angeles has embraced the tech boom in a big way, with many Valley bigwigs and new startups alike moving their operations to Silicon Beach. With that in mind, the new era of LA innovation is creating some lofty starting salaries, particularly for MBA graduates.
Recent UCLA Anderson graduates earned an average starting salary of $121,250 with a $25,000 signing bonus, according to statistics released by the school. The top five industries to employ Anderson MBAs are in tech (30.6 percent), financial services (21.6 percent), consumer products (13.4 percent), and consulting services (13.4 percent).
Check out our guide to the highest MBA salaries in Los Angeles for more information.
The Best Information Technology MBA Programs in Los Angeles
As the line between business and information technology industries continues to blur, more and more tech professionals are looking to business schools and MBA programs to help give them a leg up on the competition. An MBA with a focus on information technology (IT) is a great path to landing any number of tech-related jobs, especially in the Los Angeles metro. Here’s a rundown of what the city has to offer:
Anderson School of Management – UCLA
Founded as the College of Business Administration in 1935, the UCLA Anderson School of Management initially taught vocational business skills to people who would be teaching others. The program was renamed the John E. Anderson Graduate School of Management at UCLA in 1987 in honor of Anderson’s $15 million gift to the program. Today, the school offers a full-time, two year MBA program, as well as a part-time, Executive and two Global Executive MBA programs.
The UCLA Anderson Easton Technology Management Center prepares business students to drive change in technology through coursework, workshops and events covering tech in the business world. MBA students enrolled at Anderson are also able to specialize their degree through the Center with the Easton Technology Leadership concentration. Sample Courses include:
- Innovation in Media & Entertainment Technology
- Intellectual Property
- New Product Development
- Payment Technology
- Technology Management
Argyros School of Business – Chapman University
The Argyros School of Business at Chapman University gives students the opportunity to pursue a track during the MBA program, including Information Systems in Digital Times. While the track will not be recorded on the transcript or diploma, the coursework will come in handy while pursuing a career in technology and can be referenced on a resume. Students on the Information Systems in Digital Times track can choose from the following elective classes:
- Marketing Research
- Information Technology for Sustainable Competitive Advantage
- Statistical Models for Analytics
- Data Mining
- Marketing Analytics
California State University, Long Beach
California State Long Beach began offering business classes in 1949 with only 24 business students and four faculty members. Today, the College of Business Administration is located in state-of-the-art building, complete with decision support laboratories, classrooms with the latest in technology, multimedia capability and modern lecture halls. The Association to Advance Collegiate Schools of Business International accredited school is also offers a Daytime Accelerated MBA program.
Long Beach offers an MBA Emphasis in Information Systems through the school’s IS department. Students on this track must take the IS core classes of Quantitative Methods for Managerial Decision Making and Management of Information Systems before selected three of the following electives:
- Internet Applications Development
- Business Telecommunications Management
- Network Modeling and Simulation
- Database Management Systems
- Electronic Commerce
Graziadio School of Business and Management – Pepperdine University
The Graziadio School of Business and Management offers a Digital Innovation & Information Systems MBA to its 15 and 20-Month MBA Students. According to the school, this program focuses on bridging the gap between business and technology and helps students gain an advanced and in-demand understanding of technology innovation. This degree prepares students for careers in the following fields:
- Systems or Technology Analyst
- Infrastructure Manager
- IT Director, CIO
- Business Intelligence Analyst/Manager
- Process Analyst/Manager
- IT Program/Project Manager
- Business-IT Relationship Management
- Digital Business Consultant
- Operations Management, COO
- Technology Product Management
Loyola Marymount University
Founded in 1911, Loyola Marymount University (LMU) is a premier Catholic university rooted in the Jesuit and Marymount traditions. LMU’s College of Business Administration (CBA) was established in 1926. Today, the college offers several undergraduate degree offerings and graduate degree offerings, including an MS in Accounting, MBA and Executive MBA.
Marymount offers various areas of emphasis for their MBA degree, including Information Technology. Six different IT courses are offered, such as Risk Analysis and Financial Modeling, which introduces advanced quantitative model building skills for financial risk analysis. Another high-level IT class offered for Marymount MBAs is Information Technology Security. The school describes the course as follows:
“After 9/11 and the fall of Enron—the 7th largest corporation in America—information technology security has become one of the fastest growing areas in the business world. The need to know how to protect corporate information from attacks both from terrorists and business insiders are enormous. The main objective of this course is to provide students an exposure to the complex information security management issues in the US today. This course offers business professionals a unique blend of technical knowledge and managerial training to investigate digital threats, study corporate security needs, modeling potential risk, and explore possible strategies that management can adapt to protect valuable corporate assets.”
Mihaylo College of Business – California State University, Fullerton
The Mihaylo College of Business and Economics was founded in 1963. The college is named for Steven G. Mihaylo, a 1969 Cal State Fullerton graduate-turned-businessman who made significant contributions to the university. The school has offered MBA degrees since its inception, and today offers MBA, MA and MS programs, including online programs and programs for working professionals.
The Information Systems And Decision Sciences Department at Mihaylo offers concentrations in Information Systems to MBA students. Coursework includes:
- Integrated Enterprise Information Systems
- Information Privacy and Security
- Systems Analysis, Design and Development
Peter F. Drucker and Masatoshi Ito Graduate School of Management – Claremont Graduate University
The Peter F. Drucker & Masatoshi Ito Graduate School of Management was founded in 1971 and in 1987 was named in honor of Peter Drucker, a pioneer in management theory who helped create one of the first EMBA programs in the United States. In addition to the traditional full-time MBA, the Drucker School of Management offers a part-time and an Executive MBA.
Drucker offers a dual MS in Information Systems & Technology/MBA degree that teaches foundations in technology and management. The special degree is presented in partnership with the Center for Information Systems & Technology (CISAT) and features a curriculum that teaches best practices in both IS&T and management. Students earn two degrees simultaneously and consists of 19 courses.
The Paul Merage School of Business – University of California, Irvine
Located about halfway between Los Angeles and San Diego, the UC Irvine campus is just ten minutes away from the coastal communities of Huntington Beach, Newport Beach and Laguna Beach. The UC Irvine Paul Merage School of Business offers a full-time, two year MBA program, as well as a part-time, Executive and Healthcare Executive MBA programs.
The Merage School offers some Information Systems coursework for MBA students. All MBAs must take the core Information Technology class. These electives include:
- Critical IT Decisions for Business Executives
- Business Intelligence for Analytical Decisions
- Digital Strategies and Markets
- Special Topics in Information Systems
Chapman Partners with Girls Inc. to Offer Business Camp for Girls
Girls Inc., an organization dedicated to empowering young women, and Chapman University’s Argyros School of Business recently teamed up to develop the Youth Empowerment and Self Sufficiency (YESS) Entrepreneurship Academy.
The four-week long camp allows girls from ages eight to eleven to develop their own mock businesses. This year the campers created a town for their businesses called “Boom Chicken Soup.” The business fair for the businesses in Boom Chicken Soup was held in the Leatherby Center Launch Labs on the Chapman campus.
Prior to their official fundraiser, the girls tested their shops on members of Local Girls & Boys Clubs. At the fundraiser, which took place on July 27 and cost $100 per person, patrons explored the shops in the town the girls had created, in which the only accepted currency was an original form of money the girls created called “Mozzarella Chopstick Bucks.”
Kelli McIntosh, the Elementary Program Coordinator for Girls Inc. of Orange County said of the girls, “They are just so creative and so invested. I think that’s the cool part about this program. Apart from the educational pieces, so much of it is about girls’ decision-making and really giving them a lot of decision-making opportunities. So they have so much ownership.”
Those exploring Boom Chicken Soup found fourteen whimsical and creative businesses, with titles like Dazzle Salon, Unicorn Cafe, Passion 4 Fashion and Slime Time. The shops created by the forty-one campers offered interesting and unconventional services. The Life Changing Store sold raffle tickets for Skype sessions with pop culture icons, and Ashley’s Positive Notes offered its patrons rocks decorated with uplifting sayings.
According to McIntosh, “They think they’re coming up with ideas—which they are. But they are more subtly learning a lot of decision-making skills and being able to own their own ideas and put them into action.”
Should You Get an MBA in Los Angeles or San Francisco?
Although Los Angeles and San Francisco are technically part of the same state, Northern and Southern California have long co-existed as opposite poles on the same spectrum; SF is Oscar to LA’s Felix, to use an extremely relevant analogy.
Friday Morning News & Notes: Stanford Success, Philly Job Growth And More
Good morning and happy Friday!
Here are a few stories you may have missed from the week that was …
