Choosing the Best MBA: Philadelphia vs. Washington DC
On the surface, cities like Philadelphia and Washington DC appear to have a lot in common. Both have occupied roles as a center of U.S. history, and have transformed into exciting and ever-changing metros for both established businesses and new startups. If you’re interested in earning an MBA in a top metro area on the East Coast, it might seem impossible to choose between the two.
Even so, Philadelphia and DC offer a number of exciting—but different—kinds of opportunities for up-and-coming business professionals. Between what program you want to pursue and what kind of career you envision yourself in down the line, understanding the differences between top metros can be a crucial part of planning your future. Below, we’ll break down some of the biggest differences in location, programs, and job placement for each metro.
Philadelphia vs. Washington DC: The Differences
For ambitious business students hoping to put their education to work in a government agency, it’ll be hard to beat the nation’s capital for opportunities and experience. Even for those looking outside of the government setting, the DC metro area is home to fifteen companies on the Fortune 500 list, including corporate giants like Exxon Mobile and Walmart. Yet while such heavy hitting companies in the area provide a high earning potential, MBAs will still want to consider the high price of living in DC: currently, the city ranks as the third most expensive place to live in the country.
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While Philadelphia may not be the city that pops into your mind as a bustling center of business, research shows the City of Brotherly Love can’t be beat when considering the job market and affordability: a 2016 survey from Adobo found that Philadelphia’s unemployment rate was 20 basis points below the national average, while the average price of a home was at or below 30 percent of the average income. MBA graduates will find no shortage of business opportunities in the city, even among major firms: in 2017, 20 companies in the Philadelphia metro made the Fortune 500 list.
Washington DC’s Full-Time MBA Programs
Featuring more than 35 higher education institutions with post-bachelor business programs, Washington DC is home to some of the top MBA programs in the United States. Fully aware that many of these programs will shape future politicians and government leaders, many of the MBA programs in Washington DC include a focus on integrity and ethics within the global business community.
Full-Time MBA Programs in DC Include:
- George Mason University School of Business
- George Washington University School of Business
- Kogod School of Business – American University
- University of Maryland R.H. Smith School of Business
- McDonough School of Business – Georgetown University
Philadelphia’s Full-Time MBA Programs
When it comes to business schools, Philadelphia is probably best known for The Wharton School at the University of Pennsylvania, consistently named as one of the top business programs in the world. But Philly is also home to a wide range of programs with a variety of specializations. Programs like the full-time MBA at Temple University’s Fox School of Business also offer students to take their education beyond Philadelphia, with international campuses based in Italy, London, and Japan.
Full-Time MBA Programs in Philadelphia Include:
- La Salle University
- LeBow College of Business – Drexel University
- Villanova School of Business
- West Chester University
Cost of MBA Programs
Just as important a factor as cost of living, average cost for an MBA program is an important consideration when choosing where to earn your degree. As expected, top programs in both Philadelphia and Washington DC can come with a high price tag. The average cost estimate for one year at Wharton is $105,265, while tuition at DC’s Georgetown McDonough School of Business is $90,591. The average for each city, however, remains much for affordable: approximately $82,090 for programs in Washington DC, and slightly lower in Philadelphia—schools like West Chester even offer an MBA as low as $21,000 per year.
Job Placement and Salary
With so many incredible companies located in both Washington DC and Philadelphia, MBAs have the chance to earn top salaries that can go a long way in both cities. Depending on the position, MBAs in Philadelphia can make anywhere from $64,665 per year (as a financial analyst) to $104,186 per year (as a senior product manager). In Washington DC, the average salary for an MBA graduate is in the $80,000 range, with employees reporting yearly salaries of $74,758 (operations manager) up to $111,983 (marketing director).
How Philadelphia MBA Programs Help Lower-Income Applicants
Compared to Philly’s east coast metropolitan peers, its cost of living is laughably low. Additionally, Philly has all of the advantages of being located smack dab between DC and NYC. Although Wall Street has long since displaced Philly as the American center for banking, much of that infrastructure and tradition remain, which helps Philly maintain its status as a major economic powerhouse in the 21st century.
Since, according to Philly Mag, Philadelphia has one of the fastest growing millennial populations in the country, the city has creativity and energy that permeates every sector. All of these factors make Philly the perfect place to launch a career.
For low-income students looking to pursue an MBA in Philly, we’ve compiled a list of what some of Philly metro’s top schools are doing to help students fund their higher education.
Fox School of Business — Temple University
The Fox School of Business at Temple University has a variety of options for students looking to finance their MBA. In fact, according to the school’s website, 60 percent of first-year Temple students receive need-based aid each year. On average, first year students receiving need-based aid are awarded $15,000 toward tuition. Fox carefully assesses the applications of all incoming students, and the school distributes merit-based scholarships for those who demonstrate particular promise. There are also specific financial perks for Temple alumni coming into the MBA program. These students are not required to pay an application fee and receive a five percent tuition scholarship.
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Lehigh University College of Business and Economics
The Lehigh University College of Business and Economics provides a some merit-based scholarships to helps students fund their education. Awards are determined by the Committee on Financial aid. The committee considers an applicant’s undergraduate record, test scores, and work experience. Scholarships include the Dean’s Scholar, which offers extremely promising students a full ride plus a $10,000 living stipend.
Lehigh also has a number of Director’s Scholars, who may receive awards anywhere from $5,00 to full tuition. Lehigh offers many other scholarships in addition to need-based financial aid specific that varies depending on the MBA track.
LeBow College of Business — Drexel University
When considering Philly Metro MBA programs that provide resources for low-income applicants, it would be remiss not to mention Drexel’s LeBow College of Business. At LeBow, an impressive 82 percent of full-time MBAs get aid that amounts to 62 percent of tuition. Additionally, nearly 70 percent of full-time students benefit from grants that covered about one fifth their tuition. Drexel also offers merit-based scholarships. Additionally, the school offers the URM Scholarship, which offers supplemental fiscal gifts to underrepresented minority students.
Smeal College of Business — Penn State University
Penn State’s Smeal College of Business has a large number of MBA alumni-funded scholarships that are awarded based on academic achievement, work history, and how well students fit into the Smeal program. Around 20 percent of incoming students receive $5-10,000 awards. There are fellowships for specific groups of students, including the Powerful Women Paving the Way Fellowship which is awarded to promising women, and the Maimuna Mijindadi Anyone Memorial Fellowship, for students of Nigerian descent.
The Wharton School — University of Pennsylvania
Students who apply to Wharton are automatically considered for fellowships that offer some level of financial support. Students also have the option of applying to any of over 700 external fellowship programs. Wharton students can also apply for private or federal loans.
The Ivy League business school offers a litany of scholarship opportunities for incoming and current students, from the American Association of University Women, to the Instituto Ling Scholarship Program for international applicants, among others.
Additionally, Wharton hosts a positively booming array of fellowship opportunities, including some of MetroMBA’s favorites, like the Forte Fellowships program and the Reaching Out LGBT MBA Fellowship.
For more information on Wharton’s many financial assistance opportunities, click here.
Drexel LeBow Professor Talks Pitfalls of Paid Parental Leave Laws
Natalie Pedersen, Assistant Professor at Drexel University’s LeBow College of Business wrote an opinion piece for the Philadelphia Inquirer in which she examined the dilemmas many companies face surrounding parental leave for new parents. The main issue Pedersen explored in the article was the complexities of accommodating the needs of new mother versus new fathers.
Well-meaning employers have faced costly legal battles for providing too much leeway for new mothers. Estee Lauder, for example, employed a policy in 2013 that gave new mothers six weeks of paid parental leave in addition to paid time off to recover physically from giving birth. Fathers, under the company policy, earned two weeks of paid parental leave. This seemingly compassionate policy was actually the justification for a class-action law suit against the company. JPMorgan Chase & Co. is facing a similar class-action lawsuit for offering “primary caregivers” 16 paid weeks of parental leave after the birth or adoption of a child, but only two weeks for the nonprimary giver.
According to the Equal Employment Opportunity Commission, the policy violated the Equal Pay Act of 1963 and the Civil Rights Act of 1964, both of which do not allow companies to pay employees differently and offer different benefits based on gender.
In fact, under federal law, U.S. employees are not guaranteed any paid parental leave whatsoever. The Family and Medical Leave Act (FMLA) does require that some employees are given three months unpaid parental leave.
Pedersen sites studies that show that giving new parents time off of work is important for several reasons. Babies whose parents stayed home with them when they were newborns have been shown to have higher IQs and decreased infant mortality rates. Pedersen also mentions that paid leave is a wise move on the part of employers, because it will strengthen employees’ loyalty to the organization.
Companies who wish to provide benefits for new parents that extend beyond the minimum requirements of the FLMA do have options. Employers can give paid parental leave, so long as they are cautions about adhering to the parameters of the law. In fact, they can even offer slightly different benefits for new mothers and new fathers without legal ramifications. Birth mothers are recuperating from the physical aftermath of pregnancy and birth, so they can receive paid time off for medical reasons, whereas new fathers are ineligible for this benefit.
Natalie Pedersen teaches legal studies at LeBow College of Business, and has been published in several journals, including the Journal of Empirical Legal Studies and the Hofstra Labor and Employment Law Journal. She earned her BS in economics from The Wharton School at UPenn and a JD from Harvard University.
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