Finding Philly’s Best MBA Return on Investment
It’s no secret that Philadelphia’s relatively low cost of living has historically made the Birthplace of America an attractive option for those in search of a big city experience outside the skyrocketing markets of other major East Coast cities.
As people flock from the New York metro region in search of a similar urban adventure at a substantially lower price point, Philadelphia has been controversially dubbed the “6th Borough.” Word to the wise for potential b-school interlopers: never tell any Philadelphian their home has been annexed by New York City.
About 90 minutes by train from New York City, the City of Brotherly Love is no Big Apple, but it’s one-of-a-kind. Sure, tourists and locals alike grip cheesesteaks in one hand while pumping their fists on the steps of the Art Museum a la Rocky, but the city reveals itself to those who have the patience (and wherewithal) to dig into it.
Whether that means embarking on a two-year MBA program or choosing among the accelerated options available, Philadelphia just happens to be home to several top ranked MBA programs in the world. Let’s take a close look at Philly’s programs. Oh, and here’s a napkin for the wiz.
Philadelphia Return on Investment
University of Pennsylvania’s Wharton School of Business
Officially the oldest business school in the U.S., The Wharton School at the University of Pennsylvania boasts well-known alumni billionaire financier Ron Perelman, LinkedIn CEO Jeff Weiner, and John Sculley of Pepsi and Apple. Wharton’s tuition of $136,420 and estimated total budget of $195,085 isn’t to be taken lightly. However, full-time MBA graduates earn an average base salary of $130,000 with an average bonus of $20,500, and a supreme 92.6 percent job acceptance rate. So, while having a somewhat unimpressive salary-to-debt ratio, Wharton’s reputation and alumni network precedes itself.
In fact, the school recently topped the annual Forbes best full-time MBA program list, sporting the best five-year financial gain after graduation. Wharton MBA graduates of the Class of 2012 are making a $225,000 average annual salary—roughly 42 percent higher than recent grads, easily topping the cost/debt ratio of the program.
Saint Joseph’s Haub School of Business
Notable alumni of Haub School of Business at Saint Joseph’s University include CEO of NutriSystems, Inc. Michael J. Hagan, Chairman and founder of Philadelphia Consolidated Holding Corporation James J. Maguire, and Senior vice president of PNC Bank Denise Viola-Monahan. SJU’s $30,294 tuition set against an average base salary of $65,000 means the school offers a competitive MBA to those who don’t want to break the bank.
Temple’s Fox School of Business
Fox School of Business at Temple University’s notable alumni include Systel CEO Jai Gulati, former COO and president for ConocoPhillips John Carrig, and CEO of Actavis and co-founder of Health Care Compliance Association Brenton L. Saunders. Fox’s tuition sits at $57,048 for residents and $80,484 for nonresidents. With a 97 percent job placement rate compared to $25,623 average debt and a $85,278 average base salary, Fox’s salary-to-debt ratio looks attractive.
Drexel University LeBow College of Business
The LeBow College of Business at Drexel University alumni include President and CEO of Rohm and Haas Raj Gupta, former CEO of Science Applications International Corp. Kenneth C. Dahlberg, and the Phillie Phanatic Tom Burgoyne. Tuition is $59,565, and graduating MBAs carry an average debt of $43,894. With a reported average base salary of $84,080, LeBow’s salary-to-debt ratio is competitive. Considering the comparatively low price point, LeBow emerges as an incredibly attractive ROI.
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University of Delaware Lerner College of Business
A short 20-minute train ride from Center City Philadelphia and under two hours from New York City, the Lerner College at the University of Delaware has an eye-catching reported average base salary of $90,291. Compared to tuition, which ranges from $33,000 to $55,000, depending on residency, Lerner’s ROI could shine through if figures hold true for most MBA earners from this institution.
Penn State Smeal College of Business
Although its central campus is located in Happy Valley, PA, the Smeal College of Business at Penn State offers an executive MBA program in Philadelphia. The program is priced at a hefty $102,000, but average graduate debt is reported at $36,500, and median salaries ranging from $97,890 to $101,857. With such an impressive salary-to-debt ratio, Smeal is an attractive option for those who prefer easy metro access rather than living in the thick of the action. Notable alumni include Chairman and CEO of Petroleum Products Corp. John Arnold, and Former Chairman and CEO of Merrill Lynch & Co. William Schreyer.
Rounding Out the Best Return on Investment for New York City MBAs, Part III
In an accelerated political and economic landscape, New York City remains the center of gravity for international business. But year after year, how do newly minted New Yorkers survive in a city where the cost of living is reportedly 70 percent higher than the national average? This is especially true now when fewer and fewer aspiring professionals can afford to sacrifice continuity of employment to advance their careers.
Tuition Cost vs. Starting Salary: Atlanta
One of the most important things a prospective MBA can look for when choosing a business school is the program’s return on investment. Return on investment, or ROI, is the most common profitability ratio, and an easy way to determine if an MBA is “worth” your time and money.
According to a recent review of 129 schools from U.S. News & World Report, graduates from a third of the institutions earned an average starting salary and bonus of more than $100,000, with the overall average for all schools coming in at $91,940. MBA Class of 2015 graduates typically left school with just over $50,054 in debt, according to the same data.
Most business schools publish employment records with average salaries for different industries, so prospective MBA students can use these numbers to project future salaries. Lucky for you, we’ve compiled these figures some of the Atlanta metro‘s premiere business schools.
The Atlanta MBA Return on Investment
Clark Atlanta University School of Business
A full-time MBA at the Clark Atlanta School of Business requires 60 credit hours of study, which totals up to $53,220 in tuition. Other costs also apply, including $1,008 in annual fees as well as books and supplies. To save some money for sibling students, Clark offers a Sibling Discount to a biological or legally adopted sibling currently enrolled at Clark Atlanta University. Siblings will receive a 33.3 percent discount after submitting a copy of both birth certificates, parent’s federal tax return and a simple application.
According to employment statistics provided by the school, MBA graduates earn an average base salary of $79,000 with a signing bonus of $12,250. Most graduates took marketing/sales jobs (59.7 percent), with finance/accounting (29.7 percent), human resources (7.4 percent), and operations (7.4 percent) following behind. In order to help place MBAs, the Atlanta University Center Consortium Career Planning and Placement Service (AUCC CPPS) offers students career planning and placement resources, plans on-campus recruiting events and hosts a database of contact information for over 1400 corporate, government and educational partners. They also host several on-campus recruiting sessions and career fairs.
Eugene W. Stetson School of Business & Economics – Mercer University
Full-time MBAs at Mercer’s Eugene W. Stetson School of Business & Economics pay $818 per credit hour, with total tuition for the program coming to $29,448 with some additional minimal costs, such as a technology fee. Students can visit the university’s Office of Student Financial Planning to receive updated financial assistance information, including information on federal student loan programs.
According to U.S. News, Mercer MBAs earn an average base salary of $57,500, with 23.8 percent of full-time graduates employed at the time of graduation. Mercer students can visit the Office of Career Management Services on the Macon or Atlanta Campus to receive specialized career guidance, job search, internship search, résumé and cover letter assistance, developing personal brand information, interviewing information, and salary negotiating.
Goizueta Business School – Emory University
Students enrolled in Emory University’s Goizueta Business School two-year, full-time MBA program pay a base tuition of $59,000 per year, while those enrolled in the one-year program pay about $89,500. These cost account for tuition only, so students must consider additional expenses for textbooks and other fees. To offset some of these costs, financial assistance is available in the form of Federal Stafford Loans, graduate plus loans, private loans, international student loans, research and assistantships, merit-based scholarships, fellowships from the Goizueta Business Fund for Excellence and fellowships at various constituent centers.
According to Goizueta’s most recent MBA employment report, the school’s alumni are among the top for post-graduate employment nationwide, with nearly 95 percent of students receiving job offers within three months after graduating and an average full-time base salary of $113,295. Goizueta Business School’s Career Management Center (CMC) offers assistance to full-time MBAs in their job search. Students can receive professional development and interview training within both core and elective courses, preparing students for both the internship and job search processes. Most Emory MBAs were offered post-graduate employment following an internship (56 percent), with another 19 percent getting job offers thanks to School Scheduled Interviews.
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Scheller College of Business – Georgia Institute of Technology
Tuition costs for Georgia Tech Scheller College of Business full-time MBA students are about $29,232 a year for Georgia residents or $40,180 a year for out-of-state residents, as well as $2,010 in mandatory fees. Financial assistance is available in the form of federal loans, graduate assistantships, and a limited number of fellowships.
According to the school’s MBA Compensation Overview, 95 percent of Scheller MBAs are employed within three months of graduation. These students are paid an average starting salary of $108,088. Meanwhile, 90 percent of graduates earn a signing bonus, which average to the amount of $15,830. Scheller MBA students are guided along the path to employment at the Jones MBA Career Center, where they learn about opportunities for internships and employment through one-on-one advisement, an eight-week career development workshop, self-assessment tools, interview preparation, and a series of conferences and career fairs
Terry College of Business – University of Georgia
Terrt’s in-state students pay about $15,670 in annual tuition, including student fees, for the Terry College of Business‘ full-time MBA. Non-residents pay $34,378 per year, including student fees. The school also awards approximately one-third of its students with graduate assistantships to help make the program even more affordable. Some students may have their tuition drastically reduced per semester, get 40 percent of their student health insurance premiums paid by UGS, and receive a monthly stipend for working 13 hours per week in the Terry College of Business. Additional scholarships are also available, such as the Terry MBA Leadership Scholarship. Given out during the spring semester, the scholarship awards between $1,000 to $2,000 to a student who has shown promising leadership skills.
According to the school’s MBA Employment Statistics, 90 percent of University of Georgia full-time MBA students receive a job offer within three months of graduating with an averaging starting salary near $90,250. Terry helps its students gain employment at the MBA Career Management Center (CMC), which helps students and graduates connect with networking events, information sessions, interviews, and much more.
Finding the Best Return on Investment for Your MBA in Washington DC (Part II)
Washington DC is littered with powerful people and exciting opportunities. You could find yourself sitting next to the Fed Chair at the symphony and then running into a Senator at the bar later that evening. So, what better place to start your business education and career than the true seat of power for the entire Western World?
Before investing in an MBA it’s essential to make sure that the school you choose will give you the tools you need to excel in your industry without breaking the bank.
In our first installment to the Washington DC ROI series, we talked about the metro’s schools that give you the greatest bang for your buck. In part two, we delve into even more schools that have topped our list of programs that offer the best return on investment (ROI) for your MBA in DC.
The Best Washington DC Return on Investment (Part II)
Kogod School of Business—American University
With alumni who’ve gone on to positions such as CEO of Goldman Sachs and Executive VP of Turner Classic Movies, it is no secret that Kogod School of Business prepares its students for a range of highly coveted leadership positions. The average starting salary for MBAs is $78,556, which exceeds the $75,166 cost of tuition. Moreover, an average 88 percent MBAs receive job offers within three months of graduation. The full-time MBA is a 49-credit program that lasts for 21 months. Most of the courses are completed during the first year. Kogod’s program includes weekly Business Leadership Luncheons, wherein students can engage in personal conversations with senior executives from companies like Marriott International, IBM, and PayPal.
George Mason University School of Business
At the George Mason University School of Business, students can hone their leadership and management skills while gaining perspective on the intricacies of the ever-changing world of international business. Business school students at Mason can choose to take their classes at either the Arlington or Fairfax campus, both of which are easily accessible from Washington DC. For aspiring MBAs based in Virginia, Maryland, or the capital, this school’s return on investment is undeniable. Residents of the aforementioned areas pay a full tuition of $45,600, and the average salary for graduates is $86,000. Though the tuition is significantly higher for students from outside of Virginia, Maryland, and DC, at $84,072, the significant average salary still makes stellar choice. The 48-credit program involves an optional week-long global residency, offered once students complete the core curriculum. In the past, global residency locations have included places like Singapore, Buenos Aires, and Prague.
Check Out Part 1: Return on Investment – Getting Your Money’s Worth in Washington DC
McDonough School of Business—Georgetown
There is no denying the prestigious reputation of Georgetown’s McDonough School of Business, which was recently named by Forbes as one of 35 best business schools in the U.S. Students in this program have the opportunity to experience real-world work problems through the Global Business Experience, during which they consult with an international company. At the Global Business Conference in DC, students then present their projects to an audience of their peers. A Georgetown degree carries enormous weight, and in recent years the average starting salary for MBA grads has leapt to a remarkable $108,000. The Georgetown name, combined with rigorous curriculum, a prime location in the nation’s capital, and the undeniable financial success of its alumni make McDonough’s overall return on investment undeniable.
Getting Your Money’s Worth: The Return on Investment of the Chicago MBA
Although a growing number of business schools throughout the country are offering part-time or Flex MBA programs, many ambitious business students still choose to pursue their education full-time. However, the often high price of tuition combined with two years of lost income can be a huge deterrent in students choosing a full-time MBA program.
Although the thought of taking two years off from a career may be daunting—especially when it comes to a quickly growing city like Chicago—prospective MBAs should also keep in consideration one of the benefits of having an advanced degree: a salary bump. Considering this, students can better evaluate the true return on investment (ROI) program full-time MBA and make smart decisions about where their money will go farthest.
Don’t let the high price tags of MBA programs in a major business city Chicago scare you away. Below are the Chicago business schools that offer students the best ROI.
Kellogg School of Management – Northwestern University
Northwestern University’s Kellogg School of Management boasts one of the highest ROI’s in the world, ranking fourth overall among the world’s best business schools on Forbes recently released list of the best full-time MBA programs in the U.S. Forbes‘ ranking is weighted specifically by how well compensated graduates are several years after earning an MBA.
Forbes ranking notes that 2012 MBA graduates are now making an average of $84,800 in their return on investment. While several business schools will often have a higher-level of compensation for in-state residents because of tuition differences, Kellogg tuition rates remain constant for both in and-out-of-state applicants. On average, students earn around $80,000 per year prior to enrollment, which increased to an astounding average of $196,000 just last year. Most grads pay their entire tuition back less than four years after graduating.
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Booth School of Business – The University of Chicago
In 2016, the Booth School of Business at the University of Chicago topped the ValueWalk list for having the highest return on investment in the world. Comparing the relatively low cost of a Booth MBA (around $65,000-70,000) with graduate salaries of up to $150,000 or more, Booth graduates will have paid for their degree twice over by the time they have completed their first year of work. Booth graduates are also likely to find work quickly—within three months of graduation, 98.4 percent of all MBA graduates had secured job offers. Booth alumni also find many of their post-graduate opportunities through a broad network of alumni and career support at the university. In 2016, the university was responsible for facilitating 75.2 percent of student’s new jobs.
Lake Forest Graduate School of Management
The Leadership MBA at Lake Forest Graduate School of Management current tuition is $55,600 per year. According to PayScale figures, Lake Forest MBA grads earn around $107,000 annually—a difference of over $51,000. Graduates from the LFGSM are spread throughout the globe, living in all 50 states and in 15 countries around the world. Alumni from the MBA program hold positions as CEOs of major companies, elected officials, entrepreneurs, and leaders in a wide variety of industries.
Return on Investment: Getting Your Money’s Worth in Washington DC
Earning an MBA is a big commitment in terms of both time and financial resources. Attending school in Washington, D.C. will open students up to a wealth of job and internship opportunities. However, with the cost of living and education in the financial capitals of the US rising at an alarming rate, choosing a school that will leave you with the smallest debt for the best job prospects is paramount to not being saddled with debt for the next 30 years of your life.
Though a price can’t be put on the value of the stellar education and business acumen you’re sure to get in business school, we can certainly try. Below, we’ve worked out the schools that guarantee the best return on investment in Washington DC metro.
Washington DC MBAs That Offer the Best Return on Investment
University of Maryland R.H. Smith School of Business
At the University of Maryland’s R.H. Smith School of Business, students can earn their degree just eight miles from the White House. Tuition at UMD Smith comes to about $47,004 for in-state residents per year and $56,184 for those from out-of-state. Though the business school’s MBA program may not be considered “cheap,” the average starting salary for MBA’s from the class of 2016 was $95,600—nearly double the annual tuition cost for both in and out-of-state students. This incredibly high average starting salary makes Smith well worth the price. In the past, Smith alumni have landed internships and full-time positions at companies like Amazon, Marriott, and Google. Thus far, majority of Smith MBA grads have gone on to pursue careers in marketing or consulting.
According to the recently released Forbes list of the best MBA programs in the U.S., UMD Smith (46th overall) MBA grads now expect a net-gain of $45,000 five years after graduation, when taking into account the average salary increase, cost of the program, and more.
Perdue School of Business—Salisbury University
Though it is closer to Baltimore than DC, Perdue School of Business MBA students are sure to see a significant return on investment for their education. The tuition is only about about $11,760 for in-state residents and $23,850 for out-of-state applicants. Not to mention the average alumni salary is $56,500, which essentially means the average alum sees a significant return on investment in less than a year. The year-long program is delivered in a hybrid format, so students only need to meet on campus one night per week. Students looking for even greater flexibility can also choose to take 100 percent of courses online. Additionally, students who wish to move at a slower pace can take classes part time and choose their own schedules.
Howard University School of Business
The Howard University School of Business MBA program was the first DC university to earn AACSB International accreditation. Annual tuition for the full-time MBA program per year is a reported $33,996. The total for the two-year program comes to around $70,968. Considering U.S. News puts the average MBA starting salary at $91,084, the return on investment is undeniable. Howard also offers a variety of dual degree programs, including JD/MBA, MD/MBA, BSE/MBA, and more. One unique feature of Howard is its Global Trilateral MBA (GTMBA), which gives students international consulting experience in places like China and South Africa.
