MBA in the US: Cost and Financing
A Master of Business Administration in the US is not an option for students looking for an affordable way to study. The tuition fees for the MBA in the USA start at around US $ 40,000 and are up to US $ 120,000 at higher-ranking business schools. In addition to the cost of the MBA, there is also the cost of living in the United States . Since graduates from top schools in particular can significantly increase their career opportunities with an MBA, the investment is still worthwhile in many cases.
Many students finance their MBA in the US through a mix of personal savings, scholarships, and a loan. The following financing options are generally available to MBA students:
- DAAD scholarships
- Fulbright Scholarships
- Rotary Club Scholarships
- Student loans with low interest rates, such as the MBA education fund from Brain Capital;
Good to know: Under certain circumstances, the costs of the MBA course can be deducted from tax as training costs. There is also the possibility that the employer pays the costs for the MBA course, especially in the case of part-time programs. In return, the employee often undertakes to work for the company in question for a specified number of years after completing their studies.
Another option for covering the tuition fees at least partially is an assistantship. This is comparable to the position of a research assistant or assistant teacher at German universities. Students have the opportunity to work on campus for up to 20 hours a week parallel to their MBA studies.
All about entering the USA
For an MBA in the USA, an F1 student visa is required, which must be applied for at the American embassy.
Comprehensive health insurance is also required for an MBA in the USA. Many US colleges offer fixed insurance packages when you enroll. Under certain circumstances it is possible to bring along a foreign health insurance taken out in Germany instead.
Quality Assurance in Higher Education in the USA
In a sense, the USA is the country of origin of accreditation in the field of education. Quality assurance in higher education takes place almost exclusively in this way.
There is no nationally standardized educational policy in the USA. Learn more about USA and North America on hyperrestaurant. Each of the 50 states regulates its own university affairs. For this reason, quality assurance in higher education in the USA plays an important role.
The respective conditions differ greatly and the quality of the courses on offer also varies enormously in some cases. There are absolutely top universities such as the Ivy League as well as many good to very good universities. However, there are also rather weak or even academically dubious educational institutions in the US university landscape.
Relevance of Accreditations in the USA
Accreditations – a core component of quality assurance in higher education in the USA – provide a remedy here. They prove that certain, uniformly defined quality standards are adhered to. With regard to the study system in the USA, it is important to distinguish between two forms of accreditation. There are:
- Regional accreditation of universities
- National accreditation of universities
Regional and national accreditation
To be considered official, US accreditation agencies must be members here:
- in the CHEA (Council of Higher Education Accreditation)
- in the ASPA (Association of Specialized and Professional Accreditors)
Alternatively, recognition by the US Department of Education is generally sufficient.
The regional accreditation is superior to the national accreditation in terms of value – contrary to what the terms suggest. The quality standards required to obtain regional accreditation are accordingly higher than for national accreditation.
However, there is no compulsory accreditation in the USA. Therefore, in addition to universities that are only nationally accredited, there are also universities without any accreditation.
There are currently the following six regional accreditation agencies in the United States that are key contributors to the quality assurance of higher education in the United States. They are each responsible for a specific part of the country:
- MSCHE (Middle States Commission on Higher Education)
- NEASC-CIHE (New England Association of Schools and Colleges – Commission on Institutions of Higher Education)
- NCA-HLC (North Central Association of Colleges and Schools – The Higher Learning Commission)
- SACS (Southern Association of Colleges and Schools – Commission on Colleges)
- NWAC (Northwest Accreditation Commission)
- ACCJC-WASC (Western Association of Schools and Colleges – Accrediting Commission for Community and Junior Colleges) and WASC-SCUC (WASC Senior College and University Commission)
What students should consider when it comes to quality assurance in higher education in the United States
In order to ensure the recognition of academic achievements or degrees in Germany, the US university you are visiting should be regionally accredited. Also scholarships or student loans are often only given to students who attend a regionally accredited college.
Program accreditations in the USA
In principle, program accreditations are also part of quality assurance in higher education in the USA, just as they are common in Germany. Here are individual programs or departments accredited. However, possession of this form of accreditation is not mandatory for every degree program. Program accreditation of the course is only required in certain specialist areas such as medicine, dentistry or safety-related engineering in order to later be allowed to work in this area in the USA.