Babson College, a private business school in Wellesley, Massachusetts, offers undergraduate & graduate programs. Established in 1919, Babson College is one of the oldest private business schools in the United States. The school was founded by Roger W. Babson as an all-male business institution but is now coeducational. The Babson College MBA Program has been ranked #60 by the Financial Times in its Global MBA Ranking 2020. It has also been ranked #56 in U.S. MBA by the Bloomberg BusinessWeek 2019.
Carrying a legacy of over 100 years, the school boasts of a strong alumni network. Some of the renowned alumni of the school include William D. Green (Former Chairman & CEO, Accenture), Bob Davis (Founder & CEO, Lycos), Geoffrey Eric Molson (President & CEO, Montreal Canadiens), Jamie Siminoff (Founder, Ring Inc.), & Akio Toyoda (President & CEO, Toyota Motor Corporation).
For the class of 2020, 30% of the students are female, with another 22% being underrepresented American minorities. A whopping 80% of the students are international from various countries around the world. In this article, we shall cover everything one needs to know before applying for the Babson College MBA Program.
Curriculum:
The curriculum for the two-year Babson College MBA Program is one of a kind. Candidates are required to complete 45 credits. All full-time students earn their first 15 credits through the core courses. The remaining 30 credits can be used in electives in the topics that matter most to you.
You will start your MBA journey with the core subjects. It will help you to strengthen your business fundamentals. Some of the core subjects include Financial Reporting, Strategy, Marketing, Operations Management, Business Analytics, Entrepreneurship, etc.
You will also be required to take the Babson Consulting Project as one of your core subjects. It carries 3 credits out of the total 15 credit for core coursework. Through this project, you will gain real-world consulting experience with an international company on a business issue under the guidance of a Babson faculty member.
At Babson, you can take elective subjects from as early as the second semester. The school offers several elective options. Some of them include Entrepreneurial Leadership, Strategy Execution, Economic Analytics, Managerial Economics, Growth Marketing, Product Management, Digital Marketing, Consumer Behavior, etc.
In the summer break from May to August, students can pursue an internship, take MBA electives, or study abroad.
However, any of the three is not mandatory.
Eligibility:
Academic Requirement:
All the applicants applying for the Babson College MBA Program are required to have a four year US degree or its international equivalent. There is no minimum graduate GPA required to apply for the Babson College MBA Program. However, the current average GPA of the class is 3.29.
Professional Experience:
Candidates applying for the Babson College MBA Program are advised to have 3-5 years of work experience. The average work experience of a typical class at Babson is 5 years.
Standardized Tests:
A valid GMAT or GRE score is a must requirement to apply for the Babson College MBA Program. The school does not prefer one over another. Both GMAT & GRE scores are considered equally. There is no minimum score mentioned by the school to apply for the program. However, the average GMAT score of a typical class is 601.
International students who are from non-native English speaking countries are required to submit English language tests like TOEFL, IELTS, & PTE. This requirement can be waived if the candidate has completed his/her last education entirely in English.
The minimum required score for TOEFL, IELTS, & PTE is 100, 7, & 65, respectively.
Course Fees:
The tuition fees for the first-year Babson College MBA Program for the academic year 2010-21 is $71,564, while for the second-year (2021-22), it is $43,008.
Please note that tuition fees are expected to increase by a certain percentage every year.
Along with the tuition fees, the estimated living expenses for one academic year come at around $28,819. It includes housing ($13,788), meals ($6,126), books & supplies ($1,776), transportation ($2,052), health insurance ($2,347), & personal expenses ($2,370).
All these are estimated expenses that may vary depending on the lifestyle preferences of the students.
Scholarships & Fellowships:
Babson offers various scholarships & fellowships opportunities to the admitted students to make their MBA journey smooth & easy.
Below are some of the available fellowships offered by the Babson.
Olin MBA Fellowship:
It is offered to outstanding full-time MBA candidates. Each fellow receives full-tuition fees and books & supplies. The decision is based entirely on merit. The fellowship committee looks for academic excellence, demonstrated leadership skills, & career progression in candidates.
Babson MBA Fellows:
It is very similar to the Olin MBA Fellowship & awarded to highly qualified full-time MBA candidates. It covers the full tuition fees for both the years. The fellowship committee considers academic records, work experience, leadership skills, & other achievements of candidates before making a final decision.
Forte Fellowship:
Forte Fellowship is awarded to exceptional & outstanding female candidates with an excellent academic, career progression, & demonstrated ability to make an impact on the world. Selected candidates get an amount of $20,000 per academic year.
Along with the above-mentioned fellowship, the school also offers several scholarship options, including Dean’s Scholarship, President’s Scholarship, Olin Scholarship, Hamilton MBA Scholarship, & Babson MBA Scholarship.
The school also recommends private student loan options from various financial institutions, including Prodigy Finance & Sallie Mae to incoming students.
Employment Statistics:
For the placement session 2019, 78% of the students accepted a job within 3 months of graduation. The average base salary received by the students was $85,000, along with an average signing bonus of $11,148.
The top three industries where the majority of the students went to work were
Consumer products/retail 15%
Technology 15%
Financial Services 14%
The top three functions preferred by the students were
Marketing/Sales 39%
Finance/Accounting 15%
Operations/Logistics 13%
Some of the top full-time MBA hires were as follows:
Accenture
AB InBev
Bloomberg
Hubspot
L’Oreal
Profitect
PwC
Thermo Fisher
Trident Growth Partners
Vertex Pharmaceuticals
For more details, please check here
Application Process:
Online Application checklist:
Academic Transcripts
Resume
One Essay
2 letter of recommendation
GMAT/GRE score
English Language Test score
Application fee of $100
Interview:
The interview for the Babson College MBA program is by invitation only. The interview is another aspect of your application that helps the school to assess your experiences, accomplishments, goals & see if you are fit for Babson or not. It helps to bring life to your application & allows the admissions committee to know you better.
The interview can be in-person or via Skype and is conducted by the admissions committee members. It is highly personalized and based on your whole application. The interviewers often ask standard MBA interview questions. However, you can also expect case questions sometimes. So prepare accordingly.
Essay Details & Tips:
Applicants are required to submit an essay to successfully complete the application for the Babson College MBA Program. Students may choose from one of the two prompts listed below:
Essay Option A
Babson College educates entrepreneurial leaders who create great economic and social value everywhere. Using Babson’s mission, describe your short-term and long-term goals and how your goal(s) align with this mission. We encourage you to highlight your strengths, any recent accomplishments, or future ambitions.
Essay Option B
Babson educates entrepreneurs of all kinds. Some students will seek to start businesses; others will seek to grow an established business with innovative approaches and solutions. What kind of entrepreneur will you be? How do you intend to leverage Babson’s resources to support your ambitions?
Applicants must respond to the essay question in 500 words or less. The first essay question is a standard career goals essay where you will have to mention about your short-term and long-term career plans. On the other hand, the second question emphasis on entrepreneurship. We will recommend you to choose option B only if you have a concrete plan of starting a business after your MBA.
Check here for essay tips – Application essays, Structured Thinking, Visualization, Story Telling
The two-year Babson College MBA Program is one the most sought out programs that focus on Entrepreneurial thought & action, social-economic responsibilities, & essential business fundamentals. It is a great school for anyone who is looking forward to Kick-start their entrepreneurial journey. We wish you the very best if you are planning to apply for the Babson College MBA Program.
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