With one of the most selective degree programs in the world, MIT Sloan MBA program at MIT Sloan School of Management, the business school of the Massachusetts Institute of Technology, is among the top choices of business students around the globe. Ranked #6 by the Financial Times in its Global MBA Ranking, 2020, MIT Sloan takes pride in its influential alumni network compromises of world leaders like Raghuram Rajan, John Thompson, Benjamin Netanyahu, Gideon Gartner and many other.
Last year, the school received a total of 5,200 applications from across the countries, of which only 416 students could make it to the MIT Sloan MBA program. The batch included 42% of international students from 54 countries, & 41% of Women. MIT Sloan MBA program emphasizes innovation in practice & research. Much of the famous management and finance principles & theories have originated from this very school. Moreover, MIT Sloan alumni have founded more than 650 companies to date. All this speaks of the level of achievement & accomplishments this school holds. Let’s take a look at key highlights of the MIT Sloan MBA Program:
With faculties consisting of Nobel Prize Laureates & John Bates Clark Medal winners, MIT Sloan MBA program’s curriculum is considered as one of the best curricula globally. The curriculum focuses on action learning, which requires students to apply the concepts learned in the classroom to real-world business & management problems. The curriculum at MIT Sloan is very flexible & diverse. Students can customize their course work according to their goals. After the first semester (which is full of core subjects), students can choose their electives according to their plans & objectives.
The first-semester core curriculum consists of mandatory subjects like Financial Accounting, Organizational Processes, Communication for Leaders, Economic Analysis for Business Decisions along with optional core electives, such as Managerial Finance, Operations Management, Competitive Strategy, Marketing Innovation, etc. After the first semester, the remaining three semesters are full of electives, tracks & certificate courses where the MIT Sloan MBA students can work across campus with students and faculty of other disciplines.
Along with all this, MIT Sloan also offers Dual and Joint Degrees in various other disciplines to its MBA students so that they can expand their career goals & interest beyond management.
Eligibility
The following are the eligibility criteria for making your way toward the MIT Sloan MBA program:
Bachelors in any discipline:
There’s no minimum cutoff for your class 12th & Graduation GPA.
However, the average GPA of the class profile of 2021 is 3.6.
Hence, quality academics will benefit you a lot.
Work Experience:
There’s no minimum work experience required for your admission into the MIT Sloan MBA program.
But the average work experience of the class of 2021 is 5-years, which means the admissions committee prefers candidates with professional maturity.
Exams:
Unlike other business schools, an English Proficiency Test is not required for applying for the MIT Sloan MBA program. Your English ability gets evaluated from the verbal sections of your GMAT or GRE. And also from the personal interview. However, a valid GMAT or GRE score is a mandatory requirement. According to the official website of MIT Sloan, there’s no minimum cutoff required for your GMAT or GRE, but according to the class profile of 2021, the average GMAT score of the class size of 416 is 727, and the average GRE score (middle 80%) is in a range of 156-168 for both quants & verbal sections.
With the Tuition fee alone amounting to $77,168, an MBA from MIT Sloan can be called a costly affair. Along with the tuition fee, there are various other expenses like Books & Supplies, Computer, Transportation, Hostel & Meals, Personal expenses, & Medical Insurance that roughly amounts to another $43,678, making the total cost of attendance for one year of MBA program to be $120,846 (that’s around 90L INR). The two-year cost of attendance can be estimated by multiplying the above sum. Even though a costly affair, an MBA degree from MIT Sloan is a significant investment you can make.
Scholarships
MIT Sloan offers several scholarships & fellowships to its first- and second-year students in the MBA program based on the merit and needs of the students. There’s no separate application required to apply for such financial aids. Students are considered for various fellowship awards automatically, and they get notified if they’ve received a fellowship. Some of the most popular fellowships Include Analytics Fellowship, ASEAN fellowship, Exxon Education Foundation Fellowship, Bill & Lisa Ford Fellowship, Global Opportunities Fellowship, etc.
Other than this, there are various other scholarships & fellowships a student can apply for that require a separate application process. Some of them are Legatum Fellowship, McKinsey Award, MIT Public Service Center Fellowship, MIT Sloan Social Impact Fellowship, and others. Along with all this, MIT also guarantees loans through MIT Federal Credit Union.
An MBA from MIT Sloan is indeed a worthy investment. Here you’ll know why:
The MBA class of 2018 reported a 98.3% acceptance rate with a median base salary of $135,000. Many students also received a signing bonus in an average range of $25,000-$50,000.
The top three recruiting industry include:
Consulting (31.6%)
Technology (29.4%)
Financial Service (16.4%)
Some of the top recruiters of the year were:
Amazon (27)
The Boston Consulting Group (24)
McKinsey & Company (22)
Bain & Company (15)
Google (10)
Deloitte Consulting (9)
Top three function-wise role include:
Consulting/Strategic Management
Product Management/Development
Finance
Here’s how to apply for MIT Sloan MBA Program:
- Online Application
Your online application will include:
-Transcripts
-Cover Letter (Limit 300 words)
-One-page Resume
-Video Statement
-Letter of Recommendation
-Contact information for two additional references
-Organizational Chart for your Company
-GMAT/GRE Score
-Application fee of $250
Interview Process:
Once you submit your application, you may receive an invitation for the interview. Those invited for the interviews will also be asked to answer the following question: (It’ll be very much like an Essay)
“The mission of the MIT Sloan School of Management is to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice. We believe that a commitment to diversity, inclusion, equity, and well-being is a key component of both principled leadership and sound management practice. In 250 words or less, please describe a time when you contributed toward making a work environment or organization more welcoming, inclusive, and diverse.”
Other details like the deadline to submit the above question will be included in your interview invitation mail. The interviews are generally conducted at MIT Sloan and in several key regions around the globe during business hours on weekdays only.
Some tips from us:
MIT application process can be challenging for you. With a special-built resume, organization chart for your current company, 1-minute video requirement, & the cover letter, it can be a little exhausting.
Remember these few points:
-You have got a lot to cover within a limited length, & word count. So make sure to include only what is important and will hold significance to your application process.
-If you get the interview invite, you’ll need to submit a separate essay before your interview. We shall advise you to start preparing for the essay right after submitting your application so that you’ll have a lot of time to self-reflect in coming up with a clear response to your composition.
-Be confident & positive throughout.
The MIT Sloan MBA program is, no doubt, one of the best MBA programs among other business schools. The MIT tag will brand you for a lifetime. The admission process might be a little hard & will exhaust you completely, but if you land a place in this business school, you’ll be among the few lucky ones.
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