STEM MBA PROGRAMS
Businesses all over the world are starting to notice the power of data. A company that can provide data science has a tremendous edge over competitors who can’t. STEM MBA programs are created to build both business skills and technical skills. STEM MBA programmes are swiftly growing famous amongst international candidates. STEM MBA programmes have been specially created for STEM professionals who are engrossed by business and management studies.
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What is a STEM MBA Program?
STEM is an acronym for Science, Technology, Engineering, and Mathematics. If a course of study comes under any of the four disciplines stated, then that programme is classified as a STEM program. Academically, think of a STEM MBA as a combination of the standard MBA and an MS. A STEM MBA graduate can operate the company objectives of an MBA role while performing data processing and analytical skills that are anticipated from MS degree holders.
Unlike the traditional MBA, a STEM MBA demands aspirants to have substantial technical knowledge. It is created to build on current STEM information, to help candidates learn how to embed this data to apply in a business environment. A STEM MBA initiates up the job openings that were previously closed to MBA graduates.
Are you a good fit for the Program?
Being academically and professionally fit for the program is of the utmost importance. Therefore, this means that the schools’ admission committee will look for candidates with holistically developed profiles. Moreover, the candidates applying for the STEM-OPT program will have to meet a certain set of criterias set by the schools themselves. Schools require the candidates to be proficient in their technical domain and applying for a STEM course would require atleast a GPA of 3.0 in their undergraduate studies. On the other hand, some schools focus more on the candidate’s pragmatic exposure and allow them to waive the test if they possess a full-time work experience of a minimum of 3 to 4 years.
Importance of STEM MBA Program
Several business schools indeed have ongoing Master’s programmes which include the decency of technology and business knowledge. Nevertheless, MBA programmes have only begun observing the potential that originates from a STEM appellation.
According to a report by Jacqueline Varas, Director of Immigration and Trade Policy at the American Action Forum, there will be a deficit of 1.1 million STEM artisans by 2024. This deficit shows us the lack of opportunities for STEM graduates in the United States.
As more companies manage to use data to make business choices, data analytics and business skills will become more twisted together. This drift will result in companies requiring graduates with a business as well as an analytics insight. Eventually, STEM MBA graduates will be the people to rise in to satisfy this increasing need.
Benefits of a STEM MBA Program
- The revised format of the traditional MBA program into the STEM MBA program focuses on the all-rounded development of the candidates.
- The program provides the practical knowledge on several hot-skills like Data Analytics and Machine Learning Algorithms in the ever-rising tech eco-systems.
- The program aims to close the existing skill-gaps – both in the technical and managerial domain. Thus, this opens more job opportunities for such candidates in multinational conglomerates like Amazon and Google.
- The aspirants belonging to this program turn out to be efficacious leaders who can manage their team as well as maintain an effective two-way communication with the tech team.
Tuition Fee of a STEM MBA Program
Some of the most prestigious schools offering a STEM MBA program usually charge lower than the conventional MBA program. For Example, schools like Columbia, Chicago Booth, Northeastern University, and Haas offer a 24-month STEM-OPT program, with a tuition fee ranging from $210,000 to $240,000. On the other hand, some of the other top schools in the same country like Purdue will only charge $84,000 for a 12-month STEM-OPT MBA program.
STEM-OPT for international Students
A STEM-optimized program means that students will be allowed to stay in the country for extended periods post-masters’ in search of a job or until they receive their offer letter. The extension period can go up to 2 -3 years on top of their existing 1-year authorized stay. Moreover, the extension periods can vary depending on the purpose of the stay.
Before we get started here is a YouTube video on Everything you should know about STEM Program In USA|Top Colleges,Tuition & Fees, Duration
List of STEM MBA Programs
Here is a list of STEM MBA programmes offered by some of the prominent business schools:
- Majors in Statistics, Actuarial science
- Business Analytics, Business Economics & Public Policy
- Business, Energy, Environment & Sustainability –Operations, Information, and Decisions
- Business Analytics and Analytic Finance
- Master of Business Analytics
- MS Business Analytics & Information Management
- MS Marketing
- MS Finance
- MS Global Supply Chain Management
- MS Economics
- MBA in Operations and Technology Management (MBA specialization)
- MBA in Supply Chain Management (MBA specialization)
- MBA in Business Analytics
- MBA/MS in Business Analytics Dual Degree
- Masters in Finance
- Masters in Business Analytics
- Masters in Finance
- MS in Finance
- MS in Finance degree
STEM MBA Career Prospects
STEM areas are essential to the growth of humanity as a whole. From creating advancements in machine learning and AI to improving alternative, renewable sources of energy, STEM graduates are at the vanguard of it all. The STEM MBA intends to make the professionals equipped with strong business acumen along with the advanced analytical skills. It drives to the creation of the following generation of professionals competent to meet the necessities of a complete emcee of distinct specialities.
Here are a few industries you can anticipate to serve in after earning a STEM MBA.
It is also known as ‘Business Translators’, STEM MBA graduates with a concentration in data science are in tremendous need as companies of all dimensions look to transform into data-driven businesses. The overall idea is that the more prominent a business’s capacity to provide data is, the higher it will perform on all aspects.
STEM MBA graduates have a dominant edge above simple STEM aspirants because of their combined knowledge of what will serve most suitable for the company. They are experts when compared to plain STEM aspirants.
There will be World War III for natural resources in the upcoming time. Lifestyles all across the world have expanded around the effectiveness of oil, water, and few other natural resources – but now, we are running thin of all of them. Environmental Energy searches to find the energy production ability within substitute resources that are considerably more ample than the things we use momentarily.
A qualified professional who can understand both the science and also the business aspect of Environmental Energy is crucial for most manufacturers in this domain. A STEM MBA with proper training in engineering offers you precisely that.
Internet of Things
We exist in the era of smart technology. From mobile phones and watches to complete homes and vehicles, each and everything is quickly growing into electronic and inter-connected. There is no doubt that this inter-connectivity will help us in every way it can, however, it can break us too.
If you have educational training in computing and software, a STEM MBA is all you require to convert into a profoundly coveted specialist for any company looking to automate or execute AI into its goods or services.
In the age where information and data is everything, from national security data to financial documents, there is a bunch of stuff, which is extremely important and hence sensitive to hacking assaults. National governments and companies of all dimensions are evenly at the peril of cyber-attacks directed at stealing delicate information.
In before-mentioned circumstances, professionals are required to recognize the highest menaces and vigorously take steps to preserve the most sensitive regions of an organization’s online appearance. A professional who gets the business understands precisely what information signifies most – and there is no one more qualified than a STEM MBA graduate.
The enormous need for STEM MBA graduates comes from the technology sector. We think it is simple to understand how precious a business expert with a STEM concentration is to an organization exploring to use technology to produce the most beneficial outcomes for companies around the globe.
Tech professionals have opted for MBAs in pursuance of career progression for several years. The STEM MBA takes the elevation one step ahead by using and promoting their current STEM experience to intensify the advantage they have over standard MBA along with MS candidates.
Top Business Schools that Offer STEM MBA programs at Global level
The University of Wisconsin, Madison – Wisconsin School of Business | Madison, Wisconsin
The Wisconsin School of Business became the first in the United States to provide an MBA with STEM concentration earlier in 2016. Candidates who select the track obtain an MBA concentrated in Operations and Technology Management. The track is supported by the Erdman Center for Operations and Technology Management, which draws together MBA and UW-Madison pharmacy candidates to generate solutions to global tech challenges.
Duke university fuqua school of business, Durham, North Carolina
In 2017, Duke University’s Fuqua School of Business began an MBA certificate program in management science and technology, which is a STEM certified course. About a fraction of the MBA class has registered on the elective course. Duke is one of the Ivy League of super-elite US schools. The business school is ranked 10th by US News.
University of Rochester- Simon Graduate School of Business, Rochester, New York
The University of Rochester’s Simon Business School in New York provides a whole MBA that is STEM concentrated. Since 1968, the school has perpetually been a master in “quant subjects” that depend profoundly on math. Simon’s MBA is ranked by the Financial Times, The Economist, and US News.
University of Notre Dame Mendoza college of business,Notre Dame, Indiana
The University of Notre Dame’s Mendoza College of Business provides an MBA/Master of Science in Business Analytics dual degree, which is STEM accredited. The two-year course prepares candidates for careers in a more data-driven market. The dual degree involves practical projects throughout the globe, containing visits to third-world nations to emphatically influence communities with agriculture, infrastructure development and micro-finance projects.
University of Georgia- Terry College of business, Athens, Georgia (UGA)
The Terry College of Business, at the University of Georgia, provides a whole STEM MBA concentration. It could be exerted up to one year, substantially decreasing the cost of opportunity of not working, and candidates can save up to a year of tuition fees, too. The course is very cost-effective anyhow, and the expense is split between in-state residents.
Worcester Polytechnic Institute (WPI)- Foisei Business School,Worcester, Massachusetts
Foisie Business School, at Worcester Polytechnic Institute, re-designed its MBA previous year to concentrate on STEM topics and received the STEM designation. Candidates can focus on countless topics, such as information security management, process design, technology innovation, and sustainability. Foisie is AACSB certified, and previous year, it was ranked amongst the top five business schools with the highest graduate commencing payrolls.
University of Southern california (USC)- Marshall school of business, Los Angeles, California
USC Marshall School of Business lately launched a STEM-certificated Management Science concentration for full-time MBA candidates. The new concentration will converge on data-driven decision making and analytics, abilities that are in tremendous demand amongst businesses. In 2019, USC Marshall was ranked 17th nationwide by US News. And Bloomberg Businessweek in 2018 ranked the MBA as13th best in the US.
University of Masachuttess (UMass) Dartmouth- Charlton college of Business, North Dartmouth, Massachusetts
The Charlton College of Business has the “cardinal standard” of business school appreciation: accredited by AACSB International. The business school at the University of Massachusetts Dartmouth has a STEM concentration for its MBA specialization in business analytics. Substantially all companies across the globe are in high dire for those with business analytics abilities.
University of Connecticut (Uconn), Storrs, Connecticut
The University of Connecticut, School of Business has STEM designation for several of its MBA specializations. The Business Analytics track, Digital Marketing Strategy, and Financial Management and Investments track are all STEM certified. Connecticut, an AACSB certified school, is ranked strongly by the FT, US News and Bloomberg Businessweek.
An increasing number of business schools in the United States is providing “STEM-designated” MBA programs to proffer candidates the abilities they require for an era of digitization and robotics. When schools demonstrate that half their program substance is based on the ‘STEM’ fields science, technology, engineering and math, they obtain the status. The STEM MBA programs were successful in assisting to enhance MBA applications at several schools and raise curiosity amidst corporate business employers. According to information from Randstad North America, the US had three million extra STEM jobs than it had workers to satisfy these openings in 2016.
And from the view of post-study opportunities, a STEM MBA is more prevalent amongst recruiters. The abilities that candidates obtain while pursuing these programs a mixture of technology and business management can go an extended way in the contemporary business world.
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