Sloan School of Management was founded in 1914 and is the business school of the Massachusetts Institute of Technology (MIT). MIT Sloan campus is located along the Charles River in Cambridge, Massachusett, USA.The school has a total enrollment of 1,300 students out of which 43% of international students currently studying here.
MIT Sloan School of Management is among the most prominent business schools in the USA. Programs at MIT Sloan such as Master of Finance and Master of Science in Management Studies have international student populations as high as 87% and 96% respectively. The school has global programs through which it maintains public and private collaborations with 53 locations across 6 continents.
Ranked #1 as the best value school by US News 2022, MIT is one of the most affordable school in USA. The average tuition Fee at MIT sloan for UG programs is 22.16 lakhs. Whereas the tuition fee for PG programs at MIT Sloan ranges from 60.75 lakhs to 91.15 lakhs. The cost of living in USA for an international students can cost around 31.3 lakhs per year.
Likes -
- Impressive Rankings -MIT Sloan is considered one of the best business schools in the USA and always secures impressive rankings. Impressively, 7122 applicants applied for the MBA program of MIT Sloan last year.
- High international student rate - The school has a large ratio of international students. There are overall 43% of international students currently studying here.
- Impressive alumni profile - Alumni of the school are founders of renowned companies like PillPack, E*Trade, Akamai, Gartner, Genentech, HubSpot, InVivo Therapeutics, Zipcar, etc.
- Partnership with major MNC’s- Several Fortune 500 companies like Amazon, Facebook, Google, Microsoft, Pfizer, etc. have offices in Cambridge that provide students with opportunities after graduation.
Dislikes -
- Selective Admissions - The institute is highly competitive with an acceptance rate of 4.1%. It is hard to get admission into MIT Sloan.
- Limited Academic Programs - MIT Sloan offers a limited number of academic options. There are not many streams and majors to choose from in the school since it is mainly focused on business-centric operations.
- Expensive - the tuition of the university is a little bit expensive for international students. The total cost of attendance at the university is greater than other business schools in the USA.
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Sloan School of Management Rankings
With 30,200 active alumni-funded companies, the rapidly increasing entrepreneurial ecosystem at the university is highly ranked. The rankings of Sloan School of Management are worth considering before applying:
- The college has been ranked 1st among U.S. universities by Times Higher Education Ranking.
- It is ranked 1st in Masters in Business Analytics program and 4th in Masters In Finance program under World University Rankings by QS Ranking.
- The U.S. News and World Report have ranked the school as 5th in Best Business School.
A comparison of MIT Sloan with other business schools is given below-
| MIT Sloan | Harvard Business School | Columbia Business School |
|---|---|---|
| 1st in Business Analytics | 10th in Business Analytics | 1st in Business Analytics |
| 1st in Information Systems | - | - |
| 5th in Finance | 7th in Finance | 4th in Finance |
| 9th in Executive MBA | - | 4th in Executive MBA |
| 3rd in Entrepreneurship | 4th in Entrepreneurship | - |
| 1st in Production / Operations | 11th in Production / Operations (tie) | 11th in Production / Operations (tie) |
Sloan School of Management Campus
MIT Sloan campus is located in Cambridge, Massachusetts. It is surrounded by progressive industries, lively community and entertainment, and incredible research facilities. To make students’ life easier, the University offers various services and amenities on-campus:
- The School has a range of restaurants, music and art venues, and entertainment facilities.
- Around 450 organizations are run by students, co-curricular development clubs including Outing Club, the Solar Electric Vehicle Team, the Debate Team, the FM local broadcasting station (WMBR), the MIT Society for Women Engineers, and the Student Art Association, and Model UN among more.
- The School is also active with a number of cultural groups including the Black Students’ Union, the Asian American Association, the South Asian American Students Association, and more.
- Additionally, various services like Housing, Dining, Medical services, and Parking facilities are available at MIT Sloan School.
Sloan School of Management Accommodation
There are 8 graduate residences located on-campus. Sloan School of Management provides a wide variety of residential halls suitable for both independent students and families of students. All first-year undergraduate students are required to live on campus.
Undergraduate Housing Rates
| Residence Hall | Single | Double | Triple | Quad |
|---|---|---|---|---|
| Baker House | 5.21 Lakh | 4.61 Lakh | 4.13 Lakh | 3.64 Lakh |
| Next House | 4.87 Lakh | 4.30 Lakh | 3.85 Lakh | - |
| East Campus | 4.35 Lakh | 3.84 Lakh | - | - |
| McCormick Hall | 5.21 Lakh | 4.61 Lakh | 4.13 Lakh | - |
| Maseeh Hall | 5.21 Lakh | 4.61 Lakh | 4.13 Lakh | 3.64 Lakh |
| Burton-Conner House | 5.21 Lakh | 4.61 Lakh | 4.13 Lakh | - |
| New House | 5.21 Lakh | 4.61 Lakh | - | - |
| New Vassar | 5.21 Lakh | 4.61 Lakh | - | - |
| MacGregor House | 4.87 Lakh | 4.30 Lakh | - | - |
| Simmons Hall | 5.21 Lakh | 4.61 Lakh | 4.13 Lakh | - |
| Random Hall | 4.35 Lakh | 3.84 Lakh | - | - |
Graduate Housing Rates (in INR)
| Residence | Single Room\Efficiency | 1 Bedroom Apartment | 2 Bedroom Apartment | 3 Bedroom Apartment |
|---|---|---|---|---|
| 70 Amherst | 71.4 K | 1.62 lakh | 1.15 lakh | - |
| Ashdown house | 1.34 lakh | - | 1.15 lakh | 83.3 K |
| The graduate tower at site 4 | 1.80 lakh | 2.09 lakh | 2.54 lakh | - |
| Edgerton house | 1.44 lakh | 1.70 lakh | 1.15 lakh | 95.4 K |
| Sidney -Pacific | 1.34 lakh | - | 1.12 lakh | - |
| Tang hall | - | - | 85.5 K | 87.4 K |
| Westgate apartments | 1.26 lakhs | 1.47 lakh | 1.65 lakh | - |
| The warehouse | 1.34 lakh | - | - | - |
Also Check: Student accommodation in USA
Off-campus accommodation - The university office also helps its students by connecting them to off-campus housing resources. Students can see the listing on www.mitoffcampus.com or mail to offcampus@mit.edu for queries.
Sloan School of Management Programs
MIT Sloan provides bachelor's, master's, and doctoral degrees. It provides 11 degree and non-degree programs to its undergraduate students to meet various student preferences. The school also offers an Executive Program in General Management which is a 9-month program.
The Sloan School of Management also collaborates with other MIT academics and Harvard University to offer joint degree programs in which candidates can pair their preferred area of interest at once and get a dual degree.
Sloan School of Management Application Process
Students applying for any program at the Massachusetts Institute of Technology must follow the guidelines for admission to the Sloan School of Management.
Application Portal: Application Fee: 75 USD- 250 USD.
Admission Requirements for UG Programs:
- Students must provide their GPA scores, along with previous transcripts and results.
- Proof of English language proficiency
- Essays
- Passport photocopy for U.S. visa documentation.
- Three letters of recommendation.
- Scores of ACT/ SAT
- Financial support documentation (mandatory for F-1 visa applicants):
- A bank statement or letter of scholarship
- Privately sponsored students must provide a declaration of such financial support.
- An official letter from the Government must be submitted for government-sponsored students.
Admission Requirements for PG Programs:
- GMAT/ GRE scores
- A resume
- Take an essay question.
- Submit video questions.
- Previous transcripts and study records.
- 3 letters of recommendation.
- English Language Proficiency Score
- TOEFL iBT - 90
- IELTS - 7.0 Band
- PTE - 65
Sloan School of Management Cost of Attendance
The cost of attendance refers to the average value of the overall expense of one year attending a particular school. The cost of attendance to live in the US when enrolled at MIT Sloan School of Management is given below:
| Category | Annual Tuition Fee (in INR) |
|---|---|
| Fee | 1.98 lakh |
| Books and Supplies | 1.96 lakh |
| Computer | 1.54 lakh |
| Food | 4.80 lakh |
| Personal Expenses (including health insurance) | 7.17 lakh |
| Housing | 12.12 lakh |
| Transportation | 1.73 lakh |
Sloan School of Management Scholarships
MIT Sloan School of Management offers around 7 financial aid alternatives for students willing to study at MIT.
- Financial funding basically includes personal savings, grants, bursary awards, funding by the government or employer or scholarships to study in the US
- Fellowships are only granted to accepted students with exceptional academic records, career accomplishments, and academic potential.
- A number of fellowships available at the School include Jim and Sara Anderson Fellowship, Antonios and Ioannis Angelicoussis Foundation Fellowship, Linda Archer Cornfield Fellowship, and many more.
- Some of the scholarships and financial assistance options available to students of the Master of Finance and their eligibility criteria are mentioned below:
| Scholarship | Eligibility Criteria |
|---|---|
| Aker Scholarship | Valid CV, marks, letters of recommendation, and references Candidates must submit an application letter of 1.5 to 2 pages; Candidates must submit a letter of intent and a personal statement showing why they should be allowed the scholarship. |
| Fundación Gondra Barandiarán scholarship | The scholarship allows full tuition for two years; The candidates for MBA must be accepted in round 1 or in round 2; The applicants for MBA and MFIN must apply within 20 days of their admission decision for FGB bursaries. |
| McKinsey Award | Awarded to first-year MBA students; Three selected students are awarded 10,000 USD each; Candidates are selected on the basis of admission application, interview, academic records, personality, professional experience, and contribution to the community. |
Sloan School of Management Alumni Network
MIT Sloan School Alumni is equipped with various kinds of benefits and perks. A few of these are mentioned below for the reference of potential applicants:
- Alumni members are offered Infinite Connection service for keeping personal and professional data up-to-date and also keep themselves connected with fellow alumni members.
- A number of campus resources are also accessible to the members, such as Zesiger Fitness Center, MIT Alumni ID Card, and more such services.
- Alumni members can borrow material and use MIT libraries at a special rate, with a Borrowing Card for libraries.
A number of prominent leaders and individuals have been produced at the MIT Sloan School of Management, including
- Carly Fiorina CEO of Hewlett Packard,
- Gideon Gartner, Gartner Founder
- Nitin Nohria, Dean of the Harvard Business School
Sloan School of Management Placement
MIT Sloan Management School offers opportunities for placement right after graduation to job-seeking. MIT Sloan School of Management has a Career development office where students, graduates, and alumni can learn and enhance their professional skills to start their careers. Amazon, Bain & Company, McKinsey & Company, and The Boston Consulting Group are some of the Top Employers of MIT Sloan. MIT Sloan currently has 96% placement success.
Below is the impressive master of finance graduates employment report highlights-
- 100% of finance graduates received an offer for employment within 6 months of graduation.
- 100% of Masters of Finance graduates got full-time job offers according to the latest report.
- 88% of international graduated students got jobs.
Below is a table depicting Sloan School of Management graduates and alumni working as professionals in various sectors along with their salaries:
Below is a table depicting the salary Sloan School of Management graduates get depending on their degree and qualification:
| Degree | Average Salary in INR |
|---|---|
| Masters in Management | 1.38 Cr |
| Executive MBA | 1.27 Cr |
| MBA | 1.25 Cr |
| Doctorate | 1.13 Cr |
| Ph.D. | 1.08 Cr |
| Masters in Science | 95 Lakh |
The best-paying degree at Sloan School of Management is Masters in Management with a graduate earning an annual average of 1.37 crores whereas at the lowest are alumni with Masters in Finance degree earning an annual average salary of 70.8 lakh. Under the employment sector, the Healthcare and Alternative Medicine division graduates benefit at an average annual salary of 2.08 crores. Architecture, Real Estate & Design jobs major graduates have the lowest paid job of 55 lakh annual salary.
