Business Schools in Illinois
Many people think that the best business schools are found on the east coast or the west coast, with not much between the two, in “flyover country.” They are quite mistaken! Illinois, in the heart of the American Midwest, is home to many excellent institutions granting business degrees. Would it surprise you to learn that two of its colleges are consistently ranked in the top 10 in the country for their MBA programs? Read on to learn more.
All schools shown on our list below are accredited by the Association to Advance Collegiate Schools of Business (AACSB), the Accreditation Council for Business Schools and Programs (ACBSP), and/or the International Accreditation Council for Business Education (IACBE). The schools on our list are all either public or non-profit and also regionally accredited by the Higher Learning Commission (HLC). We only include accredited schools on our list because these are the ones that have been evaluated and certified by prominent, external institutions. Accreditation ensures that programs have clear goals and proven outcomes and that the institution adheres to national and international standards. Accredited schools also provide opportunities for interacting with real-world businesses, providing a broader educational experience.
To compile our list of the best business schools in Illinois, we started with National Center for Educational Statistics (NCES) data. The NCES reports that there are 60 public and non-profit schools in the state granting undergraduate and graduate degrees in business.1 Of these, exactly half offer undergraduate business programs that are accredited by the AACSB, ACBSP, or IACBE while 24 have accredited graduate business programs. The other six programs listed by NCES are not accredited, so we have excluded them from our list.
Below you will find key information to help you choose the right school for you, based on a variety of important criteria, such as tuition, financial aid, entrance exam scores, acceptance rates, and more. The three sections that follow cover undergraduate programs, graduate schools, and job prospects for business school graduates in Illinois.
Undergraduate Business Schools in Illinois
Illinois offers a balance of both affordable and expensive schools. The average tuition cost of around $25,800 is offset by an average financial aid of around $13,900. As with many states, the average cost is skewed higher by a few top-end schools that charge more than average. Our undergraduate school list also shows an interesting “dividing line” between 13 schools with average tuition of around $15,000 or less and 17 over $25,000, essentially breaking the list into two affordability groups. The most expensive schools in the state are Harper College ($58,420), the Booth School at the University of Chicago ($56,034), and the Kellogg School at Northwestern University ($52,678). The latter two both offer financial aid ranging up into the $35,000 range, but interestingly, Harper’s financial aid maxes out below $5,000.
We have gathered acceptance rate information for all but two of the 30 bachelor’s programs for business degrees in Illinois, and they are mostly in the moderate range. The average acceptance rate is 60%, and 25 of the 28 have rates of at least 40%. Unsurprisingly, the lowest acceptance rates are at the University of Chicago (8%) and Northwestern University (11%), but the third school under 40% is Robert Morris University Illinois, at 23%.
Graduation rates for undergraduate programs in Illinois are moderate, with the 27 schools for which we have figures averaging out at 59%. As is often the case, the higher-end schools with the lowest acceptance rates also have the highest graduation rates: 94.2% at the University of Chicago and 93.5% at Northwestern. Illinois State University provides the best combination of acceptance rate (89%) and graduation rate (72%) on our list.
Examine the table below for the most important data about undergraduate business schools, including annual in-state tuition costs, average aid per student, acceptance rates, median SAT and ACT scores of accepted students, and graduation rates. Click any column header to sort the table based on its contents.
|School||City||Tuition||Aid||Median SAT||Median ACT||Accept. Rate||Grad. Rate|
|Chicago State University||Chicago||$10,252||$7,140||860-1280||16-20||57.9%||13.7%|
|Dominican University||River Forest||$31,570||$18,357||910-1200||20-25||63.7%||61.8%|
|Eastern Illinois University||Charleston||$11,580||$7,539||18-24||46.9%||57.3%|
|Governors State University||University Park||$10,516||$6,016||17-21||41.3%|
|Illinois Institute of Technology||Chicago||$45,214||$28,279||1130-1360||26-31||57.1%||71.4%|
|Illinois State University||Normal||$14,061||$8,288||21-26||88.9%||72.2%|
|Joliet Junior College||Joliet||$10,508||$4,459|
|Loyola University Chicago||Chicago||$42,032||$17,698||1030-1260||24-29||72.6%||74.9%|
|Northeastern Illinois University||Chicago||$10,138||$5,597||820-930||16-20||71.0%||23.9%|
|Northern Illinois University||Dekalb||$14,204||$8,273||900-1120||19-25||51.8%||46.5%|
|Robert Morris University Illinois||Chicago||$25,800||$15,650||23.1%||69.8%|
|Saint Xavier University||Chicago||$32,250||$18,919||865-1035||19-24||75.2%||51.0%|
|Southern Illinois University-Carbondale||Carbondale||$13,481||$9,791||880-1130||19-25||76.7%||43.6%|
|Southern Illinois University-Edwardsville||Edwardsville||$11,008||$5,665||898-1063||20-26||89.3%||47.0%|
|Trinity Christian College||Palos Heights||$27,675||$12,611||866-1218||20-27||70.0%||57.7%|
|University of Chicago||Chicago||$53,649||$34,674||1450-1600||32-35||7.9%||94.2%|
|University of Illinois at Chicago||Chicago||$13,664||$12,547||990-1235||21-27||73.6%||57.8%|
|University of Illinois at Springfield||Springfield||$11,413||$8,767||886-1146||20-26||65.3%||49.8%|
|University of Illinois at Urbana-Champaign||Champaign||$15,058||$12,537||1285-1480||26-32||60.1%||85.3%|
|University of St Francis||Joliet||$30,840||$16,357||910-1110||20-26||49.2%||62.9%|
|Western Illinois University||Macomb||$12,655||$7,660||18-23||59.5%||53.1%|
Graduate Business Schools in Illinois
Illinois offers many accredited graduate-level business programs for those looking to supplement their education after either undergraduate study or some time in the workforce. Using program data sourced from the AACSB, ACBSP, and IACBE, we found the average cost of tuition with fees for Illinois to be around $41,000; this is skewed upward by the three most expensive schools, without which the average drops to $34,400. Of the 24 schools on our list, 11 are under $30,000. Illinois boasts two perennial top 10 MBA programs, at the Booth School at the University of Chicago and Northwestern’s Kellogg School. Northwestern is the most expensive school at roughly $95,000, but the University of Chicago comes in at a much more reasonable $69,000, making it a relative bargain given its ranking. Governors State University has the least expensive MBA program at just over $12,000.
Our data includes average admission GMAT scores for 17 of the 24 graduate business schools in Illinois. The average is a fairly high 557, ranging from 400 to 732. All of the schools except Booth and Kellogg have average admittance scores below 660, and all but one are below 590 (the University of Illinois at Urbana-Champaign has an average of 656). The 16 schools for which we have data on faculty degrees range from 62% to 97% of full-time faculty with doctoral degrees, with the highest at the University of Illinois at Springfield and lowest at Western Illinois University.
Students who go back to school for graduate study after obtaining work experience often prefer to keep working while studying at their own pace. There are several excellent online MBA programs in Illinois that can fit that bill. One program that has received a great deal of attention is the “iMBA” program offered by the University of Illinois at Urbana-Champaign, which is highly regarded by students and can include a massive open online course (MOOC) component. Programs are also offered by DePaul University, the University of Illinois at Chicago, and several others. Most online programs offer the same basic curricula and courses as their offline equivalents.
The table below shows graduate business school tuition costs, average accepted applicant GMAT scores, the percentage of faculty with a doctoral degree, and student-to-faculty ratios. Click any column header to sort the table based on its contents.
|Dominican University||River Forest||$51,300||525||81%||2.64|
|Eastern Illinois University||Charleston||$13,263||478||78%||1.19|
|Governors State University||University Park||$12,207||86%||1.82|
|Illinois State University||Normal||$25,527||554||84%||3.27|
|Lindenwood University – Belleville||Belleville||$24,000|
|Loyola University Chicago||Chicago||$81,392||540||81%||5.47|
|Northeastern Illinois University||Chicago||$16,087||2.2|
|Northern Illinois University||DeKalb||$26,809||538||75%||4.28|
|Southern Illinois University Carbondale||Carbondale||$22,333||583||97%||5.26|
|Southern Illinois University Edwardsville||Edwardsville||$20,146||536||74%|
|St. Xavier University||Chicago||$39,960||400||89%|
|University of Chicago||Chicago||$69,200||726|
|University of Illinois at Chicago||Chicago||$47,544||568||84%||5.74|
|University of Illinois at Springfield||Springfield||$34,772||478||97%||11.46|
|University of Illinois at Urbana-Champaign||Champaign||$53,656||656||85%||5.27|
|University of Illinois Institute of Technology||Chicago||$86,645||567||92%||6.84|
|University of St. Francis||Joliet||$28,728|
|Western Illinois University||Macomb||$13,654||499||62%||1.44|
Job Outlook for Business Graduates in Illinois
Nationwide, business graduates have a bright future. Recent data from the Bureau of Labor Statistics (BLS) predicts 2016 to 2026 total growth of at least 5% in 32 out of 37 business and management occupations.6 Market analysts and marketing specialists are expected to see the most growth, at 22.8% over ten years, with financial managers coming in second at 18.7%.6
Illinois’s overall unemployment rate has been dropping steadily since a recent peak of 11.3% in 2010; it now stands below 5% as of early 2018. Just over 550,000 people were employed in the business and management sector in Illinois in 2016.6 General and operations managers made up the largest subgroup by far, with 121,040 employed, more than double the next largest category.6 Business and operations specialists (54,880) and accountants and auditors (51,350) were almost tied for second place, while all other categories were in the 35,000 range or below.6
BLS data shows an average annual wage in 2016 across all occupations in Illinois of $53,234, ranking the state 19th out of 51 in the US (including the District of Columbia).6 For the business and management occupations shown below, the weighted average annual salary was around $98,800, or close to double the overall state average.6 Chief executives in the Land of Lincoln have by far the highest average salaries of business-related occupations, at around $190,000, with all other occupations below $135,000. Credit counselors were the lowest-paying subcategory at $48,380.6
|Accountants and Auditors||13-2011||51,350||$37||$76,950||10.0%|
|Administrative Services Managers||11-3011||14,450||$42||$86,770||10.1%|
|Advertising and Promotions Managers||11-2011||3,670||$44||$92,540||5.8%|
|Agents and Managers of Performers and Athletes||13-1011||0,170||$32||$66,950||4.9%|
|Architectural and Engineering Managers||11-9041||9,430||$63||$131,550||5.5%|
|Business Operations Specialists||13-1199||54,880||$32||$67,260||8.8%|
|Compensation and Benefits Managers||11-3111||1,000||$58||$120,380||5.0%|
|Compensation and Job Analysis Specialists||13-1141||2,650||$32||$67,570||8.5%|
|Information Systems Managers||11-3021||15,740||$65||$134,760||11.9%|
|Human Resources Managers||11-3121||9,020||$52||$108,450||8.9%|
|Human Resources Specialists||13-1071||21,030||$29||$60,810||7.1%|
|Labor Relations Specialists||13-1075||4,860||$29||$60,800||-7.8%|
|Market Analysts and Marketing Specialists||13-1161||22,050||$30||$62,920||22.8%|
|Meeting and Event Planners||13-1121||4,220||$25||$52,180||10.2%|
|Public Relations Managers||11-2031||3,830||$54||$112,720||10.4%|
|Tax Examiners and Revenue Agents||13-2081||1,490||$35||$72,680||-0.6%|
|Training and Development Managers||11-3131||2,210||$46||$94,990||10.3%|
|Training and Development Specialists||13-1151||9,730||$28||$59,100||11.5%|
1. National Center for Education Statistics: https://nces.ed.gov/
2. AACSB, Best Business Schools: https://bestbizschools.aacsb.edu/
3. ACBSP, Business Schools: https://www.acbsp.org/
4. IACBE, Business Schools: http://iacbe.org/
5. Higher Learning Commission: https://www.hlcommission.org/
6. US Bureau of Labor Statistics, Occupational Employment and Wage Estimates, Illinois: https://www.bls.gov/oes/current/oes_li.htm
7. Illinois State Board of Education: https://www.isbe.net/
8. US News & World Report: https://www.usnews.com/best-graduate-schools/top-business-schools