Business Schools in Maine
The largest state in New England but the 12th smallest in the US as a whole, Maine is famous for the eight-legged delicacy but also for its vast natural beauty: rocky shorelines, soaring forests, roaring rivers, and the northern end of the Appalachian mountain chain (and the Appalachian Trail). It is also home to Acadia National Park, the only national park in the northeastern part of the country. Its largest city, Portland, has become a trendy town for professionals looking to escape the big city of Boston but not go too far away; it frequently appears on lists of the “Best Places to Live in the US.”
With a population of about 1.3 million people, Maine ranks 42nd in the US, and the low population generally means relatively few colleges of any type. Statistics from the National Center for Educational Statistics (NCES) show only 13 public and non-profit schools that grant undergraduate and graduate business degrees in the state. Eliminating schools without accreditation reduces these numbers further: there are 7 accredited undergraduate schools and only 3 at the graduate level. Despite leaving fewer options, accreditation is important to look for when searching for colleges. It ensures that the school you select defines objectives for its programs and has proven that it produces quality outcomes while adhering to national and international standards. Accredited schools also typically offer a richer educational experience via interaction with real-world businesses.
All the schools in this article have been accredited by the Association to Advance Collegiate Schools of Business (AACSB), Accreditation Council for Business Schools and Programs (ACBSP), and/or International Accreditation Council for Business Education (IACBE). They are all public or non-profit and regionally accredited by the New England Association of Schools and Colleges (NEASC).
This article contains the essential data you need to help you choose the business school in Maine that best suits your unique needs based on a variety of key factors, including tuition costs, financial aid availability, entrance exam scores, acceptance rates, and more. The three sections that follow describe undergraduate programs, graduate schools, and the job prospects for business schools in the Pine Tree State.
Undergraduate Business Schools in Maine
Maine’s undergraduate business programs have one of the lowest average costs in the entire country. Our 7 schools have an overall average tuition of only $12,300, which is very low, and this number includes the $35,600 tuition at the University of New England. Exclude that school and the average is just $8,400, making Maine one of the best budget options. The least expensive school is Northern Maine Community College, at just $3,500. The average financial aid for all 7 schools is about $8,100.
We have acceptance rate data for 5 of our schools, and the numbers are very favorable for students. The average of 83% is one of the best around, and none of the schools for which we have figures were below 80%.
Graduation rates for undergraduate business degrees in Maine, however, are on the low side. We have numbers for the same 5 schools here, which have an overall average of only 47%. The best rate, 59%, can be found at the University of Maine at Orono and the University of New England. The University of Maine at Fort Kent has the lowest rate: just 27%. The best combination of acceptance rate and the graduation rate is at the University of Maine at Orono, with an acceptance rate of 90% and graduation rate of 59%.
The table that follows shows you all the essential data you need about undergraduate business schools in Maine, including annual in-state tuition costs, average aid per student, acceptance rates, SAT and ACT score ranges 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|
|Kennebec Valley Community College||Fairfield||$3,790||$4,526|
|Northern Maine Community College||Presque Isle||$3,464||$4,971|
|University of Maine||Orono||$10,628||$9,124||950-1190||21-26||90%||59%|
|University of Maine at Fort Kent||Fort Kent||$7,575||$5,150||790-985||16-22||81%||27%|
|University of New England||Biddeford||$35,630||$17,870||940-1150||21-26||83%||59%|
|University of Southern Maine||Portland||$7,796||$6,939||870-1090||19-25||80%||34%|
Graduate Business Schools in Maine
Only a small number of schools offer graduate business programs in Maine. The University of Maine at Orono and the University of Southern Maine offer programs at a tuition cost of about $27,000. Their average GMAT scores on admitted students were in the moderate range at 523 and 587 respectively. The third school, the University of New England, is a less expensive option at around $18,000.
There are two accredited online MBA programs in Maine that may be worth considering if you want to advance your education and career simultaneously. The University of Maine offers an online MBA program that can be taken entirely online or as a mix of online and in-person courses. It is based on the same curriculum as its Essential MBA program. St. Joseph’s College of Maine is the other school with an online MBA, which is specifically oriented toward leadership and includes 42 credits arranged into four tracks.
The table that follows shows graduate business school tuition costs, average accepted applicant GMAT scores, percentage of faculty with a doctorate degree, and student-to-faculty ratios. Click any column header to sort the table based on its contents.
|University of Maine||Orono||$27,650||523||0.86|
|University of New England||Biddeford||$18,440|
|University of Southern Maine||Portland||$26,785||587||72%||0.46|
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Job Outlook for Business School Graduates in Maine
Bureau of Labor Statistics (BLS) data predicts total growth of at least 5% in 32 of 37 business and management occupations across the US between 2016 and 2026. The highest growth will be for market analysts and marketing specialists, at 22.8% over ten years, with financial managers coming in second at 18.7%.
Maine’s economy has generally been stronger than that of the nation as a whole over the last decade or so. Its unemployment rate currently sits at a very low 2.9%, well below the US average of 4% at the time of writing. About 43,000 people were employed in the business and management sector in Maine in 2016. The largest subgroup was general and operations managers at 12,950, well ahead of accountants and auditors at 4,150.
According to BLS data, Maine ranked in the middle of the pack at 33rd among the 50 states and the District of Columbia for overall average annual wage across all occupations in 2016: It came in with a value of $53,079, just below the national average of $57,617. Business and management occupations had a weighted average annual salary of around $86,000 that year, which is on the low side compared to national averages, but Maine has a relatively low cost of living. As in most states, chief executives were the highest-paid category at nearly $149,000. Most management positions fell between $80,000 and $130,000. The lowest-paid category was tax preparers at $42,050.
|Accountants and Auditors||13-2011||4,150||$33||$67,980||8.0%|
|Administrative Services Managers||11-3011||1,460||$37||$77,610||9.1%|
|Advertising and Promotions Managers||11-2011||100||$49||$101,450||5.8%|
|Architectural and Engineering Managers||11-9041||660||$61||$127,180||7.4%|
|Business Operations Specialists||13-1199||3,680||$32||$65,540||10.1%|
|Compensation and Benefits Managers||11-3111||40||$52||$108,650||0.187|
|Compensation, and Benefits Specialists||13-1141||350||$29||$59,850||5.6%|
|General and Operations Managers||11-1021||12,590||$47||$97,120||7.1%|
|Human Resources Managers||11-3121||510||$49||$102,490||-7.8%|
|Human Resources Specialists||13-1071||1,650||$29||$59,530||6.9%|
|Information Systems Managers||11-3021||1,310||$56||$116,120||12.0%|
|Labor Relations Specialists||13-1075||240||$39||$81,510||8.5%|
|Market Analysts and Marketing Specialists||13-1161||750||$33||$69,120||10.0%|
|Meeting and Event Planners||13-1121||240||$24||$49,710||8.4%|
|Public Relations and Fundraising Managers||11-2031||470||$42||$88,380||10.8%|
|Tax Examiners and Revenue Agents||13-2081||270||$26||$53,960||13.9%|
|Training and Development Managers||11-3131||110||$47||$97,400||-0.6%|
|Training and Development Specialists||13-1151||990||$26||$54,460||10.8%|
Other Popular State Pages
1. National Center for Education Statistics:https://nces.ed.gov/
2. AACSB, Best Business Schools:https://bestbizschools.aacsb.edu/aacsb-accredited
3. ACBSP, Business Schools:https://www.acbsp.org/page/accreditation
4. IACBE, Business Schools:https://iacbe.org/accreditation/
5. US Bureau of Labor Statistics – Occupational Outlook Handbook, Business and Financial Occupations: https://www.bls.gov/ooh/business-and-financial/home.htm
6. US Bureau of Labor Statistics – Employment and Wage Estimates Maine: https://www.bls.gov/oes/current/oes_me.htm
7. US News & World Report, Best Business Schools: https://www.usnews.com/best-graduate-schools/top-business-schools