Business Degrees in Massachusetts
Massachusetts has been a leader in education at all levels for centuries. It was the first state to pass a law requiring municipalities to establish schools, over 100 years before the nation was founded, and many of the fundamentals of public education were developed here in the 1800s. It is home to the oldest college in the United States, and in 2018, its education system as a whole was ranked #1 in the country.
Massachusetts’ leadership in education extends to business schools as well. The state’s best-known business school is, of course, Harvard, which frequently lands at the very top spot for all business schools in the entire nation. Slightly less well-known is that the state is home to another top 10 school: MIT. Even though the school is more often associated with computers than boardrooms, the Sloan School of Management currently ranks 5th in the nation for its business degree programs. Massachusetts adds to these luminaries a number of schools that are also excellent but get less of the limelight and many additional options for students with a variety of needs and desires.
According to National Center for Educational Statistics (NCES) statistics, there are 60 public and non-profit schools offering business degrees in Massachusetts. Of these, 27 offer accredited programs at the undergraduate level and 18 at the graduate level. As always, be sure to look for an accredited school, because this is your assurance that the program you select has clearly stated objectives and that the school has proven that its program produces quality outcomes and adheres to national and international standards. Schools with accreditation are also more likely to offer ways to get real-world experience through interaction with actual businesses.
All of 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 will provide you with the data you need to choose the Massachusetts business school that best suits your unique needs. You’ll find discussion and data covering a variety of key factors: tuition, financial aid, entrance exam scores, acceptance rates, faculty characteristics, and more. The three sections that follow describe undergraduate programs, graduate schools, and the job prospects for business school graduates in Massachusetts.
Undergraduate Business Schools in Massachusetts
Massachusetts offers over two dozen schools for undergraduate business study, but as befits its reputation, most of these lean toward the higher end of the scale. The excellent reputations of so many of its schools, combined with the generally high cost of living in Massachusetts, result in an average tuition for all undergraduate business schools in the state of about $33,600. This figure is either at or near the top of the list of most expensive states for business education and close to double the average cost of some other states. There are few wallet-friendly options here: only 7 schools are below $15,000, and 4 of these are various locations of the state school, the University of Massachusetts. The other 20 schools are all around $30,000 or more, and 9 of those are over $40,000. The most expensive are Boston University, Brandeis University and Boston College, each topping out just over $50,000. (There might be a small surprise here as most people would expect Harvard to be the priciest!) Average financial aid is just over $20,000, which is good, but still leaves a sizable gap for students to cover.
We have acceptance rates for all of our schools, and they tend to generally be on the moderate side, except for the highest-end colleges. The overall average is 59%, and 18 of the schools are at 60% or higher. Dean College and Curry College are the easiest to get into, at 89%, while Harvard and MIT are the stingiest at 5% and 8% respectively.
Graduation rates for undergraduate business degrees in Massachusetts are quite good, so if you get into a school here, there’s a good chance you’ll get out the other side with a diploma in hand. The overall average graduation rate is a high 68%, led by Harvard’s impressive 97% figure. Even the schools with the lowest figures aren’t that low: 38% at Dean College and 39% at Anna Maria College. The best combination of acceptance rate and graduate rate is at the Massachusetts Maritime Academy, with 80% and 76% respectively.
The table below shows you all the important data you need about undergraduate business schools in Massachusetts, 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|
|Anna Maria College||Paxton||$36,110||$16,782||83.0%||0.4%|
|Babson College||Babson Park||$48,288||$34,363||1170-1370||27-31||25.0%||0.9%|
|Boston College||Chestnut Hill||$51,296||$35,919||1260-1460||30-33||31.0%||0.9%|
|Fitchburg State University||Fitchburg||$10,135||$5,877||890-1090||18-24||75.0%||0.5%|
|Framingham State University||Framingham||$9,340||$4,920||890-1090||20-25||65.0%||0.6%|
|Massachusetts Institute of Technology||Cambridge||$48,452||$37,116||1460-1590||33-35||8.0%||0.9%|
|Massachusetts Maritime Academy||Buzzards Bay||$8,004||$7,384||950-1150||20-26||80.0%||0.8%|
|University of Massachusetts – Amherst||Amherst||$14,971||$8,849||1130-1330||25-30||60.0%||0.8%|
|University of Massachusetts – Boston||Boston||$13,435||$8,534||960-1180||21-26||69.0%||0.5%|
|University of Massachusetts – Dartmouth||North Dartmouth||$13,188||$8,299||910-1130||20-26||76.0%||0.5%|
|University of Massachusetts – Lowell||Lowell||$14,307||$7,806||1070-1260||24-29||61.0%||0.6%|
Graduate Business Schools in Massachusetts
We have data on 18 accredited schools for graduate business study in Massachusetts. The high costs seen at the undergraduate level extend to post-graduate study as well: overall average tuition in the state is a whopping $75,000. This number is inflated by the nearly $150,000 cost of both Harvard and MIT’s elite programs, but even ignoring those, 11 of the other 16 colleges are north of $65,000. The least expensive option is Lasell College at $21,600.
We have average admission GMAT scores for 16 of our schools. Of these, 12 fall roughly between 500 and 650. The two schools with lower figures are the University of Massachusetts – Dartmouth at 422 and Western New England University at 475. Unsurprisingly, Harvard and MIT are the two on the high end, with very high average admittance GMAT scores of 731 and 722 respectively. We have figures on the percentage of full-time faculty with doctorate degrees for 13 schools, which range from 71% at Boston University to nearly 98% at the University of Massachusetts – Dartmouth.
These days, busy people want to have it all: keep their successful careers going strong while simultaneously enhancing their future prospects with a graduate degree. For these people and others needing flexibility, there are over half a dozen options for online MBA programs in Massachusetts. Suffolk University was the first school in Massachusetts to establish an online MBA program, back in 1999, and offers both entirely online and mixed online / in-person options. The online program from the Isenberg School of Management at the University of Massachusetts Amherst is ranked in the top 5 worldwide and best in the nation by the Financial Times; the program offers several focus areas and it too can be done online or “mixed.” Other schools offering online MBAs include Northeastern University; Simmons College; the University of Massachusetts at Boston, Amherst, and Dartmouth; Western New England University; Fitchburg State College; and Endicott College.
The table below 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.
|Babson College||Babson Park||$126,140||583||82%||2.99|
|Boston College||Chestnut Hill||$91,450||637||2.43|
|Massachusetts Institute of Technology||Cambridge||$147,900||722|
|University of Massachusetts – Amherst||Amherst||$29,508||570||88%||0.94|
|University of Massachusetts – Boston||Boston||$67,820||547||82%||4.64|
|University of Massachusetts – Dartmouth||North Dartmouth||$22,368||422||98%||2.4|
|University of Massachusetts – Lowell||Lowell||$27,598||507||75%||1.35|
|Western New England University||Springfield||$29,644||475||82%|
|Worcester Polytech Institute||Worcester||$67,584||634||94%||4.45|
Job Outlook for Business Graduates in Massachusetts
Recent Bureau of Labor Statistics (BLS) data predicts total growth of at least 5% in 32 out 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 next at 18.7%.
Massachusetts has had a strong economy for many years, with a state unemployment rate that has been consistently below the national average over the last decade and is currently at 3.5%. About 363,000 people were employed in the business and management sector in Massachusetts in 2016. The largest subgroup was general and operations managers, by a wide margin, at 71,900 employed, followed well back by accountants and auditors (35,700) and financial managers (28,600). Management analysts came in at 22,500 and market research and marketing specialists just over 20,000; all other categories were near or below 15,000.
According to BLS data, the overall average annual wage in 2016 across all occupations in Massachusetts was $75,297, good enough for 5th spot among the 51 states and the District of Columbia. Business and management occupations had a much higher weighted average annual salary of around $113,600 that year, which is among the highest in the nation. Chief executives were the highest-paid subgroup, like they are in most states, with a comfortable average salary of $212,000. Most management positions were in the range from about $120,000 to $150,000; even the bottom spot, for meeting and event planners, topped $60,000.
|Accountants and Auditors||13-2011||11,020||$102||$212,000||10.0%|
|Administrative Services Managers||11-3011||71,880||$63||$131,010||10.1%|
|Advertising and Promotions Managers||11-2011||1,290||$67||$140,240||5.8%|
|Architectural and Engineering Managers||11-9041||11,790||$68||$142,040||5.5%|
|Business Managers of Artists and Athletes||13-1011||4,200||$61||$126,490||4.9%|
|Business Operations Specialists||13-1199||13,040||$51||$105,250||8.8%|
|Compensation Job Analysis Specialists||13-1141||28,640||$67||$138,610||8.5%|
|Compensation and Benefits Managers||11-3111||2,800||$58||$120,940||5.0%|
|Computer and IT Systems Managers||11-3021||5,090||$62||$128,720||11.9%|
|Human Resources Managers||11-3121||2,800||$31||$63,840||8.9%|
|Human Resources Specialists||13-1071||2,390||$39||$80,110||7.1%|
|Labor Relations Specialists||13-1075||2,310||$29||$60,340||-7.8%|
|Market Analysts and Marketing Specialists||13-1161||11,550||$40||$82,880||22.8%|
|Meeting, Convention, and Event Planners||13-1121||2,060||$37||$77,480||10.2%|
|Public Relations Managers||11-2031||13,700||$46||$96,700||10.4%|
|Tax Examiners and Collectors||13-2081||1,390||$30||$62,740||-0.6%|
|Training and Development Managers||11-3131||1,650||$32||$66,440||10.3%|
|Training and Development Specialists||13-1151||1,440||$37||$76,230||11.5%|
1. National Center for Education Statistics:https://nces.ed.gov/
2. AACSB, Best Business Schools:http://bestbizschools.aacsb.edu/aacsb-accredited
3. ACBSP, Business Schools:https://www.acbsp.org/?page=accreditation
4. IACBE, Business Schools:http://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 Massachusetts: https://www.bls.gov/oes/current/oes_ca.htm
7. Massachusetts Board of Education: http://www.mass.edu/
8. US News & World Report, 2018 Best Business Schools: https://www.usnews.com/best-graduate-schools/top-business-schools