Business Degrees in Michigan
When it comes to business degrees, Michigan, like the Midwest region where it is located, is solid and down-to-earth. There are no flashy Ivy League schools here, but Michigan offers many good programs to students interested in starting a career in the business field.
According to the National Center for Educational Statistics (NCES), there are 44 public and private non-profit schools in the state, of which 22 have accredited undergraduate business programs and 19 have accredited graduate business programs. All schools on our list are 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). The schools listed below are all public or private non-profit and also regionally accredited by the Higher Learning Commission (HLC).
It’s important to seek out a business degree program that has been accredited by external institutions. This ensures that their programs have clear goals and have demonstrated proven outcomes and that the school follows national and international standards. Accredited schools must also prove that they offer opportunities for students to interact with established businesspeople, allowing students to learn in ways that go beyond the classroom.
Below you will find critical information to help you decide on a school based on a variety of important criteria, such as tuition, financial aid, entrance exam scores, acceptance rates, and much more. The three sections that follow cover undergraduate programs, graduate schools, and job prospects for business school graduates in Michigan.
Undergraduate Business Schools in Michigan
Michigan is one of the more affordable states when it comes to undergraduate business schools, with the average tuition cost of the programs on our list at around $18,000 before financial aid. This average is skewed higher by a handful of more expensive programs – $58,420 at the Walsh College of Accountancy and Business Administration and roughly $40,000 each at Kettering University and University of Detroit Mercy – so 17 of the 22 programs in the state are below our average. The median tuition cost is only around $12,000 before financial aid. The most inexpensive schools are Jackson College, which charges just $5,640 for tuition while offering financial aid of up to $5,039, and Saginaw Valley State University, which costs $9,345 for tuition and offers $6,252 for financial aid.
We have acceptance rate information for 16 of the 22 undergraduate programs, and they are generally high. The average acceptance rate is 73%, and all the schools but one have acceptance rates of over 65%, with the highest being Lake Superior State University at 91%. The one school below 65% is well below that figure at 29%: the Ross School of Business at the University of Michigan, Ann Arbor. It is worth noting, though, that the Ross School is considered one of the top business schools in the entire country, so a 29% acceptance rate is relatively high. By way of comparison, the similarly rated Columbia University accepts just 7% of its applicants.
Graduation rates tend to be on the low side for undergraduate business degrees in Michigan. The average graduation rate of the 19 schools for which we have information is 51.5%, with 10 of the 19 graduating fewer than half of their students; Northwood University has the lowest graduation rate at 35%. As is often the case, the school that is the hardest to get into also has the highest graduation rate: the Ross School grants diplomas to 91% of its students.
Scan the table below to find all the important data about undergraduate business schools, including annual in-state tuition costs, average financial aid per student, acceptance rates, median SAT and ACT scores of accepted students, and graduation rates. Click on any column header to sort the table based on that value.
|School||City||Tuition||Aid||Median SAT||Median ACT||Accept. Rate||Grad. Rate|
|Central Michigan University||Mount Pleasant||$12,150||$6,468||890-1140||20-25||72%||58%|
|Eastern Michigan University||Ypsilanti||$11,209||$6,632||910-1140||19-25||41%|
|Ferris State University||Big Rapids||$11,290||$7,484||910-1180||19-25||78%||44%|
|Grand Valley State University||Allendale||$11,520||$5,280||940-1165||21-26||82%||66%|
|Lake Superior State University||Sault Ste Marie||$11,019||$8,302||860-1060||20-25||91%||42%|
|Lawrence Technological University||Southfield||$31,140||$14,030||1040-1260||22-29||69%||51%|
|Michigan State University||East Lansing||$14,062||$10,570||990-1260||24-29||66%||79%|
|Michigan Technological University||Houghton||$14,634||$10,917||1068-1335||25-30||37%|
|Northern Michigan University||Marquette||$9,766||$6,915||760-940||19-25||76%||47%|
|Oakland University||Rochester Hills||$12,064||$6,408||805-1110||20-27||86%||47%|
|Saginaw Valley State University||University Center||$9,345||$6,252||901-1100||20-25||76%||38%|
|University of Detroit Mercy||Detroit||$39,882||$22,880||960-1280||22-27||78%||68%|
|University of Michigan-Ann Arbor||Ann Arbor||$14,402||$16,842||1310-1500||29-33||29%||91%|
|University of Michigan-Dearborn||Dearborn||$12,032||$6,356||520-670||22-27||65%||54%|
|University of Michigan-Flint||Flint||$10,344||$7,069||978-1173||19-26||65%||37%|
|Walsh College of Accountancy and Business Administration||Troy||$58,420||$5,677|
|Wayne State University||Detroit||$12,269||$7,276||983-1260||20-27||81%||39%|
|Western Michigan University||Kalamazoo||$11,493||$7,698||900-1115||19-25||82%||53%|
Graduate Business Schools in Michigan
Business is also a popular course for graduate-level study, with many people choosing to add an MBA (or its equivalent) to their resumes, either directly after receiving a bachelor’s degree or after getting a few years of work experience. Michigan offers 19 choices for master’s-level business study, with a moderately affordable average cost for tuition and fees of about $37,000. As with undergraduate program costs, this average is skewed by the most expensive program, the Ross School of Business, which costs nearly $114,000 per year. Excluding this school drops the average tuition cost in Michigan to around $32,700 for the other 18 institutions, with Central Michigan University the most affordable graduate program, at $18,972.
Our data includes average admission GMAT scores for 14 graduate business schools in Michigan. The average scores cluster in a fairly tight range, from 437 at Detroit Mercy to 674 at Michigan State University. These same 14 schools reported figures for the percentage of faculty with doctoral degrees, ranging from 70% at Central Michigan University to 94% at Eastern Michigan University. Most of the schools have very good student-to-faculty ratios, with the University of Michigan-Flint the lowest at just 0.46 students per faculty member and Michigan State University the second highest at 2.6 students per faculty member. The one outlier here is, interestingly enough, the Ross School at the University of Michigan, Ann Arbor, which has a student-to-faculty ratio of 7 to 1.
As mentioned earlier, many students go back to school for a graduate business degree after obtaining work experience, and some prefer to keep working while studying at their own pace. There are a number of excellent online MBA programs in Michigan that suit this need nicely. Central Michigan University offers a highly-rated online program, and good options can also be found at the University of Michigan-Dearborn and University of Michigan-Flint, among others. Most online programs offer the same basic curriculum and courses as their offline equivalents.
The table that follows shows graduate business school tuition costs, average GMAT scores for accepted students, the percentage of faculty with a doctoral degree, and student-to-faculty ratios. Click any column’s header to sort the table based on that criteria.
|Central Michigan University||Mount Pleasant||$18,972||513||70%||2.04|
|Eastern Michigan University||Ypsilanti||$31,318||450|
|Ferris State University||Big Rapids||$27,072|
|Grand Valley State University||Grand Rapids||$25,536||524||76%||0.88|
|Lawrence Technological University||Southfield||$40,860||0||0%||0|
|Michigan State University||East Lansing||$56,626|
|Michigan Technological University||Houghton||$31,272||80%||1.58|
|Northern Michigan University||Marquette||$23,429||520||82%||0.63|
|Saginaw Valley State University||University Center||$20,488||450||85%||1.25|
|University of Michigan||Ann Arbor||$113,837||664|
|University of Michigan-Dearborn||Dearborn||$39,813||583|
|University of Michigan-Flint||Flint||$28,091||549|
|Walsh College of Accountancy & Business Administration||Troy||$32,340|
|Wayne State University||Detroit||$27,466|
|Western Michigan University||Kalamazoo||$20,938|
Job Outlook for Business Graduates in Michigan
Business graduates have a bright future across the United States. According to recent Bureau of Labor Statistics (BLS) data, from 2016 to 2026, a total growth of at least 5% is projected in 32 out of 37 business and management occupations listed.5 Market analysts and marketing specialists are predicted to have the most growth nationwide, at 22.8% over that ten-year-period, with financial managers coming in second place at 18.7%.5
Michigan’s overall unemployment rate remains stable and low; it has been near or slightly below 5% for the last two full years, after spiking to nearly 15% during the Great Recession.8 In the state, a total of about 260,000 people were employed in the business and management sector in 2016.6 General and operations managers comprise the largest subgroup by far, with 58,040 employed, well ahead of accountants and auditors at 30,510 and business operations specialists at 26,280.6
BLS data shows that the average annual wage in 2016 across all occupations in Michigan was $45,981, ranking the state 35th out of 51 in the US (including the District of Columbia).6 For the business-related occupations shown below, the weighted average annual salary was around $94,360, more than double the overall state average.6 As is usually the case, chief executives led the field by a wide margin, with average salaries of $184,740, well ahead of sales managers, which came in second at $133,370.6 Tax preparers were the lowest-paying subcategory at $42,850.6
|Accountants and Auditors||13-2011||30510||35.75||74360||10.0%|
|Administrative Services Managers||11-3011||6110||43.07||89590||10.1%|
|Advertising and Promotions Managers||11-2011||650||49.26||102460||5.8%|
|Agents and Business Managers||13-1011||250||33.73||70150||4.9%|
|Business Operations Specialists||13-1199||26280||32.16||66890||8.8%|
|Compensation and Benefits Managers||11-3111||340||55.87||116210||5.0%|
|Compensation and Job Analysis Specialists||13-1141||1620||31.23||64950||8.5%|
|Information Systems Managers||11-3021||8730||60.03||124860||11.9%|
|Human Resources Managers||11-3121||3770||51.64||107400||8.9%|
|Human Resources Specialists||13-1071||14160||29.25||60850||7.1%|
|Labor Relations Specialists||13-1075||4240||31.81||66170||-7.8%|
|Research Analysts and Marketing Specialists||13-1161||14790||31.93||66410||22.8%|
|Public Relations Managers||11-2031||1300||53.3||110870||10.4%|
|Tax Examiners and Revenue Agents||13-2081||600||35.12||73040||-0.6%|
|Training and Development Managers||11-3131||680||52.31||108800||10.3%|
|Training and Development Specialists||13-1151||5370||28.73||59760||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 Michigan: https://www.bls.gov/oes/2017/may/oes_mi.htm
7. US News & World Report, 2019 Best Business Schools: https://www.usnews.com/best-graduate-schools/top-business-schools
8. Chicago Fed Blogs – Michigan Economy: http://michiganeconomy.chicagofedblogs.org/?p=939