Business Degrees in New Jersey
New Jersey offers a valuable combination of features for the prospective business student: proximity to one of the most important business and financial centers of the world and a number of worthwhile options for obtaining a business degree.
As a relatively small state, there are not a lot of public and non-profit business in New Jersey: 28 according to National Center for Educational Statistics (NCES) statistics. However, the state does feature one of the highest percentages of business schools with business accreditation: 22 of 28 for undergraduate study and 17 of 28 for graduate-level work. Accreditation is important because it provides assurance that the program you start has clear objectives and that the school has proven that it produces quality outcomes while adhering to national and international standards. Accredited business schools are also known 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 Middle States Commission on Higher Education (MSCHE).
In this article you will find essential data to help you choose the New Jersey business school that best suits your unique needs based on a variety of key factors: tuition, financial aid, entrance exam scores, acceptance rates, and more. The three sections that follow describe undergraduate programs, graduate schools, and the job prospects for business school graduates in New Jersey.
Undergraduate Business Schools in New Jersey
While a smaller state, New Jersey is still part of a major population center, and for this reason most of its colleges are more expensive than ones you would find in a less populous region. The average tuition for undergraduate degrees is $23,600, while average maximum financial aid offered is $13,900. The most expensive school is the highly regarded (top 100 in the US) Stevens Institute of Technology, with tuition of around $48,800 and financial aid offered just below half this figure. The two most affordable schools are Essex County College ($8,000 tuition and $4,900 financial aid) and County College of Morris ($8,400 tuition and $4,200 financial aid). The schools for this state show an interesting bimodal distribution: nearly all are either below $17,000 (12 of 22) or over $31,000 (10 of 22).
We were able to obtain acceptance rate data for 20 of our 22 schools. New Jersey undergraduate business schools tend to have very high acceptance rates; the overall average of the 22 was 69.5%, and 12 of the 20 are at 70% or higher. The highest acceptance rate was 88% at Centenary University, while the lowest was 39% at the Stevens Institute of Technology.
Graduation rates for undergraduate business degrees in New Jersey are mostly moderate, but with a wide range: as high as 87% at the College of New Jersey, but as low as 31% at New Jersey City University. Fourteen of the 20 schools for which we have data graduated 51% to 73% of their students, and the overall average for all schools was 60.6%. Stockton University and Monmouth University tied exactly for first place when looking at the combination of acceptance rate and graduate rate, as both have a 77% acceptance rate and 70% graduation rate.
The table that follows shows you all the important data you need about undergraduate business schools in New Jersey, including annual in-state tuition costs, average aid per student, acceptance rates, SAT and ACT score ranges of accepted students, and graduation rates. You can click any column header to sort the table based on its contents.
|School||City||Tuition||Aid||Median SAT||Median ACT||Accept. Rate||Grad. Rate|
|College of New Jersey||Ewing||$15,794||$8,948||1100-1300||25-30||49%||87%|
|County College of Morris||Randolph||$8,380||$4,236|
|Essex County College||Newark||$8,011||$4,872|
|Fairleigh Dickinson University||Teaneck||$37,988||$22,609||870-1070||17-22||77%||42%|
|Georgian Court University||Lakewood||$31,618||$19,239||850-1040||17-23||74%||42%|
|Monmouth University||West Long Branch||$35,364||$16,371||930-1120||21-25||77%||70%|
|Montclair State University||Montclair||$12,116||$6,965||66%||65%|
|New Jersey City University||Jersey City||$11,430||$7,947||760-990||85%||31%|
|New Jersey Institute of Technology||Newark||$16,430||$12,487||1110-1310||23-29||59%||61%|
|Ramapo College of New Jersey||Mahwah||$13,870||$9,774||970-1190||21-26||53%||73%|
|Rutgers University – Camden||Camden||$14,238||$8,617||890-1120||57%||59%|
|Rutgers University – Newark||Newark||$13,829||$10,434||910-1100||65%||66%|
|Saint Peter’s University||Jersey City||$35,192||$26,351||830-1030||16-23||74%||54%|
|Seton Hall University||South Orange||$39,258||$22,054||1070-1250||23-27||67%||64%|
|Stevens Institute of Technology||Hoboken||$48,838||$23,345||1260-1440||29-33||39%||83%|
|William Paterson University||Wayne||$12,574||$6,304||890-1080||76%||51%|
Graduate Business Schools in New Jersey
We have data on 17 accredited schools for graduate business study in New Jersey. Tuitions for MBAs in New Jersey tend to be on the moderate side, with the overall average tuition of around $41,000. Unlike in some other states, there are no programs in the six figures here to distort the average, and 10 of the 17 are roughly in the $30,000 to $50,000 range. The most expensive school, at about $73,000, can be found at the Stevens Institute of Technology, while the least expensive, William Paterson University, comes in at just above $24,000.
We have average admission GMAT scores for 10 of the 17 schools, which fall in a fairly narrow range of 454 (Stockton University) to 606 (Rutgers-State University of New Jersey-Newark). We have data on the percentage of full-time faculty with doctorate degrees for 13 schools, all of which are over 75%. Of these, 9 are over 85% and 6 over 95%, figures that are higher than those found in most states.
If you want to keep growing in your career while enhancing your education, you may want to consider one of the online MBA programs in New Jersey. The New Jersey Institute of Technology offers a program specifically designed so that it is considered equal to its in-person MBA, with specializations in Marketing, Finance, and Management Information Systems. Rutgers, The State University of New Jersey-Camden offers a highly regarded 100% online MBA program. Rowan University, ranked #3 among public schools in the north by US News & World Report, offers an online MBA with great flexibility: it can be started any time of the year. Rutgers at Newark / New Brunswick offers online “mini MBA” programs that take only 12 weeks to complete. The Stevens Institute of Technology also offers a technology-oriented online MBA. 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 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.
|College of New Jersey||Ewing||$32,638||100%|
|Fairleigh Dickinson University||Teaneck||$54,810|
|Georgian Court University||Lakewood||$32,400|
|Monmouth University||West Long Branch||$50,552||491||82.5%||1.49|
|Montclair State University||Montclair||$35,900||77.8%|
|New Jersey City University||Jersey City||$24,984|
|New Jersey Institute of Technology||Newark||$41,832||567||100%||2.57|
|Ramapo College of New Jersey||Mahwah||$45,566||85.4%|
|Rutgers University – Camden||Camden||$43,365||538||97.8%||2.1|
|Rutgers University – Newark||Newark||$56,043||606||76.9%||2.1|
|Seton Hall University||South Orange||$54,055||559||95.2%||1.73|
|Stevens Institute of Technology||Hoboken||$73,148||569||95.7%||6.86|
|William Paterson University||Wayne||$24,228||504||86.8%||1.98|
Job Outlook for Business Graduates in New Jersey
Between 2016 and 2026, total growth of at least 5% is predicted in 32 out of 37 business and management occupations across the US, according to recent Bureau of Labor Statistics (BLS) data. 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%.
New Jersey’s economy has roughly tracked the national economy over the last 20 years. The overall state unemployment rate currently sits at 4.6%, slightly above the national average but still very low. About 327,000 people were employed in the business and management sector in New Jersey in 2016. The two largest subgroups were business and operations specialists (43,460) and general and operations managers (42,930), followed by accountants and auditors at 37,110 employed. All other categories were near or below 20,000.
According to BLS data, the overall average annual wage in 2016 across all occupations in New Jersey was $76,126, ranking the state 3rd out of 51 (including the District of Columbia). Maryland and Alaska were the only states with higher figures. Business and management occupations had a weighted average annual salary of around $117,000 in the same year, which is higher than the figure for many states, but only about 54% above the overall state average, where some states have their figure for business and management more than double the state average. The reason for the smaller differential is likely due to there just being a larger number of professionals in New Jersey as a percentage of the population compared to other states. As is the case with most states, chief executives were the highest-paid subgroup at just over $230,000, well ahead of 14 management categories ranging from $130,000 to $180,000. Tax preparers were the lowest-paid group at $52,650.
|Accountants and Auditors||13-2011||37,110||$43.94||$91,400||10.0%|
|Administrative Services Managers||11-3011||9,610||$63.19||$131,430||10.1%|
|Advertising and Promotions Managers||11-2011||560||71.42||$14,8540||5.8%|
|Agents and Managers of Artists and Athletes||13-1011||160||$33.83||$70,370||4.9%|
|Architectural and Engineering Managers||11-9041||4,000||$78.14||$162,530||5.5%|
|Business Operations Specialists||13-1199||43,460||$37.11||$77,180||8.8%|
|Compensation and Benefits Managers||11-3111||400||$78.65||$163,600||5.0%|
|Compensation and Job Analysis Specialists||13-1141||2,060||$37.53||$78,060||8.5%|
|Information Systems Managers||11-3021||13,900||$84.54||$175,830||11.9%|
|General and Operations Managers||11-1021||42,930||$80.67||$167,790||9.1%|
|Human Resources Managers||11-3121||3,740||$78.15||$162,540||8.9%|
|Human Resources Specialists||13-1071||16,460||$35.76||$74,390||7.1%|
|Labor Relations Specialists||13-1075||3,520||$45.69||$95,020||-7.8%|
|Market Analysts and Marketing Specialists||13-1161||18,330||$40.85||$84,970||22.8%|
|Meeting and Event Planners||13-1121||3,050||$30.29||$63,000||10.2%|
|Tax Examiners and Revenue Agents||13-2081||1,460||$37.16||$77,290||-0.6%|
|Training and Development Managers||11-3131||1,110||$71.14||$147,970||10.3%|
|Training and Development Specialists||13-1151||6,250||$36.13||$75,150||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 New Jersey: https://www.bls.gov/oes/current/oes_nj.htm
7. New Jersey State Board of Education: http://www.state.nj.us/education/sboe/
8. US News & World Report, 2018 Best Business Schools: https://www.usnews.com/best-graduate-schools/top-business-schools