MIT Sloan School Of Management, Cambridge Overview

Founded in 1914, the Sloan School of Management is the business school of the Massachusetts Institute of Technology (MIT). Located along the Charles River in Cambridge, Massachusetts, USA, the school has an enrollment of 1,300 students, with 43% of them being international students.

MIT Sloan is recognized as one of the leading business schools in the USA. Its programs, such as the Master of Finance and Master of Science in Management Studies, have high international student populations, with 87% and 96%, respectively. The school maintains global programs and partnerships, with 53 locations across 6 continents.

Ranked #1 for best value by US News in 2022, MIT Sloan is noted for its affordability compared to other top institutions. The average tuition fee for undergraduate programs at MIT Sloan is approximately 22.16 lakhs INR. For graduate programs, the tuition ranges from 60.75 lakhs to 91.15 lakhs INR. Additionally, the cost of living for international students in the USA is around 31.3 lakhs INR per year.

Advantages

• Impressive Rankings: MIT Sloan consistently ranks among the top business schools in the USA. Last year, it received 7,122 applications for its MBA program.
• High International Student Enrollment: With 43% of its students coming from abroad, MIT Sloan boasts a significant international presence.
• Notable Alumni: Graduates have founded successful companies such as PillPack, E*Trade, Akamai, Gartner, Genentech, HubSpot, InVivo Therapeutics, and Zipcar.
• Corporate Partnerships: The school's location in Cambridge provides access to opportunities with major Fortune 500 companies like Amazon, Facebook, Google, Microsoft, and Pfizer.

Disadvantages

• Selective Admissions: MIT Sloan has a highly competitive admission process, with an acceptance rate of just 4.1%.
• Limited Academic Programs: The school focuses primarily on business-related disciplines, offering a narrow range of academic options.
• High Costs: The tuition and overall cost of attendance at MIT Sloan are higher compared to many other business schools in the USA.

Sloan School of Management Rankings

The Sloan School of Management is renowned for its thriving entrepreneurial ecosystem, supported by 30,200 active alumni-funded companies. Here are some key rankings for Sloan School of Management:

• Times Higher Education Ranking: 1st among U.S. universities.
• QS World University Rankings: 1st in the Master's in Business Analytics program and 4th in the Master's in Finance program.
• U.S. News & World Report: 5th in Best Business Schools.

Comparison with Other Business Schools:

Sloan School of Management Campus

The MIT Sloan campus is situated in Cambridge, Massachusetts, surrounded by innovative industries, a vibrant community, and excellent research facilities. To support student life, the university provides a range of on-campus services and amenities:

• Dining and Entertainment: The campus features a variety of restaurants, music and art venues, and entertainment options.
• Student Organizations: Approximately 450 student-run organizations and co-curricular clubs are available, including the Outing Club, Solar Electric Vehicle Team, Debate Team, FM local broadcasting station (WMBR), MIT Society of Women Engineers, Student Art Association, and Model UN.
• Cultural Groups: The campus is home to several cultural groups such as the Black Students’ Union, Asian American Association, and South Asian American Students Association.
• Campus Services: MIT Sloan offers comprehensive services including housing, dining, medical services, and parking facilities.

Sloan School of Management Accommodation

The Sloan School of Management offers a variety of on-campus graduate residences. There are eight graduate housing options available, catering to both independent students and families. All first-year undergraduate students are required to reside on campus.

Undergraduate Housing Rates

Graduate Housing Rates (in INR)

Off-Campus Accommodation

The university assists students in finding off-campus housing by providing access to various resources. Students can view available listings at www.mitoffcampus.com or contact [email protected] for more information.

Sloan School of Management Programs

MIT Sloan offers a range of programs including bachelor's, master's, and doctoral degrees. The school provides 11 degree and non-degree options to cater to diverse student interests. Additionally, it offers a 9-month Executive Program in General Management.

Sloan School of Management also partners with other MIT departments and Harvard University to offer joint degree programs, allowing students to pursue a dual degree in their chosen fields of interest.

Sloan School of Management Application Process

Applicants to any program at the Massachusetts Institute of Technology must adhere to the specific admission guidelines set by the Sloan School of Management.

Steps to apply for MIT Sloan

Step 1: Create an account on MIT Account

Step 2: Submit the necessary documents

Step 3: Schedule an Interview (not mandatory)

Step 4: Wait for the decision to be declared

Application Process for Sloan School of Management

Application Portal: Varies by program
Application Fee: $75 - $250

Undergraduate Program Admission Requirements:

• GPA scores and previous transcripts
• Proof of English language proficiency
• Essays
• Passport photocopy (for U.S. visa documentation)
• Three letters of recommendation
• ACT/SAT scores
• Financial support documentation (required for F-1 visa applicants):
• Bank statement or scholarship letter
• Declaration of financial support from private sponsors
• Official letter from the government for government-sponsored students

Postgraduate Program Admission Requirements:

• GMAT/GRE scores
• Resume
• Response to essay question
• Video questions
• Previous transcripts and study records
• Three letters of recommendation
• English language proficiency scores:
  • TOEFL iBT: 90
  • IELTS: 7.0
  • PTE: 65

Sloan School of Management Cost of Attendance

The cost of attendance represents the average annual expense of studying at a particular institution. For students at MIT Sloan School of Management, the estimated annual costs to live in the US are as follows:

• Tuition Fee: ₹1.98 lakh
• Books and Supplies: ₹1.96 lakh
• Computer: ₹1.54 lakh
• Food: ₹4.80 lakh
• Personal Expenses (including health insurance): ₹7.17 lakh
• Housing: ₹12.12 lakh
• Transportation: ₹1.73 lakh

Sloan School of Management Scholarships

MIT Sloan School of Management offers several financial aid options for students. These include personal savings, grants, bursaries, government or employer funding, and scholarships for studying in the US. Fellowships are awarded to students who have been accepted and demonstrate outstanding academic records, career achievements, and academic potential.

Some of the fellowships available at Sloan include the Jim and Sara Anderson Fellowship, Antonios and Ioannis Angelicoussis Foundation Fellowship, and the Linda Archer Cornfield Fellowship, among others.

Here are some scholarships and financial aid options for students pursuing the Master of Finance program, along with their eligibility criteria:

Aker Scholarship:

• Requires a valid CV, academic marks, letters of recommendation, and references.
• Applicants must submit a 1.5 to 2-page application letter, a letter of intent, and a personal statement explaining why they deserve the scholarship.

Fundación Gondra Barandiaran Scholarship:

• Covers full tuition for two years.
• MBA candidates must be accepted in round 1 or round 2.
• Applicants for both MBA and MFIN programs must apply within 20 days of their admission decision for FGB bursaries.

McKinsey Award:

• Awarded to first-year MBA students.
• Three students receive $10,000 each.
• Selection is based on the admission application, interview, academic records, personality, professional experience, and community contribution.

Sloan School of Management Alumni Network

MIT Sloan School of Management alumni enjoy various benefits and perks, including:

• Infinite Connection Service: Allows alumni to keep their personal and professional information current and stay connected with fellow alumni.
• Campus Resources: Access to amenities such as the Zesiger Fitness Center and an MIT Alumni ID Card.
• Library Access: Alumni can borrow materials and use MIT libraries at a special rate with a Borrowing Card.

Notable alumni from MIT Sloan School of Management include:

• Carly Fiorina: Former CEO of Hewlett Packard
• Gideon Gartner: Founder of Gartner
• Nitin Nohria: Dean of Harvard Business School

Sloan School of Management Placement

MIT Sloan School of Management provides excellent placement opportunities for graduates seeking employment. The Career Development Office at MIT Sloan helps students, graduates, and alumni enhance their professional skills and kickstart their careers. Prominent employers include Amazon, Bain & Company, McKinsey & Company, and The Boston Consulting Group. MIT Sloan boasts a 96% placement success rate.

Master of Finance Employment Highlights:

• 100% of finance graduates received job offers within six months of graduation.
• 100% of Master of Finance graduates secured full-time positions.
• 88% of international graduates obtained employment.

Graduate Salaries by Degree:

The highest paying degree at Sloan School of Management is the Master in Management, with an average annual salary of ₹1.38 crores. Conversely, alumni with a Master in Finance earn an average annual salary of ₹70.8 lakhs. Graduates in the Healthcare and Alternative Medicine sector earn an average of ₹2.08 crores annually, while those in Architecture, Real Estate, and Design earn the lowest average salary of ₹55 lakhs per year.