STEM MBA is the Next Big Thing

Question

The Rise and Rise of the STEM MBA in America

International MBA students studying on an  F1 visa i n the USA gain access to the American job market through the OPT or the  Optional Practical Training . OPT allows international students temporary employment of up to 12 months in the USA  buying them time for applying to the lottery-based  H1B visa  - that holds the fate of thousands of international professionals to ransom every year.

With the ongoing anti-immigrant political scenario in the US, and tightening of the H1B visa law, finding jobs has become increasingly challenging. Getting an H1B visa is a gamble anyway; add to this, the reluctance of employers- even traditionally favorable ones- to hire international students. The result is, prospective students are now shying away from applying for American MBAs, leading to drastic falls in applications across US business schools.

In this glum scenario, b-schools offering a STEM designation for their MBA programs bring tremendous hope for international applicants. STEM designations were traditionally granted to academic programs focused on Science, Technology, Engineering, and Math. These programs are allowed a 24-month extension to the OPT, thus allowing students a 3-year stay in the US without needing the H1B visa. So far, only technical Masters programs were STEM-designated, but since the past 2-3 years, MBA programs are also becoming STEM certified for certain MBA specializations or the entire MBA programs.

So, how do MBA and STEM degrees work together? The purpose of an MBA program is to develop future business leaders. As businesses increasingly employ data and analytics for superior decision making, acquiring advanced quantitative skills and analytical frameworks become crucial skills for MBA students. The STEM MBAs focus on building exactly these technical skills while also imparting core business education to students. This combination of technical and management skills makes MBAs more attractive to employers.

We at  MBA Decoder  are excited about these changes and have compiled a list of the b-schools that have started offering the STEM designation.

STEM DESIGNATION FOR ENTIRE MBA PROGRAM

The Stanford Graduate School of Business   two-year MBA and the one -year MSx Program for senior executives are fully STEM-designated degree programs.

Simon Business School  at the University of Rochester was among the first MBA to offer a STEM MBA in 2018. At Simon, you can select  any of their 10 areas of specialization  (Asset Management, Banking, Corporate Finance, Venture Capital & Private Equity,  Brand Management, Product Management, Operations, Pricing, Strategy, Technology)  and still receive a STEM designation. Simon has no special application for applying to the STEM MBA. All you need to do is make your choice known by ticking the right box when you are filling up your application.

Carnegie Mellon University's Tepper MBA  gained the STEM designation this year. Tepper has since long positioned itself as a b-school that integrates business, technology, and analytics. Last year, Tepper launched the Tepper Quad- an innovation hub where the MBA program is housed, providing it access to all other colleges of Carnegie Mellon University, bringing together students studying cutting edge technology, entrepreneurship, analytics and other technical degrees for making business magic together.  The Tepper MBA has an intense focus on developing students' advanced quantitative skills across all specializations of the MBA, therefore the  STEM designation for the entire MBA  sounds a natural step in the program's evolution.

Berkeley Haas MBA  is the latest to receive the STEM Designation  for the Full-Time MBA program, EMBA and the weekend MBA programs . According to Haas' press release, after review from the  National Center for Education Statistics,  the Haas MBA degree programs were changed from “Business Administration and Management, General,” to “Management Science,” which is considered a STEM MBA. F1 visa students can apply for visa extensions in their first year of work after completing their MBAs.

STEM DESIGNATION FOR SOME COMPONENTS OF THE MBA PROGRAM

In April 2019,  Darden  announced its STEM-designated MBA concentration in  Management Science . This has been launched for students who want a quantitative and analytical focus in their MBA studies. The students must complete selected courses with a quantitative and analytical focus. The courses include Accounting, Economics, Finance, Marketing, Quantitative Analysis, Strategy, and Technology and Operations. Forty electives currently taught at the b-school satisfy this requirement.

At  Duke's Fuqua School of Business, the Management Science and Technology Management track (MSTeM) , which is part of the regular 2 year MBA helps students earn the STEM degree and prepares students for careers in healthcare, consulting, technology, manufacturing, entrepreneurship, and finance

At the  Wisconsin MBA  program, two of their ten specializations are STEM-designated.  The Operations and Technology Management specialization  is for students who have backgrounds in engineering, science or other areas of technology and operations. The specialization further offers 5 informal tracks depending upon the electives a student takes. These are: Business Analytics, healthcare management,  entrepreneurial management, technology product management, and productions systems management.  The Supply Chain Management specialization  is the second STEM-designated course at Wisconsin. As part of these two specializations, the students can also focus on their area of interest by earning a certificate in business analytics, entrepreneurship, strategic innovation, and sustainability.

At  USC Marshall School of Business , the management science specialization of the regular MBA course qualifies as a STEM degree. Students can apply for the STEM designation after they complete the core component of the first semester. To qualify for the management science MBA, students should have a GPA of atleast 3.0

At  Mendoza College of Business, Notre Dame University,  the MBA/MSBA dual degree program is offered as STEM-designated.

Krannert School of Business at Purdue University  announced its STEM MBA in June 2019, for  four specialization areas: Business Analytics and Information Management, Finance, Global Supply Chain Management, and Marketing . The STEM-designated MBA will "offer an immersive set of quantitative classes grounded in statistics, computer applications and data analysis, along with core business classes that will develop students’ analytical and problem-solving skills".

The Vanderbilt MBA  offers its  finance concentration  as a STEM degree program. In the words of Sue Oldham, Associate Dean, MBA Programs Operations, “This STEM designation is a direct result of the leadership team here listening to what our students are saying, specifically our international students”.

The  Weatherhead MBA at Case Western University  also offers a STEM MBA. The program features  two STEM -approved core courses: Business Analytics and Statistics and Decision Making  in addition to a roster of STEM electives that include Quantitative Risk Modeling, Advanced Marketing Analytics, Six Sigma and Quality Management, Predictive Modeling and Artificial Intelligence.

anansak123 · Answer

Thank you for this comprehensive list! Do you forsee any other schools with a potential to get the STEM tag?

MBADecoder · Answer

We are keeping a close eye on any news releases from b-schools related to this. Will definitely update the blog. 
Other than these MBAs, there are some dual degree programs also that offer STEM. We'll do an article on those another time.

SageJiraiya · Answer

Thank you so much for including the tracks one needs to take in order to be eligible for the STEM designation.
That's really very helpful.

Is it true that for the OPT extension, the nature of your job needs to be the technical one?
So if I'm pursuing the MSBA/MBA from mendoza, I'll only be eligible for the extension if my job has the MSBA aspects?

Posted from my mobile device

MBAPrepCoach · Answer

Kellogg too now, per BB. Yay.

Posted from my mobile device

MBADecoder · Answer

Yeah, I read that yesterday!

Here is the info on that:
 Kellogg: The Management Science major  focuses on the application of analytical techniques, tools, and models across the school’s academic disciplines. This critical coursework will prepare students to both manage and direct analyses to improve decisions. Students who major in Management Science will be prepared for a wide range of careers including consulting, technology, finance, and entrepreneurship.

The Management Science major qualifies as a STEM-designated field of study.   Although students are not required to take a major, opting for 4 or more majors in a certain subject matter will qualify for a major.

In addition to this newly introduced Management Science major, Kellogg has  seven other majors (functional areas of study) and 10 pathways (cross-functional courses for building expertise in a particular industry)  that allow MBA students to dive deep into areas of study that interest them.

In addition,  Booth has a STEM-approved Analytics concentration as well . Read further:
Business analytics is designed for students interested in learning how to manipulate, manage, and analyze data sets and models, and how to translate the derived knowledge and insight into business decision-making. In this interdisciplinary concentration, you will then choose from a list of elective courses from statistics, marketing, operations, and business analytics. 
Additionally, the Business Analytics concentration is designated STEM-eligible for Optional Practical Training (OPT) purposes.

MBADecoder · Answer

Lehigh’s College of Business   recently announced a new concentration in   Business Analytics for its one-year MBA program (1-MBA)   that has been classified as a STEM-designated degree.

The Business Analytics concentration  is a 15-credit program specifically designed to give students exposure to business data collection, storage and retrieval, predictive models, and the applications for improved decision-making in today’s modern, data-rich organizations.  This is the first concentration offered in the 1-MBA program.

scarleta · Answer

You should add College of William & Mary & U. of Pittsburg (Katz) to the list.

MBADecoder · Answer

UNC KENAN FLAGLER has a STEM-designated Concentration

From January 2020,   UNC Kenan Flagler   will offer a STEM degree to full-time MBA candidates who take the   Business Analytics and Management Science concentration   .

“Courses build the data analytic toolkit for business applications and business acumen to apply and refine them for a diverse set of business functions,” said Vinayak Deshpande, professor of operations and a concentration leader.

The toolkit includes  computational tools, predictive and prescriptive models, and statistical methods . The business knowledge encompasses business functions including finance, human resources, marketing, operations and strategy.

Data analytics skills are beneficial for students across industries and functions. Students can expect to benefit in:
•  Traditional business sectors  such as retailing, industrial markets, energy, real estate and consumer packaged goods
•  Emerging sectors  that include the e-commerce, fintech, biotechnology and healthcare
•  New ventures  that seek to exploit opportunities provided by big data in business-to-consumer and business-to-business markets

MBADecoder · Answer

IE now has a TECH MBA with STEM requirement

IE has launched the first Tech MBA in Europe. As one might guess, the requirement is to have a  bachelor’s degree in either Science, Technology, Engineering, or Mathematics (STEM) *. In addition, a minimum of 3 years of full-time work experience in any type of industry is required, although a total of 5 years is recommended. 
*( Exceptions can be made for undergraduate degrees, such as Economics or Finance among others, where students can verify that they completed a substantial amount of STEM related coursework as part of their academic background).
 
The program is geared towards professionals with a passion for technology and those who want to build a career in the tech space, even though they may not have worked in the tech industry prior to the MBA. To this, the b-school has given guidelines to describe who is considered as a techie. Here's what they say: " You might recognize yourself as a techie if your vocabulary includes terms such as the Internet of Things (IoT), machine learning, artificial intelligence, quantum computing, fintech, smart energy grids and waste management, agri-tech, and/or robotics, among others."

The Tech MBA program has 3 major components: 
1. the core module has a focus on 55% tech courses and 45% business courses.
2. A practical immersion in one of these tracks:  1. digital transformation; 2. Data Analytics and AI; 3. Digital Finance 
3. Specialization through electives in the International MBA program or in the Tech MBA program. 
A thoroughly exciting opportunity is an exchange at MIT, Cornell or NYU Stern

The Tech MBA will be a one year course at Madrid. There will be 5 application deadlines per year and the next intake will be in September 2020. Next Deadline is March 9th, 20202

For the application, you will require:
1. CV
2. 2 recos
3. 2 essays

The  essays  are:
1. This section is important in understanding who you are, not just as a student but also as a person in order to grasp the value that you could add to our program. Take this as an opportunity to showcase your unique attributes and personality. There are three formats you can choose to express yourself: a video (max. 3 minutes), a PowerPoint presentation (max. 10 slides), or a written essay (between 250-650 words). Please pay special attention to punctuation, structure and content.

What is the most important thing that you would like us to know that is not in your resume or application?

2. Kira video interview after you submit the application

MBADecoder · Answer

MICHIGAN ROSS MBA INTRODUCES A STEM-DESIGNATED TRACK

Ross is among the latest b-schools to introduce a STEM track in its full-time MBA program.

Along with completing the required Full-Time MBA core courses, the STEM track will require 18 credit hours to be completed from a  specific set of electives across business disciplines including accounting, finance, management and organizations, marketing, and technology and operations.

Among the electives slated for the new track are Big Data Management: Tools and Techniques; Marketing Engineering and Analytics; and FinTech: Blockchain, Cryptocurrencies, and Other Technology Innovations.

Current first-year Ross MBA students will be able to express their interest in pursuing the STEM track later this semester (in 2020) and all incoming Full-time MBA students will be able to participate.

MBADecoder · Answer

Two New STEM concentrations at the Olin MBA at Babson College, MA

F.W. Olin Graduate School of Business at Babson College has consistently been among the top-ranked MBA programs for entrepreneurship.

Now the Babson college adds another feather to its cap- In January 2020, it declared  two STEM-designated concentrations  - one in   Quantitative Finance   and the other in   Business Analytics and Machine Learning  . The Quantitative Finance concentration will provide students with access to electives such as Financial Trading Strategies, Risk Management, and Financial Macroeconomic Data Analysis. On opting for the Business Analytics and Machine Learning concentrations, students can study electives such as Machine Learning Methods for Business, Marketing Analytics, and Programming for Business Analytics.

Other than the STEM Concentrations which are part of the MBA program,  Babson also offers MS in Finance and MS in Business analytics as STEM programs . These are designed for applicants with  less than 3 years of work experience . They can be completed in either 9 or 16 months and provide the students with a blend of theoretical and experiential learning courses.

MBADecoder · Answer

Kelley MBA Offers STEM Majors

The surge of STEM MBAs is uncontrolled.

The most recent among the STEM MBAs is the Kelley School of Business at Indiana University. They have declared 5 majors to be STEM-designated. Students can take any of the five to earn a STEM designation.
 
 1. Strategic Analysis of Accounting
2. Business Analytics
3. Finance
4. Marketing
5. Supply Chain and Operations

Its worth noting that Kelley offers 7 majors, of which five have now become STEM MBA designated (Entrepreneurship & Corporate Innovation and Management are not included).

Watch out this space for more info as and when the school shares it at a later date.

MBADecoder · Answer

NYU Stern's full-time MBA is STEM Designated

NYU Stern's entire two year MBA program has earned a STEM designation this February 2020 for all the students who graduate in May 2020 and after, as well as retroactively for students who graduated in May 2019 and are currently on their OPT (optional Practicum Training) period.

This is Stern's second MBA program to receive the STEM designation. Its one-year   Tech MBA   had already been designated as STEM last year, in May 2019.

MBADecoder · Answer

Of late there has been uncertainty about the fate of the STEM Designation. The Trump Administration has talked about canceling the STEM program. However, with the H1B and other international work visas being curtailed until the year end (One more reason to dislike 2020!) the STEM designation looks safe at least for now.

So, I have revived this thread to inform applicants about the various STEM programs available.

The latest b-school to acquire the STEM designation is   UCLA, Anderson School of Management  . UCLA has received STEM Certification for its  full-time, fully-employed and executive MBA programs,  making it among a small number of business schools to receive the designation across its primary MBA programs, regardless of specialization.

Two other degree programs at UCLA Anderson, the Master of Financial Engineering and Master of Science in Data Analytics, are also STEM certified.

Another great thing with the UCLA STEM MBA is that the decision for STEM will be  retroactive to the class of 2019

MBADecoder · Answer

Wharton Offers Six STEM Designated Majors

Wharton has deemed  6 of its 19 majors as STEM  with the purpose of helping students acquire technical acumen along with business skills, as demanded by most jobs in today's economy. International students can take one of these majors to quality for a 36 months OPT. These majors are:

1.   Quantitative Finance   : for students who wish to prepare for careers in the financial industry, which include quantitative asset management and trading, financial engineering, risk management and applied research. This is a new major launched in 2020 to "bring together students from a variety of academic backgrounds, such as computer science, engineering, and technology, and prepares them for successful leadership roles in finance".

2.   Business Economics & Public Policy  : For students who wish to understand the complex relationship among business, government, and society on issues such as deregulation and privatization, technology, public and urban finance, and international industrial policy.

3.   Business, Energy, Environment & Sustainability  : For students interested in understanding the relationship between business and the natural environment, management of environmental risks, and the business and economics of energy.

4.   Operations, Information & Decisions   : For students who wish to improve the quality and productivity of enterprises by discovering, developing, and validating new principles, theory, and methods. Rooted in process management, decision making and information.

5.    Business Analytics   : For students who wish to learn the tools and techniques for solving business problems with real-world data.

6.   Statistics  : For students who wish to develop how to effectively approach data, draw inferences and conclusions, and communicate results for business decision making.

MBADecoder · Answer

Yale MBA's Management of Science Concentration

Some b-schools such as Yale have introduced a   concentration in Management Science   that would qualify international students for a  STEM degree , leading to a 3 year OTP. The management Science concentration focuses on the application of statistical modeling, data warehousing/mining, programming, forecasting, and operations research techniques to the analysis of problems of business organization and performance.

This concentration is also available for two other master’s degree programs at Yale-  the Master of Advanced Management (MAM) program and the Master’s Degree in Asset Management program.

Yale has a unique approach to academics through their  integrated curriculum , that teaches students to think about a problem from the perspective of different business stakeholders. No matter which industry students work in, they will always have to deal with multiple stakeholders each having their different perspective- the CEO, the executive, the customers, the competition, the government, the society the business serves. Its critical that MBA students gain a 360 degree perspective of a situation so that they are better prepared to solve complex problems of the real business world. To facilitate this integrated approach to learning, every student goes through the core curriculum which is designed to give students an understanding of how an organization functions in its entirety. In the second year, students can gain breadth by taking a range of electives.

STEM MBA is the Next Big Thing

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