MIT Business School [Review]

MIT business school is one of the leading business schools in the U.S and globally for aspiring CEOs and company presidents.

This MIT business school review covers everything you need to know about MIT school of business, as well as its rankings, admissions, acceptance rate, and MBA fees. 

Before we get into that properly, here’s why you should study at MIT business school. 

Why study at MIT Business school

Reliable Certificate

MIT Sloan offers a 5-course program that gives students a strong foundation in business sustainability, a recognized certificate, and networking with a cohort of students who have the same passion. 

Action Learning Labs

In MIT Sloan business school, you learn business by actually doing it. Students start with classroom learning, then work with host organizations either remotely or on-site to solve real business challenges.

Be a part of a huge diversity program

The Break the Mold (diversity program) is open to international and domestic students who choose to study at MIT Business school. The program is a platform that comprises four workshops, three conferences, two “hackathons”, and dozens of open discussions.

Earn a degree in just two years

Studying at MIT business school gives you the opportunity to earn an MBA, complete dual degree programs like the MIT LGO (Dual Degree Programs in Engineering), or a Master’s degree in engineering in just two years. 

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MIT Business School Review

About MIT Business School

The MIT Sloan School of Management (MIT Sloan or Sloan) is a private business school of the Massachusetts Institute of Technology, located in Cambridge, Massachusetts. It is one of the world’s leading business schools in the U.S and globally. 

MIT Sloan’s mission is straightforward: to develop principled, innovative leaders who will generate ideas that advance management practice and improve the world. Business education at MIT Sloan prepares you to be capable of managing a complex organization and equips you with the tools you need to lead a team or establish your own company. The school faculty has made groundbreaking work in decisive areas such as innovation and entrepreneurship, finance and policy, technology, healthcare, and sustainability. By the time you graduate from MIT, you will be well prepared to take your career to the next level.

MIT Business School History

The MIT Sloan School of Management was founded in 1914 in the MIT Department of Economics and Statistics as the engineering administration curriculum (“Course 15”). With time, Sloan’s educational scope and depth grew rapidly to the changes in the theory and practice of management.

In 1925, Sloan established a program that offers a master’s degree in management. The creation of the Sloan Fellows program in 1931, which is the world’s first university-based mid-career education program, was sponsored by Alfred P. Sloan, who was an 1895 MIT graduate. In 1952, an Alfred P. Sloan Foundation grant was established in the MIT School of Industrial Management to seek and educate the “ideal manager”. In 1964, the Sloan Fellows program was renamed the Alfred P. Sloan School of Management in Sloan’s honor. In 2000, school management became the second-largest undergraduate major at MIT. Starting from 2005, an undergraduate minor in management was opened to 100 students each year. 2014 marked the school 100 years of management education at MIT.

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MIT Business School Ranking

MIT business school is ranked #5 in Best Business Schools, based on the school’s performance on some accepted indicators of excellence.

MIT Sloan also has some ranked Programmes according to FT Rankings. They include:

• Ranked #11 in Global MBA 
• Ranked #8 in Masters in Finance Pre-experience 
• Ranked #15 in MIT Executive MBA Ranking 
• Executive Education – Customized 
• Ranked #15 in Executive Education – Customized programs 
• Ranked #20 in Executive Education – Open programs 

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MIT Sloan Programs and courses

MIT Sloan offers bachelor’s, doctoral, master’s degree programs, and executive education programs. Its degree programs are of the most competitive and selective in the world. MIT Sloan focuses on innovation in research and practice. Influential ideas in management and finance such as the Solow–Swan model, the Black–Scholes model, the random walk hypothesis, the field of system dynamics, and the binomial options pricing model originated from Sloan. The faculty has also produced many John Bates Clark Medal winners and Nobel laureates in economics.

MIT Sloan School of Management Undergraduate

Programs and courses offered at MIT Sloan include accounting, economics, finance, general management, entrepreneurship, health care administration, industrial management, human resources management, international business, leadership, marketing, management information systems, production/operations management, manufacturing, and technology management, organizational behavior, supply chain management/logistics, tax, quantitative analysis/statistics, and operations research, and technology. 

Though graduate students at the Sloan School of Management study at the campus facilities in Cambridge, Mass., their business education has a broader slant. The academic courses are naturally global, and students are open to dozens of opportunities to travel and study abroad. Action Labs are also available for students to address real problems in companies in the United States, China, and India.

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MIT Sloan School of Management MBA fees

Below are the MBA tuition fees for Masters-level degree programs at the Sloan School of Management. These amounts are for each academic year.

2022-2023
MBA Program (Also charged mandatory $2,200 per year Sloan program fee)	$80,400
Sloan Fellows MBA (Rate is inclusive of all fees)	$141,600
Executive MBA — 20 months (Rate is inclusive of all fees)	$192,000
Leaders for Global Operations  (Also charged mandatory $2,200 per year Sloan program fee)	$80,400
Master of Finance — 18 months (12-month option costs $86,300)	$118,450
Master of Science in Management Studies (Also charged mandatory $2,200 per year Sloan program fee)	$80,400
Master of Business Analytics (Summer tuition subsidy brings the total real cost to $64,300)	$86,300

MIT Sloan Student life

MIT Sloan students are informally called Sloanies. The name applies to alumni too. MBA students include international students from more than 60 countries every year, with half coming from North America, and 60% being US citizens. 

There are graduate student organizations and business clubs for students from around the world. This includes sports clubs for skiing, snowboarding, golfing, e.t.c and MBA intramural teams which MIT Sloan student-athletes can join to compete with other MBA students across the Northeast and the U.S in general. 

There are over 70 active clubs run by Sloanies. Some of the most popular clubs are the Entrepreneurship & Innovation Club; Sloan Women in Management Club; the Design Club;  the Management Consulting Club; the Entertainment, the Finance Club; Media and Sports Club; the Venture Capital,  the Product Management Club; the Private Equity Club; and the Technology Club. The official undergraduate business club for all MIT students is the Sloan Business Club.

MIT’s $100K Entrepreneurship Competition allows students to compete in year-long contests, and the cash prize is business plans. Every week, students, faculty, and staff meet for C-Functions” or Consumption Functions. The function is a celebration of international cultures with music, food, and dancing.

Notable Sloan alumni include the CEO of Hewlett-Packard Co., John Reed, Carly Fiorina, former president and former chairman of Citicorp; and Benjamin Netanyahu, prime minister of Israel. Sloan graduates have become CEO and company presidents. 

MIT Sloan Business School Admission Review

MIT Sloan’s approach to MBA admissions is based on the belief that recent past achievements are the best criteria to use in determining incoming students’ potential for future achievement. Future career goals are quite irrelevant during that period. Smart MBA students are expected to figure that out during their years of study at Sloan.

Sloan regards “tech” as real, hard technology, like electrical, mechanical, and civil engineering, and not just Facebook, Google, Microsoft, e.t.c. Dual MS-MBA degrees are available for students through Sloan’s LGO program. The joint degree is not for everyone, but it brings about diversity in the number of students with scientific and engineering backgrounds among your classmates.

MIT business school is dedicated to achieving positive social change through Sustainability Certificate, which trains you to make crucial decisions in your career. The hackathon of the Breaking the Mold initiative allows students to recommend ways that technology can be able to address social problems.

Finally, as a Sloan student, you will be open to a lot of hands-on experimentation, either by exploring something totally different during the Independent Activities Period, using the extensive Action Learning labs, or by going on study treks or company visits during the Intensive Period.

MIT Sloan MBA Academic Programs

The MIT Sloan MBA focuses on action learning. This means that students should apply what they learn in the classroom to real-world business settings. Courses are taught using the case method, team projects, lectures, and hands-on Action Learning Labs. By business school standards, MIT MBA coursework is very demanding, with a greater emphasis on quantitative analysis and analytical reasoning compared to other programs.

MBA Curriculum

The Sloan MBA curriculum covers four semesters in two years. In the second year, you may choose to write an optional thesis. There’s also a one-year MBA for experienced executives through the MIT Sloan Fellows MBA program

There are five required courses in the core curriculum and it is completed during the first semester of their MBA. The courses are:

• Economic Analysis for Business Decisions
• Data, Models, and Decisions
• Communication for Leaders
• Organizational Processes
• Financial Accounting

There are four other optional core courses you can choose from. They include Managerial Finance, Competitive Strategy, Introduction to Operations Management, and Marketing Innovation. Three out of the four semesters at Sloan are for electives. The electives can be taken as part of a certificate or track. You can choose up to three approved electives from the non-Sloan graduate-level classes offered by MIT and Harvard.

MIT MBA Majors

MIT MBA does not have majors, but you can pursue a certificate or follow a track. Three tracks are only available to MBA students: the Entrepreneurship track, Innovation Track, the Finance Track,  and Enterprise Management Track. MBA students can also pursue a certificate in Sustainability, Analytics, or Health Care. These certificate programs are available to all graduate students.

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Experiential Learning Programs

There are lots of labs available at Sloan for students to use as part of the MBA Experiential Learning. These labs include the analytics lab, the modern business in India lab, and the enterprise management lab.

Research Centers

Students in the MIT MBA program enjoy open access to 14 research centers and initiatives, including the Sustainability Initiative, which makes resources available to ensure that society can continue to grow for future generations. There’s also the Legatum Center, which improves global wellbeing through entrepreneurship. 

MBA International Study Programs

Sloan Global’s program spans 53 locations. Students can also organize global trips or a series of for-credit classes during their years of study. 

Collaborations

MIT Sloan collaborates with other MIT schools, especially the Department of Economics, the School of Engineering, and the School of Science. The School of Engineering offers a special joint degree program called the Leaders for Global Operations (LGO) program. In this program, students complete an MBA and a Master of Science in Engineering together. The System Design and Management (SDM) program is another joint degree program for students who already have industry experience (at least 8 to 10 years). Students complete a Master of Science in Engineering and Management in this program. On the other hand, LGO and SDM fellows complete a combined engineering and management coursework, while Sloan Fellows focus mainly on management coursework. 

Harvard University is another top university with MIT business school collaborates extensively. Students from Harvard can freely cross-register for courses and pursue simultaneous degrees at Sloan while Sloan students can also do the same. This results in the creation of dozens of courses at each institution to regularly attract degree program students.

MIT Sloan Application

Below are the latest application requirements by the MIT business school MBA admissions office.

Essays

The essay prompts for MIT Sloan 2021-2022 application are:

​Organizational Chart: You are required to provide your employer’s organizational chart that will help the admission committee to learn more about you and your professional background. It will also help us understand your responsibilities within your organization, your superiors, and the impact or result you have accomplished within your department or company.
Important details to remember are:

• Provide enough detail as possible (names, titles, etc.). If you chose to redact names, it’s still okay.
• Make sure you provide other necessary details like where you are, and the superiors you report to.
• If your recommender or references are already on the organizational chart, you should highlight them.
• You are expected to upload a two-page organizational chart that outlines the internal structure of your workplace. 

​Cover Letter

• MIT Sloan admits students with personal characteristics that prove that they will make the most of the huge academic and non-academic opportunities at MIT. The school is committed to seeking those whose presence will improve the experience of other students whether academically or non-academically. 

• Thoughtful leaders with excellent intellectual abilities and the zeal and determination to put their stamp on the world are welcomed. These also include independent, fearlessly creative, and authentic individuals. These individuals are expected to be able to address conventional problems and provide solutions to them. They will also strive to use cutting-edge ideas to preempt unconventional dilemmas. Other interpersonal traits required include integrity, passion, and respect.
  Therefore, the cover letter you submit to seek admission into the MIT Sloan MBA program should be similar to that of standard business correspondence. It should include at least two professional examples that show why you meet the desired criteria above. The cover letter should be up to 300 words or fewer, excluding address and salutation, and be addressed to the Admissions Committee.
• Video Introduction
  The video introduction is a chance you get to put a face with a name and introduce yourself to your future classmates. The video is a medium to showcase your personality, be conversational, and make friends.
  Every Video introduction should adhere to the following guidelines below:
• Should not be more than 1 minute (60 seconds) in length
• No editing
• You must be speaking directly to the camera
• Background, music, or subtitles are not needed
• Note: Introduction videos of you introducing yourself to your future classmates will not be shared and is for the application process only.
• Reapplicant Essay
  If it isn’t the first time you are applying to MIT Sloan, you can do well to include a 200-word reapplicant essay on what’s changed since the last time you last applied.

Letters of Recommendation

• Another important requirement for the MIT Sloan application is letters of recommendation. You’ll be expected to get official letters from both former and current professors, employers, or people who believe in you. 
• A recommendation letter from a current or previous employer is quite crucial as it is a means to affirm your work ethic so as to show the admissions committee how committed and strong-willed you are to study business. Aside from having exceptional grades, they’ll be able to determine your ability to perform in a challenging and rapid environment.
• Letters of recommendation must be officially submitted with the rest of your application materials either through email or you can mail them directly.

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Conclusion

MIT Business School is one of the best business schools committed to preparing you with the knowledge and tools to manage a complex organization, lead a team, or establish your own company. 

MIT Sloan offers a 5-course program that gives students a strong foundation in business sustainability, a recognized certificate, and networking with a cohort of students who have the same passion. The school also collaborates with other MIT schools, like the Department of Economics, the School of Engineering, and the School of Science, as well as Harvard University.  

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