Semester after semester, as many as 1,300 students are expertly guided toward the path of innovation in business by 200 academic staff at MIT Sloan School of Management.
The teachers and their students have obviously met with success: Sloan alumni have founded more than 650 companies.
But there’s a lot more to Sloan. Here are some other interesting facts and figures about the school, with a focus on its MBA program.
MIT Sloan is situated in Cambridge, Massachusetts, in the north of Boston, across the Charles River. A little about Cambridge: the city was named after the University of Cambridge, which was once a center of Puritan theology practiced by the founders of the US city. Kendall Square, the locality in which Sloan is located, is known as “the most innovative square mile on the planet,” because of the number of startups and innovators around the place.
Although home to many renowned healthcare, biotech, and pharmaceutical companies, such as Genzyme, Pfizer, and Novartis, the top employers in Cambridge are Harvard University and MIT. Cambridge may not have significant parks like some other cities, but the wide open accessible spaces on the university campuses make up for it very well. The city has a number of museums including those at Harvard and MIT, and the arts scene is vibrant with large exhibitions of public art and festivals, including the annual Cambridge River Festival.
Transportation depends on the good road network, mass transit system, and bicycling pathways. Walking is a popular activity and many people walk to work. As for Cambridge weather, the popular notion is that “if you don’t like the weather, wait for 10 minutes and it is likely to change.” Spring has moderate weather with temperatures between 15 and 21 degrees C. Summers are warm at 26 degrees C. Fall is the most popular among tourists, but the nights can get cold. Winters are cold, and sometimes see snow, and shoes with a good grip are recommended.
The Sloan campus is surrounded by innovative companies and labs, and students feel an invigorating atmosphere right from the time they enter the campus. The over 60 clubs are one of the mainstays of student life, and they cater to a range of interests from books to basketball.
Management education began at MIT in 1914 with a course in engineering administration and gradually developed into the Sloan school. Sloan students have deep and engaging ties with their counterparts at MIT and collaborate on various projects and programs. The Kendall Square neighborhood has a number of restaurants, arts and music venues, and opportunities for outdoor activities along the Charles River.
Sloan offers on-campus housing, and students also have the option of living in graduate residences a short walk from the campus and also in nearby areas of Cambridge and Boston. The MIT Housing Office is a large bank of assistance.
Among worldwide MBA programs, FT’s 2017 ranking puts Sloan at 13th along with Haas. In US News’ list of 2018 Best Business Schools in the US, Sloan is at number 4 along with Kellogg and Stanford.
MIT Sloan professors are renowned experts in their fields who raise the academic discussion and corporate practice of business management theories to high levels. They are regularly featured in the media for their studies and receive top honors.
Among Sloan faculty members are company executives, economists, public policy experts, and entrepreneurs. David Schmittlein, former Wharton professor, is the Dean and has served Sloan since 2007.
The two-year, full-time MBA is Sloan’s flagship program. The school also runs the Sloan Fellows Program (12-month, full-time executive MBA program), Executive MBA (20-month executive-schedule program for midcareer professionals), nondegree executive education programs, undergraduate programs, the Visiting Fellows Program, the Leaders for Global Operations Program (two-year, dual-degree business and master’s in engineering), Master of Finance, Master of Business Analytics, Master of Science in Management Studies, System Design in Management program, and a doctoral program.
After the first-semester core, students create their own course of study, choosing from tracks or certificate options in tune with their interests and career goals. Students can opt for either an MBA or, if they complete an optional thesis, a Master of Science in Management degree.
The two-year MBA program consists of four semesters, and each semester is divided into halves by the week-long Sloan Innovation Period, during which students get a chance for experiential learning. So that students can have direct learning experiences outside campus, the Independent Activities Period is held every January.
During the spring semester, the two-week Sloan Innovation Period follows the spring break, allowing students opportunities for credit-worthy global experiences. As for electives, students have to complete 144 units (most subjects consist of three to 12 units), including classroom hours, lab, and thesis units. They can take up to three graduate-level MIT or Harvard subjects.
Applications to Sloan should include a cover letter and resume, a one-minute video statement, two letters of recommendation (from professional contacts), transcripts, and GRE/GMAT scores.
A TOEFL score is not required for applying for the MBA program (English language ability is evaluated during the personal interview and from the verbal sections of GMAT/GRE). A 200-word optional additional information statement may be attached. The application fee is $250.
The tuition for the academic year 2016-17 was $68,250, housing $14,850, personal including medial insurance $5,580, transportation $2,740, food $4,894, and other expenses, all adding up to a total of $100,514.
Although most students pay tuition before each term, they can also opt for a monthly payment plan.
All students are considered for fellowships and scholarships granted by MIT Sloan and other MIT departments and connected organizations. Some financial support is solely dependent on merit, others solely on need, and yet others on a combination of need and merit.
Students can also apply for financial aid from other agencies and for loans through the MIT Student Financial Services. International students with no domestic cosignor have somewhat more limited options than students with cosignors. However, Sloan guarantees loans through the MIT Federal Credit Union.
For the MBA Class of 2018, there were 5,707 applicants and 409 were enrolled. Women comprised 40 percent and international students 39 percent from 50 countries. The work experience range was 0-15 years (mean 4.8 years). The GMAT range was 690-760 (mean 724. The average undergraduate GPA was 3.5. Thirty-two percent were engineering undergraduate majors, 21 percent business and commerce, 16 percent economics, 11 percent science and math, 11 percent humanities, and 9 percent social sciences.
Twenty-two percent had a previous industry background in financial services, 19 percent in consulting services, 13 percent in government and public sector, 13 percent in technology, media, and telecom, and 10 percent in industrials.
A variety of helpful initiatives from counseling to online databases to the Career Resource Center enable the MBA program staff and the Career Development Office to pinpoint the correct job and career path for Sloan students. As part of the on-campus recruiting program, companies in sectors such as consulting, financial services, technology, manufacturing, pharmaceuticals, and biotechnology swoop down on the campus to get the best Sloan MBAs.
Come April, first- and second-year students network and interview with corporate representatives at the MIT Sloan Masters’ Career Fair. As part of club activities, students visit company headquarters and meet with top executives.
According to the employment report for the MBA Class of 2016, 319 of 406 graduates (81 percent) sought employment. Of the students who did not seek employment, a large majority either returned to their previous company (10 percent) or started their own business (6 percent).
The top hiring industries were consulting (30.5 percent and technology (29.3 percent). The top hirers were McKinsey (26), Amazon (23), Bain (17), BCG (14), Google (9), Microsoft (8), Deloitte Consulting (6), Bank of America Merrill Lynch (5), and LEK Consulting (5).
The base salary range for the Class of 2016 was $40,000-$200,000 (median $125,000). The salary range for service industries (consulting, Internet, investment banking, private equity, etc.) was $50,000-$175,000 (median $125,000) and manufacturing (pharma, electronics, automobile, aerospace, etc.) $70,000-$200,000 (median $120,000).
The top functions full-time, salary-wise, were business development ($70,000-$200,000, median $119,000), general management ($100,000-$175,000, median $120,000), and finance ($60,000-$175,000, median $125,000).
When Sloan students graduate, they can depend on advice and support from over 23,000 MIT Sloan alumni and 128,000 MIT alumni. Alumni share their experiences and expertise in discussions and conferences, and host events for visiting students as part of their annual trips and treks. The network comprises more than 75 clubs in 40 countries.
Well-known Sloan alumni include Kofi Annan (former UN Secretary General), Benjamin Netanyahu (Israel Prime Minister), Carly Fiorina (former HP CEO), Allan Mulally (former President, Ford), John W. Thomson (Microsoft Chairman), Robert Metcalfe (co-inventor, Ethernet), Gerhard Schulmeyer (Sloan professor, former Siemens CEO), F. Duane Ackerman (member, President’s Council of Advisors on S&T, former CEO, BellSouth), and Philip M. Condit (former Boeing CEO).
Sloan teaches not only management theories but also practical solutions to real-life problems, following MIT’s slogan, mens et manus, or mind and hand. Sloan’s Action Learning program allows students to acquire hands-on experience of management principles.
The students are the ones who call the shots at Sloan, and are at the forefront of most activities. Students collaborate among themselves and with their peers studying science and technology at MIT. A collaborative spirit infuses students to reach out and work with their colleagues using the best principles of teamwork.