MBA Programs in Chicago Overview

Chicago is the third-largest city in the United States after New York and Los Angeles. The “Windy City” is known for its architecture, culture, and proximity to Lake Michigan.

Known as one of the world’s financial centers, the city also has strong telecommunications and infrastructure industries. According to Forbes, Chicago has a projected job growth rate of .9%, which is less than in other major cities.

Still, the city has a strong business climate. Some of the largest publicly traded companies in Chicago and the surrounding area include Walgreens Boots Alliance Inc., Boeing Inc., Archer Daniels Midland Co., and Caterpillar Inc.

Some leaders at these organizations and others earned their MBA degrees at business schools in Chicago. The city’s most common occupations requiring MBA degrees include general and operations managers, accountants and auditors, and management analysts.

Read on to learn more about three of the top business schools in Chicago and why you should consider pursuing your degree in the windy city.

Many professionals seeking to pursue leadership roles may choose to enroll in MBA programs to gain a competitive edge. However, fewer students pursued MBA degrees during the pandemic than previously. The Association to Advance Collegiate Schools of Business (AACSB) notes that 127,000 MBA degrees were conferred in 2019, compared to 120,000 in 2020.

So, many business schools in Chicago and elsewhere have started offering different types of MBA program delivery. Out of 295 programs listed by the AACSB, 82% offered online or hybrid delivery options. In the Windy City, enrollees can pursue their degrees full or part time, attend class on weekends or evenings, and participate in virtual classes.

This indicates that different MBA modalities are being accepted by businesses and companies.

All colleges and universities must undergo a regular accreditation process. This means that every degree program in the college has met certain educational standards by which all postsecondary institutions are measured.

Colleges and universities in Illinois are institutionally accredited by the Higher Learning Commission. This national accrediting body evaluates postsecondary institutions across the United States.

Some business schools also undergo programmatic accreditation. This type of accreditation is optional but demonstrates that the institution meets additional business school-specific standards. The Association to Advance Collegiate Schools of Business (AACSB) is a common accrediting body for business schools in more than 100 countries.

When deciding on the MBA program in Chicago that’s right for you, it’s a smart idea to consider cost and if you plan to work while pursuing your degree. Illinois residents pay lower tuition rates at public colleges, and holding down a job at the same time as going to school can offset costs.

You should also consider pursuing scholarships and financial aid when applying for MBA programs. You can earn scholarships based on academic achievement or demographic factors and do not need to repay what you receive.

Financial aid, on the other hand, consists of grants and loans that you’ll eventually pay back.

You can pursue scholarships and financial aid through postsecondary institutions where you apply or at the city, state, or federal level.

In general, public colleges have lower tuition and fees than private colleges for all students. However, enrollees who are residents of the state of Illinois will pay even less to attend public schools in Chicago.

You need to live in Illinois for at least a year to be considered a state resident. Some professionals who want to attend a business school in Chicago live in the city for at least 12 months before applying to public MBA programs.

Learners from neighboring states may also be able to attend an Illinois college on a tuition reciprocity agreement. These agreements allow non-resident students to pay in-state tuition rates.

Residents of the neighboring states of Indiana, Iowa, Kentucky, Michigan, Missouri, and Wisconsin may be able to participate in tuition reciprocity agreements at Illinois state colleges.

The cost of living in Illinois is lower than the national average. The Cost of Living Index considers the affordability of each state based on factors like food, housing, transportation, and healthcare costs.

The national baseline is 100, and Illinois’ cost of living is 90.8, in the bottom quarter of rankings.

However, the cost of living in Chicago is higher than the state average. Payscale reports that the cost of living in Chicago is 20% higher than the national average.

Cost varies depending on if you attend a private or public university, whether you attend classes in person or online, and whether you’re an in-state or out-of-state student. For instance, the cost of tuition for the two-year full-time MBA program at the University of Chicago is $161,922, while the MBA program at the public University of Illinois, Chicago, can cost tens of thousands of dollars less depending on a student’s residency status.

There are no HBCUs in Chicago, but Chicago State University is a majority-Black postsecondary institution. In 2022-2023, 75% of undergraduates and 58% of graduate students were Black/African American. The College of Business at Chicago State University offers an MBA.