In the USA, Indians were earlier opting for a normal MBA. However, they are now opting for the new Science, Technology, Engineering and Mathematics (STEM) MBA instead. This STEM MBA is suitable not only for engineers but also graduates hailing from all academic backgrounds. Stakeholders of International education have a strong opinion that STEM-designated MBAs offered at US universities are attracting hordes of students.
Among engineering graduates, it has been a general trend to complete their academic careers by securing an MBA degree. A way for big dollars is paved by technical as well as business skills. Therefore, US universities, in recent times, have converged these two courses. Thus, they have re-designed the STEM-designated MBA. The course was designed because the commercial and business world needed something more than just a mere understanding of the trends in the profit and market.
The Trend of the STEM-designated MBA
In the USA, Indians were earlier opting for a normal MBA. However, they are now opting for the new Science, Technology, Engineering and Mathematics (STEM) MBA instead. This STEM MBA is suitable not only for engineers but also graduates hailing from all academic backgrounds. Stakeholders of International education have a strong opinion that STEM-designated MBAs offered at US universities are attracting hordes of students.
According to the interim director of full-time MBA admissions at Ross School of Business, at least 85 per cent of the international students, typically, who are pursuing STEM-designated management science courses are studying abroad. Among the international student body, Indians and Chinese students are a highly represented population.
Similarly, at MIT Sloan, the six master’s degree programs hold a STEM designation. The programs include an MBA, a Master in Business Analytics, an Executive MBA, a Master of Science in Management Studies, a Master in Finance and a Sloan Fellows MBA. Through the STEM-designated MBA, the students can cut back the number of months that international students could stay back for their Optional Practical Training in the USA.
The US universities promised the international students that, through STEM-designated programs, they will be allowed to stay three times longer in America. A normal MBA graduate can work for 12 months OPT. However, a STEM program student can work for a longer period on a student visa along with an additional 24 months OPT extension.
Introduction of the first STEM-designated major
In 2019, Kellogg announced its first STEM-designated major in the full-time MBA program. Gradually, most of the courses are now STEM-qualified including full-time, executive, evening and weekend, masters in management studies, and MBA. Through an application trend survey of 2022, the Graduate Management Admission Council observed that across various programs, those who were STEM-certified were most likely to receive applications than those that were not.
Graduates with a STEM MBA often have higher earning potential due to the high demand in the job market than those with a regular MBA. Therefore, international students are aided in making a smart financial choice while they are investing in a STEM MBA degree. A STEM MBA can pave the way for international job prospects due to the demand for technical expertise and commercial acumen across a wide range of businesses and industries. This can be helpful for international students who wish to pursue a job that entails travelling abroad or working for multinational corporations.
According to data from the US Department of Education, in graduate management education, the number of programs registered as STEM-certified increased by 65 per cent from 222 to 367 between 2017 and 2020. Nearly half, i.e., 49 per cent of international applicants who had responded to the GMAC prospective students poll preferred degrees with a STEM certification. This has increased from 39 per cent in 2019. Along with the number of courses, the number of degrees awarded has expanded from 2017 to 2020. The number of STEM-certified GME degrees awarded rose from 6,466 to 23,091 by 257 per cent.
Similar programs in Canada
Also, similar to the US OPT extension, Canada has a Post-Graduation Work Permit. Under this, international students can work in Canada for three years after graduation. Over the past few years, this has paved the way for the increase in international students. An increasing number of Indian students are selecting a STEM track within their management program in order to be equally adept in business and technology.
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