STEM is an acronym for Science, Technology, Engineering and Mathematics. STEM MBA offers business skills with an emphasis on STEM application. It includes Accounting, Business Analytics, Decision Theory, Finance, Economics, Information Technology, Law, Marketing, Management, Statistics, and Strategy while providing business skills to be successful in management and leadership roles.
Do you know where and why was this unique program introduced?
Business schools across the US started thinking of ways to solve the problem of falling international application for MBA programs. Factors like shifting immigration policies, increased difficulty in securing the US employment visas post completion of courses contributed to a 22% drop in F-1 visas from 2016 to 2018 (as per the US State Department).
Offering STEM-designated MBA program was a solution to this issue. International students who enroll for STEM-designated programs can be in the country for up to three years under an Optional Practical Training (OPT) extension, which is not the case for F-1 students from non-STEM background. Non-STEM students have to leave the country a year after graduating.
In the year 2016, the Wisconsin School of Business at the University of Wisconsin was the first business school to get the STEM classification. It converted two of its specialized master’s programs – Operations and Technology Management and Supply-Chain Management. Now there are many other colleges in the US which have started offering STEM-designated MBA programs.
Let’s take a look at the top colleges offering this program in the US.
Wisconsin School of Business has been one of the initial colleges to introduce this program in the US. This institute offers two such MBA specialization program – Operations & Technology Management and Supply Chain Management. The first program offers five informal tracks – Healthcare Management, Entrepreneurial Management, Business Analytics, Technology Product Management and Production Systems Management.
Each track incorporates corresponding electives to provide a cross-functional MBA experience and gives you a strong career advantage. Some of the core courses for the second option are Data to Decisions, Financial Accounting, Financial Management, Leading & Working in Teams, Marketing Management, Operations Management, Logistics Management, Business Strategy and many more. These are full-time MBA programs with a duration of two years.
This college offers a 22-month course program on Management Science and Technology Management (MSTEM). It is designed in way which deepens your expertise in the tools, frameworks and models that address managerial problems.
Some of the core courses offered in the curriculum are Financial Accounting, Managerial Accounting, Decision Sciences (Probability & Statistics, Decision Models), Managerial Economics, Game Theory for Strategic Advantage, Energy & Environment (Energy, Markets & Innovation, Global Institutions & Environment), Corporate Finance, Global Finance Management, Impact Investing, Health Sector Management, Leadership, Management & Organizations, Marketing, Operations Management and Strategy. You can opt for your elective subjects from a list of 100+ options.
Simon Business School is one of the initial business schools in the US to start offering a STEM-designated MBA option regardless of a student’s specialization. Students can specialize in any of the following areas and receive a STEM MBA: Finance (Asset Management, Banking, Corporate Finance, Venture Capital & Private Equity), Marketing (Brand Management, Product Management) and Consulting (Operations, Pricing, Strategy, Technology).
It is a two-year program and has nine required courses, a Communicating Business Decision sequence and a client project aligned with an individual’s future career interest. Some of the core courses are Corporate Financial Accounting, Information Systems for Management, Capital Budgeting & Corporate Objectives, Structured Problem-Solving in Teams, Business Modeling, Data Analytics, Marketing Management, Operations Management, Managerial Economics, Competitive Advantage, Professional Communication: Persuasion in Business Relationships and Influence in Interpersonal Interactions. Some of the core electives are Business, Ethics & Corporate Social Responsibility, Elements of Leadership, Negotiation Theory & Practice: Bargaining for Value, Organization & Strategy and Organization Behavior.
Mendoza College of Business offers MBA/MSBA (Master of Science in Business Analytics) which is a STEM-designated degree program and is a part of the traditional two-year MBA cohort. This is a dual degree program divided into four semesters and has 68 credits.
Some of the subjects taught are Finance Accounting, Introduction to Business Analytics, Foundations of Ethical Business Conduct, Career Leadership, Managerial Economics, Marketing Management, Strategic Decision Making, Process Analytics, Data Exploration and Visualization, Leading People & Teams, Data Management, Predictive Analytics, Spreadsheet Decision Modeling, Data Storytelling, Machine Learning and many more. Some of the elective courses are Python for Data Analytics, Sports Analytics, Social Media Analytics, Data Analytics with Excel VBA, Strategic Business Technology, Lean Six Sigma, Supply Chain Analytics and Marketing Analytics (these are subject to change).
Terry College of Business offers a one-year MBA degree option which is open to any current undergraduate majoring in an eligible Science, Technology, Engineering or Math (STEM) discipline. This accelerated program is of 36 credit hours and can be completed in two semesters.
Subjects taught during the Fall semester are Accounting, Finance, Economic Analysis for Business Leaders, Marketing, Communications for Career Effectiveness and Applied Business Statistics. Course structure for Spring semester includes subjects such as Strategy, Operations, Organizational Behavior, Business Intelligence, Capstone Project course: Lean Six Sigma, Innovative Business Projects or Consulting and elective.
There are a lot of business schools across the US which have started offering STEM-designated MBA programs to aid candidates to develop the abilities that they require in the era of digitization and robotics. Here are some of the other colleges which offer this degree program for your quick reference:
Foisie Business School, Worcester Polytechnic Institute
University of Connecticut
USC Marshall School of Business
UMass Dartmouth: Charlton
UC Berkeley, Haas School of Business
Kellogg School of Management, Northwestern University
Tippie College of Business, University of Iowa
MIT Sloan School of Management
This program has also successfully created curiosity and interest among the corporate business employers.
For further details on the course structure and curriculum, request you to visit the college websites and select from the wide range of options as per your need. You can reach out to us for any query or assistance. All the best!