2023 Rankings of the Best MBA Programs in Illinois

Compare MBA Program Averages

Options for earning your MBA in Illinois have never been more flexible. Illinois MBA programs have become adept at offering effective alternatives for you to earn your MBA, no matter your life situation or schedule.

Illinois has 36 Accredited MBA programs. 8 private and 11 public schools offering MBA programs.

California schools offer 9 different paths to earn your MBA in Illinois including Online, Campus, Full-Time, 1-Year, Distance Education, Evenings and Weekends, Off Campus, Part-Time and Partnership.

To meet the diverse needs of Illinois businesses, MBA programs here have risen to the challenge by offering you an array of more than 43 MBA concentrations to specialize in.

Top Ranked MBA Programs in Illinois

Awards for MBA Programs in Illinois

The ranking of MBA programs is certainly not an exact science and plenty of subjective reasoning and biases come into play. We offer insights into ranking as another way to evaluate a potential MBA program.

Of the 36 accredited MBA programs offered in Illinois, 19 of them have been recognized by at least one distinguished publication (MBAGuide, PQ, US News, Forbes, BW, FT and Economist) garnering an award as one of the best MBA programs in the country.

Illinois schools have earned a total of 36 Best MBA awards from publications. Here are the top MBA schools and the number of awards the each program has garnered:

• The University of Chicago: 7
• Northwestern University: 7
• University of Illinois at Urbana-Champaign: 6
• Western Illinois University: 1
• Southern Illinois University Edwardsville: 1
• Northeastern Illinois University: 1
• Loyola University Chicago: 1
• Illinois State University: 1
• University of Illinois at Chicago: 1
• Bradley University: 1
• Illinois Institute of Technology: 1
• Dominican University: 1
• DePaul University: 1
• Eastern Illinois University: 1
• University of Illinois at Springfield: 1
• Southern Illinois University Carbondale: 1
• Northern Illinois University: 1
• Saint Xavier University: 1
• Governors State University: 1

Publications and the number of awards granted for Illinois schools:

• MBAGuide: 19
• US News: 3
• Forbes: 3
• BW: 3
• FT: 3
• Economist: 2

Graduate MBA Salaries in Illinois

While the average starting salary for graduates of an in-person MBA program in Illinois is about $90,775, the lowest average MBA starting salary is $58,000 from Dominican University, and the highest average MBA starting salary is $130,000 from The University of Chicago.

The average starting salary for graduates of an Online MBA program from an institution in Illinois is between $58,000 from Dominican University and $114,882 from Loyola University Chicago. The average starting MBA salary for graduates of online MBA programs within Illinois is $86,490.

In-Person

• Average: $90,554 from Illinois's 19 In-Person MBA Programs
• Lowest In-Person: $58,000 from Dominican University
• Highest In-Person:$130,000 from The University of Chicago

Online

• Average: $86,490 from Illinois's 13 Online MBA Programs
• Lowest Online: $58,000 from Dominican University
• Highest Online: $114,882 from Loyola University Chicago

Tuition for MBA Programs in Illinois

If you plan on attending an MBA program, it's best to start thinking about fiscal responsibility. A prospective B-Student needs to weigh their tuition options. An AACSB-accredited MBA program can pave the way for a great starting salary or career advancement. An online MBA program can provide the flexibility of completing a program while being employed in your respective career.

While the average in-person MBA program in Illinois will cost about $40,138, the least expensive MBA program is $13,603 from Northeastern Illinois University, and the most expensive is $87,090 from Illinois Institute of Technology.

An Online MBA program from an institution in Illinois will cost you between $13,603 from Northeastern Illinois University and $86,590 from Loyola University Chicago. The average cost of online MBA programs within Illinois is $33,346.

In-Person

• Average: $40,138 from Illinois's 19 in-person MBA Programs
• Lowest in-person: $13,603 from Northeastern Illinois University
• Highest in-person: $87,090 from Illinois Institute of Technology

Online

• Average: $33,346 from Illinois's 13 online MBA Programs
• Lowest online: $13,603 from Northeastern Illinois University
• Highest online: $86,590 from Loyola University Chicago

GMAT Scores Needed for MBA Programs in Illinois

The Graduate Management Admission Test (GMAT) is a standardized examination used by MBA schools to assess their applicant pool. The test is strategically designed to measure an applicant’s analytical, verbal, writing and mathematical skills. The GMAT is used as a predictor of success in MBA programs and tests one’s ability to successfully handle the advanced quantitative and qualitative study of business and management.

While the average GMAT score needed for in-person MBA program in Illinois is 550, the lowest average GMAT score is for an MBA program is 400 from Saint Xavier University, and the highest GMAT score needed is 728 from Northwestern University.

The average GMAT score needed for an online MBA program from an institution in Illinois is between 400 from Saint Xavier University to 660 from University of Illinois at Urbana-Champaign. The average GMAT scored for online MBA programs within Illinois is 523.

In-Person

• Average: 546 from Illinois's 19 in-person MBA Programs
• Lowest in-person: 400 from Saint Xavier University
• Highest in-person: 728 from Northwestern University

Online

• Average: 523 from Illinois's 13 online MBA Programs
• Lowest online: 400 from Saint Xavier University
• Highest online: 660 from University of Illinois at Urbana-Champaign

Student Enrollment for Illinois MBA Programs

The importance of networking, whether it's by way of campus job fairs, student organization members, or faculty mentorship, should not be understated. The average MBA enrollment size has a direct impact on your studies, your job prospects, and your ability to define your career goals.

Every B-School has a strategy behind their enrollment sizes. If a prospective B-Student is looking for networking opportunities, wants to attend job fairs, and plans on joining student organizations, B-School enrollment size plays an important role in the decision making process. For the B-Student interested in the smaller cohort-style classroom experience and thrive with face-to-face collaboration with their professors, a manageable enrollment size is the preferred option.

For Illinois state's MBA programs, the range for full-time enrollment is between 17 and 1,289. For part-time enrollment, the range is between 29 and 463.

In Person

• Lowest: 17 from Northeastern Illinois University
• Highest: 1,289 from Northwestern University
• Average: 298 from Illinois's 36 MBA Programs.
• Average: 243 from 879 the nation's campus MBA Programs.

Online

• Lowest: 17 from Northeastern Illinois University
• Highest: 457 from Loyola University Chicago
• Average: 130 from Illinois's 13 MBA Programs.
• Average: 201 from 327 nation's online MBA Programs.

Percent of Global MBA Student Population

The MBA programs in the United States are coveted around the world and attract a healthy percentage of global students each year. A culturally diverse student population is especially important in an ever-changing global economy. With increasing globalization, a well diversified student body from outside the United States can provide much needed global world-view as well as valuable networking opportunities.

In Illinois the percentage of students from the United States varies from a low of 66% to a high of 70%.

For online programs in  Illinois the percentage of students from the United States varies from a low of N/A to a high of N/A.

In Person

• Lowest: 66% from Northwestern University
• Highest: 70% from The University of Chicago
• Average: 68% from Illinois's 19 in-person MBA Programs.
• Average: 75% from 593 nation's in-person MBA Programs.

Online

• Lowest: N/A from N/A
• Highest: N/A from N/A
• Average: N/A from Illinois's 13 online MBA Programs.
• Average: 76% from 327 nation's online MBA Programs.

MBA Concentrations Available from MBA Programs in Illinois

Highly competitive B-Schools recruit part-time and full-time professors that are both academic and industry influencers. They are the subject matter experts in their respective concentrations. To meet the diverse needs of Illinois businesses, MBA programs here have risen to the challenge by offering you an array of more than 43 MBA concentrations including:

• Management: 31
• Finance: 31
• Accounting: 30
• Marketing: 29
• General Business: 28
• Information Systems: 26
• International Business: 25
• Supply Chain: 24
• Economics: 22
• Entrepreneurship: 18

Here are the top schools offering the widest variety of concentrations to choose from:

• Saint Xavier University: 23
• North Central College: 22
• Aurora University: 19
• Dominican University: 19
• Midstate College: 18
• Illinois Institute of Technology: 17
• University of Illinois at Springfield: 17
• Western Illinois University: 17
• Governors State University: 17
• University of Illinois at Urbana-Champaign: 16

Student / Faculty Ratio for MBA Programs in Illinois

Quality MBA programs invest in the number of professors relative to the students attending the program. Commonly known as the Student Faculty ratio. Generally, the lower the ratio, the better it is for students. MBA students will get the personalized one-on-one attention from faculty mentors that have extensive experience in the industry. The Student/Faculty metric is a matter of personal preference and for those students who excel in lecture hall environments, you may not need the low student/faculty ratio.

In Illinois the student faculty ratio for MBA programs ranges from the lowest (best) of 1:1 the highest (less desirable) of 11:1. For online MBA programs thee student faculty ratio for MBA programs ranges from the lowest (best) of 1:1 the highest (less desirable) of 11:1.

In Person

• Lowest: 1:1 from Bradley University
• Highest: 11:1 from University of Illinois at Springfield
• Average: 4:1 from Illinois's 19 MBA Programs.
• Average: 3:1 from 593 the nation's campus MBA Programs.

Online

• Lowest: 1:1 from Bradley University
• Highest: 11:1 from University of Illinois at Springfield
• Average: 4:1 from Illinois's 13 MBA Programs.
• Average: 2:1 from 327 nation's online MBA Programs.

Full-Time Faculty

Highly competitive MBA schools recruit part-time and full-time professors that are both academics and industry influencers. They are the subject matter experts in their respective field. Most business professors have experienced success in the corporate world and have written extensively in their chosen field. The number of highly-qualified full-time faculty is directly related to the reputation of most elite MBA programs.

The number of full-time faculty for MBA programs in Illinois ranges from a low of 16 professors to a high or 178.

• Lowest: 16 from Saint Xavier University
• Highest: 178 from University of Illinois at Urbana-Champaign
• Average: 64 from Illinois's 36 MBA Programs
• Average: 65 from 327 Online MBA Programs

Percent of Faculty with a PhD

Another high-level perspective to consider when determining the quality of an MBA faculty is to note the number of faculty who have earned a PhD in their respective area of excellence. Note to writer - create a fuller amount of content for this section.

In Illinois MBA programs range from 61.90% of the faculty having a PhD to a 100.00% of the MBA faculty having a PhD.

• Lowest: 62% from Western Illinois University
• Highest: 100% from Northwestern University
• Average: 85% from Illinois's 36 MBA Programs
• Average: 83% from 327 Online MBA Programs

The Importance of MBA Accreditation

The importance of accreditation can't be underestimated. For many, knowing your school is accredited by the AACSB and regionally accredited by the US Department of Education is enough assurance that you will receive a quality education, where credits are more likely to transfer, and you will be qualified for loans, grants, and scholarships.

AACSB accreditation is considered to be the gold standard in business school credentialing. Established to promote high-quality business education in the U.S., AACSB members developed a stringent accreditation process. Members are held accountable for following an established business education framework set forth by the AACSB. With that comes MBA degrees conferrals that are widely recognized by Fortune 500 companies. This results in lucrative job opportunities.

Cities Offering MBA Programs in Illinois

Looking for a particular city in Illinois with an accredited MBA program? Research and compare MBA programs from other cities in Illinois. Find online programs, programs by concentration, by average GMAT score and more.

• Carbondale
• Champaign
• Charleston
• Chicago
• Dekalb
• Edwardsville
• Evanston
• Macomb
• Normal
• Peoria
• River Forest
• Springfield
• University Park