2023 Best MBA Programs in Illinois

Compare MBA Degrees in Illinois for 2023

Key Highlights:

• • Comprehensive comparisons and data about tuition fees, average starting salaries, GMAT scores, and enrollment statistics for MBA programs in Illinois.

• • Detailed profiles of both online and on-campus MBA programs in Illinois, their strengths, unique specializations, faculty expertise, and alumni networks are included to help align your study choice with your career ambitions.

• • Insights into Illinois's diverse economic sectors, demonstrating how an MBA degree serves as a potent tool in these industries.

Illinois is home to a thriving and diverse economy, offering a myriad of opportunities for MBA graduates. The state is a major hub for several key industries, including finance, healthcare, manufacturing, and technology, each requiring a specific set of skills that an MBA program can provide.

The finance industry, especially in Chicago, is one of the world's largest, making it an ideal destination for MBA graduates with a specialization in finance, banking, or investment management.

Illinois's healthcare sector is rapidly growing, creating a need for professionals with a firm grasp on healthcare administration, making it a prime career path for MBA graduates with a concentration in healthcare management.

The state's manufacturing industry is robust, covering a wide array of sectors from food processing to automotive manufacturing. MBA graduates with a focus on operations management or supply chain management can find plenty of opportunities in this sector.

Furthermore, Illinois is home to a burgeoning tech industry, particularly in Chicago. This industry offers opportunities for MBA graduates with concentrations in IT management or entrepreneurship.

Compare MBA Program Averages Across

Illinois, the U.S. and Online

Table of Best Ranked MBA Programs in Illinois

What is the Average Graduate MBA Salary 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.

Average Graduate Salaries for In-Person MBA Programs

• 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

Average Graduate Salaries for Online MBA Programs

• 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

What is the Average 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.

Average Tuition for In-Person MBA Programs

• 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

Average Tuition for Online MBA Programs

• 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

What is the ROI for MBA Programs in Illinois?

Choosing an MBA program requires more than a glance at the school's reputation or curriculum. The return on investment (ROI) should take center stage in your evaluation. This measurement reveals the potential value derived from your tuition investment, putting key factors such as starting salary and career progression under the microscope.

By scrutinizing the ROI, you're not just making a decision—you're making an informed one. This approach will ensure the selection of an MBA program that provides the most bang for your buck. Checking the ROI might not be an afterthought; it could be the game-changer in your MBA journey.

While the average in-person MBA program ROI from Illinois is 156%, the lowest ROI is 66% from Loyola University Chicago, and the best ROI is 343% from Northeastern Illinois University.

The ROI from Online MBA programs in Illinois range between 66% from Loyola University Chicago and 343% from Northeastern Illinois University. The average ROI of online MBA programs within Illinois is 174%.

In-Person ROI for MBA Programs

• Average: 156% from Illinois's 19 in-person MBA Programs
• Lowest in-person: 66% from Loyola University Chicago
• Highest in-person: 343% from Northeastern Illinois University

Online ROI for MBA Programs

• Average: 174% from Illinois's 13 online MBA Programs
• Lowest online: 66% from Loyola University Chicago
• Highest online: 343% from Northeastern Illinois University

What is the Average GMAT Score Needed for an MBA Program 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.

Average GMAT Score for In-Person MBA Programs

• 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

Average GMAT Score for Online MBA Programs

• 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

Which MBA Schools Have the Highest Student Enrollment in Illinois?

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.

Average Enrollment for Score for In-Person MBA Programs

• 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.

Average Enrollment for Score for Online MBA Programs

• 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.

What MBA Concentrations Available 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

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

MBA Program Options Available in Illinois

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.

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

36 Accredited MBA programs.  and 11 public schools offering MBA programs.

Illinois 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.

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