What Are STEM MBA Programs?
Updated August 30, 2024
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Companies in STEM (science, technology, engineering, and mathematics) play an increasingly important part in the global economy as they propel the world into the modern era. Individuals interested in STEM can pursue roles as programmers, mechanical engineers, radiologists, and more.
Businesses within the STEM field also require experts to maintain budgets, lead projects, and ensure communication between departments. STEM MBA programs provide students with the opportunity to study essential business skills while learning about the STEM field.
Graduates from STEM MBA programs can pursue roles in most STEM companies. Individuals can also pursue roles at non-STEM companies but may prefer a STEM company due to the industry's projected growth. The Bureau of Labor Statistics (BLS) projects the STEM industry to grow by 10.4% between 2023 and 2033, compared to an estimated 3.6% growth rate for non-STEM industries.
Students interested in a managerial career in STEM can consider a STEM MBA program. The following page discusses the benefits, costs, and curriculums of STEM MBA programs.
Popular Online MBA Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Why Pursue a STEM MBA?
Pursuing an advanced degree takes time, money, and commitment. Prospective students may wonder whether their educational investments can yield positive returns.
With STEM professionals in high demand in a variety of industries, STEM MBA graduates can take advantage of many career options. Professionals can work in government, manufacturing, software publishing, and finance, with some of the highest-paying MBA jobs available across the country. For example, according to the BLS, California, Texas, New York, and New Jersey all employ large numbers of IT managers. States employing many management analysts include California, Florida, Virginia, and New York.
By completing a STEM MBA program, graduates can impress employers with their ability to apply STEM principles to business problems. A deep understanding of how to apply technology to meet an organization's goals, for example, is a sought-after skill.
Benefits and Challenges of STEM MBA Programs
Benefits
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Competitive Advantage: Managerial applicants at technical companies may face significant competition. Individuals holding a STEM MBA can stand out by demonstrating leadership and technical knowledge simultaneously. -
Versatility: STEM represents a wide field that can include social media, software, and hardware companies. Professionals should have the ability to understand a company's technology and managerial needs. Individuals can build upon this knowledge to move into higher positions or new industries. -
Job Security: STEM fields typically represent growing and evolving industries. Well-established employees within this field may receive job security and competitive salaries. Headhunters may actively pursue STEM professionals, increasing job security and future career possibilities.
Challenges
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Rigid Career Path: STEM MBA program graduates can utilize their management skills in a STEM environment. However, given the niche focus of their degree, professionals who wish to change careers to a non-STEM industry may have difficulty. -
Course Difficulty: Enrollees may have to take courses in complicated technical subjects, including machine learning, big data, and data analytics. Applicants typically do not require a background in STEM, which can make understanding technical courses difficult. Students may need additional time to study new topics and foundational technological skills. -
Less Program Freedom: General MBA programs may offer a variety of concentrations and electives. STEM MBA programs may have fewer choices as the program already includes a concentration. Students may only have the ability to choose STEM electives rather than general electives.
Types of STEM MBA Programs Available
A general MBA program may seek out a STEM designation if the curriculum focuses heavily on business analytics. Often, though, MBA programs offer STEM-related concentrations in business analytics, finance, marketing, and supply chain operations.
In some cases, a general program may offer only STEM-related electives, which can still boost an enrollee's resume. Other programs tailor entire majors to STEM, ensuring that the business core includes as much STEM-oriented material as the specialization. For example, students may find STEM MBA majors in technology.
Many STEM MBA programs offer both on-campus and online degree options. Learners can seek out asynchronous course delivery structures, which enable them to access materials and participate in discussions on their own time. Alternatively, students may prefer to log in for real-time synchronous sessions. Hybrid programs offer some combination of in-person and online learning.
Admissions Process for STEM MBA Programs
Each STEM MBA program requires various admission prerequisites and documentation. Programs may consider applicants on a holistic basis, including previous grades, work history, and future goals. The list below covers common application requirements.
- A bachelor's degree from an accredited institution (schools may require a STEM-related undergraduate major)
- GMAT scores (may be waived for some programs or applicants who meet certain requirements)
- Minimum GPA of 3.0 (many schools do not have a GPA requirement)
- Online application, including an application fee
- Resume
- Essay questions, likely about your professional goals and how a STEM MBA can help your career
- Official transcripts
Popular STEM MBA Courses
STEM MBA programs offer various curriculums that can range from 36-70 credit units. Curriculums typically include a combination of general MBA courses, STEM courses, and electives. Programs may also require a capstone project. The following list highlights common courses found in STEM MBA programs.
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Managerial Accounting
Managerial accounting courses cover fundamental accounting information and methods to interpret accounting data. Enrollees should learn about accounting cycles, reporting requirements, and financial ratios. Students can use this knowledge to calculate profits and budgets and forecast future inventory requirements. -
Business Analytics
Business analytics courses teach students how to extract valuable insights from big data sets. Companies may have vast databases, but data must be cleaned, organized, and analyzed to provide useful business information. Students can learn about common modeling, data mining, and data visualization techniques. -
Machine Learning and AI
Machine learning and AI courses in STEM MBA programs focus on teaching the fundamental uses and principles of these emerging technologies. Students learn how to apply these technologies in a business environment. -
Capstone
Capstone courses can offer students hands-on experience by working with a real company. Students can work with a corporate partner or local business to identify an existing issue and create a customized solution. Attendees may need to write a paper or conduct a presentation regarding their experience.
Typical Costs of a STEM MBA Degree
STEM MBA programs have various tuition prices due to credits per program, school prestige, and class sizes. Typical program total tuition can range from $20,000 to more than $100,000. Students must also prepare additional funds to pay for textbooks, housing, and transportation. The following lists highlight common financial aid opportunities that can reduce the tuition burden.
- Financial aid: Financial aid refers to any type of monetary aid given to enrollees.
- Scholarships: Scholarships represent a type of financial aid that may have various prerequisites. These funds typically do not require repayment.
- Grants: Grants usually have need-based requirements. Applicants may need to provide proof of income.
- Loans: Loans can be issued by private or public institutions. Students must repay funds with accrued interest.
STEM MBA vs. STEM Master's vs. MBA
Students can pursue multiple graduate degrees, including a STEM degree, MBA, or STEM MBA. Each degree program offers a different focus and career path. Students who wish to become an expert contributor in a STEM field should choose a STEM degree. STEM degree choices include mechanical engineering, neuroscience, and computer science, among many other subspecialties.
MBA programs focus on educating the next generation of leaders through business, managerial, and financial courses. STEM MBAs take from both the STEM and MBA fields. Attendees study the basics of STEM to understand technologies and how to utilize them in the workplace. STEM MBA graduates often pursue leadership roles within STEM companies instead of traditional STEM roles.
| Key Factor | STEM MBA | STEM Master's | MBA |
|---|---|---|---|
| Career Path | Managerial role within a STEM company | Non-managerial position related to the degree, including engineer or programmer | Managerial role in any company |
| Timeline | Two years | Two years | Two years |
| Courses | General MBA courses, STEM courses, electives, capstone | Core courses, electives | General MBA courses, electives, capstone |
| Course Load | 36-70 units | 28-45 units | 30-60 units |
| Specializations and Concentrations | Finance, marketing, consulting | Engineering, computer science, neuroscience, statistics | Business analytics, finance, healthcare management, human resource management |
| Admission Requirements | Accredited bachelor's degree, GMAT score | Relevant bachelor's degree, specific prerequisite courses | Accredited bachelor's degree, GMAT score, work experience |
What Jobs Are Associated With a STEM MBA?
STEM MBA programs teach business, leadership, and STEM skills that can be utilized in financial, analytical, and managerial careers. Graduates can pursue these careers at traditional or STEM companies. Individuals may prefer to apply for jobs at STEM companies, as their degree programs include STEM-specific courses. Job-seekers can pursue roles as budget analysts, financial analysts, project managers, or data analysts.
Find a list of potential jobs STEM MBA graduates can pursue, with salary and job outlook data from the BLS.
Budget Analyst
Budget analysts develop project budgets, consolidate annual budgets, and monitor spending throughout the year. Analysts compare their proposed budget to actual costs and reconcile any differences. These professionals may work with managers to understand projects and make recommendations based on forecasts.
- Job Outlook (2023-2033): +4%
- Median Annual Salary: $84,940
Financial Analyst
Financial analysts can undertake many tasks, including investment advice, market research, and financial analysis. Individuals can conduct financial analysis by reviewing financial statements and talking with management. Analysts can become experts in a certain field, geographical area, or commodity.
- Job Outlook (2023-2033): +9%
- Median Annual Salary: $99,890
Project Manager
Project managers organize the creation and development of specific projects. Managers may have to understand customer requirements, create a plan, and lead the technical team. These professionals should monitor project progress, stay within budget, and review deviations from the original plan.
- Job Outlook (2023-2033): +7%
- Median Annual Salary: $98,580
Data Analyst
Data analysts gather, organize, and analyze large data sets. They should understand which data can be useful and where it can be extracted. Data analysts may need to present findings to non-technical colleagues, which may require a presentation or visual aids.
- Job Outlook (2023-2033): +36%
- Median Annual Salary: $108,020
Questions About STEM MBA Programs
What is a STEM MBA program?
STEM MBA programs teach leadership, financial, and technological skills. Attendees learn about the unique needs of STEM companies and how to help them grow. Students may have the opportunity to choose industry-specific STEM electives that can help their career goals.
What is the difference between a STEM MBA and a regular MBA?
General MBAs prepare students for managerial roles, while STEM MBA courses prepare students for managerial roles within STEM companies. STEM MBA students spend time learning about emerging technologies and how companies can use them.
How much does a STEM MBA cost in the U.S.?
A STEM MBA can cost anywhere from $20,000 to over six figures. Program tuition prices may vary based on class sizes, school prestige, required credits, and more. Students can lower their out-of-pocket expenses by pursuing financial aid, including scholarships, grants, and loans.
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