MBA Programs in Minnesota Overview

Called the “North Star State,” Minnesota is known as the home of 10,000 lakes, the Twin Cities (Minneapolis and St. Paul), and the Mall of America. The state has a flourishing and diverse economy with 18 Fortune 500 companies choosing it for their headquarters. These companies, along with smaller businesses across Minnesota, provide growth opportunities for business leaders.

The state has a lower-than-average cost of living, high median income for workers, and low poverty rate compared to national baselines. As a result, Minnesota is a welcoming state for entrepreneurs and new business owners.

If you’re ready to accelerate your business career, an MBA can help you reach your goals. Many of Minnesota’s 82 institutions of higher learning offer graduate degrees in business. Find out more about which schools provide online, on-site, and hybrid programs with a wide variety of concentrations and add-on options. Explore this guide to learn more about MBA programs in Minnesota.

Earning an MBA in Minnesota can provide abundant job opportunities, strong support for education, proximity to corporate headquarters, and an excellent environment for personal and professional growth.

According to the Bureau of Labor Statistics (BLS), Minneapolis-St. Paul typically maintains an employment rate above 97% with many people working in professional, business, and financial services. The region boasts a long history of growth and a powerful entrepreneurial culture. Minnesota is home to many large corporations, including Best Buy, 3M, and Target.

Business students can pursue graduate degrees at 56 four-year public or private colleges and universities of various sizes across the state. Many schools also offer online programs, making them easy to access for professionals serving in rural locations.

Minnesota students can receive scholarships to help cover the cost of MBA tuition. Many of the state’s colleges offer aid to members of the military, AmeriCorps volunteers, or students with exemplary leadership or academic achievements.

Attending an accredited institution gives you access to financial aid options while in school and ensures your degree will be taken seriously after graduation. Colleges and universities can hold institutional accreditation, programmatic accreditation, or both. Institutional accreditors put their stamp of approval on an entire institution. In Minnesota, the primary institutional accreditor is the Higher Learning Commission (HLC).

Business program accreditors review and accredit business schools or degree programs. These accreditors include the Accreditation Council for Business Schools and Programs (ACBSP) and the Association to Advance Collegiate Schools of Business (AACSB). Either of these agencies’ endorsements indicates that a business program meets rigorous standards.

An MBA can be a costly degree, but fortunately, you can access resources to help you cover the cost of tuition and other educational expenses. While federally subsidized loans do not support graduate studies, many other forms of federal aid do. If you are a member of the military or a veteran, you could access funds through the Department of Veterans Affairs.

You can also access scholarships, private grants, fellowships, employer reimbursements, or student loans to help fund your education. Individual schools, local civic clubs, employers, and financial institutions all offer scholarships. Check out the links below to dive deeper into your financial aid options.

Publicly funded colleges usually offer lower tuition rates to in-state residents. Under the Minnesota-Wisconsin Tuition Reciprocity Agreement, qualifying Wisconsin residents may attend Minnesota schools at in-state prices.

As a member of the Midwest Student Exchange Program, Minnesota agrees that its cooperating state-supported schools will charge no more than 150% of resident tuition to residents of other member states. Some schools may provide more tuition breaks to residents of neighboring states. Check with your school of choice if you think this option could apply to you.

Not only will you pay tuition, but while you’re earning your degree, you’ll also need to cover living expenses. Fortunately, Minnesota’s cost of living can help keep those expenses affordable.

World Population Review evaluates each state’s cost of living and compares it against a national baseline score of 100. Using this metric, Minnesota earns a 94.1, placing it just above Ohio and below New Mexico in cost of living

Many consider the University of Minnesota’s Carlson School of Management among the best business schools in the state. According to the school’s annual report, 95% of its full-time MBA graduates held jobs within 90 days of graduation.

The cost of an MBA depends entirely on the school offering the program. Even then, prices can vary depending on whether you elect a part-time or full-time course of study and whether you plan to study online or on campus.

Minnesota is home to several universities with selective MBA programs. The hardest program to get into depends on your qualifications and the school’s admissions criteria. That said, the Carlson School of Management at the University of Minnesota admitted just 173 of 464 applicants in the fall of 2021.

To qualify for in-state tuition, you must have resided in Minnesota for at least one calendar year prior to enrolling in a higher education program. Your residence must not be for the sole purpose of attending a university or college.