College of Business/Graduate Programs, Illinois State University in Normal, IL

Academics

The College of Business offers the Master of Business Administration (MBA), Master of Science in Accounting (MSACC), and Master of Professional Accountancy (MPA). Other programs include an interdisciplinary program in arts management, foreign exchange with 5 countries, a cooperative program with agribusiness, and internships, which are encouraged as electives for students without full-time work experience. The strongest areas of study are marketing, management, and finance. The most popular courses are Human Resources Management, Advanced Consumer Behavior, Investments, and Project Management. Regular programs bring distinguished speakers and visiting professors to campus. CEOs and other corporate executives are invited to speak during Business Week each fall and on numerous other occasions. Executive forums are sponsored by the Office of Insurance and Financial Services.

Thirty-six total semester hours are required to complete the MBA, including 9 elective semester hours. Required courses include:

Management Accounting
Contemporary Business Perspectives and Leadership Skills
Financial Management
Advanced Marketing Management
Operations and Quality Management
Advanced Organizational Strategy
Research Methodology
Management Information Systems
Organizational Behavior

Required courses for the MSACC include:

Financial Accounting Theory
Management Information Systems
Introduction to Research Methodology in Accounting

Required courses for the MPA include:

Financial Accounting Theory
Management Information Systems
The Professional Accountant as a Manager of Information Systems
Business Information Systems Consulting
Introduction to Research Methodology in Accounting

Students may eliminate or substitute requirements on the basis of previous academic courses, or passing grades on proficiency exams for foundation courses.

Business students may take relevant nonbusiness courses in other departments. The minimum time permitted to complete the master’s degree program attending full time is 1 year; maximum, 6 years. For students attending part time, the minimum is 2 years; maximum, 6 years.

There are 70 total full-time graduate business faculty, all of whom hold a doctorate. Faculty salaries are rated well below average for Category I institutions, based on the AAUP rating system. Average number of credit hours faculty teach is 9; average business class size is 19.

Admissions

A bachelor’s degree is required, along with a GPA of 3.0. The formula for using the GPA and GMAT scores is (200 x last 60 hours of GPA) + GMAT. Most important admissions factors are grades in upper-level courses, GMAT results, and letters of recommendation. A strong mathematics background is not required.

The number of applicants for the 2006-2007 class was 204; 158 were accepted; 99 enrolled. The average GPA was 3.5; average GMAT score was 543. Transfers are accepted. Minority students are actively recruited by graduate minority tuition waivers, Julia Visor Book Scholarship, McNair Book Scholarship, McHenry Scholarship, and Diversifying Faculty in Illinois.

Students may begin the MBA program in the fall, spring, and summer. To apply, students must submit an application form, 2 transcripts, GMAT scores, a nonrefundable application fee of $40, 2 letters of recommendation, and essays. The application deadlines are February 1 for fall entry; September 1, spring; February 1, summer. Students are notified of the admissions decision after the deadline, then on a rolling basis until seats are filled. The latest acceptable test date for fall entry is July 1. Once accepted, students may defer admission for 1 academic term.

Financial Aid

About 75% of graduate business school students received financial aid from scholarships, loans, and graduate assistantships in a recent year. Stipends and programs available for minority students include tuition waivers and a fellowship program. The FAFSA and the Illinois State Financial Aid Application are required. Check with the school for current application deadlines.

Tuition for in-state residents is $185 per credit, or $3330 per year. Nonresidents pay $386 per credit, or $6948 per year. On-campus room and board costs approximately $6148; books and supplies, $861; personal expenses, $2135; and other fees, $1260, for an estimated annual total of $13,734 for in-state residents and $17,352 for out-of-state residents. Graduate student housing consists of university-supported apartments on and off campus, graduate student floors in residence halls, and off-campus apartments. There is a referral service to help procure off-campus housing.

Students

Forty-seven percent of the current graduate business school class are enrolled full time. The greatest percentage of students are from Illinois (82%). Thirty-six percent are women, 7% are minorities, and 17% are foreign nationals. The average age at entrance is 26; ages range from 21 to 50. In 2006, 103 graduate business degrees were awarded.