The Top U.S. B-Schools With The Most Indian Students

The two biggest groups to come to the United States seeking graduate business education have long been Indian and Chinese nationals. For many years, the latter outnumbered the former, but for about the last decade, through 2019, the number of Chinese students seeking MBAs or other business degrees in the U.S. has declined while the Indian population at U.S. business schools has steadily grown. This trend can be seen across all programs: In 2019, for the first time, Indian undergraduate students at U.S. schools outnumbered Chinese, a monumental shift noted in the biennial Open Doors report.

The school with the highest percentage of Indian students across all programs: Minnesota Carlson, with 64%. The highest percentage of Chinese students can be found at USC Marshall: 63%

Rank	School	Enrollment (All Programs)	Indian Students	Chinese Students	Other Notables	MBA Enrollment	International MBAs
T7	UC-Berkeley Haas	1,681	15%	6%	Canada 2%, France/Japan 1%	627	30.10%
9	Yale SOM	843	15%	19%	Canada 12%, Mexico 9%, Germany 4%	692	29.30%
T10	NYU Stern	2,163	28%	25.70%	Canada 8.3%, Republic of Korea 5.7%, Brazil 3.3%	668	22.80%
12	Duke Fuqua	977	16.80%	31.00%	Republic of Korea 5.7%, Canada 4.8%, Brazil 4.6%	798	27.40%
T13	Michigan Ross	1,166	39%	10%	Brazil 12%, Canada 7%, Peru/Japan 4%	758	22.70%
T13	Virginia Darden	1,023	21%	18%	Nigeria 9%, Peru 7%, South Korea 6%	733	24.00%
15	Cornell Johnson	714	13.50%	40.40%	Canada 4.6%, South Korea 4.6%, Mexico 3.2%	571	32.70%
T16	USC Marshall	1,213	11%	63%	South Korea 4%, Canada 3%, Indonesia 3%	435	21.80%
T18	UCLA Anderson	1,916	38%	16%	Canada 9%, South Korea 6%, Taiwan 3.5%	694	25.90%
T18	Texas McCombs	1,028	37%	19%	Mexico 11%, South Korea 6%, Canada 4%	491	15.10%
20	UNC Kenan-Flagler	593	37%	13%	South Korea 7%, Japan 6%, Turkey 6%	593	11.50%
21	Georgetown McDonough	996	40%	17%	Mexico 7%, South Korea 6%, Canada 4%	509	26.70%
22	Washington Foster	722	7.90%	3.20%	Canada 1.1%, Mexico 0.4%, Peru 0.3%	227	25.10%
T23	Indiana Kelley	503	52%	6%	South Korea 15%, Japan 8%, Taiwan 8%	225	30.70%
T23	Vanderbilt Owen	423	27%	8%	Japan 10%, Nigeria 8%, Canada 6%	329	10.30%
25	Rice Jones	752	29%	21%	Mexico 6%, Nigeria 5%, Spain 5%	281	20.30%
26	Emory Goizueta	653	5.70%	4.20%	South Korea 3.4%, Japan 1.2%	286	28.00%
27	Florida Warrington	435	20%	8.60%	Venezuela 11.4%, Colombia 6.3%, Mexico 6.3%	90	7.80%
T28	Georgia Tech Scheller	622	50%	13%	Canada 7%, South Korea 7%, Japan 4%	157	18.50%
T28	Minnesota Carlson	828	64%	13%	Kosovo 1.5%, Korea 1.5%, Taiwan 1.5%	139	14.40%
30	Arizona State Carey	407	26%	41%	Taiwan 7%, Ghana 5%, Nigeria 4%	131	33.60%
T31	BYU Marriott	395	1%	–	Brazil 1.3%, South Korea 0.5%, Canada 0.5%	256	9.00%
T31	Texas-Dallas Jindal	785	32%	7%	Taiwan 2%, South Korea 1%, Vietnam 1%	105	27.60%
T33	Ohio State Fisher	537	37%	20%	Vietnam 5%, South Korea 5%, Taiwan 3%	134	15.70%
T33	Penn State Smeal	161	16%	5%	Nigeria 2%, Brazil 2%, Pakistan 1%	107	26.20%
T33	Rochester Simon	416	46%	12%	Nigeria 7%, South Africa 4%, Mexico 3%	232	38.80%

The highest-ranked school to report detailed data on nationalities was UC-Berkeley Haas School of Business, tied for seventh in the ranking, which reported 15% Indians and 6% Chinese out of nearly 1,700 students in all programs; the only other top-10 schools to do so were No. 9 Yale School of Management, which reported 19% Chinese and 15% Indians out of 843 students, and No. 10 NYU Stern School of Business, which reported 28% Indians and 25.7% Chinese out of 2,163 students. (See the next page for a complete breakdown of the numbers.)

Using ROI to tell the difference

One definition of ROI is that it is “the total earnings minus the cost of the degree, minus the average earnings over the person with only a high school education.” Another definition says that ROI is “the difference between the 20-year median pay for a bachelor’s grad and 24-year median pay for a high-school grad minus the total four-year cost of attendance.”

In its “Best-Value Colleges” list prepared as part of its 2018 College ROI report, PayScale provides a list of colleges that can help students with comparative returns on their college-education investments. Its analysis takes into account the 20-year net ROI of a degree, total four-year cost of attendance, graduation rate, typical number of years to graduate, and the average loan amount.

The list, which provides the names of as many as 1,878 colleges, puts two US service academies in the first, second, and fourth positions. The top 25 includes MIT (third, ROI $1,015,000), Harvey Mudd College (sixth, $978,000), Colorado School of Mines (eighth, $909,000), and Caltech (tenth, $887,000). Georgia Institute of Technology-Main Campus (12^th, $856,000), Stanford University (16^th, $811,000), Princeton University (18^th, $797,000), and Harvard University (25^th, $760,000) are some others at the top.

The bottom of the list should also be a revelation for students looking for college admission. It helps identify colleges that don’t promise a great ROI for their students’ investment. From rank 133, the ROI starts to fall below $500,000; and from rank 1456, to below $100,000. From rank 1752, the ROI goes into negative. At the dregs of the list are Mississippi Valley State University (rank 1,878, ROI $ (minus) 174,800) and a host of private colleges with negative ROIs running above $100,000.

Of course, it is no one’s argument that only majors with the highest earnings potential and colleges with the best ROIs can provide high-value college degrees. However, these majors and colleges should be on top of the minds of students, particularly of those who go in for huge education loans or depend on their family for funds or on their own savings. They are well-advised to examine the financial success of the alumni of their target college before they decide.

Top 100 Schools with Rankings

The Leap Quest methodology rewards schools for subjecting themselves to analysis by all five of the most influential rankings. Some 42 out of the 100 ranked MBA programs were ranked on every major list. That approach penalizes schools that deliberately refuse to participate in rankings where they may be at a disadvantage or that fail to gain a rank because the institution’s MBA program isn’t good enough to make every list.

The methodology also favors more fact-based ranking systems that depend on qualitative data that measures the quality of incoming students, their career outcomes as graduates and the return-on-the-investment given MBA tuition costs and scholarships. Rankings heavily based on opinion in surveys completed by students who know their answers will be used to rank their alma maters are given less weight.

Click Here To See the Top 100 Rankings

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