MBA Frequently Asked Questions

General Information

What is the focus of UMaine’s MBA Program?

The MaineMBA prepares leaders to move through volatile and rapidly changing markets with innovation and agility. Highly qualified business faculty from the Maine Business School and the University of Southern Maine School of Business collaborate to deliver an innovative graduate experience in a flexible environment.

Is your program accredited?

Yes. Both the Maine Business School and the University of Southern Maine School of Business are accredited by the Association to Advance Collegiate Schools of Business (AACSB).

Do the MaineMBA and its concentrations have STEM designation?

Yes. The MaineMBA and all of its concentrations are STEM-designated. This allows eligible international students to apply for a STEM OPT extension of their work authorization in the United States.

Where is the Graduate School of Business located?

All Graduate School of Business programs are designed to be completed 100% asynchronously online. Students interested in synchronous in-person or online programming and coursework can participate as they choose. In-person classes are held in Orono and Portland, Maine.

Are there any prerequisites?

First, you must hold a bachelor’s degree to apply to the MaineMBA. The exceptions to this are students who will complete their bachelor’s prior to entering the program or those participating in our Accelerated Pathway Program.To ensure that all MaineMBA students have a foundation of business core concepts, prior coursework (either undergraduate courses or our self-paced foundation courses) in the following areas is required:

• Accounting (financial and managerial)
• Economics (macro and micro)
• Statistics
• Finance

Non-business undergraduates can complete foundational skills via self-paced tutorials before starting MBA courses.

How long does it take to earn an MBA?

Our average completion timeline for full-time students is 20 months. Some students complete their degrees much faster, while others choose a longer timeline.

MBA students working full-time sometimes opt to earn their MBA part-time, taking just one class per semester, which is perfectly acceptable. However, the majority of students working full-time are able to handle full-time coursework (two classes or 6 credit hours).

The Graduate School of Business has a dedicated professional academic advisor for the MBA program, ensuring support for all students throughout their MBA journey.

How many credits are required to complete the MBA program?

The MaineMBA in General Management is 30 credits. The MaineMBA with a concentration is 33 credits. The number of credits needed to complete a dual degree program differs depending on the program.

What type of MBA is best?

The best MBA for you depends on what industry you work in and the type of work you want to do.
For example, someone who is looking for a promotion as a hospital administrator would find the MaineMBA in Healthcare Systems to be best for them. In contrast, someone who works with investments might be interested in the MaineMBA in Finance.

The University of Maine’s Graduate School of Business currently offers 13 interdisciplinary concentrations and three dual degree programs.

Admissions

Do I need to have previous work experience?

No previous work experience is necessary, however, some experience may give you a better idea of what you want to pursue in your future career path.

Do I need to take an entrance exam?

All applicants must submit an official score report from the GMAT, GRE, LSAT, MCAT, or PCAT or a qualifying waiver with their application materials.

Please include the completed waiver with your application materials if you are applying for a GMAT waiver. Your other application materials should demonstrate how you qualify for the selected option.

What is the GMAT exam?

The GMAT is a business school entrance exam that lasts nearly 3 1/2 hours, and includes the following four components:

• An analytical writing assessment, which measures critical thinking and communication skills.
• An integrated reasoning section, which shows how well students can analyze data and interpret information displayed in varied formats.
• A quantitative reasoning section, which determines whether students have strong mathematical abilities and numerical literacy.
• A verbal reasoning section, which evaluates reading comprehension skills, editing abilities and whether someone can make sense of written arguments.

Do I need to interview?

An interview for acceptance into our program is not a requirement.

After submitting my application, when will I receive a decision?

In most cases, a decision is formally issued by the University of Maine Graduate School within three weeks of a completed application being submitted.

Curriculum

What are the required core classes for the MaineMBA?

The MaineMBA Core 8 consists of the following courses:

• Strategic Data Analysis (BUA 601)
• Global Supply Chain Networks (MBA 637)
• Financial Statement Analysis (MBA 609)
• Foundations of Business Intelligence (BUA 680)
• Management of Contemporary Organizations (MBA 626)
• Managerial Marketing (MBA 670)
• Strategic Decision Making (MBA 649)
• Financial Management (MBA 651)

How long are the classes?

All semesters have two 8-week online asynchronous sessions referred to as “session one” and “session two.”

Students looking for an in-person experience have the option to take one 16-week hy-flex course each semester based out of Portland or Orono.

Careers

How will my earning potential change from obtaining an MBA??

Salaries vary widely among MBA graduates across the country. In Maine, the average salary for MBA holders is $87,535 a year, which is 44% higher than the Maine median earner’s salary of $56,277.

Earning an MBA gives you access to higher-level jobs that require an advanced degree. It also makes you a more desirable candidate. Earning your MaineMBA is more than just a set of skills – it’s a way of thinking. We help our students become analytical, strategic, and critical thinkers.

Financial

How much does the MaineMBA cost?

For all students, regardless of location, the cost per credit hour is $650.
The $650 rate per credit hour applies to all MaineMBA Core 8 classes, and all electives offered through the Graduate School of Business. The total cost for the 30-credit MaineMBA in General Management (no concentration) is $19,500.

For those pursuing a concentration, the cost per credit hour can vary depending on the department that the concentration courses are offered.

Please visit the respective sites to see the credit hour cost at our collaborating institutions:

University of Maine – Non-Business

University of Maine School of Law

University of Southern Maine Muskie School of Public Service

How do I apply for scholarships or assistantships?

The Graduate School of Business offers small scholarships and Graduate Assistantships to qualifying students. For more information, click here.

Our scholarship search tool, Scholarship Universe, is available to all University of Maine students. You gain access to this tool after being accepted to the program. For more information, click here.

UMaine offers Teaching Assistant and Research Assistant positions through individual programs, as well as internships and assistantships in academic and non-academic units. For more information, click here.

What types of financial aid are available, and who is eligible to apply?

To explore the various financial aid options available click here.

Additionally, the University of Maine Graduate School of Business Workforce and Preferred Partners programs have been developed to help Maine employers recruit, retain, and develop the next generation of business leaders. With tuition discounts, on campus recruitment opportunities, workshops and events, and eliminated fees, prospective students and employers alike will benefit from the state’s premier MBA program. For more information, click here.