2020 Best Online MBA Programs in

Over the past decade, Illinois has experienced growth and development in its business and labor markets. The state is home to 69 of the highest revenue-earning companies in the United States, which offer career opportunities to business professionals with MBA degrees. We ranked our list of the best online MBA programs in Illinois according to the number of MBA graduates who have executive job titles.

Learn about the MBA job outlook in or read our methodology for more details about the rankings.

MBA Jobs in

Illinois is a great destination for MBA graduates searching for a state with a major financial center — Chicago — along with diverse manufacturing, agricultural, retail, higher education, and hospitality sectors. Illinois is home to 37 Fortune 500 corporations, is a major national and worldwide transportation hub, and has a lower cost of living than other desirable locations for MBA jobs, such as New York, California, or New England.

The largest five employers in Illinois are McDonald’s, Walgreens, Sears Holding, Caterpillar, and United Airlines. The Fortune 500 companies based in Illinois include State Farm Insurance, Archer Daniels Midland, Caterpillar, Boeing, and Abbott Laboratories — representing a wealth of varied industries for MBA career paths.

MBA Employment Projections

With unemployment rates steadily declining over the past ten years and job growth rates expected to rise close to 2.2% over the next five years, graduates looking for a job in Illinois will be entering a steady job market. Ten year employment projections for the period of 2016-2026 show many MBA career paths with even higher growth projections. Management occupations during this period are expected to grow almost 6.5%, while business & financial operations occupations are expected to grow almost 8%.

According to the Illinois Business Innovation Association, Illinois is home to over 200 business incubators, accelerators, and coworking and maker spaces, providing ample opportunity for those seeking MBA careers with start-up and growth companies. The Association supports small businesses with networking, funding, and other types of assistance.

MBA graduates who are interested in a career with an established company will find a diverse range of options throughout the state. l Many will gravitate toward Chicago, which is ranked #16 in a list of the world’s top financial centers. With the Chicago Stock Exchange, The Chicago Mercantile Exchange, the Federal Reserve Bank of Chicago, and the Chicago Board of Trade all located in the city, jobs in the financial sector are especially prevalent. Jobs in Illinois’ smaller cities are also good options for MBA graduates, with many of these cities offering lifestyle benefits in addition to projected job growth rates. . For example, the state capital of Springfield has an unemployment rate of 3.90% and an employment rate that has been steadily rising over the past year.

MBA Salaries

At approximately $73,000 annually, the average MBA salary in Illinois is less than the nationwide average MBA salary of about $83,000, but many careers pay far more. According to Zippia.com, all these MBA jobs offer salaries that are significantly over $100,000: chief executives, financial managers, sales managers, marketing managers, personal financial advisors, compensation and benefits managers, and general and operations managers.

MBA Careers in Chicago

The world-class city of Chicago is home to 2.7 million residents and is the hub of the Illinois economy. According to World Business Chicago, a public-private partnership serving the business community, Chicago is home to the country’s most diverse set of industries, with no more than 12 percent of workers in any one sector. One major driver of Chicago’s large financial community is its derivatives market, with nearly five billion in annual trading volume, accounting for 20 percent of the global market.

References

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Duffin, E., (2019). Number of U.S. Companies Listed in the Fortune 500 Ranking in 2018, by State. Available at: https://www.statista.com/statistics/303696/us-fortune-500-companies-by-state/ [Accessed 1 Sept. 2019].
States with Lowest Cost of Living 2019. Available at: http://worldpopulationreview.com/states/states-with-lowest-cost-of-living/ [Accessed 1 Sept. 2019].
Creating A Statewide Entrepreneurial & Innovation Ecosystem Other States Will Envy. Available at: https://www.illinoisbusinessincubators.com/ [Accessed 1 Sept. 2019].
Kolmar, C. (2016). These Are the 10 best Places in Illinois to Get a Job. Available at: https://www.zippia.com/advice/best-places-in-illinois-to-get-a-job/ [Accessed 17 Sept. 2019].
Kolmar, C. (2019). The 100 Largest Companies in Illinois for 2019. Available at: https://www.zippia.com/advice/largest-companies-in-illinois/ [Accessed 1 Sept. 2019].
MBA Salary in Illinois. Available at: https://www.ziprecruiter.com/Salaries/How-Much-Does-a-MBA-Make-a-Year--in-Illinois [Accessed 1 Sept. 2019].
World Business Chicago website. Available at: http://www.worldbusinesschicago.com/ [Accessed 1 Sept. 2019].
2019 Inc. 5000: The Most Successful Companies in America. (2019). Available at: https://www.inc.com/inc5000/2019/top-private-companies-2019-inc5000.html?metro=chicago [Accessed 1 Sept. 2019].
The Global Financial Centers Index. Available at: https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/[Accessed 15 Sept. 2019].
Springfield, IL economy at a glance. Available at: https://www.bls.gov/eag/eag.il_springfield_msa.htm [Accessed 15 Sept. 2019].
Moody's Analytics (2019). State of Illinois Economic Forecast: February 2019. Available at: http://cgfa.ilga.gov/Upload/2019MoodysEconomyILForecast.pdf[Accessed 15 Sept. 2019].
Illiois Department of Employment Security (2019). Illinois Employment Projections. Available at: https://www2.illinois.gov/ides/lmi/Pages/Employment_Projections.aspx [Accessed 15 Sept. 2019].