Maine Business School

University of Maine, Maine Business School History

University of Maine, founded in 1865, is a public, coeducational institution. The 1200-acre campus is located in a small town 9 miles north of Bangor. Total undergraduate and graduate enrollment is 11,797.

The Maine Business School was founded in 1965 and is located on the main campus, in its own building. Courses also are offered at the Hutchinson Center in Belfast (MBA). The basic educational approach is evenly balanced between quantitative and behavioral, with use of the case method, experiential learning, lecture, and business simulation, with emphasis on hands-on practice and real-world skills, and integrated international perspective and experience.

University of Maine, Maine Business School Academics

The Maine Business School offers the Master of Business Administration (MBA) and Master of Science in Accounting (MSAcc). Other programs include work-study, in which eligible students work with graduate faculty, foreign exchange with France (University of Angers), and internship programs. The strongest areas of study are finance and management. The most popular courses are Investment Management, Futures and Options Markets, and Management Policy. Regular programs bring distinguished speakers and visiting professors to campus. Typically in the summer, one visiting professor will teach one course.

Forty-eight total credits are required to complete the MBA, including 15 MBA; 9 MSA elective credits. Required courses include:

• Introduction to Accounting/Accelerated
• Introduction to Economics/Accelerated
• Behavioral Analysis for Administrative Decisions
• Financial Management
• Management Policy
• Business, Government, and Society
• Residency Week
• Internship or Organizational Consulting
• International Trip
• Decision Sciences for Operations
• Creating and Capturing Value in the Digital Economy

Required courses for the MSAcc include:

• Introduction to Financial Accounting
• Introduction to Management Accounting
• Intermediate Accounting I
• Intermediate Accounting II
• Cost Accounting
• Auditing
• Federal Taxation of Individuals
• Principles of Management and Organization
• Business Finance
• Marketing
• Microeconomics
• Macroeconomics
• Advanced Accounting
• Tax Research and Taxation of Business Entities
• Accounting Theory/International Accounting
• Business Law for CPAs
• Behavioral Analysis for Business Decisions
• Advanced Auditing

Students may eliminate or substitute requirements by having foundation courses waived for equivalent courses completed at the undergraduate level or tutorials taken and passed before entering the program.

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 19 total full-time graduate business faculty, of whom 95% hold a doctorate; there are 2 part-time faculty, of whom 50% hold a doctorate. Faculty salaries are rated well below average for Category I institutions, based on the AAUP rating system. Average number of courses faculty teach is 3; average business class size is 20.

University of Maine, Maine Business School Unique Programs

Library

The university’s main library houses a collection of more than 900,000 volumes and 19 microform items, and subscribes to 6700 periodicals. The business library is particularly strong in Canadian business. Students have access to such databases and networks as Dialog, Expanded Academic Index, Business Index, Compact Disclosure, General Business File, Uncover, Statistical Universe, National Trade Data Bank, Business Source Corporate, and Business Source Premier. Other opportunities for research consist of research with individual faculty members.

Computers

Graduate business students need not have their own PCs. The business school has its own computer facilities, consisting of 60 networked PCs and full access to the university’s mainframe, the Internet, the World Wide Web, and the library system. Hours are 8 a.m. to 10 p.m. Monday through Thursday and 8 a.m. to 5 p.m. Friday.

Career and Job Placement

In spring 2006, 35 companies recruited on campus. Sixty percent were national corporations. Majors most in demand were finance, accounting, and general management. Average starting salary of the graduating class was $44,000; range was $30,000 to $65,000. The percentage of graduates finding jobs were:

• national corporations 60%
• regional corporations 20%
• local small enterprises 10%
• self-employment 5%
• education 5%

Placement services are limited, since most students are already employed full time. Placement services for alumni include job listings, the Alumni Career Services Program, which includes interviews through prescreening, resume referrals, the Maine Mentor Program, and career and job search counseling. Placement is available through the university placement office. Eighty-five percent of the most recent graduating class found jobs within three months of receiving their degree.

International Students

International students must take the TOEFL. International students must score 550 on the Paper-Based TOEFL (PBT) or 80 on the Internet-Based (iBT) version. They also must submit a translation of their transcripts, proof of health consisting of an immunization record, and proof of adequate funds to cover 1 year ($27,280 documented) of study. Financial aid is available for these students and consists of universitywide competitive tuition waivers, business school tuition waivers, and graduate assistantships. The application deadline for fall entry is July 1.

Calendar

The school operates on a traditional semester basis. Semesters are 14 weeks long; summer sessions, 5 weeks. Graduate programs are offered during the day and evening and weekends.

University of Maine, Maine Business School Admissions

A bachelor’s degree is required, along with a GPA of 3.0 and a GMAT score of 500. Most important admissions factors are academic accomplishments and ability, GMAT results, and work experience. A strong mathematics background is not required.

The number of applicants for the 2006-2007 class was 57; 38 were accepted; 22 enrolled. The average GPA was 3.36; average GMAT score was 568. Transfers are accepted.

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 $50, and 3 letters of recommendation. The application deadlines are July 15 for fall entry; November 15, spring; April 1, summer. Students are notified of the admissions decision within 2 weeks after all material is received. The latest acceptable test date for fall entry is June 25. Once accepted, students may defer admission for up to 1 year.

University of Maine, Maine Business School Financial Aid

About 21% of graduate business school students receive financial aid from scholarships, loans, and graduate assistantships, for a total average of $11,000 annually; maximum $25,000. Stipends and programs available for minority students include 2 Thurgood Marshall Scholarships. The FAFSA is required. Check with the school for current application deadlines.

Tuition for in-state residents is $296 per credit, or $6216 per year. Nonresidents pay $845 per credit, or $17,745 per year. On-campus room and board costs approximately $4299; books and supplies, $1800; and other fees, $644, for an estimated annual total of $12,959 for in-state residents and $24,488 for out-of-state residents. Graduate student housing consists of 1 dorm for graduate students. Students with a spouse or dependents can be in the University Park Apartments. There is a referral service to help procure off-campus housing.

University of Maine, Maine Business School Students

Seventy-two percent of the current graduate business school class are enrolled full time; 53% have had an average of 7 years of full-time work experience prior to entering graduate school, a factor preferred by the school. The greatest percentage of students are from Maine (73%). Thirty-eight percent are women, 3% are minorities, and 21% are foreign nationals. The average age at entrance is 30; ages range from 22 to 53. Thirty-six percent enter directly from undergraduate school; 14% already have a graduate degree. Students’ undergraduate majors were as follows: 37%, business; 31%, engineering; 18%, math and science; 15%, social sciences; 11%, new media, education, law, and fashion; 7%, liberal arts; and 6%, economics. About 4% of entering students leave by the end of the first year due to academic or personal reasons; 93% remain to receive their degree. In 2006, 32 graduate business degrees were awarded.