The MBA is still the world’s most popular graduate management degree. MBA students learn from the best professors, bolster their networks, transform their careers, and see their salaries skyrocket after graduation.
There are so many reasons to pursue an MBA, and with business schools offering generous scholarships and funding options, the fact that the MBA comes at a cost shouldn’t put you off.
It does however make sense to understand the full cost of an MBA program before you apply. You’ll need to prepare your finances ahead of time, weigh up the different programs on offer, and also assess the opportunity cost you’ll face by taking time off work.
Understanding the cost of a MBA also means looking beyond tuition fees alone. For full-time MBA programs, you’ll need to consider additional costs including living expenses, healthcare cover, and paying for course materials. All these extra costs contribute to the overall cost of an MBA and, like MBA tuition fees, can vary each year.
In the BusinessBecause Cost of MBA Report 2020, we give you the latest figures to help you plan for your MBA studies over the next two years.
There are so many MBA programs out there at different price points. Here, we’ve broken down the total cost of the world’s top MBA programs as ranked by the Financial Times. These may cost more than many lower-ranked MBA programs, but may well deliver more too.
Of course, preparing for anything this year is more difficult than before. As you take in the data below, it’s worth reading how the total cost of your MBA may be impacted by the coronavirus pandemic.
Read on to find out the total cost of an MBA in 2020 or skip to your section of interest by clicking one of the links below.
MBA Cost: An Overview
So, how much does an MBA cost? Well, pursuing an MBA at a top-ranked business school remains a significant investment. The total cost of an MBA includes:
Tuition: The main fees you pay for an MBA program; teaching, experience etc.
Fees: What schools charge in addition to the tuition fees for processing, admin, and which also include fees for student associations etc.
Living expenses: How much you’ll pay for accommodation and transport during your MBA
Healthcare: What you need to pay for healthcare cover for the duration of your MBA
Program materials: Additional costs for books, case studies, and other program materials
Taking all these into account, our research shows that the average total cost of studying one of the world’s top MBA programs is $168k.
World’s most expensive MBA programs
The world’s most expensive MBA program in terms of total cost is the MBA at MIT Sloan with a total cost of over $237,600. MIT is followed closely by Stanford, at over $237,200, and Wharton at over $229,700.
The least expensive place to do a top-ranked MBA is at NUS Business School in Singapore, with a total cost of over $87,600, followed by CEIBS in China and Oxford Saïd Business School and Cambridge Judge in the UK.
The highest ranked MBA programs are not necessarily the most expensive. MIT Sloan is ranked sixth by the Financial Times but top for overall cost, while Harvard Business School, which is ranked first by the FT, comes fourth overall in terms of total cost.
CEIBS is ranked fifth in the world by the FT but is the second cheapest MBA program out of the top-25, while the cheapest, NUS, is ranked 15th by the FT.
MBA Cost vs Location
MBA programs in the United States are typically two years long, compared to shorter format programs popular elsewhere, which means doubling your annual tuition cost not to mention living expenses and healthcare insurance.
US schools are therefore the most expensive MBA programs in terms of total cost (although Cornell, Kellogg, and NYU Stern among others do offer one-year MBA programs which have not been considered here). The average cost of tuition for all the MBA programs in our report is just over $117k, while the average cost of tuition for the US-based MBA programs is over $146k.
Outside the US, NUS Business School charges...
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