How Much Does An MBA Cost? [Complete Answer]

How much does an MBA cost? Once you decided to pursue your career in MBA the first thing you want to know is how much it is going to cost. Actually, the price of MBA degree varies and depends on the business school you select for your MBA Degree.

It also depends on the program you selected, the availability of scholarships, cost of housing, type of other financial aid and others. It also includes the amount of income you may miss for not working.

How Much Does An MBA Cost?

How Much Does An MBA Cost?

What is the cost of an MBA Degree (Full time)?

The average cost of an MBA course in the USA exceeds $60000. If you attend the top business schools in the US, you need to spend $100,000 or more.

What is the cost of an MBA Degree (Online?)

An online degree in MBA is similar to that of a campus-based degree. The tuition fee ranges from $7000 to $120,000. The top business school charges the higher end of the fee.

Factors affecting the Cost of an MBA degree

There are many factors contribute to tuition fee, no matter school is private, the number of students and amount of the technology used on campus.

The cost in advertisement vs. Actual costs

It is important to note the advertised cost by a business school and the actual amount you need to pay. Remember if you get scholarships, grants and other financial aid it may cut your MBA tuition fee in half.

Accommodation and food

The cost of food is not included in the tuition fee. You may have to select between on-campus or off-campus accommodation. However, both have its own benefits, as on-campus is convenient over the off-campus but most of the times it is expensive. Off-campus accommodation is hard to find and you have to find it yourself, it is quite time-consuming.

Study-related costs

Obviously, you need a computer or laptop, books, subscriptions, travel costs, study-related trips that can occur while doing an MBA. Sometimes it is included or not included in the cost of an MBA. Itís up to you to inquire about the same. You can get this information from the website of that program or by inquiring about if from alumni of that MBA programme.

How to get your MBA course for less

Many business schools offer aid programs for the needy students. You can check about these courses by visiting their official websites and contacting the official of the same. Getting the scholarship grant, the student can remove the financial burden that comes along with an MBA degree.

GreenNote site is another alternate and employer-sponsored tuition programs. In case you do not find anything helpful, you can take student loans to pay the fee. No doubt this method will put you in debt for a number of years, many students consider the payoff of an MBA well worth resulting student loan payments.

Are you struggling with the worries that are preventing from picking your dream MBA abroad? Do not worry! We have some option you might not have considered yet. Apart from the scholarships or a loan, there are other options too.

Popular insights about the most popular ways to finance your MBA

1. Try for the perfect scholarships

When it comes to paying for an MBA, the scholarship provided to the students to focus entirely on their studies. Some scholarships come with particular requirements such as the threshold for the grades obtained, performance related conditions or maximum duration of completion of the program.

Most MBA students look for the scholarship at their selected university or business school where they plan to study. Some schools consider quickly for a scholarship as soon as a candidate submits its application for the same. However, some schools additionally require an essay/letter of motivation.

Generally, merit-based scholarship based on the first-come-first-served basis, so apply as early as possible.

Some popular scholarship providers

University of Virginiaís Darden School of Business offers about 70% of its current MBA students.

Harvard Business School is one of the most prestigious schools in the world has higher academic standards. It offers 65% of its MBA students.

Once you decided to pursue your career in MBA the first thing you want to know is how much it is going to cost. Actually, the price of MBA degree varies and depends on the business school you select for your MBA Degree.

It also depends on the program you selected, the availability of scholarships, cost of housing, type of other financial aid and others. It also includes the amount of income you may miss for not working.

2. Student Loans

To hit the recent financial crisis, studentís loans are less intimidating than you might imagine. It is a specially designed to cover study costs in which some covers only tuition fee while other covers living expenses as well.

A student loan specially designed to cover study costs some covers living expenses whereas some cover living expenses as well. This loan has much lower interest rate compared regular loans. The repayment of this loans starts once you get your graduate degree.

The loans provided by the various banks in partnerships with government institutions, so make sure to check about those once you decided to a certain MBA course. Keep in mind that in the US in many other countries, international students who would like to take loans will usually need a citizen/permanent resident co-sign.

3. Combine your MBA with part-time work

A part-time MBA degree is the way to lessen the cost of your studies. However, a part-time MBA student less focused on networking as they are already employed and not interested in building any possible business contacts.

It is a great option for the working professionals, many universities offer part-time MBAís and some of them can even be completely done as part of distance studies. No matter your MBA degree, takes a long time to finish you have an impressive job to show for it.

4. Research job or teaching job

If you try to get a research or a teaching job with the university from you are doing your MBA. It might cover your cost completely. Make sure you have to save time and energy by having your workplace where you study. As you have to do many duties while doing your studies.

In the USA, these work opportunities may lead around 20,000 USD annually and are usually available for MBA students enrolled for one semester.

5. Your employer is ready to pay for your MBA

There are many employers which are ready to cover a partly or fully tuition fee for your MBA programme. This is an option in case of an executive EMBA rather than a traditional MBA. It is conditional of your employer would be to work for them for some period after you finish your degree or you might have to pay the part of that fee.

If your employer considers your caliber and find worth investing in your also want to keep you within his company, he finances you to develop as an MBA. No doubt it will bring more benefits to their company and advantageous than to reinvest in the new staff.

Do not let the financial crises stand in the way of your dreams. You can go for any of the above solutions and finish your MBA degree.

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Updated: May 20, 2018 — 1:31 am

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