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MBA Cost


How Much Does an MBA Cost?

 
low costState University: $20,000-$50,000average costOnline University: $8,000-$60,000high costPrivate University: $50,000-$120,000

A masters in business administration are usually two year full-time programs, but some (including programs at Northwestern, Cornell and Emory) can be completed in one year, and sometimes local state programs can be taken part-time or during evenings. MBA programs can cover general business theory and practice, but may also offer concentrations in fields such as accounting, marketing, and entrepreneurship.

Typical costs:

  • A Master of Business Administration degree typically costs $40,000-$120,000, for tuition and fees, but the total costs for a two-year program including books, insurance, room and board can run $50,000-94,000 a a year, or $100,000-$200,000 for a two-year program.
  • At a state university, an MBA typically costs $20,000-$60,000 per year for residents or $30,000-$65,000 for non-residents. For example, tuition at the University of Michigan[1] costs $52,394 per year for residents or $57,394 for non-residents, and around $72,000-$78000 per year including books, fees, insurance, and room and board.
  • At a private university, an MBA typically costs $50,000-$120,000 for tuition and fees. For example, an MBA from the University of Chicago[2] costs about $59,000 a year for tuition, and they estimate total costs of about $92,000 per year including books, insurance, rent, food, and personal costs.
  • An online or distance-learning MBA typically costs $8,000-$60,000, with higher prices for non-residents studying with a state university. At Florida Atlantic University[3] , state residents pay $13,720 while non-residents pay $40,000 to take the 40-credit-hour online MBA program.
Related articles: College, Law School, Career Counseling, Life or Business Coach

What should be included:
  • MBA programs have a wide range of required credits, from 30 to 60 to complete the program. MBA programs typically range from one to three years from start to finish, with a two-year program being the most common. In a shorter program, students must take more classes at a time. Some two-year or longer programs cater to working professionals, offering a few night classes at a time.
  • Most MBA programs introduce students to a wide range of business topics and allow a concentration in accounting, finance, health care administration, human resources, information systems, international business, marketing, operations, entrepreneurship, finance, or management.
Additional costs:
  • Additional costs for full-time MBA students can include food, housing, books, supplies, transportation, personal expenses, and health insurance. The total of these expenses can add an extra $20,000-$70,000 to a student's tuition and fees. For example, at the University of Michigan[4] , books, housing, health care and personal costs are estimated at $20,780 total. At Harvard Business School[5] these costs are broken down further and range from $34,600 for students who are single up to $66,000 for married students supporting two children.
  • Room and board typically costs $10,000-$20,000. For example, housing and food costs $10,972 at Brigham Young University[6] in Utah.
  • Books and supplies for an MBA typically range from $1,000 to $4,000. MBA program books at the University of Chicago[7] costs $2,100.
  • Transportation for a residential MBA program typically costs $600-$3,000 per year, which can includes bus, train, or personal transportation by vehicle. For example, transportation for the MBA at Babson University[8] in Massachusetts, costs $1,580-$2,130.
  • Personal expenses for an MBA student living on campus, such as health insurance, typically cost $3,000-$10,000. For example, health insurance for MBA students attending the University of Pennsylvania[9] costs $2,974.
Discounts:
  • Some universities offer a limited number of assistantships for master's programs. If granted an assistantship, a student may work part-time researching in the field or teaching courses at the university while earning a stipend which can be used towards tuition and other expenses. For example, at the Saint Joseph's University[10] MBA program in Philadelphia, assistants earn $4,000 per year and receive free tuition for eight courses per year in exchange for working 16 hours each week.
  • Scholarships may be available to students who meet program qualifications such as a high GPA or a proven financial need. Scholarships and Grants lists several funding opportunities for MBA students[11] .
Shopping for an mba:
  • US News & World Report ranks graduate schools in a searchable database[12] . Poets and Quants, a social network for those pursing a graduate degree, lists the 20 most expensive MBA programs[13] . The highest tuition is at the University of Pennsylvania's Wharton School[14] , and the highest overall program cost is at Columbia Business School[15] , according to the survey.
  • Get Educated, a consumer group ranking universities, lists its top 51 online MBA programs[16] from a survey conducted in 2009.
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External Resources:
  1.  www2.bus.umich.edu/MyiMpact/financial-aid/tuition-and-costs/due-dates
  2.  www.chicagobooth.edu/programs/full-time/admissions/tuition-financial-aid
  3.  www.fau.edu/controller/student_information/tuition_breakdown.php
  4.  www2.bus.umich.edu/MyiMpact/financial-aid/tuition-and-costs/due-dates
  5.  www.hbs.edu/mba/financial-aid/Pages/cost-summary.aspx
  6.  saas.byu.edu/ebrochure/BYU_Financial_Aid_and_Scholarships_Guide/Step_1__Count_the_...
  7.  www.chicagobooth.edu/programs/full-time/admissions/tuition-financial-aid
  8.  www.babson.edu/Pages/default.aspx
  9.  www.wharton.upenn.edu/mba/admissions/cost-summary.cfm
  10.  www.sju.edu/int/academics/hsb/grad/mba/students/prospective/assistantships.html
  11.  www.scholarshipsandgrants.us/mba-scholarships/
  12.  grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/search.result/pro...
  13.  poetsandquants.com/2011/01/08/how-much-does-a-top-mba-degree-cost
  14.  www.poetsandquants.com/2010/12/09/the-wharton-school
  15.  poetsandquants.com/2010/12/09/columbia-business-school
  16.  www.geteducated.com/online-college-ratings-and-rankings/best-buy-lists/best-buy-mb...
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