Business Administration is the most sought after post-grad education in most countries. Comparatively, nothing pays better than having an MBA degree from a prestigious university. For example, having an MBA degree from Harvard Business School can get you a salary of $180,000. MBA from any of the Ivy League colleges will land on a job with a similar salary. But, getting admission is highly competitive and even if you crack it, you should be able to pay its staggeringly high tuition fee; although it will pay back within a couple of years.
Over 40% of international students opt for Finance, Accounting, Business and Management subjects for their maximum return on investment. According to a survey by Bloomberg, it is found that MBA graduates after switching fields get their salary increased by nearly $55,000. It is nearly 90% increase in their salary after an MBA.
In an average pursuing an MBA program would cost an average of $50,000 to $70,000. However, the prices may vary depending on the University and the duration of their program.
Cost of MBA degree in the USA
USA has long been the preferred country to pursue an MBA degree with top B-schools such as Harvard and Stanford promising a fat paycheck when they get a job anywhere around the world. The average tuition fee of top B-schools in the USA is $70,000.
Cost of Top B-Schools in the USA
01. Harvard Business School – $109,124 to $151,128
-
- Tuition – $73,440
- Health Fee – $1,178
- Health Insurance – $3,364
- Course materials fee – $2,550
- Room & Utilities (9 months) – $13,350
- Living expenses (9 months) – $15,242
- Total – $109,124
02. Stanford Graduate School of Business – $115,797 to $136,014
-
- Tuition – $70,590
- Living allowance – $35,585
- Books and Supplies – $1,560
- Materials & Program fee – $1,155
- Transportation – $1,047
- Medical Insurance – $5,208
- Health Fee – $651
- Total – $115,797
03. Kellogg School of Management – Northwestern University – $103,350 – $137, 474
-
- Tuition – $98,720
- Room & Board – $22,800
- Books & Supplies – $2,196
- Travel expense – $1,772
- Personal expense – $4,200
- Health Insurance – $4,946
- Computer equipment – $1,200
- Student activity and experience fee – $1,200
- Student association fee – $440
- Total – $137, 474
04. The University of Chicago Booth School of Business – $108,683
-
- Tuition – $72,000
- Student life fee – $1,209
- Health insurance – $4,500
- Administrative service fee – $2,500
- Lifetime credentials fee – $75
- Books – $684
- Room and Board – $22,185
- Personal expense – $2,286
- Transportation expense – $1,944
- Computer allowance – $1,300
- Total – $108,683
05. Tuck School of Business – $107,200 to $110,173
-
- Tuition – $72,150
- Books and supplies – $1,500
- Housing – $15,195
- Miscellaneous and Health expenses – $18,424
- Program fee – $1,854
- Board – $1,050
- Total – $110,173
Cost of MBA degree in Australia
Australia is home to some of the top best B-schools in the world such as Melbourne Business School. In general, education is expensive, but in the case of MBA, it is marginally less expensive than the US. The average tuition fee for top B-schools in Australia is $63,000.
- Melbourne Business School – A$89,500 or $63,816
- University of New South Wales – The tuition fees are charged per unit of Credit (UOC). So total estimated program cost is A$84,000 or $59,894.
- ANU College of Business and Economics – A$33,888 or $24,161 for domestic students and A$45,600 or $32,512 for international students, per year.
- La Trobe Business School – A$57,000 or $40,648 for domestic students and A$60,300 or $43,000 for international students.
- Monash Business School – A$65,600 or $46,781 for domestic students and A$69,000 or $49,205 for international students.
Cost of MBA degree in Canada
Canada is a popular country among international students to pursue MBA as well as for job opportunities. Canada has some of the best B-schools in the world such as the Rotman School of Management. Most of the B-schools’ full-time is less than 2 years, which is one of the reasons behind its low overall MBA tuition fee.
01. Rotman School of Management – C$107,500 or $80,702 total fee for domestic students and C$120,680 or $90,596 total fee for international students.
Living Expenses – C$20,856 – C$28,756 | $15,656 – $21,587
- Textbooks – C$2,000 | $1,500
- Laptop – C$1,600 | $1,200
- Accommodation – C$8,000 – C$14,000 | $6,000 – $10,500
- Food – C$5,000 | $3,700
- Personal expense – C$2,000 | $1,500
- Transportation – C$1,300 | $970
- Utilities – C$1,200 | $900
- Health insurance – C$756 | $560
02. Ivey Business School – C$117,200 or $87,980 total program fee for domestic students and C$132,200 or $99,240 total program fee for international students.
For Domestic Student
- Total tuition – C$92,500 or $69,400
- Supplies & fees – C$4,200 or $3,150
- Living expenses – C$20,500 or $15,380
For International Student
- Total tuition – C$106,500 or $79,900
- Supplies & fees – C$5,200 or $3,900
- Living expenses – C$20,500 or $15,380
03. Schulich School of Business – C$79,800 or $59,900 total tuition fee for domestic students and C$101,900 or $76,490 total tuition fee for international students.
Cost per Term
-
- Tuition fee – C$19,940 or C$25,480
- Books and course materials – C$750 or $560
- On-campus rent – C$5,000 or $3,700
- Food – C$1,500 or $1,126
- Personal expenses – C$1,000 or $750
- Health insurance – C$450 or $337
- Total – C$8,700 or $6,530 per term (4 months)
04. The Desautels Faculty of Management – C$79,500 or $59,657 2 years tuition fee for domestic students and C$89,000 or $66,786 2 years tuition fee for international students.
For Domestic Students
- Tuition fee per year – C$39,750 or $29,867
- Ancillary Fees – C$1,267.92 or $952.69
- PGSS Health Insurance (single coverage) – C$242.19 or $181.98
- PGSS Dental Insurance (single coverage) – C$176.87 or $132.90
- Total Annual Tuition and Fees – C$41,436.98 or $31,135.02
- Tuition (total for 2 years including International Trip) – C$79,500 or $59,734.91
For International Students
- Tuition fee per year – C$44,500 or $33,436
- Ancillary Fees – C$1,267.92 or $952.69
- PGSS Health Insurance (single coverage) – C$993 or $746.12
- PGSS Dental Insurance (single coverage) – C$176.87 or $132.90
- Total Annual Tuition and Fees – C$46,937.79 or $35,268.23
- Tuition (total for 2 years including International Trip) – C$89,000 or $66,873
Living and Personal Expenses
- Textbooks – C$2,000 or $1,502
- Accommodation (rent & food) – C$14,500 or $10,895
- Public transportation – C$990 or $743
- Personal expense – C$2,000 or $1,502
05. Smith School of Business – C$85,000 or $63,867 for domestic students and C$95,000 or $71,381 for international students.
For Domestic Students
-
- Deposit – C$5,000 – $3,756
- First Installment – C$23,333 or $17,532
- Second Installment – C$28,333 or $21,288
- Third Installment – C$28,334 or $21,289
- Student Activity fees – C$1,500 or $1,127
- Student Assistance Levy – C$100 or $75
- Total – C$86,600 or $65,069
For International Students
-
- Deposit – C$5,000 – $3,756
- First Installment – C$26,666 or $20,036
- Second Installment – C$31,667 or $23,794
- Third Installment – C$31,667 or $23,794
- Student Activity fees – C$1,500 or $1,127
- Student Assistance Levy – C$100 or $75
- Total – C$96,600 or $72,583
Cost of MBA degree in the UK
Next, to the USA, UK is the popular destination among international students to pursue an MBA degree. The UK boasts some of the best B-schools in the world and is probably the best place to study economics. Like the US, studying in the UK is expensive, with an average tuition fee costing around $70,000 per year. However, unlike in the USA, most MBA programs in the UK is for 1 year.
01. London Business School – £82,240 or $107,924 for all students
- Tuition fee – £82,000 or $107,609 per year
- Student Association Fee – £240 or $314 per year
- Total – £82,240 or $107,924 per year
02. University of Cambridge: Judge Business School – £62,650 or $82,178 per year for all students
-
- Tuition fee – £55,000 or $72,143
- Application fee – £150 or $196
- Accommodation – £3,500 or $4,590
- Meals – £3,500 or $4,590
- Textbooks – £500 0r $655
- Total expense – £62,650 or $82,178
03. University of Oxford: Saïd Business School – £57,200 or $75,029 per year for all students
04. University of Manchester: Alliance Manchester Business School – £44,000 or $57,714 per year for all students.
05. Warwick Business School – £42,450 or $55,681 per year for all students
Cost of MBA degree in New Zealand
New Zealand is quickly becoming a popular choice among international students for world-class MBA programs at low cost. Moreover, B-schools in New Zealand give more weight to the work experience over GMAT score.
01. Auckland University of Technology School of Business – NZ$28,466 or $19,284 for domestic students and NZ$54,981or $37,204 for international students.
For Domestic Students
-
- Tuition Fee – NZ$27,200 or $18,426
- Student service fee – NZ$646 or $437
- Medical Insurance – NZ$620 or $420
- Total – NZ$28,466 or $19,284
For International Students
-
- Tuition Fee – NZ$53,715 or $36,389
- Student service fee – NZ$646 or $437
- Medical Insurance – NZ$620 or $420
- Total – NZ$54,981or $37,204
02. Canterbury University College of Business and Economics – NZ$37,610 or $25,478 for domestic students and NZ$57,200 or $38,749 for international students.
03. University of Auckland Business School – NZ$47965.80 or $32,494 for domestic students and NZ$73367.80 or $49,702 for international students.
For Domestic Students
-
- Tuition Fee – NZ$41,695 or $28,246
- Business trip – NZ$5,000 or $3387
- Student service fee – NZ$1,270.80 or $860.90
- Total – NZ$47965.80 or $32,494
For International Students
-
- Tuition Fee – NZ$67,097 or $45,454
- Business trip – NZ$5,000 or $3387
- Student service fee – NZ$1,270.80 or $860.90
- Total – NZ$73367.80 or $49,702
04. Massey College of Business – NZ$53,108.47 or $35,978 for all students and International students pay NZ$620 or $420 more as student insurance per academic year.
-
- Tuition fee – NZ$41,361.20 or $28,020
- Paper fee – NZ$25,85.07 or $1,751
- Study tour – NZ$8,500 or $5,758
- Enrolment fee – NZ$64.60 or $43
- Massey foundation fee – NZ$24 or $16
- Student service levy – NZ$573.60 or $388
- Total – NZ$53,108.47 or $35,978
05. Victoria University of Wellington – NZ$41,337 or $28,003 for domestic students and NZ$29,230 or $19,801 or for international students.
Cost of MBA degree in Singapore
Singapore boasts some of the world’s best b-schools such as INSEAD, NUS, NTU, and others. The average tuition fee is comparatively expensive and definitely lower than USA or UK.
- National University of Singapore – SGD 62,000 or $45,666 for both domestic and international students.
- Nanyang Technological University – SGD 62,000 or $45,666 for both domestic and international students.
- Singapore Management University – SGD 66,340 or $48,863 for both domestic and international students.
- SIM University – SGD 33,512.40 or $24,683.89 for both domestic and international students
- INSEAD – €85,500 or $96,803 for both domestic and international students.
Conclusion
Pursuing an MBA degree in top B-schools of the world is a challenging task, both in admission and finance. If you are selected for one of the top B-schools, chances are the tuition fees are sky-high. For that, you should look into financial aid and scholarship programs offers by the B-School. Many universities don’t provide financial aid to international students, so they should seek an MBA study load in their home country first. Rest assured, after graduating you will get a prestigious job with a higher salary, which should pay off your study loan in just a few years.
