MBA Cost, Expenses and Total Cost
MBA Program Cost Explained
It is no secret that the cost of an MBA continues to rise every year for the world’s top programs. Even with some schools instituting a ‘tuition freeze’, the cost of attendance for first-year students can exceed over $100,000. In addition to tuition, the total cost of attendance typically includes tuition, fees, health insurance plan, room and board, and living expenses. If cost is a crucial factor in your decision, one bright spot is that classes are online due to COVID-19. This can impact your total cost of attendance by eliminating your room and board and living expenses if you planned to live on or near campus. Lastly, the costs in the chart above are for first-year MBA students. It is important to note, these programs are typically two-years. Therefore, your second-year costs will typically be the same on average, while some schools may increase or decrease costs slightly.
Analysis of 2020-21 Tuition Cost
The average first-year, full time MBA tuition cost for the 25 full time MBA programs was over $66,000 per year, with a range from just $27,864 per year at the Kelley School of Business to $80,432 per year at the Wharton School of Business. In addition, top-ranked MBA programs at private universities located in coastal cities tend to charge higher tuition while MBA programs located at state universities outside of large coastal cities tend to charge lower tuition.
Analysis of Additional Fees
The average additional 2020-21 MBA Fees is over $32,000. However, there is a wide range of fees based on each school. For example, the Tepper School of Business, which is located in Pittsburgh charges $14,905 in additional fees. However, the prestigious Harvard Business School charges $45,378 in fees for first-year MBA students. On average, the bulk of a student’s fees include your room and board, and your living expenses. Another important note is that MBA programs located in larger coastal cities with a higher cost of living tend to charge higher additional fees than schools located in smaller metropolitan areas with a lower cost of living.
Analysis of Total 2020 – 21 MBA Tuition Cost and Fees
The average total 2020-2021 total cost of attendance for our first-year students at our list of MBA programs was over $98,000.. However, the total cost of attendance had a varied range. The lowest total cost of attendance is the Tepper School of Business at $49,905 and the Kelley School of Business at $53,026. Whereas the highest total cost of attendance is the Stern School of Business at $119,251 and the Sloan School of Business at $120,846.
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