There are many costs involved in getting a Master’s in Business Administration ranging from tuition fees to campus living costs to textbook expenses, and MBA candidates will have to consider the cost of an MBA when deciding whether an MBA is worth it. Thus, strategies for reducing your total MBA cost are often a priority for prospective MBA students.
These strategies may include applying for financial aid, avoiding expensive private schools, and considering an online or part-time MBA program.
Despite the high cost associated with earning an MBA, it is still one of the most desirable master’s degrees for working professionals in the US. This is because the benefits of earning an MBA typically outweigh the high cost of an MBA—and when it comes to the top 25 or so US MBA programs, the ROI for an MBA degree is difficult to overstate.
This article will discuss the total cost of an MBA, factors affecting the cost of tuition and fees, and a few frequently asked questions.
| Top U.S. Business Schools | MBA Cost (Estimated) | Total Cost Breakdown (per year) | Details |
|---|---|---|---|
| Harvard Business School | $231,276 | Cost breakdown
Tuition: $74,910 Required Fees: $8,128 Indirect Expenses: $32,600 |
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| Stanford GSB | $252,930 | Cost breakdown
Tuition: $79,860
Living Expenses: $18,453 Housing: $20,271 Medical Insurance: $7,128 Health Fee: $753 |
Link |
| UPenn Wharton | $248,952 | Cost breakdown
Tuition and Fees (Includes $2000 Pre-Term Fee): $87,370
Room and Board: $26,028 Books, Supplies, Misc.: $6,868 Health Insurance: $4,210 |
Link |
| Northwestern Kellogg | $240,864 | Cost breakdown
Tuition: $81,015
Food & Housing: $19,800 Books & Supplies: $1,647 Travel: $1,329 Personal: $3,150 Health Insurance: $5,144 Computer Equipment: $1,200 University Health Services Fee: $798 Student Activity and Experience Fee: $1,400 Student Association Fee: $390 First Year Fee: $2,000 Loan Fees: $2,559 |
Link |
| University of Chicago Booth | $244,920 | Cost breakdown
Tuition: $80,961
Student Services Fee: $1,398 Administrative Service Fee (first year only): $2,600 Lifetime Transcript Fee (one-time fee charged in fall of the first year): $75 Books (includes $25/class Course Materials fee): $549 Housing & Food: $26,010 ($2,890 per month) Personal: $7,167 Transportation: $1,800 Computer Allowance (first year only): $1,600 |
Link |
| Columbia Business School | $254,116 | Cost breakdown
Tuition: $84,496
Mandatory Fees: $5,633 Health Insurance: $4,541 Books & Supplies: $320 Food & Housing: $24,822 Personal Expenses: $6,246 Computer Purchase: $1,000 |
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| MIT Sloan | $218,288 | Cost breakdown
Tuition: $84,200
Student life fee: $406 Housing: $12,380 Food: $7,010 Books, supplies & equipment: $880 Personal expenses: $2,304 Computer (one time cost): $2,000 |
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| Dartmouth Tuck | $240,008 | Cost breakdown
Tuition: $77,520
Housing: $14,750 Program Fee: $5,201 Estimated Indirect Costs Books and Supplies: $1,500 Housing: — Miscellaneous Living Expenses: $16,870 Health Insurance: $4,163 |
Link |
| Berkeley Haas | $214,336 (In-state) $232,356 (Out-of-state) |
Cost breakdown
CA Resident
Tuition and Fees: $67,424 Housing and Food: $26,416 Books and Supplies: $672 Transportation: $3,376 Health Insurance: $6,372 Personal Expenses: $2,908 Total Budget: $107,168 (FY) + $107,168 (SY) = $214,336 Non-Resident Tuition and Fees: $76,433 Housing and Food: $26,416 Books and Supplies: $672 Transportation: $3,376 Health Insurance: $6,372 Personal Expenses: $2,908 |
Link |
| UVA Darden | $217,902 (In-state) $223,902 (Out-of-state) $224,486 (International Students) |
Cost breakdown
Virginia Domicile
Tuition & Fees: $75,600 Darden MBA Case Fees: $1,100 Aetna Student Health Insurance: $3,673 Computer: $1,800 Room: $12,600 Board: $6,470 Miscellaneous Personal Living Expenses: $3,800 Transportation: $1,800 Federal Loan Fees: $2,108 Total Cost of Attendance: $108,951 (FY) + $108,951 (SY) = $217,902 Non-Virginia Domicile Tuition & Fees: $78,600 Darden MBA Case Fees: $1,100 Aetna Student Health Insurance: $3,673 Computer: $1,800 Room: $12,600 Board: $6,470 Miscellaneous Personal Living Expenses: $3,800 Transportation: $1,800 Federal Loan Fees: $2,108 Total Cost of Attendance: $111,951 (FY) + $111,951 (SY) = $223,902 International Students Tuition & Fees: $78,800 Darden MBA Case Fees: $1,100 Aetna Student Health Insurance: $3,673 Computer: $1,800 Room: $12,600 Board: $6,470 Miscellaneous Personal Living Expenses: $3,800 Transportation: $4,000 Federal Loan Fees: — |
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| Yale School of Management (Yale SOM) | $229,632 | Cost breakdown
Tuition: $82,200
Program Fee: $500 Total Tuition and Fees: $82,700 Room, Board, and Personal Expenses: $28,266 Textbooks and Photocopies: $1,000 Health Insurance: $2,850 Total Estimated Living Expenses: $32,116 |
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| Duke Fuqua | $213,470 | Cost breakdown
Tuition: $75,000
Estimated Medical Insurance & Other Fees: $7,693 Estimated Educational Supplies: $840 Estimated Living Expenses: $23,202 |
Link |
| University of Michigan Ross | $189,560 (In-state) $200,228 (Out-of-state/International) |
Cost breakdown
Michigan Residents
Tuition: $68,196 Mandatory fees: $166.19 (per full term for full-time enrolled students) Books & Supplies: $1,788 Food & Housing: $17,780 Personal: $6,626 Loan Fees: $224 Total: $94,780 (FY) + $94,780 (SY) = $189,560 Non-Michigan Residents/International Tuition: $73,196 International Student Services Fee: $500 per term enrolled for students studying under F or J visa status Books & Supplies: $1,788 Food & Housing: $17,780 Personal: $6,626 Loan Fees: $224 |
Link |
| University of Texas, Austin McCombs | $52,550 (In-state) $58,720 (Out-of-state) |
Cost breakdown
Texas Resident
Tuition: $52,550 Deposit (first year only): $2000 Full-Time MBA Student Fee: $1,000 Laptop Computer: $2,500 UT Academic Health Plan: — International Student Services fees: — Non-Texas Resident Tuition: $58,720 Deposit (first year only): $2000 Full-Time MBA Student Fee: $1,000 Laptop Computer: $2,500 UT Academic Health Plan: — International Student Services fees: — |
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| Cornell University, Johnson | $214,422 | Cost breakdown
Tuition: $79,910
Student Activity Fee: $85 Health Fee: $500 Housing: $11,562 Meals: $6,992 Books & Supplies: $2,700 Transportation: $3,042 Miscellaneous: $2,420 |
Link |
| UCLA Anderson | $243,182 | Cost breakdown
Estimated Program Charges: $74,618
Health Insurance: $6,308 Food/Housing: $28,992 Books/Course Materials/Supplies: $2,307 Transportation : $3,850 Personal: $3,243 Loan Fees: $2,274 |
Link |
| NYU Stern | $246,506 | Cost breakdown
Tuition: $82,326
Orientation Fee (Launch): $1,678 Room & Board: $28,242 Books & Supplies: $1,500 Transportation: $1,154 Miscellaneous: $8,137 Loan Fees: $216 |
Link |
| Carnegie Mellon Tepper | $185,612 | Cost breakdown
Tuition: $75,712
Health Insurance: $2,816 Living Expenses – Housing: $4,662 Living Expenses – Food: $2,000 Books and Supplies: $725 Transportation: $1,383 Misc.: $5,031 University Fees: $477 |
Link |
| UNC Kenan-Flagler | $53,552 (In-state) $71,364 (Out-of-state) |
Cost breakdown
North Carolina Residents
Tuition and mandatory fees: $53,552 Additional costs: $1,195 Non-North Carolina Residents Tuition and mandatory fees: $71,364 Additional costs: $1,195 |
Link |
| Emory Goizueta | $180,620 | Cost breakdown
Total Tuition: $143,800
Mandatory Fees: $7,644 Application / Transcript Fees: $245 Living (approx.): $22,186 Books (approx.): $1,275 Health Insurance (approx.): $4,762 Parking (approx.): $708 |
Link |
| USC Marshall | $204,400 | Cost breakdown
First Year (FY)
Tuition (based on 2022-2023 tuition): $72,501 Fees: USC Central Services and Health Fees: $1,150 MBA Program Fees: $1,350 PRIME Fee: $3,850 Books/Supplies: $3,100 Total Living Expenses: $27,310 Total Cost: $109,261 Second Year (SY) Tuition (based on 2022-2023 tuition): $67,009 Fees: USC Central Services and Health Fees: $1,150 MBA Program Fees: $400 Books/Supplies: $2,000 Total Living Expenses: $24,580 |
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| Georgetown McDonough | $207,026 | Cost breakdown
Tuition: $64,600
Graduate Student Activity Fee: $38 Georgetown University Health Insurance (may be waived): $3,425 Average Living Allowance: $26,578 Average Books: $2,646 Average Travel: $3,126 Federal Direct Loan Fees: $3,100 |
Link |
| Indiana Kelley | $55,776 (In-state) $81,386 (Out-of-state) |
Cost breakdown
Indiana Residents
Tuition: $28,992 Mandatory fees: $2,352 Housing & Food: $15,446 Books and supplies: $1,950 Transportation: $2,958 Miscellaneous: $4,078 Total: $55,776 Nonresidents/International Tuition: $54,602 Mandatory fees: $2,352 Housing & Food: $15,446 Books and supplies: $1,950 Transportation: $2,958 Miscellaneous: $4,078 |
Link |
| UW Foster | $120,486 (In-state) $156,162 (Out-of-state) |
Cost breakdown
Resident
Tuition: $80,016 Room and Board: $29,668 Books: $1,100 Local Transportation: $2,108 Personal Expenses: $3,344 MBA Association Membership Dues (paid once for two years): $450 Estimate of MBA Club Dues (paid once for two years): $200 Health: $3,600 Total: $120,486 Non-Resident Tuition: $115,692 Room and Board: $29,668 Books: $1,100 Local Transportation: $2,108 Personal Expenses: $3,344 MBA Association Membership Dues (paid once for two years): $450 Estimate of MBA Club Dues (paid once for two years): $200 Health: $3,600 |
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| Rice Jones | $76,498 | Cost breakdown
Tuition: $69,000
Graduate Student Association Fee: $45 Student Organization Fee: $8 Health & Wellness Support Fee: $677 MBA Activity Fee: $400 Optional Fees Health Insurance: $3,139 Estimated Textbooks: $2,600 Parking: $250 – $1,009 |
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The average total cost of an MBA goes beyond tuition costs, and the final figure includes fees associated with room and board, transportation, course materials, and health insurance. Most students will also need to take into account the loss of salary over the course of two years if they leave their job to pursue a full-time MBA.
The average MBA tuition costs around $60,000. This makes it one of the most expensive graduate degrees, as the average graduate program costs around $20,000. Including other expenses, the average cost of an MBA degree is $140,000.
Top MBA programs charge between $80,000 and $120,000 for tuition. Specifically, the tuition alone at Harvard Business School costs $149,820 for the two years ($74,920 per year). Once you take into account other costs associated with earning a degree, the real cost of attending one of the top-ranked business schools in the US could be closer to $200,000.
These programs are particularly expensive because of the prestige and financial return they offer their MBA students. MBA graduates of these renowned business schools have increased career flexibility and advancement opportunities. These top-tier programs also include access to networking events and industry-specific workshops, allowing students to grow their network and plan for life after graduation.
Online MBA programs are often viewed as a cheaper alternative to attending full-time, in-person MBA programs, especially since online programs often waive out-of-state tuition fees. A single credit costs between $250 and $2,200 for online MBA programs, with most MBA students completing 60 credits. Thus, the average MBA cost of an online program varies, ranging from $5,000 to over $60,000.
However, there are no additional living expenses associated with online programs, and it is sometimes possible to buy ebooks instead of more-expensive hardback textbooks. Online MBAs also allow you to save money by allowing you to continue working while earning your degree.
It’s also important to consider the drawbacks associated with pursuing an online MBA. For example, the ROI is often significantly less for online MBAs, as online students do not have the same opportunities to expand their network. Further, the top MBA programs do not offer the option to pursue the degree online. As a result, online MBA programs often do not have the same reputation or renown as in-person programs, making career advancement more difficult compared with in-person programs.
There are several factors that influence total MBA costs, including location, program length, and school type.
MBA degree costs are influenced by your residency status. In-state MBA students can save money on their MBA programs by paying lower tuition fees and avoiding costs associated with moving to a new state. Some state schools charge out-of-state students up to four times as much for tuition and fees as in-state learners.
Further, location matters as some states have higher living expenses than others. For example, due to the cost of living, going to school in California or Hawaii would be almost twice as expensive as other schools in Mississippi or Oklahoma.
Full-time MBA programs are more expensive than part-time programs as students have to pay for room and board, which can amount to $20,000-$60,000 extra. Additionally, full-time students need to consider lost income, unlike part-time MBA students who may keep working while earning their degrees. The opportunity cost for some prospective students may be too great to justify the MBA costs of a full-time program.
Next, MBA costs are affected by whether the program is online or in-person. Graduate students pursuing an online MBA program save money as they do not pay as many extra fees associated with housing accommodations and campus dining.
Private schools are more expensive than public universities, charging the same price for out-of-state and in-state residents. Apart from attending an online program, you can earn an MBA degree most economically by choosing between the public colleges in your current state of residence as in-state students pay lower tuition fees.
There are several different avenues for paying for your MBA program, including federal grants and scholarships, federal financial aid, employer-sponsored aid, and student loans.
First, MBA applicants can apply for MBA scholarships, fellowships, and grants to cover their MBA tuition and fees. Scholarships are awarded by private organizations and the federal government based on academic merit and demonstrated financial need. Work-study programs can also help cover MBA costs.
Next, you may be able to appeal to your place of work for MBA sponsorship. Fortune 100 companies are more likely to offer employer-sponsored financial aid to help pay for an employee’s MBA education.
Further, federal financial aid can be applied for using the Free Application for Federal Student Aid (FAFSA), which calculates a student’s financial need. Specifically, the FAFSA determines how much aid a student requires based on their family’s average annual salary. Finally, you can take out student loans to cover MBA costs.
First, most MBA programs require applicants to have a Bachelor’s degree before applying. Next, applicants must submit numerous application materials, including their resume, undergraduate transcript, application essays, letters of recommendation, and GMAT or GRE scores.
At Menlo Coaching, we offer an online guide on how to get into MBA programs at top business schools.
A full-time MBA program lasts two years. However, many schools also offer part-time MBA programs and one-year MBA programs.
Earning an MBA on a part-time basis may take longer than two years, but can be worthwhile if you want to continue working while earning your degree. Most part-time students are able to keep their jobs as classes are held in the evenings or on weekends.
If you’re debating which program to pursue, you can read our EMBA vs Part-Time MBA vs Full-Time MBA page.
Whether your MBA cost pays off depends on your personal goals and current financial circumstances, and ultimately you need to ask yourself, “Is an MBA worth it for me?“. Return on Investment is a good way to determine your MBA worth. You can calculate ROI by dividing the financial gain by the cost of earning a degree in Business Administration.
In other words, most business school graduates have higher starting salaries, making up for the tuition and fees incurred while completing their MBA over time.
Most MBA graduates are able to advance their careers and earn more money due to the leadership skills they gained during their MBA programs. Further, MBA graduates (especially those from top-ranked business schools) have more high-paying job opportunities available to them.
MBA costs may increase due to out-of-state fees or steep private school tuition fees. Additionally, full-time students should expect to pay more than part-time students due to lost wages. If you want to save money on your MBA total cost, you should prioritize applying for scholarships, grants, and federal financial aid.
You should plan on paying up to $140,000 for an MBA program with an average tuition. However, actual MBA costs depend on the financial situation of each specific MBA student.
Gain personalized advice on navigating the total cost of an MBA and explore payment methods with assistance from our expert MBA admissions consultants.
