How much does an MBA cost in the USA?

 

There is always a lack of real estimate of the amount of money that goes into an MBA course. The most commonly asked question is how much financing will one need? It is incredibly confusing to find the majority of international MBA blogs that discuss MBA finance in dollars and euros. However, we make it a point to stick to the Indian national currency. In addition, keep in mind that these estimates are based on several initial assumptions. Thus, if these differ from the calculations made for your MBA course, you will not be shocked. Most importantly, it is bound to separate under different circumstances. Furthermore, each student's case is unique in itself. Therefore, in this MBA cost evaluation setup, we focus on important titles such as MBA tuition fees, cost of living by country (U.S.A.)

 

The cost of an MBA in the United States depends on the university to which you have applied. The total tuition fees for a regular MBA in the US range from $ 161,810 to $ 55,727. It is just tuition fees, the cost of living also depends on the city and state in which you will be studying.

 

There are a lot of expenses that you have to consider such as tuition, food, travel, books, accommodation and finally, miscellaneous expenses. Since the cost of these items is constantly changing, there can never be a specific number or amount that will tell you exactly what your expenses will be so try to get a ballpark figure and go with it.

For example, Colorado Technical University offers MBA programs for less than US $ 10,000 per year, while many top schools, such as Harvard Business School and Wharton Business Schools, have a fee structure of around US $ 30,000 per year.

 

Survival time:

Estimated annual living expenses during the MBA program are approximately $ 14,400, including accommodation as well as other daily expenses.

 

Average $ 1200 per month.

Of course, these costs do not take into account your opportunity to earn scholarships, grants or financial aid. While the actual numbers look grim, most students earn learning while also learning through campus jobs, internships, and other work opportunities.

Here is a rough breakdown of the typical cost of doing an MBA in the US. Note that you can easily get such breakdowns on most vocational school websites. As such, here are the cost breakdowns for three top-15 schools: Kellogg's, Duke Fuqua and Berkeley Haas. I am providing these links so that you can get a sense of differentiation between B-schools, which is quite low in terms of percentage.

 

Now, here is a rough estimate of the cost per year and its breakdown:

1. Tuition fees: $ 70,000

2. Cost of living: $ 20,000

3. (Compulsory) Health Insurance: $ 5,000

4. All other small expenses (includes books, travel, etc.): $ 5,000

 

The total cost per year is approximately $ 100,000. So, a typical 2-year MBA at a top 20 US school costs around $ 200,000. Keep in mind that estimates of the cost of living provided by B-schools are on the higher side. I had found my living expenses to be a little less.

 

A common follow-up question is how can an MBA aspirant fund offer such an expensive degree? Here's how it can be done:

1. Generally, all admitted students will be eligible for loans in the US that cover their tuition fees. It takes care of the first $ 140,000.

2. During a summer internship, you can expect to save about $ 15,000.

3. Some B-schools offer "top-up" loans to support the cost of living. If you get such a loan, it usually takes care of $ 20,000.

4. If you do not get the loan mentioned in point # 3, you have another $ 25,000 to take care of. If you do not get a "top-up" loan, the number increases to $ 45,000. This amount has to be funded either by savings, or by loans (from banks or family).

 

This last $ 25,000- $ 45,000 is where you are likely to feel a financial pinch. Here's what you can do to reduce it:

1. Save well when you are working before B-school.

2. Learn to be somewhat isolated by cooking your own food, and avoiding expensive accommodation. This can save a few thousand dollars.

 

Factors in the cost and availability of "top-up" loans when choosing a B-school to apply. Going to a B-school that offers loans to cover living costs will significantly reduce the financial burden while being a student.

 

Monetary analysis is incomplete without evaluating salaries that come from top schools in MBA abroad. According to the latest survey conducted by US News, 90% of job seekers from top schools MBA found jobs within three months after graduation. Graduates who were employed within three months of obtaining a degree earned an average of over $ 100,000. MBA graduates from top schools such as Stanford, Harvard and Wharton earned an average salary and bonus of $ 164,000.