Business school is a popular choice for both college students and working adults who want to get ahead in their careers. A master’s degree in business administration (MBA) is a general degree that prepares you to manage, improve, and understand business functions while letting you focus on specific areas like accounting, marketing, or management. With an MBA, the number of jobs you can get is unlimited. The average cost of an MBA can range from $52,550 to $155,022 per year. Getting an MBA may lead to a raise in salary and open the door to new leadership jobs.
Getting an MBA can be a big and expensive commitment that needs careful planning and thought. Don’t forget that getting a graduate degree costs more than just the tuition. Costs include tuition, books, supplies, room and board (if you’re going to school out of state), transportation, and adjustments for the cost of living in the place you choose to go to school.
Use our guide to find out how much an MBA will cost and what to expect.
How to Get into an MBA Program
A four-year bachelor’s degree is needed to get into an MBA program. There is no required undergraduate major, but to get into most MBA programs, applicants must take the Graduate Management Admission Test (GMAT). There are parts of the GMAT that test analytical writing, combined reasoning, quantitative reasoning, and verbal reasoning. About three and a half hours are needed to finish the test.
Once you’ve been accepted into an MBA program, you can often choose between full-time or part-time classes in a variety of formats and specializations. The full MBA program takes about four semesters and about 60 credits. It can be done full-time in one or two years, or part-time over more than that. Depending on the school, you can also take many MBA courses online or go for an Executive MBA (typically two years or less). Some of the things that will be covered in classes are accounting, statistics, ethics, finance, economics, management, and starting your own business. During your MBA program, you will get to try out different specialties and focus on the part of business that interests you the most.
Tuition for a private and public MBA
The price of an MBA depends on where you go to school and how long your program is. Harvard, Stanford, and The Wharton School are three of the best business schools in the US. The total cost of tuition and fees at these schools can be more than $100,000. The Kelley School of Business’ MBA costs $55,167 per year for Indiana residents and $80,275 per year for non-residents. The Tuck School of Business’ MBA (21 months) costs around $80,000. Here are a few more examples.
Cost of Full Tuition and Fees for the Most Expensive MBA
The Wharton School fees are $155,022 per year.
Business school ranked number one by U.S. News.
MORE AFFORDABLE IN-STATE MBA COSTS
$52,550 University of Texas at Austin tuition (McCombs)
Business school ranked 18th by U.S. News.
The full two-year cost of an MBA can be anywhere from $50,000 to $200,000 or more. Money Under 30 also talks about the lost opportunity cost if you quit your job to go to grad school full time: “If you make $50,000 per year at your job before enrolling in an MBA program, the two-year opportunity cost will be $100,000. This is in addition to all the other direct costs of the degree.” If it’s possible, getting an MBA while working part time will make the costs easier to handle and cut down on the cost of missed opportunities.
Cost of an MBA as a Whole
An MBA student can expect to pay between $70,000 and $200,000 or more over two or more years. The cost of tuition is higher at schools with a better reputation, just like it is at any school. It’s a big investment in your career, and it gives you a unique chance to learn more about business and get a better grasp of the professional world. There are hundreds of jobs that someone with an MBA can do, and many of them are high-paying leadership positions in different fields.
U.S. News says that about five years after getting an MBA, the average salary is about $90,000. The highest-paid people in consulting and financial services made about $120,000 a year. In addition to making more money, there are many ways to pay for an MBA. There are many ways to pay for your MBA, such as working with an employer reimbursement plan or getting loans, grants, or scholarships. Are you ready to get your MBA? Apply for a student loan from College Ave that is made just for you and your needs.