Earning Your MBA in the USA – Tuition and Living Cost
MBA in the USA – Tuition and Living Cost
The United States is very often called the land of opportunity, of dreams come true. It is known as a land of top quality education, of great income and the freedom to live your life the way you would like it to be. Well, I’ll tell you, everything you’ve heard about our country is entirely true.
If you would like to be a part of this culture, of this great American Dream, the easiest way to get involved is securing an education here. This will absolutely help you with establishing your reputation and securing a steady income. A quality education in the United States can be very expensive but also quite affordable. You just need to know where to go and what to choose.
Of course, in the US you can find the world’s most respected Business Schools like Stanford, Harvard, and Wharton that offer MBA programs that come with a price tag, but you as well can find many MBA programs that will offer you quality education at much lower prices.
In case you want to study in the United States, a point of consideration must be the cost of tuition fees, the cost of living and other expenses. See also our review of the best GMAT prep tools.
In general, we can say that in the U.S. there are two categories of business schools:
- state-supported public business schools
- independent private business schools
Public schools are usually not as expensive as private schools and you should note that at state schools, tuition costs for international students are based on nonresident standards. Another point of consideration must be that there is no necessary relation between the cost of a program and its quality.
Here is a general indication of annual expenses if you enroll in an MBA program at different categories of business schools.
- Low Cost Public (State) School: $ 12,000
- High Cost Public (State) School: $ 28,000
- Low Cost Private School: $ 22,000
- High Cost Private School: $ 55,000
It is important to notice that tuition fees vary widely for different universities and for different programs. MBA tuition cost can range from $8,000 per year for some public (state) universities to a staggering $55,000 per year for some independent (private) universities.
Wharton Business School and Harvard Business School present MBA programs that cost around $52,000 per year, while Colorado Technical University features an MBA program for under $10,000. To find the cheapest U.S. online MBA programs, check out this post. If you would like more information please visit the business schools’ websites.
Living expenses will be different for individuals depending on lifestyles and personal needs, but generally speaking the living expenses during the MBA programs are roughly $14,400 per year.
This number covers costs for accommodation and overall daily expenses. Please note that this is only a general idea and living costs may be influenced by geographic circumstances as well.
For example, for $500 per month you can rent an apartment in Auburn all by yourself, but in New York City you could perhaps share an apartment with six or seven other students for this kind of rent. Many students control their expenses by sharing apartments as this will keep the cost for utilities and rent down.
Average monthly expenses:
Rent $500, Groceries $150, Utilities $150, Phone etc. $150, Clothing $100, Other $150.
You see that expenses of around $1200 make a reasonable monthly estimate, but we see many students that can survive on between $700-$1000 per month as they share apartments or houses in order to save hugely on all the monthly returning charges and to some extent on groceries.
So add the average yearly cost of living, $14,400, to the annual tuition cost plus in some cases the cost for books or other necessities, and you will have a rough indication of your annual expenses.
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