Pursuing an MBA comes with unparalleled benefits - a huge career jump, a massive leap in the money credited to your account every month, major CV points, upskilling and networking opportunities, to name a few. However, all these benefits come at a cost. The world's leading business schools offer management education that is second to none. But how much does this education cost? Which are the top business schools that can help you wrap up your MBA in under $50,000? How much does an MBA from an Ivy League business school cost on average? This is an analysis of the cost of an MBA at the world's top-25 management institutes.
Before you read this, you may be interested in reading - What GMAT Score Does It Take To Get Into The Top MBA Programs?
The Cost of An MBA In 2020 - MIT Sloan Emerges As The Most Expensive B-School For An MBA
60% of the world's top-25 business schools charge in excess of US $100,000, while only 4% of these institutes charge less than US $50,000 for a full-time MBA program.
80% of the top-10 most expensive global business schools are based in the United States, including MIT's Sloan School of Management, Harvard, Columbia Business School, and Stanford GSB. The Hong Kong University of Science & Technology Business School is the world's most expensive MBA programs outside the US, followed by the London Business School in the UK.
The highest fees for a full-time MBA in one of the top 25 b-schools around the world are at MIT's Sloan School of Management, with the fees for the MBA program at $118, 818, or Rs. 85.35 lakhs. NYU's Stern School of Business comes in at second, charging $116,511 for its 2-year STEM designated program. HKUST Business School in Hong Kong comes in at a close third, charging just under $116,500 for the 1 year MBA program.
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The lowest fees for a full-time MBA in one of the top 25 b-schools around the world are at the National University of Singapore Business School, at SGD 65,000, or Rs. 33.36 lakhs. It must be noted that the cost of an MBA from HEC Paris is even lower, but they don’t include the living expenses, and hence it becomes difficult to compare the two.
You may also be interested in reading this report on the most in-demand skills that top b-school recruiters are looking for in 2020.
The Cost of An MBA In 2020 - Ivy League B-Schools Significantly More Expensive Than Average
On average, the cost of pursuing an MBA from six of the eight Ivy league business schools featuring amongst the top-25 MBA institutes in the world comes out to $109,493, which translates to approximately Rs. 78.39 lakhs. The most expensive amongst the Ivy league business schools is the Tuck School of Business at Dartmouth College, charging just over $115,000 dollars for the two year MBA program. The least expensive is Samuel Curtis Johnson Graduate School of Management at Cornell University, charging just under $97,000 for the two year MBA program.
The average fee for the top 15 MBA programs comes to $94,117, which is approximately Rs. 67.44 lakhs, while the average fee for MBA programs ranked 16 to 25 comes to about $97,813, which is just over Rs. 70.00 lakhs. The average fee of the top 25 MBA programs comes to $95,680, which is approximately Rs. 68.56 lakhs - almost twice as much as the lowest cost of attendance.