How much does an MBA cost?
How much does an MBA cost?
$60,000 – $120,000 traditional MBA (tuition & fees)
$10,000 – $20,000 online MBA
Average cost of an MBA
An MBA costs $60,000 to $120,000 in tuition and fees for a traditional two-year program, depending on the program, school, and location. Harvard and other top business school MBA programs cost $200,000 or more. Online low-cost MBAs are a far cheaper option, ranging from $10,000 to $20,000 for the entire graduate program.
| Program | Average program tuition & fees* |
|---|---|
| Traditional MBA | $60,000 – $120,000 |
| Accelerated one-year MBA | $50,000 – $100,000 |
| Executive MBA (EMBA) | $60,000 – $150,000 |
| Online low-cost MBA | $10,000 – $20,000 |
*Total program tuition
Traditional MBA program
A traditional two-year, full-time Master of Business Administration (MBA) program costs $60,000 to $120,000 on average for tuition and fees. Top-tier schools like Harvard, Stanford, and Wharton have much higher MBA costs. In addition to tuition, room and board, books and supplies, and other university fees can add $10,000 to $40,000+.
Traditional MBAs are designed for candidates with limited work experience. The first year focuses on core business disciplines like finance, marketing, and business operations, while the second year is more flexible, allowing specializations through electives and concentrations.
Many two-year MBAs facilitate internships over the summer between the two years, which can lead to full-time job offers upon graduation.
Accelerated MBA program
Accelerated MBAs can be more affordable than traditional two-year programs as they require less time away from work and lower tuition costs. One-year MBAs cost $50,000 to $100,000 and condense the core MBA curriculum into an intensive 12-month program. Most programs hold classes year-round, including during summer, to enable faster completion.
Accelerated MBA programs are better suited for candidates with more years of work experience. Many schools require prerequisite courses and prior work experience for admission.
Schools often structure courses in a lockstep or cohort format, where students take classes together as a group in a predetermined sequence.
The intensive pace and limited elective options of accelerated MBAs are best for those who have a clear career goal and can handle the rigorous workload in a short timeframe.
These accelerated programs are more prevalent in Europe and Asia, though some top U.S. schools offer one-year MBA options.
EMBA program
An Executive MBA, or EMBA, costs $60,000 to $150,000 total for a program designed for working professionals who need more flexible scheduling. The accelerated curriculum condenses material into fewer classroom hours, which are typically part-time during weekends or evenings. EMBA programs often require a 5- to 10-year work history, including some managerial experience.
EMBAs offer practical application of business knowledge for your current professional role and are often sponsored by your employer. They aim to foster peer learning through diverse cohorts and condense MBA essentials into a shorter format.
Many EMBA programs waive the GMAT entrance exam requirement since the program is for experienced business professionals.
Online low-cost MBA
Affordable online MBA programs from reputable universities have become an increasingly popular option. These programs, typically priced between $10,000 and $20,000, allow you to gain valuable business skills and advance your career without taking on excessive student debt or moving from your current residence.
MBA cost calculator
The cost of an MBA can vary significantly based on the program type. Traditional on-campus programs are more expensive compared to online programs. Students can expect to pay anywhere from around $95,000 on the low end to over $185,000 for a traditional, full-time two-year MBA program including tuition, fees, living costs, and other expenses.
| Factor | Average cost |
|---|---|
| Tuition | $60,000 – $120,000+ |
| Room & board | $10,000 – $40,000 |
| University fees | $5,000 – $10,000 |
| Textbooks & materials | $2,000 – $5,000 |
| Technology | $1,000 – $4,000 |
| Health insurance | $2,000 – $6,000* |
*Some students remain on their parent's health insurance plan until they turn 26 years old.
MBA degree cost factors
Several factors influence the overall cost of an MBA program:
Institution reputation: Top-ranked and prestigious business schools typically charge higher tuition fees.
Full-time vs. part-time: Full-time MBA programs often charge a flat rate per semester or year, regardless of the number of credits. Part-time MBA programs charge per credit and have less financial aid available for students.
Public vs. private: Private institutions generally have higher costs compared to public universities that receive government funding.
Resident vs. non-resident: Most state schools offered lower tuition rates for in-state students.
Location: Living expenses and tuition costs vary greatly depending on the school's location, with major cities often having higher costs than rural communities.
Program duration: Accelerated one-year programs may have lower overall costs compared to traditional two-year programs.
Format: Online programs do not require you to live on or near campus, which can reduce your living expenses.
Scholarships & financial aid: Many students receive scholarships, fellowships, or employer sponsorships with tuition reimbursement to cover some or all costs.
Admission costs: Applying for an MBA program may include the following costs:
Application fees range from $50 to $300 per program.
Undergraduate transcript fees cost $5 to $25 per request.
Most traditional MBA programs require a GMAT entrance exam that costs $275 to $300, plus costs for study guides, prep courses, or private tutoring.
If you're leaving a full-time job to attend an MBA program, you're giving up your current salary and any potential raises or bonuses for the duration of your studies. This lost income can be substantial, especially if you're in a high-paying role or have been in the workforce for several years.
Most affordable online MBA programs
The most inexpensive online MBA programs cost around $8,000 to $12,000 for out-of-state tuition. In-state residents pay even less at some schools. Many online low-cost MBAs provide an accredited, quality MBA education at a fraction of the cost of traditional on-campus programs.
The following table lists the top 10 most affordable online MBA programs according to the U.S. News rankings.
| Business school | Cost per credit* | Credit hours needed | Total cost* |
|---|---|---|---|
| University of Texas Permian Basin | $275 | 30 | $8,250 |
| Fitchburg State University (MA) | $284 | 30 | $8,520 |
| University of North Georgia | $311 | 26 | $9,696 |
| Eastern University (PA) | $300 | 30 | $9,900 |
| Lamar University (TX) | $331 | 30 | $9,930 |
| Northeastern State University (OK) | $270 | 36 | $10,035 |
| Sam Houston State University | $320 | 36 | $11,520 |
| Missouri State University | $348 | 34 | $11,832 |
| Oklahoma State University | $364 | 33 | $12,012 |
| Florida Gulf Cust University | $291 | 33 | $12,342 |
* Part-time, out-of-state tuition & fees
Online MBA programs offer several advantages for busy professionals, including:
Accelerated format: These programs condense the traditional MBA curriculum into a shorter period, often 12 to 18 months.
Self-paced learning: Many online MBAs utilize competency-based learning, allowing students to progress through material at their own pace upon demonstrating mastery.
Flexibility: This format caters to working professionals who can adjust their learning schedule based on their needs, potentially working ahead or extending deadlines for better work-life balance.
Reduced cost: Online programs can be more affordable than traditional MBAs due to lower overhead costs.
Diverse enrollment: Online programs attract students from a wider geographic range, fostering a richer learning environment with a broader range of professional experiences.
MBA degree cost for top schools
MBA programs at top-ranked schools typically charge $70,000 to $85,000 per year for tuition and fees. Other expenses like room and board, books, and university fees can add another $25,000 to $45,000 annually. The total cost of a top-ranked MBA program can easily surpass $200,000 for a two-year degree when living on campus.
The following table lists the top 15 business schools and costs in 2024 according to the U.S. News rankings.
| Business school | 2024 annual tuition | Total 2-year program cost* |
|---|---|---|
| Stanford Graduate School of Business | $79,860 | $252,930 |
| University of Pennsylvania (Wharton) | $79,800 | $248,952 |
| Northwestern University (Kellogg) | $81,015 | $217,610 |
| University of Chicago (Booth) | $80,961 | $225,936 |
| Massachusetts Institute of Technology (Sloan) | $84,200 | $246,978 |
| Harvard University | $74,910 | $231,276 |
| New York University (Stern) | $84,180 | $249,924 |
| University of California, Berkeley (Haas) | $69,814 | $211,280 |
| Yale University School of Management | $82,200 | $229,720 |
| Dartmouth College (Tuck) | $77,520 | $232,222 |
| University of Virginia (Darden) | $72,060 | $204,104 |
| Columbia Business School | $84,496 | $241,024 |
| Duke University (Fuqua) | $75,000 | $211,000 |
| University of Michigan (Ross) | $70,392 | $205,968 |
| Cornell University (Johnson) | $79,910 | $213,252 |
*Includes full-time program tuition, room & board, books, and other miscellaneous fees.
FAQs about MBA programs
What is an MBA?
An MBA is a postgraduate degree that provides a core curriculum of accounting, finance, marketing, operations, strategy, economics, organizational behavior, and business analytics/statistics for a well-rounded business education. An MBA is the highest academic qualification for a career in business/management that prepares students for leadership and executive roles.
MBA programs take around 2 years to complete for full-time students. Part-time and executive MBA options that allow working professionals to study while employed are also available.
Top MBA programs are highly selective and require excellent undergraduate performance, high GMAT/GRE scores, essays, recommendations, and admission interviews.
Is an MBA worth it?
Yes, an MBA from a top business school is generally considered worth the significant investment. An MBA can provide career advancement, higher earning potential, networking and recruiting opportunities, and entrepreneurship training for running a successful business venture.
How long does an MBA take?
While a traditional full-time MBA is designed as a two-year program, the length can range from 1 year for accelerated programs to 3 to 5 years for part-time or online options, depending on the specific program structure and the student's enrollment status.
What can I do with an MBA?
An MBA is a versatile degree that opens doors to a wide range of careers, including:
Business leadership & management: This is a classic path for MBAs. You could oversee various aspects of a business, from operations to marketing, as a manager or director.
Finance: An MBA equips you with the skills to excel in finance fields like investment banking, financial analysis, or risk management.
Marketing & sales: Product managers, brand managers, and marketing directors are all roles well-suited for someone with an MBA and a marketing background.
Consulting: Consulting firms look for MBAs to advise businesses on strategy, operations, and other areas.
Data analytics: The field of data analytics seeks MBAs who can merge quantitative analysis abilities with business insight to translate data into actionable recommendations.
How much does a Harvard MBA cost?
A Harvard MBA costs $149,820 in tuition fees for the full-time program. However, the total cost of attendance, including living expenses, health insurance, and other fees, is around $230,000 for an MBA student over two years.
Comparing MBA programs
Choosing the right MBA program can have a significant impact on your long-term career path. Carefully weigh the following factors to select an MBA program that aligns with your goals, learning style, and personal preferences:
Location: Many MBA students are working professionals and need a local school. However, online programs make location less of an issue.
Reputation & rankings: Research each school's strengths, specializations, and employment outcomes.
Program format: Decide whether you prefer a full-time, part-time, online, or executive MBA program based on your schedule and learning preferences.
Curriculum & concentrations: Ensure the program's coursework aligns with your career goals and interests, such as finance, marketing, entrepreneurship, or specific industries.
Faculty & teaching methods: Review the faculty's qualifications, experience, and teaching approaches (e.g., case studies, experiential learning, lectures).
Career services & recruiting: Evaluate the quality of career services, on-campus recruiting opportunities, and the alumni network at each school.
Cost & financial aid: Consider the total cost, including tuition, fees, and living expenses, as well as scholarship, fellowship, and loan options available.
Overall fit: Visit the campuses and attend information sessions to get a sense of the culture, facilities, and community that would be the best match for you.
Using our proprietary cost database, in-depth research, and collaboration with industry experts, we deliver accurate, up-to-date pricing and insights you can trust, every time.