Out of all degrees in Management, the most coveted is an MBA. It is one of the most pursued degree programs in the world, offering brighter career options and countless opportunities for personality development. When it comes to pursuing an MBA program, students often turn to the top MBA colleges in the world. Countries like the USA, UK, Canada and Australia, that are renowned for having the best education system in the world are among the most popular destinations for higher studies among Indian students. With top b-schools like Booth School of Business, Kellogg School of Management and Stanford Graduate School of Business being housed in these countries, there is a huge rush of business and management students every year. While searching for countries to study abroad, the US is on top of the list. In this blog, we will take a look at the cost of MBA in USA.
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Is it Worth Doing MBA in USA?
Being a global hotspot for education in Science, Engineering and Management, USA has some of the finest business schools in the world. The choicest destination for business and management aspirants, USA offers a great range of learning experiences to upgrade their skills and add to their knowledge bank. Besides this, there is a range of financial aid options to cut your cost of MBA in USA. Some of the prominent reasons to take up MBA in USA are:
- A large network of international students.
- Multicultural atmosphere to amplify the learning experience.
- World-class technological infrastructure and abundance of study resources to augment the research process.
- Top recruiting companies and high paying jobs.
Cost of MBA at Top Universities in the USA
If you plan to study in USA and pursue your MBA from the prestigious institutions, then you must know that studying there is a costly affair. But once you are graduated from one of the top schools there, you’ll have greater chances to be hired by the topmost recruiters there which are worth paying the hefty sum for. Given below is the list of the top business schools and the cost of MBA in USA:
|Institution||US News Ranking 2021||Duration||Basic Tuition (Approx.)|
|Stanford University||1st||20 months||$81,400/first year|
|University of Pennsylvania||2nd||2 years||$73,000/year|
|Northwestern University||3rd||2 Years||$73,400/year|
|University of Chicago||3rd||2 years||$72,000/9 months|
|Massachusetts Institute of Technology||5th||2 years||$77,200|
|Harvard University||6th||2 years||$77,400/year|
|University of California – Berkeley||7th||2 years||$73,400/year|
|Columbia University||8th||2 years||$64,700/year|
|Yale University||9th||2 years||$72,400/year|
|New York University||10th||2 years||$75,100/year|
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What is the Average Living Cost in USA?
An MBA in the USA can take up to 2 years to complete, which means you need to have sufficient funds to pay for your rent, food and other expenses. All such expenses would add to your cost of MBA in USA. Given below is the table to give you an idea of how much you would be spending during your stay in US:
|Expenses (per month)||New York City (NY)||San Francisco (CA)||Houston (TX)||Chicago (IL)||Seattle (WA)|
|Rent for one BHK||$2,000 – $3,200||$2,800-$3,400||$950-$1,400||$1,200-$1,800||$1,600-$2,000|
|Quality of Life Index*||141.8||172.4||168.9||155.9||188.9|
Cutting the Cost of MBA in USA
Tuition fee makes up the major chunk of the expenses that you will be spending on your MBA in the USA. And if you do not have financial aid to back you up, other costs like rents, travel, medical care, etc. can add to it and make it a scary amount. Here are some of the ways that you can use to cut your costs.
Scholarships are a great way to lower down your costs. A great range of scholarships is available for various programs and the nature of a scholarship depends on the body that offers it. Some scholarships are fully-funded that cover the overall expenses like tuition fee, living costs and stipend also. If you manage to get even a partially-funded scholarship, the cost of MBA in USA would be much lesser.
Another way to supplement your expenses is to look for part-time or on-campus jobs. The universities considering the financial constraints of the students allow them to take up part-time jobs to reduce the cost of MBA in USA. Cafeterias, libraries, bars, etc. are some of the common avenues to find part-time jobs in.
Public vs Private Universities Cost for MBA
Public universities are state-owned while private universities are funded from private sources. Although it is assumed that the cost of pursuing an MBA degree from a public university in an MBA will be less expensive, it depends on other factors too. State residents who are known as in-state applicants pay a relatively lower tuition fee as compared to non-residents otherwise known as out-of-the state candidates. Different sources of funding result in the universities charging different tuition fees from its students. Most full-time MBA programs are less expensive in a pubic university when compared to the major private universities however there are some private schools that offer MBA degrees at a lower price than a public university.
1) Is it worth getting an MBA degree from the USA?
The USA is home to some of the top business schools of the world. The business graduates of these schools earn a degree recognized in every part of the world. Additionally, these graduates are given practical training about the challenges of the professional world and thus the graduates are ready to undertake a responsibility after getting their degree.
2) Which are some of the best business schools in the USA?
There are a large number of business schools in the USA that are valued worldwide. At the first position is the Warton School closely followed by universities like Stanford Graduate School of Business, MIT Sloan School of Management, Harvard Business School, University of Chicago Booth School of Business and others.
3) There are a large number of MBA Specializations. What are some of the highest paying ones?
MBA specialisations are wide-ranging and all-encompassing. It covers every nuance of the business world and choosing the right specialisation is an imperative step towards establishing a satisfactory career. Listed below are some of the major in-demand MBA specializations one can consider:
- MBA in Entrepreneurship
- MBA in Marketing
- MBA in Finance
- MBA in Operations
4) How long does a Harvard MBA take?
The Harvard Business School is a full-time degree which lasts for a duration of two years. It focuses on the real-world aspect of business and its management modules are is a seamless blend of theoretical knowledge and practical insights.
5) Should a prospective student take GRE or GMAT for MBA admissions?
GMAT has been designed specifically for business school admissions while GRE is a more generic testa and can be used by students to gain acceptance in any graduate program including MBA. Over the years, GMAT has taken precedence over GRE in MBA admissions.
Once you have assessed the cost of MBA in USA and other expenses associated with it, the next step is to choose a business school. To ensure that financial constraints don’t come in your way of getting to your dream university, Leverage Edu will help you get education loans and find economic options for your MBA program.