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, which 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 at top of the list. In this blog, we will take a look at the cost of an MBA in the USA.
This Blog Includes:
- Is it Worth Doing MBA in the USA?
- Top MBA Colleges in USA with Fees
- What is the Average Living Cost in the USA?
- MBA in USA Requirements
- Cutting the Cost of MBA in the USA
- Public vs Private Universities Cost for MBA
- Affordable MBA in USA for Indian Students
Is it Worth Doing MBA in the USA?
Being a global hotspot for education in Science, Engineering, and Management, the USA has some of the finest business schools in the world. The choicest destination for business and management aspirants, the 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 the cost of an MBA in the USA. Some of the prominent reasons to take up an MBA in the USA are:
- A large network of international students.
- Multicultural atmosphere to amplify the learning experience.
- World-class technological infrastructure and an abundance of study resources augment the research process.
- Top recruiting companies and high-paying jobs.
Also Read: Study in USA Guide for Indian Students 2023
Top MBA Colleges in USA with Fees
If you plan to study in the USA and pursue your MBA from a prestigious institution, 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 a hefty sum for. Given below is the list of the top business schools and the cost of an MBA in the USA:
|Institution||QS Ranking 2023||Duration||Basic Tuition (Approx.)|
|Stanford University||1||20 months||USD 81,400/the first year (INR 67 Lakh)|
|University of Pennsylvania||3||2 years||USD 73,000/year (INR 60 Lakh)|
|Northwestern University||8||2 Years||USD 73,000/year (INR 60 Lakh)|
|University of Chicago||7||2 years||USD 72,000/9 months (INR 59 Lakh)|
|Massachusetts Institute of Technology||4||2 years||USD 77,200 (INR 63 Lakh)|
|Harvard University||2||2 years||USD 77,400/year (INR 63 Lakh)|
|University of California – Berkeley||6||2 years||USD 73,400/year (INR 60 Lakh)|
|Columbia University||5||2 years||USD 64,700/year (INR 53 Lakh)|
|Yale University||10||2 years||USD 72,400/year (INR 59 Lakh)|
|New York University||11||2 years||USD 75,100/year (INR 61 Lakh)|
What is the Average Living Cost in the 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 an MBA in the USA. Given below is the table to give you an idea of how much you would be spending during your stay in the US:
|Expense Type||Average Annual Cost (INR)|
|Accommodation||10.30 – 13.21 Lakh|
|Food and Beverages||3.83 Lakh|
|Utility Bills||1.87 Lakh|
|Health Insurance||3.18 – 7 Lakh|
|Personal Expenses||1.87 Lakh|
|Total||21.90 – 28.63 Lakh|
MBA in USA Requirements
The following are the criteria for pursuing MBA in the USA:
- The candidate must have completed their bachelor’s education from a recognised university
- The candidate must be required to provide their GMAT/GRE test scores
- They would also be required to submit their English language proficiency test scores like IELTS/TOEFL
- They may be required to show a few years of work experience to pursue an MBA program in the USA
Cutting the Cost of MBA in the 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 rent, 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.
Also Read: Universities in USA Without Application Fee
Scholarships are a great way to lower 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 fees, living costs, and stipend also. If you manage to get even a partially-funded scholarship, the cost of an MBA in the 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 an MBA in the 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 by 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 their students. Most full-time MBA programs are less expensive in a public 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.
Also Read: Study in USA Guide for Indian Students 2023
Affordable MBA in USA for Indian Students
The best publicly financed MBA schools in the USA are listed below:
|University||Course Fee (in Rs)|
|Arizona State University||59.8 Lakh|
|Texas A & M University||63.1 Lakh|
|The University of Texas at Dallas||44.0 Lakh|
|The University of Illinois at Chicago||37.9 Lakh|
|University of New Haven||27.7 Lakh|
Low-Cost MBA in the USA for International Students
There are MBA schools in the USA that are also more reasonably priced. The annual cost of study might also be as low as Rs. 10 Lakh. The affordable MBA universities in the USA that provide MBA at a lower tuition rate are listed in the table below.
- California Miramar University
- Saint Mary’s University Minnesota
- University of South Dakota
- Cameron University
- Lamar University
The USA is home to some of the top business schools in 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.
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.
MBA specializations are wide-ranging and all-encompassing. It covers every nuance of the business world and choosing the right specialization is an imperative step toward 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
The Harvard Business School is a full-time degree that 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.
GMAT has been designed specifically for business school admissions while GRE is a more generic test 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 an MBA in the 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 complete your study abroad dream.