Cost of MBA in USA

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. 

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
Transportation	85k
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

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. 

Part-Time Jobs

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.

1. California Miramar University
2. Saint Mary’s University Minnesota
3. University of South Dakota
4. Cameron University
5. Lamar University

FAQs

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.