A Cost Comparison Guide on MBA’s in the U.S.

Prospective students and professionals alike take interest in obtaining an MBA, and for good reasons. In the pursuit of an MBA, it becomes quickly clear that MBA tuition can be very expensive. But, it doesn’t have to be.

In this article, we will take a look at the MBA cost in the USA, as well as how to earn an MBA without worrying about the expensive price tag.

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What is an MBA?

An MBA, or Master of Business Administration, is a graduate degree that helps students build their business knowledge, expand their professional network, and increase their marketability when job searching.

MBA students can come from a variety of different backgrounds, but they all have one thing in common: their inclination to excel in the realm of business. MBA students can find themselves specializing in areas like finance, accounting, marketing, human resources, or economics, to name a few.

How Much Does an MBA Cost in the USA?

According to TopMBA, the average MBA cost for a two-year program is more than $60,000. The cost of an MBA depends on varying factors, including the institution, location of the program, program length, etc.

For example, top business schools in America cost over $120,000.

That being said, there are affordable MBA options. At the University of the People, students from all around the world can enroll in our Master of Business Administration (MBA) which is tuition-free. Compare the average MBA tuition with our expected cost of $2,940. As you can easily see, you can save thousands of dollars by choosing our accredited and entirely online MBA program.

MBA Expenses: Things to Consider

When looking at the average MBA cost in America above, there are some additional costs that have yet to be tallied.

Along with the tuition costs of the program itself, you need to be aware that there are additional expenses such as:

• Application fees
• TOEFL test costs (if you are a student from a non-native English speaking country – this test might be required)
• Living costs
• Cost of supplies

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How to Afford an MBA

With the sky-high costs of an MBA, especially in the United States, the prospect of obtaining your MBA may seem slim, at first. But, don’t worry!

There are certainly ways to afford an MBA. As the saying goes, “Where there’s a will, there’s a way.”

Executive MBA

An executive MBA is an MBA program that is designed to accommodate the schedule of working professionals. As such, these programs are mostly filled with people that have experience in their professions already and are looking to further their education. The degree itself isn’t less expensive than a traditional MBA. In fact, it can even end up being more expensive.

So, you’re probably wondering why it’s on this list of ways to afford an MBA. Well, since you’re a working professional earning your MBA, it’s advisable to ask your employer if they will cover part or all of your education costs. Many companies are willing to offer this perk because they realize that they get to benefit from the increased knowledge and skills that you will obtain in such a program.

Online Learning Options

As mentioned above with reference to our institution, online universities provide a cost-effective way to obtain your degree. While the University of the People is tuition-free (as are some other online programs), many of them will charge tuition fees. However, you can rest assured knowing that online options tend to be much less expensive than their in-person counterparts. The main reason for this is that online institutions do not have to cover the overhead costs that in-person institutions do. At the University of the People, you can earn your MBA for an average cost of $3660 total. Plus, you can also take advantage of scholarships to help cover these fees. Our MBA program provides a hands-on approach to business and community leadership. Additionally, if you’re looking to expand your business knowledge, take a look at our business certificate programs in a selection of concentrations.

Loans

Students who need financial aid in covering the cost of their MBA can also take out loans. There are federal loans and private loans available. Private loans tend to have higher interest rates than federal loans. If you do choose to take out a loan, be sure to read the fine print and the terms of the agreement before signing.

Scholarships and Grants

Other than loans, it’s of great value to spend some time applying for scholarships and grants. Scholarships and grants are essentially free money because, unlike loans, they don’t have to be paid back. Since an MBA is a graduate degree, these grants tend to be based on merit rather than need. That being said, you can still find needs-based MBA scholarships. 

Savings

If you have your own savings account, you may look to tap into it to afford your MBA program. There’s no harm or shame in doing so because you’re investing in yourself and your future. Plus, with an MBA, students can expect to earn an average of $29,000 more than graduates with a bachelor’s degree.

Make Your MBA Happen!

If your goal is to earn an MBA to better position yourself for senior roles in business and excel in your career, then don’t let a price tag stop you in your path. Although MBA tuition can be incredibly expensive, you have options.

Whether you choose to obtain financial aid to attend a traditional college, enroll in an affordable program like that from the University of the People, dip into your savings, or request aid from your employer, you can make your MBA dreams a reality.

Nathaly Ordonez

Business Administration Student, US