University of Southern Maine School of Business

MBA, Part Time (1 year)

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MBA Costs

For prestigious and renowned business schools, a very high price usually has to be paid for the MBA study financing. Therefore, you should know what costs are involved and where the money goes.

The cost of an MBA program is usually much higher than that of another master. Here again there are differences between the individual programs, depending on the institution (whether private or public) and the country in which the MBA is offered. However, the price should not be seen as a quality feature of an MBA!

In many cases, the price of a program depends very much on the awareness of a school. As with other branded products, a partial sum is paid for the name (ie the “brand”) of the business school. So you should be very clear about what to expect from the MBA course, how much budget you have available for it and whether the chosen course can meet these expectations.

When calculating the costs of MBA study financing, one should not only include the tuition fees and also not to forget the cost of living. To study at an internationally renowned school in the United States, you should calculate costs of up to $ 90,000 per year. These contain the following expenses:

• Tuition fee
• University healthcare costs
• Health insurance
• Program support costs
• Housing and operating costs
• Meals and other

In comparison, the tuition fees for the programs at Lancaster University in England only cost about half of the expenditure in the USA, because in Great Britain, for example, housing costs are not as high as in Harvard. Nevertheless, housing costs in large cities such as London can be very high, and there are the following expenses:

• Tuition fee
• Housing
• Catering

It is important to pay attention to what is included in the costs. Are material costs included? Are semesters abroad or internships included and are these organized by the business school? Are other services included, such as job advice for graduates? These are important issues that should play an important role in a decision.

Furthermore, it is important to note which type of MBA is sought. You cannot work on a full-time course. You have to expect high costs for your studies and little income during this time. Not to forget the move to another city and travel expenses. However, the period of study is much shorter.

One of the most important precautions before you enroll in a program is to prepare a cost benefit analysis for the MBA study financing or to calculate the return on your investment. MBA programs are undoubtedly expensive. However, if you consider that graduates of a renowned business school earn many times more than before their studies, then such studies can pay off very quickly.

The average earnings of an MBA graduate vary considerably depending on the country and the industry in which you work. Research has shown that degrees at European and Asian business schools allow salaries to be as high as in the United States. Companies also take the high standards into account, even if the graduates are not graduates from American business schools.

A high salary after an MBA course can of course not be guaranteed. The return on investment (ROI) is of course also dependent on the market situation and the program in which you are participating. The more prestigious a business school, the more salary you can expect after graduation (depending on the industry or division) and vice versa. In order to invest the money wisely, you should be clear about how much you earn with an MBA in the respective branch, which business school is best suited for it and which one best meets the requirements. You should know exactly how much money you have available, how much you are willing to invest, eg "What do I already have and what do I need?" And how much time you want to invest for your studies.