MBA Tuition Increases at Many Top Business Schools

Numerous top business schools have approved tuition rises averaging around 4% for the class of 2016. Increases that come on top of a 37% percent rise in the degree’s cost over the past six years.

The increases range from 2.7% at Harvard Business School to 4.9% at Duke’s Fuqua School of Business.

The average cost for a year of tuition and fees to roughly $60,000 and the total cost of the degree to as much as $150,000, including living expenses and other add-ons. 

Increases of between 3-5% annual increases are now standard.

Annual tuition has increased at MBA programs increased from $32,473 in 2007 to $44,476 in 2012 for U.S. schools, according to the Association for the Advancement of Collegiate Schools of Business.

For more information, please see the story Elite Business Schools Hike Tuition for the Class of 2016.

Price of a "Top 20" MBA

Poets and Quants has an excellent report on the costs of a "Top-20" MBA.

After years of price inflation for all the top schools, Columbia works out as the most expensive at a staggering $168,307. At the same time, Columbia reports the lowest percentage of MBA students who are receiving financial aid from the school–at 55%, well below 81% at Duke, 80% at Dartmouth, and 75% at Stanford.

But the real figure for most MBA students would appear to be much higher as the estimates for schools factor in "frugal" lifestyles that most people who have already come from well-paid jobs would find it difficult to live on- for example Cornell says its estimate of $11,250 a year for living expenses is “based on the cost of sharing a moderately priced apartment” at a cost of $700 a month rent and putting aside $425 a month for food. Try living on that in a major U.S. city!

Other notes:

In most cases, the  real cost of your MBA will be 10% to 20% higher, given your lifestyle, than the advertised costs.  

Also watch out for catches: 

 

1. Wharton’s $168,000 does not include the cost of its Global Immersion Program, which ranges from $5,800 to $7,800, or the cost to join clubs, attend conferences and “parties." 

2. Stanford’s estimate doesn’t include a required $4,000. “global study tour.” 

Source: Poets and Quants