The tuition fees for the elite business schools coupled with the other expenses, put them out of reach for many cost-conscious international students. Read this related post on MBA costs at the best bschools.
It also doesn’t help to create a list of global MBA programs with the lowest fee structure. The ‘cheapest’ colleges in the world offering the ‘lowest’ fee will usually have other baggage to deal with – like low ranking, bad faculty, sub-par quality of teaching, and the biggest one – very low market value of the degree.
It’s all about striking the right balance – a good ranking MBA with low fees. We stick to the 100 best business schools (FT100) and then filter out the top 40 based on their affordability.
An international MBA program comes with a steep price tag. The tuition fee shoots up to $141,740 for The Wharton School of the University of Pennsylvania, $135,637 for Columbia Business School and $128,100 for Stanford Graduate School of Business.
Does that mean that the higher the fees you pay, the better the takeaway? Well, not really. In fact, it’s the other way around if your primary focus is on getting ‘value’. Read this article on the best value programs in the world.
It’s also a fact that not everyone can make it to these elite MBA programs. And obviously not all international students can afford to shell out such a huge amount as the total expense adds up and goes much higher after adding the various other associated costs like living expense, health insurance, travel, books, international trips and so on.
However, there are many more business schools that have a good reputation and can give you a good quality, international MBA degree at a much lower cost.
We have listed below some of the business schools that have performed well in the FT global MBA rankings and which offer low tuition fees less than $100,000.
|S.No||Business School||Total Tuition fees|
|1||IIM Bangalore (IIMB) EPGP||$35,980|
|2||IIM Ahmedabad (IIMA) PGPX||$36,252|
|3||Erasmus University-Rotterdam School of Management(RSM)||$36,935|
|4||University College Dublin – Smurfit Graduate Business School||$37,482|
|5||Nanyang Business School (NTU)||$38,261|
|6||University of Mannheim-Mannheim Business School||$39,106|
|7||Indian School of Business (ISB)||$39,950|
|8||ESMT – European School of Management and Technology||$41,276|
|9||National University of Singapore (NUS)||$43,103|
|10||Univ of British Columbia – Sauder School of Business||$47,724|
|11||University of Bath School of Management||$48,637|
|12||University of Cambridge (Judge)||$49,000|
|15||City University-Cass Business School||$58,217|
|16||University of Melbourne- Melbourne Business School||$59,370|
|18||HEC – Paris||$60,824|
|19||University of Manchester||$64,575|
|20||ESADE Business School||$64,824|
|21||CUHK Business School||$65,842|
|22||University of Hong Kong||$66,190|
|23||IE Business School||$67,232|
|24||University of Illinois at Urbana-Champaign||$69,244|
|25||HKUST (The Hong Kong University of Science and Technology)||$69,900|
|26||University of South Carolina-Darla Moore School of Business||$71,580|
|27||Oxford University-Said Business School||$73,988|
|28||University of Iowa: Tippie School of Management||$75,594|
|30||Pennsylvania State Univ (Smeal)||$78,020|
|31||IESE Business School- University of Navarra||$79,476|
|32||Purdue University-Krannert School of Management||$84,368|
|34||Michigan State University-Eli Broad College of Business||$89,720|
|35||Arizona State University-W. P. Carey School of Business||$90,000|
|37||University of Minnesota-Carlson School of Management||$93,000|
|38||Indiana University – Kelley School of Business||$93,120|
|39||George Washington Univ School of Business (GWSB)||$93,780|
|40||University of Western Ontario (Ivey)||$96,750|
[Note: Tuition fees taken from bschool websites (and converted into USD) as on 1st January, 2016]
As the list includes both one year and two year programs, it’s obvious to see the shorter duration programs dominating the list. Most of the US based MBA programs have a duration of two years (which means two years of tuition). The b-schools in India, UK and Europe offer shorter one-year MBA programs. Each of these programs has varying minimum work experience requirement, so select your business schools accordingly.
The shorter the duration of the MBA program, the lower will be the living expense and the opportunity costs (forgone income during your study period) as well. Select the college taking into account your financial scenario as well as a decent brand that can offer you a good ROI (return on investment).
The tuition fees tend to increase each year, so verify the latest updated tuition amount while considering your MBA costs. Also explore the various options for financial aid including the ease of obtaining loans, MBA scholarships and various assistantship opportunities.
There may be many other good, economical programs that we haven’t been able to include in the list (for the sake of brevity or plain oversight). Let us know in the comments if you have any favorite business schools that applicants should consider while applying.