This article reviews the different costs associated with MBA programs found around the world.
MBA Cost Factors
MBA programs are amongst the most sought after business degrees in the world today. These degrees open doors into the professional business world that would otherwise be off limits. They are also amongst the most expensive educational degrees in the world. The MBA costs factors have not prevented applicants from seeking out these prestigious and highly sought after business degrees.
MBA Cost Factors – Key Points
There are many things that affect the cost of MBA programs. Below we are going to review some reasons why the financial cost of MBA programs is considered so high or so low.
- Location: When applicants search for universities the first thing that they notice is that some universities are more expensive than others and they discover that most of the time this has to do with where the university is located. The more desirable a place is to live such as London, New York, Shanghai, the more expensive the tuition will be for universities that reside in these areas. This has to do with the cost of living being higher in these desirable locations.
- Additional Fees: When a school showcases their tuition rates they do not include all the other necessitates that students are required to buy in order to successfully complete these classes. Tuition fees are the very base amount that you will be expected to pay and additional fees can easily take on an additional $20,000 to the price you already are expected to pay. These additional fees include: living allowances, money for books and other class material, transportation, fees to use labs, library services, tutor services, and any other school based services.
- Campus vs. Online: Many campus based MBA programs cost more than their distance learning counterparts. This has to do with the universities tacking on many hidden fees for campus programs that you don’t see on distance learning programs. Campus based MBA programs can be charged for additional professor fees as well as for using the rooms that the class is conducted in. Distance learning programs offer less fees as well as reduced transportation and living expenses because many distance learners do not have to leave their employment to pursue their education. Both programs are similar and the applicant will not miss out on any education advantages.
- Duration of the Programs: Many full time MBA programs take up to two years to complete in a campus based classroom. This would mean that applicants undertaking this program would be expected to forfeit at least two years of wages in order to attend these courses full time. This can lead to higher personal debt because full time MBA applicants would have to resort to student loans and scholarships to cover the cost of the program as well as their living expenses. Part time programs are available with the downside that while the applicant is still able to maintain employment it will take them three years or more to complete the full MBA program. The MBA costs for online programs is significantly less while the applicant would be able to finish their degrees within two to three years online.