As home to many globally recognized business schools, the US. is a splendid choice for prospective international students seeking to earn a Master of Business Administration (MBA) degree.
Great education is priceless, but even valuable knowledge comes at a price. And in the US, this price is steep and often intimidating for many candidates.
If you want to know how much it would cost you to complete an MBA in the US, refer to the information below:
Application Expenses
Taking an MBA overseas can be costly for you since you have to consider other expenses aside from the basic annual tuition.
To meet MBA requirements, you need to take certain standardized tests or English proficiency tests. And of course, since you’ll be flying to the US, you need to supply visa requirements too.
Here’s a quick breakdown of pre-arrival expenses:
- Visa Application Fee – $510
- Student and Exchange Visitor Information System (SEVIS) – $180 (J-Visa) / $200 (F Visa)
- Graduate Record Examination (GRE) – 190
- IELTS – $240
- TOEFL – $ 200
Aside from the expenses listed above, you also need to consider costs associated with your admission application such as entrance exam fees.
Average Tuition in Top Business Schools in 2021
It’s naturally more affordable to study in a public state university in the US. State residents only have to pay an average of $10,230 every year, and everyone else has to pay an average of $26,290 per year.
If you’re planning to take your MBA in a prestigious business school in the US, then you need to prepare $60,000 up to $100,000 every year.
Here’s a quick look at the total costs of an MBA in popular US universities:
| University | Program Cost |
| MIT Sloan School of Management | $154,336 |
| Stanford Graduate School of Business | $149,412 |
| Columbia Business School | $154,752 |
| Harvard Business School | $146,880 |
| University of Pennsylvania Wharton | $162,756 |
| Yale School of Management | $149,400 |
| University of Chicago Booth School of Business | $144,000 |
For other private schools in the US, the average annual tuition goes from $15,000 to $35,000.
Living Expenses
It comes as no surprise that the cost of living in the US is high. Most international students will do just fine with a budget of $700-$1,000 each month. But to make room for financial emergencies, $1,200-$1,500 and higher per month is a better estimate.
Since the cost of living in the US is expensive, international students are often advised to save extra cash and use student discount cards to take advantage of exclusive offers.
Generally, international students need to take account of the following monthly expenses:
- Accommodation – $600-$1,000
- Grocery – $150
- Meals – $120-$160
- Transportation – $100-$300
- Utilities – $150
- Health Insurance – $450-$700
- Mobile Phone Service – $150
- Personal Needs – $300-$600
An MBA is a priceless degree, but it does come with a great cost. The Average cost of completing an MBA includes various expenses for international students. Stay tuned with MSM Unify to get the latest news and stories about the costs of taking an MBA in the US.
