When you're deciding to undertake an MBA part of the decision process is the cost.
Tuition fees can vary considerably depending on how prestigious the institution, who the course is aimed at, and whether it is online, full time or part time. Some courses include a large range of materials in the tuition fees and others have additional costs. Living costs for a full-time student also varies around the UK – so location needs to be taken into consideration too.
It is imperative that you have your MBA funding in place before embarking on your MBA program. There are plenty of financial aid plans, student loans and scholarships available.
Prodigy Finance is a loans company that offers tailor-made funding for MBA students by assessing the students' future earning potential based on past achievements to determine your individual loan affordability. You can find out more about Prodigy Finance here.
Here is the lowdown of the costs of studying an MBA in the UK.
Unlike their American counterparts most universities in the UK charge either a very low application fee of £25 to £60, such as the University of Glasgow and the University of Manchester, or the institution charges no fee at all. Many MBA courses in the UK require students to make a payment towards the tuitions fees to secure the place on the course. For example, the University of Warwick asks students to make a payment of £2,500 to secure a place on their MBA course.
MBA tuition fees can vary depending on how prestigious an institution is and its location, for example, the MBA tuition fees for the University of Cambridge's Judge Business School's MBA tuition fee is £53,000. Further from London, the University of Edinburgh's MBA charges £29,100 for a well-respected course. The fees charged can also depend on who the course is aimed at. An Executive MBA is aimed at those already working in high management positions in business and the tuition fees tend to be more expensive than a standard MBA, but this is not always the case. The Executive MBA at the University of Cambridge is £63,500, however the Executive MBA at the University of Edinburgh charges £28,000 in total for a two-year part-time course, which is less than their traditional MBA.
Please note that the information here does not constitute financial advice. Prodigy Finance is one of many potential funding options for international postgraduate students. Other student funding options are available and Postgrad.com advises you to research all your options thoroughly before making such a commitment. Postgrad.com accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713.
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