MBA Tuition Fees
Here we take a look at what you can expect your MBA tuition fees to be – and why they can vary so much.
The Prestige of the Business School
Roughly speaking the higher the demand for a prestigious institution by students, the higher the fees, and this rule applies to business schools as well. This doesn't mean that you have to attend a world-class institution with famous professors to get an excellent education. In fact, many universities that have a little less prestige get high student satisfaction scores with their education and the education tends to be a little more practical in emphasis. The key here is not to base decisions only on historic prestige and high tuition fees when looking at the quality of the MBA course, although it is important to consider MBA rankings, you'll need to do some further research to make sure you choose the right business program.Find your PERFECT BUSINESS PROGRAM
Full-time Tuition Fees
Many MBA courses are on a full-time basis and the tuition fees vary widely. For example the course at Imperial College Business School in London costs £51,000 for a 15-month course. If you leave popular business study destinations such as London and head to other UK cities, you might find that fees for an equally prestigious course might be more affordable. The University of Edinburgh has a 12-month full-time MBA that is very prestigious and tuition fees are considerably less at £29,100.
Part-time Tuition Fees
There is more than one type of part-time MBA. One is an Executive MBA and this is aimed at those already working with substantial experience. These fees tend to be more than a traditional MBA and are offered over two years in bursts of classes and work at home. The Executive MBA offered at the University of Edinburgh takes 27 months on a part-time basis costs £29,000 in total. Alternatively, a part-time MBA at Robert Gordon University in Aberdeen – also in Scotland – the tuition fees are £17,000 in total for the three years it takes to complete the course.
Online or Distance-learning Tuition Fees
Another option for students unable to attend a full-time or part-time campus-based MBA is an MBA by distance or online learning. The University of Birmingham offers a part-time MBA by online learning over two and a half years. The total tuition fees for this course is £18,525 when you study online, compared with £25,950 for the full-time course over one year. The Warwick Business School also offers a distance learning MBA that takes two years and costs £31,210. Of course, online learning is very different from campus-based lectures and groups as you need to be highly motivated when you're not surrounded by other students.
Tuition Fees for UK and EU Students and International Students
Many MBAs offer the same fees for UK, EU and international students such as the full-time MBAs offered by both the University of Edinburgh and Imperial College London. Some institutions offer discounted rates to UK and EU students like the University of Glasgow's program that offers a discounted rate of £16,000 compared to the £24,000 full tuition fee charged to international students. Cardiff University offers UK and EU students a discounted rate of £14,350 for their full-time MBA course compared with the full fee of £20,950 charged to international students.
There are further costs involved with an MBA course and postgraduate student life. Many MBA tuition fees include a number of textbooks and trips, but you'll find you will want to purchase further books which can cost £30 to £50 a textbook. There will also be settling costs if you are attending a course away from home. If you are undertaking a work placement, then there will be additional costs for commuting which will vary depending on where you are working. Many universities also have a few additional course or examination fees along with extra memberships to gyms, student unions or business associations which can add up to an additional £300.
Funding Your MBA
There are many ways to fund your MBA program. Many business schools offer scholarships for their students and applying early to these is the key to successfully securing them. If you are working and considering studying an MBA, then it is worth speaking with your employer as they may be willing to offer you a scholarship or part fund your studies. You will also be able to apply for postgraduate loans both from the government and from financial institutions and companies such as Prodigy Finance, a private loans company that offers tailor-made loans for MBA students. Remember by studying an MBA you are making an investment in your future, so consider using savings that you've built up while working to enable you to progress in your future career.Find your PERFECT BUSINESS PROGRAM