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MBA Fees and Costs
An MBA can change, kick-start or upgrade your career, making it a great investment in your future. However, the tuition fees and general MBA costs can vary enormously between business schools.
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 certainly applies to business schools. But this doesn't mean 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 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 £61,500 for a 12-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 £35,900. Business schools in other cities around the UK also offer MBA courses with tuition fees starting at around £12,000 for the year.
Part-time tuition fees
There is more than one type of part-time MBA program.
The first type is an ordinary part-time MBA, in which the course content is the same as the full-time MBA but is usually taken over two years, allowing the students to work while they learn. The tuition fees for a part-time MBA is usually the same as the full-time one. Because it is taken over a longer time the student has longer to make the payments. For example, the University of Surrey offers a full-time MBA and a part-time MBA and they both costs £26,900.
The other type of part-time MBA is an Executive MBA and this MBA program is aimed at those already working with substantial experience in the world of business and/or finance. The tuition fees for Executive MBAs tend to be slightly more than a traditional MBA programs and are offered over two years in bursts of on-campus classes and online work that can be carried out at home. Warwick Business School offers an Executive MBA which can be studied over two years and costs £49,900 in total fees for both UK students and International students, while Imperial’s Executive MBA program is studied over 27 months and costs £63,400.
Many business schools will offer an alumni discount for those undertaking their Executive MBA programs, for example Henley Business School’s Executive MBA costs £39,500 for the 21- or 27-month course, but alumni can benefit from a 25% discount, making the tuition fees £29,625.
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.
Tuition fees for online MBAs are often the cheapest option, for example 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 are £22,525 when you study online, compared with £32,580 for the full-time course over one year or part time as an Executive MBA. Warwick Business School also offers a distance learning MBA that takes two years and costs £35,650 comparted to their full-time on-campus option which costs £49,950.
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. The on campus courses also have the obvious benefits of more face-to-face networking opportunities.
Tuition fees for UK, EU and International students
Many universities in the UK offer their MBA programs with the same tuition fees for UK, EU and international students, such as the University of Kent MBA which costs £23,800 for UK, EU and International students studying full time and £11,900 per year for UK, EU and International students studying part time. However other universities charge UK students less tuition fees than their European and International counterparts. If you are coming to the UK from overseas to study your MBA program it is worth checking whether your preferred business school charges the same for international students as it does for UK students.
Other MBA costs
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 will almost certainly need to purchase further books – and textbooks in this area can cost £30 to £50.
There will also be settling-in costs if you are attending a course away from home and need to relocate.
If you have to undertake a work placement as part of your MBA program then there will be additional commuting costs which will vary depending on whereabouts you are based and the costs of public transport or parking in that area.
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 over the year.
Funding your MBA
There are many ways to fund your MBA program including MBA loans, scholarships and bursaries. 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 UK government and from financial institutions and private companies.
The UK government currently offers masters loans of up to £11,836 for students studying their MBA in England after 1 August 2022 for UK residents. International and UK students can also apply for loans from private funding companies such as Prodigy Finance, who offer 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
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