How Much Does an MBA Cost?

According to the National Center for Education Statistics, business programs have consistently ranked as the top master’s degree option since 2010. Their popularity makes sense — a master of business administration (MBA) program can prepare graduates for administrative and managerial roles across industries.

These degrees can also help students increase their earning potential. For example, New York University‘s Leonard N. Stern School of Business reported an average salary increase of 56% for its MBA graduates.

However, each student’s return on investment (ROI) varies and depends on several factors, including how much the MBA costs. Some programs carry price tags of over $100,000, which lowers the ROI, and the best MBA programs aren’t simply those that cost the most.

We compiled proprietary data from a 2021 survey to discover the true cost of online MBAs and found that the average cost totaled around $33,000. Keep reading to learn more about affordable MBAs and which concentrations cost the least.

In 2021, we surveyed 343 MBA students to learn how certain factors can influence MBA cost. Our findings reveal that a student’s characteristics and background may also affect the price. Read our detailed findings below.

MBA programs provide a broad foundation for students looking to pursue diverse managerial and directorial positions. However, these roles often require industry expertise. For example, an information technology (IT) manager and a human resource director might hold MBAs, but their daily responsibilities differ greatly.

As a result, many schools offer several MBA concentration options that help equip learners with niche skills. Below, we list MBA specializations from least to most expensive based on our survey data.

Check out our guides to affordable MBA programs:

Among the 343 students surveyed in the Affordable Colleges Online study, 70% (256) indicated that their salaries increased. However, 91% (311) of students believed their salary would increase from an MBA. When asked if they would go back and get their MBA again, 87% of respondents said “yes.” Explore responses from MBA graduates below.

MBA program costs differ among institutions based on factors like school type, prestige, program quality, and length. On top of tuition, you may encounter fees and other expenses, including books and materials, transportation, and facilities fees.

The following table highlights the estimated total program tuition for some of the most popular MBA programs in the country. These cost estimates do not account for any additional student expenses or aid from grants and scholarships.

While upfront costs can help you make a program decision, it’s important to consider how each school helps you manage your educational expenses. For example, some schools provide attractive financial aid packages, whereas others offer flexible schedules that allow you to maintain employment while enrolled.

Degree-seekers can cover their MBA costs in many ways, including scholarships and loans. According to our survey, students paid for their MBA in the following ways:

Despite rising interest rates and college expenses, students can lower their MBA degree costs through various means. We explain how in this section.

According to our survey results, the average cost of an MBA is about $33,700. However, MBA costs can vary widely depending on factors like institution type, prestige, program length, and format. Scholarships, grants, and employer assistance can help lessen the financial burden of your degree.

An MBA can significantly increase your salary. According to the 2023 Corporate Recruiters Survey from the Graduate Management Admission Council, the estimated average salary for MBA graduates was $125,000 in 2023 — $50,000 more than the bachelor’s graduate estimated average.

Tuition for an MBA from Harvard costs $76,410 per year, or $152,820 for the full two-year program. When including estimated student and living expenses, the total cost of attendance is upwards of $237,000.

Some organizations help cover the costs of an MBA for employees looking to enhance their skills. You can learn more about tuition reimbursement or assistance programs by researching a company’s professional development opportunities.

Most MBA programs take about two years to complete full time, but part-time and accelerated programs may be available. Online MBAs tend to offer shorter timelines as you can fit more classes into your schedule.

All data was collected between June 14, 2021, and July 3, 2021. Respondents were fielded by Lucid LLC. All 343 respondents were screened by multiple quality checks, including systems like Relevant ID. Responses were manually reviewed to ensure consistency and accuracy. Survey participants include 169 currently enrolled MBA students and 174 graduates from MBA programs within the past six years. Respondents are between the ages of 21 and 78. Identifications include 45% female, 54% male, and 1% nonbinary.

Student testimonials have generally been obtained with the offer of compensation for survey completion (e.g., entrance into a gift card drawing). Such testimonials are the opinions of such students. Surveys are designed to avoid influencing such testimonials either positively or negatively. All student respondents were supplied by Lucid LLC.

GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website at https://www.benefits.va.gov/gibill/.