MBAs can launch, improve or even change a graduate’s career. Do not let the cost fears discourage you. There are ways that they can be covered. You can even combine different funding options. If an MBA is what you really want in life, just go for it. The expense will be worth it in the end. Here, we take a look at Tuition Costs for an MBA.
Tuition Costs for an MBA
Tuition fees vary. It depends on the reputation and facilities of your chosen university. They can vary between £7,000 and £87,500 in some places. There are also living costs to consider too.
Fees for Full-time Learning
There are a lot of MBA courses that are full-time and tuition costs can be very different. A good example of this would be the MBA course at Imperial Business School located in London, where the fees are £51,000 and last 15 months. Well-known business destinations in other cities in the UK may be more affordable compared to courses they previously had. For example, there is an MBA programme at The University of Edinburgh that is 12 months in length and costs only £29,100. Here are some examples illustrating the variation of these tuition fees:
- York St John University – £9,000
- University of Central Lancashire – £13,700
- University of Southampton – £26,500
- University of Oxford – £63,000
- London Business School – £87,900
Fees for Part-time Learning
There are many different types of MBAs that are part-time. The Executive MBA, for example, is ideal for those working in a corporate management position with ambitions of getting into the boardroom. These charges tend to be greater than a typical MBA and are supplied over two years in bursts of instructions and work at home. The Executive MBA offered at the University of Edinburgh takes 27 months on a part-time groundwork and costs £29,000 in total. A part-time MBA at Robert Gordon University located in Aberdeen costs £17,000 for the full three years it takes to finish the course.
It is not easy to juggle work and study at the same time so you will need your employer’s backing to allow you time off work for exams as well as study periods.
If you are in a job that you love doing studying part time means you will not have to leave it to concentrate on the course full-time. That is how flexible studying for an MBA course part-time can be. This way, you will be able to earn a salary, obtain your MBA degree and manage any family commitments you may have.
Fees for Online/Distance-learning Learning
There is another option available for those who cannot do part-time or full-time learning to get an MBA and that is by learning online. This is suitable for students who cannot attend university full-time and if you need to manage your studies around personal or professional commitments. Again, costs tend to vary with each university so please consult the website of the university you are interested in applying to or contact their guidance counselor. They are very approachable and will provide up-to-date information on tuition costs.
Fees for EU and UK students & international students
There are a lot of MBAs that have basically the same costs in the EU, UK and international learners. Some colleges, such as the Imperial College London and the University of Edinburgh, offer full-time time courses at around the same fee. Some institutions provide discounts to UK and EU college students. Schools such as the University of Glasgow give a discounted rate of £16,000 as opposed to the £24,000 full tuition costs charged to global students. Cardiff University offers EU and UK college students a lower rate of £14,350 for their full-time MBA course. In contrast, international students are required to pay a full fee of £20,950.
Are there other costs?
There are some other costs that need to be considered when choosing an MBA postgraduate student life. MBA tuition costs include a variety of trips and textbooks. However, students may find that they might prefer buying additional books, which can cost anywhere from £30 to £50 per textbook. There are also settling costs if students wish to attend a course that is not at their home. If they want to pursue a work placement then additional expenses for commuting are necessary. They will likely vary depending on where they are working. Additionally, many universities have a few extra course or examination expenses along with greater memberships to student unions, scholar unions or commercial enterprise associations that could add up to an additional £300.
How to Fund an MBA
There are several ways to fund your MBA:
- Employer Scholarship: Given that most of these courses require relevant work experience. It is probably safe to assume that if you are applying for an MBA, you are employed in a relevant job. Take advantage of this by asking your employer whether they can pay some or all your fees. You must explain what benefits the MBA will bring to the company, like leadership skills for example. Usually, your employer will expect you to commit to working for them for a certain number of years after completing your MBA to ensure they see a return on their financial commitment. Employment scholarship aligns very well with part-time employment as you can juggle work with study commitments.
- Postgraduate Loans: Government backed loans of up to £11,222 can be made available to help to pay for full or part-time postgraduate study. This will not be sufficient in covering tuition fees however but can make an important contribution, especially if other methods of funding are combined with it.
- Scholarships and Bursaries: The majority of universities have money available to give to students as non-repayable scholarships and bursaries. It is important that your application is strong as competition is intense. You will need to mention why you should receive the money as well as any special achievements in your career history to improve your chances. Scholarships and bursaries vary from university to university but they can be made available for alumni, academic excellence or to promote diversity. For example, Warwick Business School has £6 million of scholarships of both MBA and MSc applicants. As part of your MBA you will have to write 300 words on why you believe that you merit a share of the reward.