In partnership with

In our BusinessBecause Cost of MBA Report 2021,

we break down the total cost of the world’s top
MBA programs covering MBA tuition fees, living
costs, healthcare, and more.

BusinessBecause is a trusted source of information and inspiration for

worldwide business school applicants, supporting through every step
of the business school journey.

businessbecause.com

Content: Marco De Novellis

Design: dayone.io

© 2021 BusinessBecause
Introduction
Don’t let the cost of an MBA put you off
applying to business school!
The truth is, whatever the cost, we at BusinessBecause witness the transformative power
of the MBA on a daily basis.

MBA students transform their careers after graduation; start exciting new businesses,
land the best jobs, and see their salaries skyrocket. Plus, business schools offer generous
scholarships and funding options.

It does however make sense to understand the full cost of an MBA program before you
apply—no more so than in a year disrupted by the COVID-19 pandemic.

The cost of an MBA increased by 4.7% in the past year despite COVID—that’s an additional
$8,000 to budget for.

A big driver of that overall cost is the cost of tuition. While some schools froze their tuition
fees in 2021, others were forced to increase tuition as revenues suffered elsewhere.

In our BusinessBecause Cost of MBA Report 2021, we break down the total cost of MBA
programs at the world’s top business schools to help you plan for your MBA studies.

We look beyond tuition fees alone—considering additional fees, living expenses,

healthcare cover, and course materials—and compare how the total cost of an MBA in
2021 has changed compared with the previous year.

Read on to find out the total cost of an MBA in 2021 at the world’s top business schools.

Marco De Novellis,
Editor,
BusinessBecause
4
A message from our partner

Three years ago, I was admitted to Harvard

Business School. At first, I was ecstatic, but
when the tuition bill came, I had to find a way
to finance it.
I started researching student loan options and met my co-founder in a WhatsApp group for admitted
students. He asked if anyone wanted to help him negotiate a bulk discount on student loan rates, and I
reached out to help.

That summer, we gathered 700 students from 10 MBA programs who wanted to get loans from the same
bank if we could secure a big discount.

We reached out to dozens of lenders, and after lots of rejection, found several who were intrigued by the
concept. Finally, we secured a deal that saved our classmates $15,000 each, on average.

Alone, we had no bargaining power. But together, we were too valuable to ignore, and Juno was born.

Juno is a free membership group that negotiates with lenders to get the cheapest student loan rates in the
market. We make lenders compete for your business, and select the lender that offers the lowest cost for
our group.

Today, we have over 65,000 members and have helped MBA students secure over $300M in funding. The
larger our group grows, the more we are able to reduce interest rates.

In fact, our model was so successful this year, we now guarantee the lowest cost private student loans for
everyone.

Group buying works and we’re excited to roll this model out to a campus near you. Join us for free today to
save money on your student loans.

Chris Abkarians
Co-founder, Juno
5
Cost of an MBA in 2021

Key Findings
Overview

How much does an MBA cost in 2021? Pursuing

an MBA at a top-ranked business school remains a
significant investment.
Our report includes the following elements which make up the total cost of an MBA:

Tuition Fees Living costs Healthcare Materials

The main fees What schools How much What you Additional costs
you pay for an charge in you’ll pay for need to pay for books, case
MBA program; addition to the accommodation for healthcare studies, and
teaching, tuition fees and transport cover for the other program
experience etc. for processing, during your duration of materials.
admin, and MBA. your MBA.
which also
include fees
for student
associations
etc.

Taking these factors into account, our research shows that the average total cost of
studying one of the world’s top MBA programs starting in 2021 is $176,000.

Despite the COVID-19 pandemic, the cost of an MBA has increased by 4.7% in the past
year—that’s an additional $8,000 to budget for.

Average total cost of MBA

$168k $176k
2020 2021
+4.7%

7
Other key findings detailed in this report:

• MIT Sloan remains the world’s most expensive MBA, with a total cost of $241,984,
up by 1.8% compared with 2020.
• NUS Business School offers the most affordable top-ranked MBA, with a total cost
of $89,342.
• The total cost of the MBA at HEC Paris increased the most between 2020 and 2021
(by 16.3%), followed by Oxford Saïd (15.6%), and Cambridge Judge (15%).
• Only Virginia Darden saw a decrease in the total cost of its MBA in 2021, down 3.6%.
• The cost of MBA tuition increased by 7.6% on average globally, with the most
significant fee increases made by London Business School and HEC Paris.
• Several top US business schools froze tuition fees in 2021—including Harvard,
Stanford, and Darden—while Yale was the only school to reduce tuition.
• The average cost of an MBA in the US in 2021 is $217,089 (up by 1.9% since 2020),
Europe, $130,104 (up by 9.7%), and Asia, $108,422 (up by 10%).

Money saving tip #1

“You can’t do everything during an MBA.

Have a good idea of what you can afford to
miss out on. And think carefully about where
you want to live—on-campus living options
can be more expensive.”

Ena Oghenekaro, MIT Sloan MBA

8
 BusinessBecause | Cost of MBA 2021
School Tuition Fees Living Healthcare Materials Total Cost ($) 

MIT: Sloan 157908 5136 59940 13900 5100 241984

NYU Stern 157400 7213 57104 16228 3000 240945

Stanford 149412 1800 71550 13776 3390 239928

Wharton 162460 4000 43440 7684 13280 230864

Dartmouth College: Tuck 155040 8834 51420 8326 3000 226620

Harvard 146880 60540 10564 5100 223084

Columbia 154752 5894 49644 10432 640 221362

Chicago: Booth 149838 5267 48258 13704 1368 218435

UC Berkeley: Haas 143804 58508 12128 1292 215732

Northwestern: Kellogg 152736 5460 43158 8772 3294 213420

Yale SOM 149000 4540 48568 5396 2000 209504

Virginia: Darden 145600 44860 5960 4000 200420

London Business School 131412 383 64202 638 196635

Duke University: Fuqua 140000 38512 15332 1264 195108

Cornell University: Johnson 148052 35730 7388 2200 193370

Georgetown: McDonough 121788 172 50604 5900 5292 183756

IMD Business School 105588 36851 3167 145606

IESE Business School 103392 4781 34171 1132 143476

INSEAD (SG) 108151 27836 365 136352

INSEAD (FR) 108151 23772 365 132288

Esade Business School 87517 122 35781 822 124242

HEC Paris 93610 158 25071 1216 120055

Oxford: Saïd 89163 21281 425 1232 112101

Cambridge: Judge 83547 20179 425 104151

CEIBS 68463 29405 1705 99573

SDA Bocconi 71800 20437 146 92383

NUS Business School 51375 3597 34370 89342

All figures are in US$. These figures are estimates (see our
methodology below). Where no value is stated the cost is 9
either zero or included elsewhere.
Cost of an MBA: 2021 vs 2020
Comparing 2021 with 2020, the cost of an MBA
has generally increased across cost categories,
including health insurance, materials, and living
expenses in some locations.
When calculating cost, we convert all local currency into US dollar. Where overall costs for
MBA programs increased the most, this was largely down to increased tuition fees as well
as a less favorable exchange rate against the dollar for non-US schools.

Business schools that increased their tuition fees in the past year did so in the context of
the coronavirus pandemic.

As companies cut spending, schools lost revenue from executive education in the past
year while they also increased their spending to enable virtual teaching. For some schools,
increasing MBA tuition fees is a way to recover from the financial impact of COVID-19.

However, while the cost of an MBA has increased the most at European business
schools, the total cost of a top-ranked MBA in Europe is still relatively low at most schools
compared with the US.

Highest cost increases

2020 cost $ 2021 cost $ % change

HEC Paris 100,467 120,055 16.3%

Oxford: Saïd 94,634 112,101 15.6%

Cambridge: Judge 88,537 104,151 15.0%

INSEAD (FR) 113,914 132,288 13.9%

INSEAD (SG) 117,629 136,352 13.7%

London Business School 173,393 196,422 11.8%

10
 Money saving tip #2

“If you get financial aid, make sure you try and
negotiate for more! Schools have money left in
their budgets and there’s an expectation that
you might ask. If you’re not doing it, somebody
else is!”

Chris Abkarians, Harvard MBA & founder of Juno

US business schools, which saw the lowest cost increases, were already starting from a
high base—all except Duke Fuqua have a total cost of over $200,000.

To keep costs consistent, several schools froze their tuition fees—including Darden,
Duke, and Harvard—and Yale reduced its tuition fees slightly by 0.3%. All these schools
were able to keep healthcare insurance costs at similar levels to 2020.

Darden’s 3.6% decrease is largely down to the removal of extra fees, previously charged
on top of tuition.

This one decrease is not enough to counter the overall increase in the average cost of MBA
in 2021, up 4.7% on the previous year.

Read more on why the cost of your MBA is increasing.

Lowest cost increases

2020 cost $ 2021 cost $ % change

Virginia: Darden 207,672 200,420 -3.6%

Yale SOM 209,320 209,504 0.1%

Harvard 222,204 223,084 0.4%

Wharton 229,792 230,864 0.5%

Duke University: Fuqua 193,700 195,108 0.7%

London Business School 173,393 196,422 11.8%

11
Most & least expensive MBA programs
The MBA at MIT Sloan is the world’s most expensive MBA
program with a total cost of $241,984.
MIT is followed closely by NYU Stern, at $240,945, and Stanford, at $239,928.

Kellogg offers the least expensive MBA program out of the elite group of M7 business
schools, although still a significant investment at $213,420.

The average cost of an MBA at an M7 business school is $227,011

Most expensive MBAs

241,984 240,945 239,928

230,864
226,620

200,000 200,000

150,000 150,000

100,000 100,000

50,000 50,000

MIT: Sloan NYU Stern Stanford Wharton Dartmouth

College: Tuck

12
The least expensive place to pursue a top-ranked MBA is NUS
Business School in Singapore, with a total cost of $89,342,
followed by SDA Bocconi in Italy and CEIBS in China.
The highest ranked MBA programs are not necessarily the most expensive. MIT Sloan is
ranked the fifth best MBA in the United States by US News but tops our list for overall
cost.

INSEAD offers the best MBA program in the world, according to the Financial Times (FT)
MBA Ranking 2021, but is among the more affordable MBA programs in our list.

NUS Business School, the cheapest MBA program on our list, is ranked 14th in the world by
the FT.

Least expensive MBAs

200,000 200,000

150,000 150,000

112,101
104,151
92,383 99,573
100,000 89,342 100,000

50,000 50,000

NUS SDA CEIBS Cambridge: Oxford:

Business Bocconi Judge Saïd
School

13
MBA Cost vs Location
MBA programs in the United States are typically two years long,
compared with shorter programs popular elsewhere, which
means doubling your annual tuition cost plus living expenses and
healthcare insurance.

US schools are therefore the most expensive Average Total MBA Cost by Location
MBA programs in terms of total cost
(although Cornell, Kellogg, and NYU Stern
among others offer one-year MBA programs
which have not been considered here). Europe USA Asia
$130k $217k $108k
The average total cost of an MBA in
the US in 2021 is $217,089. The average
cost of tuition in the US is $148,978, over
$25,000 more than the average cost of
tuition for a top-ranked MBA globally +9.7% +1.9% +10%
($123,586). 2020: $118k $213k $98k

Outside the US, in Asia and at some

European business schools, MBA tuition
fees are comparably low, although living expenses vary—pursuing the INSEAD MBA in
France, for example, will cost slightly less than doing so in Singapore.

However, the cost of an MBA is growing more rapidly outside the USA, with the average total
cost of an MBA in Asia growing by 10%, and in Europe by 9.7%, between 2020 and 2021.

Money saving tip #3

“Look out for second-hand items,

such as furniture or textbooks,
from seniors—they may be as
good as new!”

Wei Xiang Low, INSEAD Singapore

MBA

14
Cost of an MBA in 2021

Tuition,
Living Costs,
Healthcare
MBA tuition fees

For any MBA experience, the bulk of the cost comes

down to tuition fees.
Schools list their tuition fees either as one total sum or, in the case of the two-year US
MBA programs, as an annual fee. For these US MBA programs, we have doubled the cost
of tuition for 2021-22 to get a total two-year figure.

At US schools, tuition fees tend to increase by a percentage or two each year, so overall
tuition costs may well be slightly higher than our estimates.

2020 vs 2021
Between 2020 and 2021, the cost of MBA tuition increased by 7.6% on average globally.

However, bucking the trend, six big-name US business schools froze tuition fees in 2021,
recognizing the challenges faced by candidates during the pandemic.

HEC Paris, Oxford Saïd, and Cambridge Judge saw the biggest increases to cost of tuition
in dollars, which was also impacted by the changing value of the dollar.

Cambridge Judge increased its tuition fees slightly from £57,000 to £59,000, although
experienced a high percentage increase due to the changing exchange rate. HEC Paris
increased its tuition fees from €72,500 (September intake) and €69,620 (January intake) to
€78,000 and €76,000 respectively.

Some schools outside the US did not change their tuition fees but tuition cost in dollars
has increased due to the exchange rate. These include ESADE, IESE, and CEIBS

Yale was the only top-ranked school to reduce tuition slightly, by -0.3%, a $400 reduction.

Highest increase % change Lowest increase % change

HEC Paris 21.7% Yale SOM -0.3%

Oxford: Saïd 21.2% Dartmouth: Tuck 0.0%

Cambridge: Judge 18.4% Columbia 0.0%

London Business School 15.8% Stanford 0.0%

IMD Business School 15.0% Harvard 0.0%

London Business School 11.8% Virginia: Darden 0.0%

Duke University: Fuqua 0.0%

16
Most & least expensive MBA tuition fees

Although MBA programs in the US charge more,

tuition fees vary by school. Wharton charges the
most expensive MBA tuition fees, an estimated
$162,460 for two years.
Wharton’s fees cost $40,000 more than the cheapest US MBA in our list at Georgetown
McDonough ($121,788).

The average cost of tuition for the M7 business schools is $153,427.

London Business School charges the Average tuition fees by location

most expensive tuition fees outside
the US. Some MBA programs have
a variety of exit points—LBS, for
example, offers 15, 18, or 21-month
formats—but tuition fees are fixed Europe USA Asia
regardless of your length of study. $97,131 $148,978 $75,996

If you’re looking at MBA tuition cost

versus time spent on-campus, look to
Asia: NUS Business School in Singapore
offers the best bang for your buck,
costing just over $51,000 for 17 months in a top-ranked MBA program.

INSEAD is the most expensive one-year MBA program in terms of tuition, followed by IMD
in Switzerland. Italy’s SDA Bocconi offers Europe’s most affordable top-ranked MBA.

Some tuition fees will pay for the program alone; others will cover things like books and
program materials. Fees at INSEAD also cover compulsory health insurance, for example.

Fees also vary based on a candidate’s individual circumstance. At Darden and Berkeley
Haas, for example, in-state students pay less, although all our listed tuition fees are all for
out-of-state, international students.

17
Tuition fees
School Program length (months) Tuition  % change vs 2020

Wharton 24 162460 2.3%

MIT: Sloan 24 157908 2.3%

NYU Stern 24 157400 2.5%

Dartmouth College: Tuck 24 155040 0.0%

Columbia 24 154752 0.0%

Northwestern: Kellogg 24 152736 4.0%

Chicago: Booth 24 149838 4.1%

Stanford 24 149412 0.0%

Yale SOM 24 149000 -0.3%

Cornell University: Johnson 24 148052 2.9%

Harvard 24 146880 0.0%

Virginia: Darden 24 145600 0.0%

UC Berkeley: Haas 24 143804 11.2%

Duke University: Fuqua 24 140000 0.0%

London Business School 15, 18, 21 131412 15.8%

Georgetown: McDonough 24 121788

INSEAD 10 108151 13.8%

IMD Business School 12 105588 15.0%

IESE Business School* 15, 19 103392 12.0%

HEC Paris 16 93610 21.7%

Oxford: Saïd 12 89163 21.2%

Esade Business School* 12, 15, 18 87517 11.8%

Cambridge: Judge 10 83547 18.4%

SDA Bocconi 12 71800

CEIBS* 18 68463 9.9%

NUS Business School 17 51375 4.3%

*These schools did not change their tuition fees, however the cost of tuition in $ has been impacted by changing exchange rates.

18
Living costs

The pandemic year has seen living costs change.

Like all of us, MBA students spent less on transport
and commuting and more on electricity and
household bills while studying virtually from home.
Based on our research, removing transport costs could save students up to $8,000 over
the duration of an MBA program in some locations—and we’ve all made savings in the
past year by socializing less and postponing holidays and trips abroad.

Our living costs for an MBA in 2021-22 assume that students will return to campus to
study full-time. In fact, most business schools are planning a return to campus learning
(see our COVID-19 campus updates for Europe and the USA).

Naturally, living expenses vary depending on where you’re based during your MBA.
California, for example, is one of the most expensive states to live in and pursue an MBA
in the US, with Stanford MBA students paying an estimated $71,550 in living costs over
the two years.

Removing transport costs

could save you up to $8,000
of the total cost of your MBA.

Major cities like New York and London tend to have higher living costs, whereas Upstate
New York is significantly cheaper. Based in Ithaca, New York, Cornell students have the
lowest estimated living costs out of any US-based student in our report.

How long you stay in a city for your MBA also impacts your living expenses. MBA students
at Cambridge Judge incur estimated living expenses of $20,179—the lowest in our
report—covering the duration of the short, 10-month program.

CEIBS in Shanghai, meanwhile, provides affordable living costs compared to time spent in
the city, at $29,405 for 18 months. This includes the cost of CEIBS campus accommodation
plus estimated living expenses in Shanghai.

19
Living costs
Living Costs
School Location Duration (months)


Stanford Stanford, CA, USA 24 71,550

London Business School London, UK 18 64,202

Harvard Boston, MA, USA 24 60,540

MIT: Sloan Cambridge, MA, USA 24 59,940

UC Berkeley: Haas Berkeley, CA, USA 24 58,508

NYU Stern New York, NY, USA 24 57,104

Dartmouth College: Tuck Hanover, NH, USA 24 51,420

Georgetown: McDonough Washington DC, USA 24 50,604

Columbia New York, NY, USA 24 49,644

Yale SOM New Haven, CT, USA 24 48,568

Chicago: Booth Chicago, IL, USA 24 48,258

Virginia: Darden Charlottesville, VA, USA 24 44,860

Wharton Philadelphia, PA, USA 24 43,440

Northwestern: Kellogg Evanston, IL, USA 24 43,158

Duke University: Fuqua Durham, NC 24 38,512

IMD Business School Lausanne, Switzerland 12 36,851

Esade Business School Barcelona, Spain 18 35,781

Cornell University: Johnson Ithaca, NY, USA 24 35,730

NUS Business School Singapore 17 34,370

IESE Business School Barcelona, Spain 19 34,171

CEIBS Shanghai, China 18 29,405

INSEAD (SG) Singapore 10 27,836

Jouy-en-Josas (Paris),
HEC Paris 16 25,071
France

INSEAD (FR) Fontainebleau, France 10 23,772

Oxford: Saïd Oxford, UK 12 21,281

SDA Bocconi Milan, Italy 12 20,437

Cambridge: Judge Cambridge, UK 10 20,179

When programs are offered in different formats, we have tried to be as consistent as possible in terms of program
duration to offer a fair comparison. For example, the living costs noted for the MBA programs at ESADE, IESE, and LBS
are for 18, 19, and 18 months respectively. 20
The important thing to note is that our living costs are minimum estimates. They are for an
individual student living a moderate lifestyle, including accommodation for the duration of
the MBA program.

Our living expenses do not cover entertainment or miscellaneous activities and candidates
going to business school with families or partners will incur higher living costs.

Living expenses are therefore the most variable out of any of the data presented in this
report. Savings can be made in various ways, by sharing rooms or living with relatives.
But even if you live like a monk, you’ll need to pay for program materials and books not
covered in your tuition fees.

Student activities could add $25,000

on to the total cost of your MBA.

Remember, an MBA is also a time for socializing with classmates and extra-curricular
fun, so you’ll need to save some extra cash for that. Class social activities are optional of
course, but when everyone else in the class is heading off for a ski trip in the Alps or a
weekend in New York—COVID permitting—it feels less so!

Berkeley Haas estimates that these kinds of student activities can cost up to $25,000 for
the duration of the full-time MBA program.

So many of the networking benefits of an MBA come from these off-site excursions—
including international study immersions which are not always covered in tuition fees—so
while you shouldn’t underestimate their cost, you shouldn’t underestimate their value either.

Overall, our estimated living costs for various schools are similar to last year’s. More significant
changes in living expenses are mostly due to a recalculation of the estimated costs.

Money saving tip #3

“Networking is such a valuable part of

the MBA experience, but try to save
money by gathering with classmates at
someone’s home or finding inexpensive
places to eat out.”

Barbara Coward, MBA 360 Admissions

21
Healthcare

The pandemic has not had the major impact on

the cost of healthcare cover for MBA students
that some might expect.
However, the cost of healthcare insurance remains a big variable that can make a
significant difference to your outgoings during your MBA.

It is almost always compulsory for students to be covered for healthcare during an MBA,
but what this entails varies hugely between country.

At HEC Paris, all students are eligible for health insurance under the French National
Healthcare System which, the school says, is free. The documents needed to apply for this
insurance are provided to students during their first days on campus.

In the UK, students have access to the National Health Service. This is free for UK and EU
students. Non-EU students pay a visa surcharge of just £300 ($425, per year) for access to
healthcare.

Healthcare is also low cost or free in Spain and Singapore. MBA students at NUS pay for
treatments if needed and then can claim back through the NUS student insurance scheme.
At INSEAD, in both France and Singapore, health insurance is included in the cost of tuition.

Healthcare costs ($) | Non-US

3,000

2,000

1,000
IMD

CEIBS

IESE

Esade

LBS

Oxford: Saïd

Cambridge: Judge

SDA Bocconi

INSEAD (SG)

INSEAD (FR)

HEC Paris

NUS

22
In the United States, however, healthcare costs skyrocket. One year of healthcare cover in
the US costs more than you would pay for several years elsewhere.

US schools offer their own compulsory health insurance schemes at competitive annual
prices. We have doubled the fees given for 2021-22, although these are subject to change.
Our health insurance costs include any additional healthcare-related fees.

Taking this into account, Yale offers the cheapest healthcare cover for a US school at
an estimated $5,396 for the two years.

The cost of most business schools’ healthcare cover is fairly consistent with the previous
year and any significant changes are due to a recalculation of estimated costs.

Healthcare cover issued by schools is typically comprehensive and so should cover COVID-
related illnesses, although it’s worth checking with your school.

Note: Business schools may require COVID vaccines for incoming students. Read about
the latest COVID-19 vaccination requirements.

Healthcare costs ($) | USA

20,000 20,000

15,000 15,000

10,000 10,000

5,000 5,000
NYU Stern

Duke: Fuqua

MIT: Sloan

Stanford

Chicago: Booth

Berkeley: Haas

Harvard

Columbia

Kellogg

Dartmouth: Tuck

Wharton

Cornell: Johnson

Virginia: Darden

Georgetown

Yale SOM

Some US schools bundle their healthcare cover estimates in with additional personal costs and so these figures are higher than the cost of healthcare cover alone.

23
 Funding
your MBA
5
Ways To
Finance
Your MBA
Loans
You can take out a student
 loan to cover your studies.
US MBA students can get the
best student loan rates via
Juno.
Sponsorship
Although rare, your company
 might sponsor you to do your
MBA, covering some of your
tuition, provided you return
to the firm after graduation.
Scholarships

Business schools offer
generous scholarships,
including full-ride scholarships
which cover your entire MBA
experience. At Harvard,
50% of MBA students get a
scholarship!
Personal Savings
Many MBA students tap
 into their savings and the
generous support of family
and friends.
Crowdfunding
Some MBA students have
 even taken to crowdfunding
to finance their studies!
25
How one phone call got me an MBA scholarship
worth thousands of dollars!
Ryan Price starts his full-time MBA at BYU Marriott School
of Business in Provo, Utah, USA in fall 2021. In our MBA
Newcomer series, we follow Ryan’s journey through business
school and get the inside scoop on life as an MBA student.
To pay for my MBA, my plan is to pay as much as my wife and I
are comfortable with out of our savings and fill in the remaining
majority with student loans as well as a scholarship.

At BYU, every first-year student is automatically considered for

a small scholarship based on the strength of their application
(GMAT, GPA, quantity/quality of work history, and interview).

Well, my application was good, not great. My GMAT score and

GPA were average at best and my work history is of high quality,
but middle-of-the-road quantity.

So I proactively set up an appointment with the administrator at

BYU who is solely responsible for allocating scholarships.

The first thing he told me was, ‘A lot of schools give some money to many candidates; I
don’t do that. I give significant amounts of money to the students who are exceptional in
every category. You were great in every category except for your GMAT score. You are 42
points below even my average, so that’s what’s holding you up from a scholarship’.

I told him I understood and that I agreed with his method. I also told him that I would
regret if I didn’t tell him what I had been up to over the previous year. I’d been deferred
and spent the time building my own podcast and website MBA Secrets.

He let me share everything I had done, asked a few questions, and ultimately said: ‘This helps. I
wouldn’t have known about this otherwise, I’m glad you called’. And that’s how we left it.

Total cost of an MBA at BYU

Tuition Living Fees Total Cost $

BYU Marriott School of Business 56,832 41,344 4,016 102,192

Cost of healthcare included in living expenses.

26
Three days later, I got an email stating I had received an MBA scholarship worth a
significant sum. I went from being ineligible for any scholarship money to being awarded
thousands of dollars with one phone call!

Business school is not cheap. Most of us won’t get full tuition covered—congratulations to
those who will! But that is not a reason to choose no MBA at all.

There are options, they just might take a little digging to find. Above all else, asking for
guidance from the powers that be is one of the best places to start.

Be prepared to answer any question related to your worthiness for scholarship money,
because you never know what can happen when you put yourself in situations where
someone might be able to help.

Money saving tip #5

“Lower the cost of your MBA by trying

to win larger scholarships. If you can
raise your GMAT score by 30 points, you
might make another $30k in scholarship
money!”

David White, Menlo Coaching

27
Methodology
Methodology

26 business schools are included in this report.

These include the top 20 business schools listed in
the Financial Times Global MBA Ranking 2021.
We have also included six schools that did not participate in the 2021 FT MBA ranking, but
were ranked in the top 20 the previous year. These are: Harvard, Wharton, Stanford, MIT
Sloan, Columbia, and Berkeley Haas.

We’ve separated out the MBA programs at INSEAD offered in France and Singapore.

Georgetown McDonough and SDA Bocconi are new entrants to our list. They are therefore
excluded from 2021 vs 2020 comparisons, aside from the overall cost and regional 2021 vs
2020 comparisons which are based on all schools featured in each report.

The data in this report was sourced direct from business schools, from business school
websites— which give their own breakdown of total costs—and from some external
sources in June 2021.

All figures were recorded in, or have been converted to, US$. Conversion rates are subject
to change.

MBA tuition fees stated are for the 2021-22 academic year. US tuition fees, which are
charged annually, have been doubled for the two-year MBA duration. These fees are
subject to change. Fees and the cost of program materials and healthcare have also been
doubled for US programs and are subject to change.

Living expenses in this report are minimum estimates and will vary significantly
depending on a candidate’s individual circumstances and other economic factors. Where
no value is stated in the tables above, the figure is either zero or included elsewhere (for
example, within tuition fees).

We have sourced living expenses estimates direct from business schools, who may
estimate differently. Columbia doesn’t include transport in its living costs, for example.

29
 About BusinessBecause

BusinessBecause is a trusted source of information

and inspiration for worldwide business school
applicants, supporting through every step of the
business school journey.
Whether you’re considering an MBA, EMBA, or master’s degree, on BusinessBecause you
can:

• Keep up to date with the latest business school news—rankings, reports, and the rest

• Uncover the personal stories of business school students and grads

• Get practical resources and guidance to help your business school application, including
advice on GMAT and GRE prep

• Compare business schools and find out what the top schools—and employers—are
looking for.

To unlock all our content and stay up to date with the latest business school insights,
register with BusinessBecause.

BusinessBecause is part of the Graduate

Management Admission Council (GMAC), the
owner and administrator of the GMAT Exam,
united in our mission to connect candidates with
business schools.

30
businessbecause.com