Introduction to the MBA Qualification
What does it cost to do an MBA?
The cost of doing an MBA varies hugely depending on the institution attended and the format of study. In the United States a two-year full-time program at a "premier" university may cost one-hundred thousand dollars, whilst a distance learning program at a less prestigiously institution may cost twenty thousand dollars. Obviously, the financial commitment required for one is vastly less than that required for the other.
For most prospective students, the cost of the program is the significant factor when selecting a course.
It is imperative that you have a clear idea on the total cost that you will incur. This is made up of primary, secondary and tertiary costs.
The primary costs are the tuition fees charged by the business school, which should be straightforward to determine.
Secondary costs include study material such as stationary, text books and computer equipment.
You should be able to estimate these costs pretty accurately from talking with staff at the business school and previous students.
Tertiary costs may include travelling and accommodation expenses incurred whenever you visit the business school. You should also take into account any potential revenue lost whilst you are carrying out your studies. For example, if you normally receive substantial bonus's or sales commission through working extra hours at your normal job this may be affected if you cannot devote as much time to it as before. These costs are often hard to determine accurately and you should take care not to underestimate them.