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How Much Does an MBA Cost in 2016?

By Catherine New Updated on September 1, 2020

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A master of business administration (MBA) degree can open the door to a multitude of opportunities by paving the way for greater advancement opportunities, increased career flexibility, expanded networks, and better advancement opportunities.

However, earning an MBA degree is a substantial financial investment for individuals after factoring in tuition, fees, room and board, and textbooks. To pay for business school, many students rely on financial aid, including borrowing student loans. Fortunately, there are several steps resourceful prospective students can take to lower the total cost of their MBA.

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Conquering the cost of an MBA.

Conquering the cost of an MBA.

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Consider Public or State Universities for an MBA Degree

Public universities are often a less expensive option than private business schools, while still offering a degree that will earn students more credibility in the professional world. While many point to the prestige of a private program, that isn’t necessarily true. Two of the top ten MBA programs in the US are from public universities, UC Berkely and the University of Virginia. 

Enroll in Part-Time or Evening Classes

Students can work full-time while still earning their MBA degree on the side by way of part-time and evening classes. It will likely take extra time it will take to complete this degree (typically three years or more), but the extra work experience could bolster students’ resumes after graduation.

Ask if Your Employer is Willing to Pay for Your MBA

Some companies, particularly Fortune 100 companies, will often assume partial or the entire cost of graduate school to employees. This is a great way for companies to further educate their workforce and retain talented employees. 

Every company will have different requirements for enrolling, average grades that are needed for the benefit, and how long you will have to stay after completing your degree. Working full-time in addition to earning an MBA degree will require excellent time management and will be very time-consuming, but a great way to save on the cost of advancing your career.

Take a Look at One-Year and Online MBA Programs

One-year and online MBA programs are options for those looking for less of a time commitment. However, it is important to make sure this is still a quality program that will be seen as credible by future employers.  Not all online programs are created equal.

One of the benefits to these shorter programs is that it means students can begin working sooner and earning a salary a year, earlier in addition to reducing education expenses. 

How Much is Tuition at the MBA Programs?

Below you can find the cost of attendance for the U.S. News & World Report’s top-ranked MBA programs in the United States, as well as links to top sources of non-loan aid.

Average mba tuition

Rank School Name 2015-2016 Tuition 2015-2016 Total COA Top Sources of Non-Loan Aid
1 Stanford University $64,050 $103,419 1. Stanford GSB Fellowship
2. Charles P. Bonini Partnership for Diversity (P4D) Fellowship Program
2 Harvard University $61,225 $98,400 1. HBS Fellowship
2. Robert S. Kaplan Life Sciences
3. Horace W. Goldsmith Fellowship
4. Junior Achievement Fellowship
5. Harvard University General Scholarships
3 University of Pennsylvania
(Wharton)		 $70,870 $100,454 1. Wharton Fellowship Program
2. Yellow Ribbon Program (Military)
4 University of Chicago
(Booth)		 $63,980 $97,884 1. Merit Based Awards
2. Chicago Booth Fellowships
5 Massachusetts Institute
of Technology (Sloan)		 $65,750 $98,014 1. Class of 2004 Diversity Fellowship
2. Ed and Caroline Hyman Fellowship
3. Elizabeth Monrad Fellowship
4. Exxon Education Foundation Fellowship
5. Forte Fellowship
6. Gert & Daisy Daniels Fellowship
7. Gordon Family Fellowship
8. Gustavo A. Perini Fellowship
9. Luli Yeh & Tsu Ho Hong Fellowship
10. John E. Jamerson Fellowship
11. Legatum Fellowship
12. Master’s Fellowships
13. McKinsey Award
14. Merit Awards
15. MIT-China Scholarship Council Fellowship Program
16. MIT Public Service Center Fellowships
17. Guo Heng Memorial Fellowship
18. MIT Sloan Social Impact Fellowships
19. Philip M. Condit Fellowship
20. Serge and Pascale Schoen Fellowship
21. Thomas J. Vincent Fellowship
22. Thomas R. Williams Fellowship
23. Trust Graduate Management Fellowship
24. Verma Family Fellowship
25. Yellow Ribbon GI Education Enhancement Program
26. Zamir Telecom Fellowship
6 Northwestern University (Kellogg) $64,059 $93,013 1. Africa Scholars Program
2. Diversity Scholarship
3. James P. Gorter Scholarship
4. Forte Foundation Scholarship
5. Reaching Out MBA Fellowship
6. Posse Scholarship
7. Frederick C. Austin Scholarships
8. Kellogg Growth Scholarships
9. Kellogg Scholarship
7 University of California-
Berkeley (Haas)		 $40,476 (Resident); $42,537 (Non-Resident) $83,146.50 (Resident); $85,207.50 (Non-Resident) 1. The Consortium Fellowship for Graduate Study in Management
2. Dean’s Fellowships
3. The David S. Ng Fellowships
4. Jacobs Foundation Fellowship
5. Spivack Social Impact Fellowship
6. Center for Responsible Business Fellowship
7. Brian Maxwell Fellowship
8. Diversity Scholarships
9. Haas Achievement Scholarship
10. Marketing Scholarship
11. Berkeley MBA Grants
12. CJ White Fellowships
13. Dr. Tahir Fellowships
14. Mike and Carol Meyer Fellowships
15. Coan Torres Family Fellowship
16. The Tirado Fellowship
17. The Blue Duck Scholarship
18. The Ulatowski Fellowship
19. Yellow Ribbon Program
8 Columbia University $65,988 $99,824 1. Columbia Fellows
2. Board of Overseers Fellowship
3. Meyer Feldberg Distinguished Fellowship Program
4. R.C. Kopf Fellowships
5. Ela Lemelbaum Scholarship
6. Project Charity Trust Fellowship
7. Partial-tuition scholarships
8. Post-9/11 Veterans Educational Assistance Act of 2008
9. The Yellow Ribbon GI Education Enhancement Program
10. Vocational Rehabilitation
11. Veterans Tuition Awards
12. Advanced Civil Schooling Scholarship Fund
13. Paul Ferri Scholarship
9 Dartmouth College
(Tuck)		 $64,200 $97,425 1. Consortium for Graduate Study in Management Fellowship
2. Forte Foundation
3. Center for Business and Society
4. Post 9/11 GI Bill and Yellow Ribbon Program
10 “University of Virginia
(Darden) “		 $58,150 (Resident); $61,150 (Non-Resident); $61,250 (International) $84,437 (Resident); $87,437 (Non-Resident); $88,367 (International) 1. Jefferson Fellowship
2. Military Scholarships
3. US Student Scholarships
4. International Student Scholarship

5. Affinity Group Scholarships
11 (Tie) New York University (Stern) $63,720 $103,982 1. William R. Berkley Scholarship Program

2. Teaching and Graduate Fellowships
3. Merit Scholarships

4. Military Veteran Scholarships
11 (Tie) University of Michigan-Ann Arbor (Ross) $56,590 (Resident); $61,590 (Non-Resident) $77,572 (Resident); $82,572 (Non-Resident) 1. Ross MBA Scholarships
2. Post 9/11 GI Bill and Yellow Ribbon Program
13 (Tie) Duke University
(Fuqua)		 $60,600 $85,764 1. Merit-Based Scholarships
2. Yellow Ribbon Program
3. Peace Corps Paul D. Coverdell Fellows Program
4. Center for the Advancement of Social Entrepreneurship Social Sector Scholarship
13 (Tie) Yale University $61,500 $88,500 1. Consortium for Graduate Study in Management Fellowship

2. Forte Foundation Fellowship
3. Harambe Yale Scholar Program for African Entrepreneurs
4. Yale-Reaching OUT LGBT MBA Fellowship
4. Veteran Scholarships
15 University of California-Los Angeles (Anderson) $50,516.52 (Resident); $54,643.52 (Non-Resident) $81,364 (Resident); $85,491 (Non-Resident) 1. Merit Fellowships
2. Donor Fellowships
3. Nozawa Fellowship
4. Post-9/11 GI Bill Yellow Ribbon Program
5. Teaching Assistants
16 Cornell University
(Johnson)		 $59,500 $84,960 1. Park Leadership Fellows Program
2. Merit-Based Scholarship Awards
3. Johnson Endowed and Annual Scholarships
4. Consortium for Graduate Study in Management Fellowship5. National Society of Hispanic MBA’s Scholarship
6. Forte Fellows Program
7. ROMBA Fellowship
8. SAI MBA Fellowships
9. GI Bill Assistance (Post 9/11 and Yellow Ribbon)
17 University of Texas- Austin (McCombs) $33,298 (Resident); $48,832 (Non-Resident/International) $54,598 (Resident); $70,132 (Non-Resident/International) 1. Recruiting Scholarships
2. Consortium Fellowship and Scholarship
3. Forte Fellowship
4. Sylff Global Fellows Program
5. Tuition Assistance for Mexican Students
6. Good Neighbor Scholarship
7. Reaching Out LGBTQA MBA Fellowship
8. Teach for America Scholarship
9. Texas Venture Labs Scholarship Competition
10. Teaching and Research Assistantships
11. Post-9/11 GI Bill
18 University of
North Carolina-Chapel Hill (Kenan-Flagler)		 $40,096 (Resident); $57,494 (Non-Resident) $63,866 (Resident); $81,264 (Non-Resident) 1. Premier Fellowships
2. Full Tuition Fellowships
3. Partial Tuition Fellowships
4. Dean’s Fellows Program
5. Consortium for Graduate Study in Management Fellowship
6. Forte Fellows Program
19 Washington University in St. Louis (Olin) $53,500 $81,801 1. Wood Leadership Fellows Program
2. Consortium for Graduate Study Management
3. McDonnell International Scholars Academy
4. Fourte Foundation
5. Veterans Association Scholarships
6. Mr. and Mrs. Spencer T. Olin Fellowship for Women
7. The Milford and Leona Bohm Scholarship
20 Carnegie Mellon University (Tepper) $60,000 $81,898 1. The Booz & Company Scholars Fund in Business
2. McGowan Fellows Program
3. Mary Anne Spellman & Jack McGrath Scholars Fund in Business
4. Marc & Sally Onetto Graduate Fellowship Fund
4. James R. Swartz Leadership Scholarship
6. David A. Tepper Scholarship Fund
7. Angel G. Jordan Fellowship
8. Jean-Jacques Servan-Schreiber Fellowship
9. Murat Ozyeginn Fellowship Program
10. Tepper School Reaching Out Fellowship
11. Tepper School Merit Scholarship
12. Tepper School Forte Scholarship
13. Tepper School Consortium Fellowship
14. Tepper School Teach for America/Americorp
15. Tepper School Yellow Rion Matching Funds Scholarship
21 (Tie) Emory University (Goizueta) $49,600 $73,634 1. Marketing Analytics Center Fellowship
2. Center for Alternative Investments Fellowship
3. Social Enterprise Fellowship
4. Robert W. Woodruff Scholars
5. Named Scholars
6. Dean’s Scholars
21 (Tie) Indiana University-Bloomington (Kelley) $25,500 (Resident); $44,460 (Non-Resident) $50,337 (Resident); $69,297 (Non-Resident) 1. Merit Aid
2. Dean’s Fellowships
3. Forte Fellowships
4. Global Fellowships
5. Kelly School of Business Merit Fellowship
6. Kelly MBA Graduate Assistantships
23 University of Washington (Foster) 31,200 (Resident); $45,450 (Non-Resident) $60,411 (Resident); $74,661 (Non-Resident) 1. Merit-based Scholarship
2. Need-based Scholarship
24 Georgetown University (McDonough) $56,892 $85,320 1. The Consortium for Graduate Study of Management
2. Forte Foundation
3. Georgetown MBA Merit Scholarship
4. Hariri Scholarship
5. MilitaryMBA.net Scholarship
6. NSHMBA University Partnership Program
7. Peace Corps Coverdell Fellows Program
8. Steers Center for Global Real Estate Scholarship
9. Tillman Military Scholarship
10. Toigo MBA Fellowship
11. Yellow Ribbon
25 (Tie) University of Notre Dame (Mendoza) $48,530 $69,130 1. Notre Dame Scholarships and Fellowships
25 (Tie) University of Southern California (Marshall) $59,184 $93,223 1. Merit Based Scholarships
2. Schoen Family Scholarship Program for Veterans

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Catherine New
Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.

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