If you are planning to go to the US for an MBA, get ready to cough up a fortune to the tune of over ₹2 crore if your target university is an Ivy League, and as reputable as Stanford or Harvard or MIT.
A management degree in America runs for two years and each year’s tuition for an Ivy League school is nearly $80,000 – $82,000.
There are a range of other expenses as well such as health insurance, student service fee, technology fee, international student fee and other fees amounting to a total of $10,000 per annum.
Let us peel some more layers off this to understand how much does this cost to graduate from a top B-school in America.
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At Stanford, the annual tuition fee is 82,000. Besides this, the university charges living expenses, housing, medical insurance and health fees totalling to $48,383. So, the total expenses for one year are around $1,30,000.
This means, the total cost for a two-year MBA is $2,60,000. When converted into Indian currency ($1 = ₹83), the total cost comes to around ₹2,15,80,000 (or nearly ₹2.15 crore).
Similarly, MIT Sloan School of Management’s MBA programme has total cost of $1,25,489 (including $84,200 for tuition) for one year. The two-year MBA, therefore, will let you loosen your purse strings by $2,50,978. In Indian currency, this translates to ₹2.08 crore.
Top 10 universities offering MBA in the US
| Ranking | B-School(University) |
| 1. | MIT (Massachusetts Institute of Technology ) |
| 2. | Stanford University |
| 3. | Harvard University |
| 4. | University of California, Berkeley |
| 5. | University of Chicago |
| 6. | Yale University |
| 7. | University of Pennsylvania |
| 8. | Northwestern University |
| 9. | Columbia University |
| 10. | New York University |
(Source: timeshighereducation.com)
However, the smaller and less known universities in America charge less tuition. Moreover, their miscellaneous expenses are also lower than what is charged by the Ivy Leagues.
For instance, the tuition fee charged by Michigan State University’s Broad College of Business is $55,000 per annum. Additionally, living and other expenses are also far lower and stand at $23,000 per annum. This means the total expense for one year is $78,000. For a two-year MBA, the cost amounts to $1,56,000, which is equal to ₹1.29 crore ($1 = ₹83).
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Likewise, Minnesota University’s Carlson School of Management tuition fee is $55,920. Other miscellaneous expenses such as health insurance, student service fees and technology fee total up to around $10,000 which means total fee (excluding living expenses) is $65,600 for one year. For two years, the fee is $1,31,200.
When you convert into Indian currency, it equals to ₹1.08 crore. But when you add living expenses of around $24,000 ( ₹20 lakh), this will become ₹1.28 crore.
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