In this edition of Real Numbers of MBA Admissions, see the total cost of a full-time MBA per year at U.S. schools. Tuition comprises most of the cost of each program. Other factors, including room and board, program fees, books and supplies, health insurance, transportation and other expenses, have been added to provide the total cost of an MBA in the U.S. by year.
Most business schools provide a breakdown of the expenses, which are posted under the financial aid or admissions section of their websites. Schools also typically take the total cost of attendance into account when calculating the financial aid package students receive. Many programs also offer fellowships and scholarships to offset the cost of attendance. The list below denotes cost of attendance for single, non state residents; international students may incur additional expenses.
| U.S. Business School | Cost per Year |
|---|---|
| Arizona State University W.P. Carey School of Business | $100,707* |
| Carnegie Mellon University Tepper School of Business | $101,922 |
| Columbia Business School | $122,460 |
| Cornell University SC Johnson Graduate School of Management | $107,622 |
| Dartmouth College Tuck School of Business | $114,825 |
| Duke University Fuqua School of Business | $100,269 |
| Emory University Goizueta School of Business | $99,290 |
| Georgetown University McDonough School of Business | $98,846 |
| Harvard Business School | $112,764 |
| Indiana University Kelley School of Business | $80,275 |
| MIT Sloan School of Management | $119,995 |
| Northwestern University Kellogg School of Management | $117,259 |
| NYU Stern School of Business | $123,253 |
| Ohio State University Max M. Fisher College of Business | $57,091^ |
| Owen Graduate School of Business of Vanderbilt University | $97,621 |
| Rice University Jones Graduate School of Business | $75,740 |
| Southern Methodist University Cox School of Business | $83,651 |
| Stanford Graduate School of Business | $124,389 |
| UC Berkeley Haas School of Business | $107,168 |
| UCLA Anderson School of Management | $120,236* |
| University of Chicago Booth School of Business | $115,062 |
| University of Georgia Terry College of Business | $49,160 |
| University of Michigan Stephen M. Ross School of Business | $99,780 |
| University of Minnesota Curtis L. Carlson School of Management | $80,379 |
| University of North Carolina Kenan-Flagler Business School | $99,928* |
| University of Rochester Simon Business School | $71,410 |
| USC Marshall School of Business | $102,964** |
| UT Austin McCombs School of Business | $81,128 |
| UVA Darden School of Business | $104,197 |
| UW Foster School of Business | $86,738 |
| Washington University in St. Louis Olin Business School | $136,470 |
| The Wharton School at the University of Pennsylvania | $118,568 |
| Yale School of Management | $108,780 |
*2023-2024 academic year
^2021-2022 tuition only
**based on 2020-2021 first-year tuition
Based on tuition and estimated expenses that each program shares, Washington U. Olin, Stanford GSB, and NYU Stern appear to be the most expensive programs. WashU Olin charges tuition by semester and reports one year of tuition for three semesters at $96,375, which contributes to its high cost. One year of Stanford GSB’s tuition is closer to $77,000 with a single student’s living allowance estimated around $36,000. For a California comparison, Berkeley Haas’s housing estimate is closer to $26,000 plus approximately $3,000 in personal expenses. NYU Stern’s tuition lands at around $82,000 with room and board in New York City being estimated at a cost of $28,000 for the year. Note that fellow NYC school, Columbia Business School, isn’t that far behind NYU Stern in cost.
At the other end of the spectrum, Georgia Terry, Rochester Simon and Indiana Kelley stand out as the most affordable MBA programs. At Georgia Terry, the tuition and fees alone come to around $35,000 for the 2022-2023 academic year for non-residents of Georgia. Georgia residents have a tuition of $13,578. Average off-campus room and board for the year in Athens, Georgia, is reported at approximately $13,000. Rochester Simon also reports their city’s room and board costing around $13,000 for the year. Rochester Simon tuition is an even $50,000. Turning to Indiana Kelley, non-residents need to cover about $53,000 in tuition; Indiana residents, meanwhile, only have $28,425 in tuition. Room and board in Indiana is estimated about $15,000.
The Real Numbers of MBA Admissions: Cost of MBA Programs in the U.S. chart is based on data about the 2022-2023 academic year, unless otherwise noted.
