Reduce the Cost of Your MBA in the USA

An MBA in the USA is a highly sought after ambition for students and corporate professionals around the world. The United States of America is home to over 150,000 MBA students and 550 universities, making it the largest MBA market in the world. But if you are considering the pursuit of an MBA in the USA, then you should be well aware of the costs involved in the degree. 

MBA in the USA for Indian students is considered to be an expensive affair. Let us have a look at how much it costs and how you can lower the cost of your education. 

Cost of MBA in the USA

The tuition fees along with the living expenses associated with the duration of the MBA program determines the total cost of MBA in the USA. The MBA fees in the USA range from USD 45,000 to USD 77,000 on an average per year. 

The top ten business schools, however, may cost you over USD 100,000 a year. The average cost of an MBA from a leading university, including your tuition and living expenses, is a whopping USD 225,605. Depending on the city you choose to be in and your lifestyle, you will spend anywhere between USD 15,000 to USD 30,000 for your living expenses. 

Is an MBA in the USA worth the cost?

If you are spending tens of thousands of dollars on your education, it is no wonder that you would want a good return on your investment. Of course, it all depends on your personal goals and how your current financial situation is but it’s no doubt going to be a major factor to consider.

A 2022 survey suggested that 92% of organisations and 95% of recruitment firms planned on hiring recent graduates of MBA in the USA. The primary question for most students is the MBA salary in the USA. The same survey also showed that MBA graduates earned considerably more than their Bachelor counterparts. 

The only way for you to answer this question is to have a clear goal in mind. Look at how much you are spending and how soon you wish to earn it back. Secondly, how does it help you achieve your goals? 

The top colleges for MBA in the USA showed a decent ROI. For instance, students spent USD 86,000 per year for an MBA from Columbia Business School and earned an average of USD 180,000 salary per year. 

But, however great the salary might be in top colleges, the tuition and living expenses indeed burn a hole in your pocket. We, at The WorldGrad, understand that it is a significant investment and an even more significant commitment. Here are some of the ways in which you can reduce the cost of your MBA in the USA.

Reducing the Cost of MBA in USA

There are several ways in which you can reduce the cost of your MBA in the US.

1. Grants & Scholarships
Most universities offer multiple grants and scholarships to international students. You can always find more about them on the university website. Quite often, students do not bother to apply for the scholarships since they do not delve deeper into the university website.

2. Teaching Assistance / Research Assistance
Graduate students have the option of working as a Teaching Assistant or a Research Assistant with a professor. At times, you will simply be paid for the work or at times, you get an additional deduction from your tuition fee for this work. Reach out to the professors and seek their guidance, offer them your help, and communicate.

3. Personal Expenses
Your living expenses depend completely on the lifestyle you choose to lead. If you can cut back on some of your extravagant spending and share accommodation with a friend or two at an off-campus location, you can save a considerable sum of money.

4. Different MBA Courses
Many universities offer a one-year MBA in the USA. While the tuition fee is relatively lesser, you also save money on the living expenses of a year when compared to other 2 year MBA courses. Apart from that, you can also check out part-time MBA courses or distance learning courses from accredited universities that offer good student support. 

5. Study Smart
Above all, you also have a way where you can work and earn for 4 more months while you eliminate the living expenses by completing the first term of your MBA from home. You will pay a reduced tuition fee and make the first term of your degree virtually free. With The WorldGrad, you have access to a curriculum that is designed to help you grow in your choice of domain and make the process of learning simpler.

You can explore some of the popular MBA programs on our website to take the first step towards building a successful and lucrative career through MBA in the USA.

Source:
https://www.businessbecause.com/news/mba-cost/6978/mba-cost
https://www.forbes.com/advisor/education/mba-cost/

Author: Deepak Shukla