How-Much-Does-an-MBA-Cost-in-USA-Europe-and-India-A-Basic-Comparison

Cost of MBA in USA, UK & India in Indian Rupee (Updated 2020-21)

There is always a lack of a realistic estimate of the kind of money that goes into an MBA course. The most asked question doing the rounds is, How much financing would one need? It is incredibly confusing to find a majority of the international MBA Blogs discuss MBA finances in Dollars and Euros. However, we make it a point to stick to the Indian National Currency. In addition, keep in mind that these estimates are based on numerous early assumptions.

Source: AECGlobal

Thus, if these mark a difference from the calculations you have made for your MBA course, don’t be shocked. Most importantly, it is bound to be different under different circumstances. In addition, each student’s case is unique to its own. Therefore, in this MBA Cost Evaluation setup, we focus on important headings such as the MBA tuition fees, the cost of living according to the country you choose; India, USA, UK, Australia, Canada or Germany. So, How Much Does an MBA Cost in India, USA, Europe? Here’s a Basic Comparison. 

Cost Of MBA In USA In Rupees

There are 3 different kinds of randomly chosen MBA schools are taken into consideration. Thus, these are the Indian GMAT-score-based college, the European 1-year program, and the full-scale, 2-year course based in the USA. Moreover, these three selected B-schools to fall on similar lines with ISB, INSEAD, Stanford, Stern, Columbia, Harvard, and the rest.

Information given is sourced from the official school websites of the name mentioned above. Furthermore, the realistic and truest versions of the MBA Cost estimates are as follows. Thus, below are all the figures in INR, by taking values as$1=INR 65, and 1 EUR=INR 80.

Here is the cost of MBA In USA in Indian Rupees:

Fee1st Year Lower Range1st Year Higher Range2nd Year Range
Pre MBA Expenses29,97542,97544,850
GMAT16,25016,25016,250
TOEFL10,72510,72510,725
Application3,00016,00017,875
Program2,014,0004,990,0008,807,840
Tuition1,744,0004,760,0007,741,500
Books20,00064,000504,660
Laptop50,00050,00050,000
Personal Expenses1,077,4141,866,00010,665,940
Travel (Local + Flight)115,000450,000437,930
Accommodation168,000720,0003,655,860
Food100,000100,000424,000
Exchange/Job Search400,000152,000650,000
Miscellaneous MBA costs33,000120,00072,150
Taxes261,414261,414261,414
Average Incoming Salary829,086829,0861,658,172
Average Outgoing Salary1,741,0816,896,00011,050,000

Here are the Best MBA Programs Abroad

Other Points to Keep in Mind for MBA in USA

There are certain estimates that only vary from person to person and case to case. In addition, for such things, one cannot make a generic estimate. Therefore, things that come under the personal consideration section are-

Travel

The presupposition is that you will travel once to the campus, and then make at least 2 trips back home. This can differ according to where your home is and your inclination/requirements of the visit.

Exchange/Job Search

The job search component is relevant for most international school as many of them do not have a formal in-campus placements week, the like we are more accustomed to in India. The Exchange is completely discretionary but definitely a good idea in general if manageable.

Average Incoming Salary for MBA in USA, UK and India

The assumption here, which could be a big one, is that the average incoming salary is the same for Indian, European and US schools. So you may want to tweak this to your own favorite number.

Socializing/Entertainment

This is a big omission from the calculation. The reason is that this tends to be extremely subjective and hugely variable. Putting a number on that is akin to estimating the number of stars visible on a moonless night – well I exaggerate, but you get the drift. Depending on what kind of person you are, this could be a big expense or it could be relatively modest. So take a pick on this one.

Check out the Guide to MBA Essays.

MBA Fees In USA In Rupees

Pursuing MBA is treated as an investment for the future. Reasons for enrolling in MBA are that it is widely recognized, increases earning potential, develop networking contacts, start your own business, learn about a specialization based on interest and anybody can pursue it.

The fee for MBA in USA may vary for private and public universities:

University Type
Tuition Fees ($1=Rs.73)
Private School Rs.10,95,000 – Rs.25,55,000
State SchoolRs.7,30,000 – Rs.14,60,000

MBA Fees In India

MBA tuition fees in India ranges from between Rs. 3 Lakh to Rs. 25 Lakh. Some of the top B-schools for MBA are:

Institute NameFees (Rs.)
IIM Ahmedabad: Indian Institute of Management23,00,000
IIM Calcutta: Indian Institute of Management22,50,000
IIM Bangalore: Indian Institute of Management23,20,000
IIM Lucknow: Indian Institute of Management19,25,000
IIM Kozhikode: Indian Institute of Management19,00,000
IIM Indore: Indian Institute of Management17,07,000
FMS New Delhi: Faculty of Management Studies 1,92,000
XLRI Jamshedpur: Xavier School of Management23,60,000
MDI Gurgaon: Management Development Institute20,87,000
SPJIMR Mumbai: SP Jain Institute of Management & Research17,50,000
SIBM Pune: Symbiosis Institute Of Business Management20,72,000
JBIMS Mumbai: Jamnalal Bajaj Institute of Management Studies 6,00,000
IIFT New Delhi: Indian Institute of Foreign Trade17,50,000
NMIMS Mumbai: School of Business Management18,50,000
IMI Delhi: International Management Institute17,15,000
XLRI Jamshedpur: Xavier School of Management23,60,000
MDI Gurgaon: Management Development Institute20,87,000

GMAT Fees in Indian Rupees

The GMAT registration fees is US $250 = Rs.18,250 (Currency Exchange Rate: $1=Rs.73). The GMAT coaching fees in India are between Rs.25,000 and Rs.30,000 for the majority of the coaching institutes.

Cost of MBA in UK In Indian Rupees

MBA tuition fees in UK range from between Rs. 24 Lakh to Rs. 60 Lakh. Some of the top institutes for MBA are:

InstitutionCourse Fee
University of OxfordINR 58.1 Lakhs
University of CambridgeINR 56.49 Lakhs
London Business SchoolINR 47.21 Lakhs for 1st year
University of WarwickINR 43.2 Lakhs
Lancaster UniversityINR 31.3 Lakhs
Cranfield UniversityINR 44.03 Lakhs for 1st year
Brunel UniversityINR 26.99 Lakhs
University of BathINR 41.68 Lakhs

Potential ROI and Payback Calculation For MBA in USA

The next question to pop up is, How can one use this information in the best possible way? One of the meaningful ways of putting this information to good use is to attempt a potential ROI and Payback calculation. Furthermore, taking a bulk of your incoming and outgoing incomes, one can get an estimate on which schools would actually give you the best possible ROI. However, remember to be aware of the trials of averages.

The average or median incomes are most often misleading for various cases. Therefore, make sure to proceed with the utmost caution. If you wish to go beyond the top B-schools for estimation, the calculations would drastically different, less for some while more for the others. In addition, it is advised to make use of such a structured analysis to get a wholesome sense of things.

In fact, try not to form decisions on the basis of a difference of mere decimal places between the estimates for two schools. Moreover, for Indian MBA applicants who feel uneasy with the estimates, aiming for MBA scholarships can help bring down the MBA costs immensely.

However, if you are unable to find a significant financial aid or scholarship from a B-school, you can explore options among non-consignor student loans, educational loans and even MBA education loans that function without collateral.

Tuition Fee For Top Universities For Executive MBA in USA

Program NameDurationTuition
Wharton, EMBA2 years$210,900 
University of Chicago –Booth, EMBA21 months$194,000
MIT EMBA20 months$178,300 
Columbia University, EMBA2 years$208,700 
University of California – Berkeley Haas, EMBA19 months$194,000 
Yale School of Management, EMBA2 years$187,500 
Northwestern University – Kellogg, EMBA2 years$213,500 

FAQs

✅ How much does an MBA cost in Europe?

Ans. MBA tuition fees vary considerably depending on which institution you choose. In Europe, these range from €11,000 to 40,000 (executive or international MBAs may carry higher fees)

✅ How much does it cost to study MBA in the USA?

Ans. Although the cost of an MBA degree can vary, the average tuition for a two-year full-time MBA program exceeds $60,000. If you attend one of the top business schools in the US, you can expect to pay as much as $100,000 or more in tuition and fees

✅ Is it better to do MBA in India or abroad?

Ans. Abroad is better than an MBA from a private institute in India. Simply put, the return on investment is better. In fact, some of the universities abroad offer you much cheaper options.

What is the GMAT registration fees in rupees?

Ans. The GMAT registration fees is US $250 = Rs.18,250 (Currency Exchange Rate: $1=Rs.73).

What is the GMAT coaching fees in India?

Ans. The GMAT coaching fees in India are between Rs.25,000 and Rs.30,000 for the majority of the coaching institutes.

What are the living expenses in USA?

Ans. The approximate living expenses per month during MBA in USA are (Currency Exchange Rate: $1=Rs.73):

Rent – Rs.36,500
Groceries –
Rs.10,950
Utilities –
Rs.10,950
Phone –
Rs.10,950
Sundry –
Rs.18,250

What are the expenses for MBA in USA to watch out for?

Ans. Entrance exam fees- make sure you clear it in the first attempt.
University application fees– apply to colleges which you have higher chances of getting into.
Living expenses- moderate approximate living estimates are available. Make sure to save costs wherever possible.

What are some financial aid tips for MBA cost?

Ans.
1. Evaluate individual circumstances for the financial situation to determine the best solution.
2. Save money and then plan for MBA.
3. Find suitable MBA scholarships and grants or fellowship assistance.
4. Understand if family and company.
5. Cost of living is the second-highest cost, review, and find a sustainable way to cut these costs.
6. Based on the estimated post-MBA salary, plan finances.
7. Consult the financial aid office.
8. Research about MBA loans.
9. Don’t wait and apply for MBA in the last round for better chances of scholarships.
10. Fund your studies while taking up part-time jobs.

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About the Author

Piyush values education and has studied from the top institutes of IIT Roorkee, IIM Bangalore, KTH Sweden and Tsinghua University in China. Post completing his MBA, he has worked with the world’s # 1 consulting firm, The Boston Consulting Group and focused on building sales and marketing verticals for top MNCs and Indian business houses.

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