Source: AECGlobal
The USA is one of the top most sought-after study destinations and has MBA degrees with various specialisations like finance, entrepreneurship, accounting, information technology, operation management, marketing, etc. The cost of MBA in USA is dependent on different variables. An MBA from one of the top universities in USA would be highly beneficial from the point of job opportunities, high salaries, personal growth, etc.
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.
Table of Contents
Highlights of cost of MBA in USA
The cost of MBA in USA would include other costs along with tuition fees such as pre-arrival costs and costs of living. For an Indian student, the average cost of pursuing MBA in USA could go up to 1 crore. Scholarships are also available for international students.
Pre arrival cost of MBA in USA
Pre-arrival expenses would include visa application fees, English proficiency test registration fees, SEVIS fees, airfare, and other tests fees.
| Category | Amount (in INR) |
| GRE/GMAT | 18,700/19,000 |
| SEVIS Fees | 26,000 (approx) |
| TOEFL | 14,935 |
| Visa Application | 38,084 |
| Airfare | 30,000 to 1,00,000 (approx) |
| IELTS | 17,922 |
Student Visa fees
Students require an F1 visa to stay in USA for a course that requires more than 18 hours of study per week. This visa also enables students to take up part-time jobs along with MBA courses. Fees for the visa would come to 38,084 INR.
GMAT/ GRE
GMAT is the most accepted test accepted for MBA programmes by universities in USA. The minimum requirement is a score of 600. GRE scores are accepted by most universities. The fees for GMAT and GRE are 18,700INR and 19,000INR respectively.
TOEFL/ IELTS
TOEFL and IELTS are two of the highly accepted language proficiency tests in USA. The minimum score for IELTS is 7.0 while for TOEFL, it is 100.
The average cost for these tests is as follows:
- IELTS: 17,922
- TOEFL:14,935
Airfare from India to USA
Airfare costs from India to USA are generally really high and can start from approximately 30,000 and go up to lakhs.
Post arrival cost of MBA in USA
Post arrival costs in the USA include the cost of living and tuition fees. Approximately, the total expense for a student pursuing MBA can go up to 1 crore INR per annum.
Application fee for MBA in USA
Application fees vary from a university to another and some of them are as follows:
| B-schools | Application fee |
| Harvard Business School | $250 |
| Stanford GSB | $275 |
| Booth School of Business | $250 |
| Kellogg School of Management | $250 |
| MIT Sloan | $250 |
| Columbia Business School | $250 |
| Dartmouth Tuck | $250 |
| UC-Berkeley – Haas | $200 |
| Yale SOM | $250 |
| Michigan – Ross | $200 |
| Duke – Fuqua | $225 |
| Virginia – Darden | $250 |
| Cornell – Johnson | $200 |
| UCLA – Anderson | $200 |
| NYU – Stern | $250 |
| CMU – Tepper | $200 |
| UT Austin – McCombs | $200 |
| UNC – Kenan-Flagler | $150 |
| Indiana – Kelley | $75 |
| Washington – Foster | $85 |
| Georgetown – McDonough | $175 |
| Rice – Jones | $200 |
| USC – Marshall | $155 |
| Washington – Olin | $0 |
| Michigan State – Broad | $85 |
| Minnesota – Carlson | $75 |
| Wisconsin School of Business | $75 |
| Vanderbilt – Owen | $175 |
| Penn State – Smeal | $65 |
| Maryland – Smith | $75 |
| Boston – Questrom | $125 |
| Boston College – Carroll | $100 |
| SMU – Cox | $0 |
| Rutgers | $70 |
| Emory – Goizueta | $175 |
Tuition fees for MBA in USA
Tuition fees vary, Average annual fees for some of the universities in USA are as follows:
| University | Annual fee (INR) |
| The Wharton School | 60,02,845 |
| Harvard Business School | 54,81,198 |
| NYU (Stern) | 56,60,478 |
| Kellogg School of Management | 55,85,039 |
| Stanford Graduate School of Business | 55,75,125 |
| Georgetown University | 45,40,889 |
| Rensselaer Polytechnic | 41,46,114 |
| Kelley School of Business | 20,77,829 |
| Cornell (Johnson) | 53,00,346 |
| Ross School of Business | 53,01,282 |
| Yale School of Management | 53,99,661 |
| University of Texas | 42,18,596 |
| Booth School of Business | 54,81,198 |
| Washington University | 47,89,419 |
| Haas School of Business | 51,08,321 |
| Anderson School of Business | 48,57,957 |
| Kenan-Flagler Business School | 38,12,800 |
| MIT (Sloan School of Management) | 57,59,245 |
| Michigan (Ross) – (In-State) | 49,52,288 |
| Duke (Fuqua) | 52,48,610 |
Cost of living in USA for Indian students
Cost of living would include various things such as personal expenses, accommodation, phone/internet expenses, food, health insurance, transportation, entertainment etc.
An average cost of living can be seen below:
| Expense | Average cost (INR) |
| Transportation | Approx. 2,68,000 |
| Food and beverages | Approx. 1,43,300 |
| Health insurance | Approx. 6,26,857 |
| Accommodation | Approx. 8,95,620 |
| Phone/internet | Approx. 63,000 |
| Personal expenses | Approx. 2 to 3 lakhs |
Cost of living in different cities in USA
The cost of living varies from city to city in the USA and it depends upon a students’ lifestyle, interests, financial background and where they are living.
| City | Average Living Cost (INR) |
| Berkeley (California) | 26,85,726 |
| Cambridge (Massachusetts) | 18,00,000 |
| Stanford (CA) | 14,91,000 |
| Evanston (Illinois) | 17,15,857 |
| Boston (Massachusetts) | 27,00,000 |
| Dallas (Texas) | 18,00,000 |
| Philadelphia (Pennsylvania) | 11,18,660 |
| New York (New York) | 17,90,000 |
| Los Angeles (California) | 18,65,200 |
| Chicago (Illinois) | 22,37,000 |
| Fee | 1st Year Lower Range | 1st Year Higher Range | 2nd Year Range |
|---|---|---|---|
| Pre MBA Expenses | 29,975 | 42,975 | 44,850 |
| GMAT | 16,250 | 16,250 | 16,250 |
| TOEFL | 10,725 | 10,725 | 10,725 |
| Application | 3,000 | 16,000 | 17,875 |
| Program | 2,014,000 | 4,990,000 | 8,807,840 |
| Tuition | 1,744,000 | 4,760,000 | 7,741,500 |
| Books | 20,000 | 64,000 | 504,660 |
| Laptop | 50,000 | 50,000 | 50,000 |
| Personal Expenses | 1,077,414 | 1,866,000 | 10,665,940 |
| Travel (Local + Flight) | 115,000 | 450,000 | 437,930 |
| Accommodation | 168,000 | 720,000 | 3,655,860 |
| Food | 100,000 | 100,000 | 424,000 |
| Exchange/Job Search | 400,000 | 152,000 | 650,000 |
| Miscellaneous MBA costs | 33,000 | 120,000 | 72,150 |
| Taxes | 261,414 | 261,414 | 261,414 |
| Average Incoming Salary | 829,086 | 829,086 | 1,658,172 |
| Average Outgoing Salary | 1,741,081 | 6,896,000 | 11,050,000 |
Check Out: Here are the Best MBA Programs Abroad
Affordable MBA in USA for Indian Students
Some of the affordable MBA in USA for Indian students are as follows:
| Institutes | Fees (Total year in Rupees) |
| Kenan-Flagler Business School | 38,12,800 |
| Georgetown University | 45,40,889 |
| Kelley School of Business | 20,77,829 |
| University of Texas | 42,18,596 |
| Washington University | 47,89,419 |
| Rensselaer Polytechnic | 41,46,114 |
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:
| Institutes Fees (Total year in Rupees) | Fees(Rs) | ||
| Rensselaer Polytechnic | 47,89,419 | ||
| Washington University | 41,46,114 | ||
| Kenan-Flagler Business School | 38,12,800 | ||
| Kelley School of Business | 20,77,829 | ||
| Georgetown University | 45,40,889 | ||
| University of Texas | 42,18,596 | ||
| IIM Ahmedabad: Indian Institute of Management | 23,00,000 | ||
| IIM Calcutta: Indian Institute of Management | 22,50,000 | ||
| IIM Bangalore: Indian Institute of Management | 23,20,000 | ||
| IIM Lucknow: Indian Institute of Management | 19,25,000 | ||
| IIM Kozhikode: Indian Institute of Management | 19,00,000 | ||
| IIM Indore: Indian Institute of Management | 17,07,000 | ||
| FMS New Delhi: Faculty of Management Studies | 1,92,000 | ||
| XLRI Jamshedpur: Xavier School of Management | 23,60,000 | ||
| MDI Gurgaon: Management Development Institute | 20,87,000 | ||
| SPJIMR Mumbai: SP Jain Institute of Management & Research | 17,50,000 | ||
| SIBM Pune: Symbiosis Institute Of Business Management | 20,72,000 | ||
| JBIMS Mumbai: Jamnalal Bajaj Institute of Management Studies | 6,00,000 | ||
| IIFT New Delhi: Indian Institute of Foreign Trade | 17,50,000 | ||
| NMIMS Mumbai: School of Business Management | 18,50,000 | ||
| IMI Delhi: International Management Institute | 17,15,000 | ||
| XLRI Jamshedpur: Xavier School of Management | 23,60,000 | ||
| MDI Gurgaon: Management Development Institute | 20,87,000 |
GMAT Fees in Indian Rupees
The GMAT registration fees is US $275 = Rs.20,612 (Currency Exchange Rate: $1=Rs.74.95). The GMAT coaching fees in India are between Rs.25,000 and Rs.30,000 for the majority of the coaching institutes.
Potential ROI 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 be 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 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.
FAQs
For an Indian student, the average cost of pursuing MBA in USA could go up to 1 crore. This also includes pre-arrival costs such visa fees, test fees, etc and also cost of living and tuition fee.
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
Ans. The GMAT registration fees is US $250 = Rs.18,250 (Currency Exchange Rate: $1=Rs.73).
The USA is one of the top most sought after study destination and has MBA degrees with various specializations like finance, entrepreneurship, accounting, information technology, operation management, marketing, etc. An MBA from one of the top universities in USA would be highly beneficial from the point of job opportunities, high salaries, personal growth, etc.
Ans. The GMAT coaching fees in India are between Rs.25,000 and Rs.30,000 for the majority of the coaching institutes.
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
There are a few universities in the USA that admits students without needing a GMAT test score. Some of them are Kellogg School of Management, sawyer Business school, Marshall School of Business, Hult international Business school.
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.
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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