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M7 MBA programs are among the best-ranked in the world, dominating top MBA rankings tables, but they’re also the most expensive.
So how much does an M7 MBA cost?
M7 MBA: Overall Cost
According to our BusinessBecause Cost of MBA Report 2024, the average total cost for an M7 MBA program is almost $205,000, far higher than the global average for top MBA programs, which is around $206,000.
The Wharton MBA costs an estimated $169,660 in tuition fees for the two years, while the Stanford MBA costs $164,910. The Harvard MBA costs the least in terms of tuition fees out of the M7 schools, at around $152,820, however the total cost of an MBA goes beyond tuition fees alone.
Our Cost of MBA Report 2024 considers MBA tuition fees alongside factors like living costs, the cost of materials, and healthcare cover, to estimate the total cost of the world’s top MBA programs.
Download our Cost of MBA Report 2024
M7 MBA Cost Breakdown
Most Expensive M7 MBA Programs
1. Stanford Graduate School of Business
Total Cost: $260,709
The world's hardest MBA program to get into, the Stanford MBA is also the most expensive costing over $260,000 in terms of total cost.
While the school has the second lowest tuition fees among the M7, the cost of living at Stanford is around $10,000 higher than anywhere else, and it has an enormous healthcare fee.
But Elise Smith, a Stanford MBA alum, thinks the cost is worth it. “While it was clear to me that every MBA program would offer finance and accounting, no other school focused so clearly on the soft skills that make the best leaders,” she says.
For the price, you can expect to earn a salary of around $250,000 on average within three years of graduation, according to the latest Financial Times data.
Stanford MBA Jobs & Salary Review
2. Columbia Business School
Total Cost: $257,409
New York City-based Columbia Business School is one of the world’s top MBA program coming in first last year in the FT ranking. Graduates have elite access to competitive positions at top companies in fact in 2023, the Big Three consulting firms, McKinsey, Boston Consulting Group, and Bain were the biggest recruiters of Columbia students, taking on 82 graduates between them.
The Columbia MBA has the M7’s highest tuition fees, at around $167,000, and comes second in terms of overall cost, with an estimated total cost of $257,409—only a few thousand less than Stanford. This isn’t a huge surprise considering its tuition fees and New York City’s famously high cost of living.
Columbia Business School MBA Jobs & Salary Review
3. MIT Sloan
Total Cost: $249,993
MIT Sloan has a history of producing world leading talent, including MIT notable alumni like Brian Halligan, CEO and co-founder of HubSpot, and John W Thompson, former chairman of Microsoft.
But to earn a place among the brightest and best, you’ll have to pay a huge amount of money; the MIT MBA costs around $250,000 in total. This is largely down to the program’s tuition fees, which are the second highest amongst the M7 MBAs— above $173,000 for two years—and the costs of living and healthcare.
To make up for these fees students are compensated by receiving an average salary of almost $230,000 and a future-proof skillset.
MIT MBA Class Profile | Breakdown
4. The University of Pennsylvania Wharton School
Total Cost: $249,712
Wharton is ranked the top of all the world’s MBA programs, according to the Financial Times.
Despite this ranking, it falls in middle of the M7 MBAs in terms of total cost, however that is still an eye-watering price of almost $250,000.
Wharton MBA grads see strong return on their investment, with an average salary increase of 121%. In 2024, former students earned the second highest average income average salaries of $245,000 three years after graduation, according to the FT.
Wharton School Notable Alumni | 19 Famous MBAs
5. The University of Chicago Booth School of Business
Total Cost: $245,195
Chicago Booth is another top producer of world leading talent, including Satya Nadella, CEO of Microsoft, and Jon Corzine, former CEO of Goldman Sachs and former governor of New Jersey.
Chicago Booth MBA graduates can expect salaries of around $228,901 three years after graduation, according to the FT.
Booth’s tuition fees are just above the US average for top MBAs at just over $168,000, while cost of healthcare and materials are also relatively low. However, its living costs are second highest of the M7 MBAs, after Stanford. In total, the Booth MBA costs around $245,000.
There are many great things about studying at the school, thinks Eric Gene, a Booth alum; “beginning with the great cohort and faculty that Chicago Booth allows us to work with,” he says.
Harvard Business School MBA Jobs & Salary Review
6. Harvard Business School
Total Cost: $245,002
Harvard is arguably the most famous business school in the world and its graduates earn $246,500 three years after graduation.
But, Harvard also has the lowest tuition rate among the M7. At $152,820, Harvard tuition is almost 10k below the average cost of tuition across all top US MBA programs, which stands at $165,503.
The Harvard MBA cost of living is the second highest behind Stanford at $63,000. In total, the Harvard MBA costs around $226,000. But for this price, you get to study at one of the world’s most iconic business schools, where the first ever MBA degree began.
“It changed my perspectives on everything,” says Chris Riley, a Harvard MBA alum and founder of Guzman Energy, a clean energy startup. “I was in a room of tremendously smart people of different backgrounds, seeing a new range of perspectives as to how to solve problems.”
Harvard Business School MBA Jobs & Salary Review
7. Northwestern University Kellogg School of Management
Total Cost: $239,770
Kellogg offers the cheapest M7 MBA program. At around $240,000 in total, Kellogg’s MBA costs almost $20,000 less than the Stanford MBA.
Kellogg’s affordability is partly due to the school’s affordable cost of living. Kellogg has the second cheapest living costs of all the M7 schools.
Kellogg also offers a uniquely diverse experience to its students, says Tandra Bidyanda, a former Kellogg MBA. The cohort is comprised of 39% international students, 48% of students are female, and 42% are US students of color.
“Throughout my whole life I’ve enjoyed understanding a different culture or different perspective in the context of business,” she says. “I think I’m now the person in the room who comes in with an experience that is uniquely different from what people are used to today.”
Kellogg MBA Jobs & Salary Review
How to pay for your M7 MBA
There are ways to make paying the substantial cost of an MBA easier, including loans and MBA scholarships offered by schools and independent organizations.
“Cost is a very valid concern almost everyone I know has at the beginning of the process,” says Chris Abkarians, Harvard MBA graduate and co-founder of loans company Juno, “but most people don’t actually pay the sticker price.”
After being admitted into an M7 MBA, you can submit a financial aid request telling you how much aid you’re eligible for based on your income, assets, and liabilities. In some cases, you can also negotiate with schools over the amount of financial aid you are allotted, says Chris.
“After that, you have to finance it in a way that’s best for you, through savings and loans. Most people spend a lot of time thinking about that and comparing options,” he explains.
His company Juno has secured over $490 million in low-interest loans for MBA students since it was founded in 2018. The company uses group buying power to negotiate better student loan rates for MBA participants
Ultimately, the financial support available means you shouldn’t let cost put off applying to an M7. With M7 graduates among the highest earning MBAs in the world, you can expect a strong return on your investment.
Images in this article have been sourced from business school Facebook pages.
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