MBA students can expect big salary boosts, exciting career advancement, and access to unrivalled professional networks after graduation. However, MBA programs cost money.
In our BusinessBecause Cost Of MBA Report 2020, we found that the total cost of an MBA at the top schools—including tuition, program fees, living expenses, and healthcare insurance—can easily exceed $200k. The world’s most expensive MBA, at MIT Sloan, has an estimated total cost of over $237k.
Tuition tends to be the biggest contributor to total cost, with MIT charging over $154k for two years of tuition.
Luckily, not every MBA program out there comes with a hefty price tag. We’ve found seven of the best, most affordable MBA programs which charge tuition fees under $50k.
All the programs listed below come from the top 40 of the Financial Times’ 2020 Global MBA Rankings, so you can be sure that they’re high in quality, even if their cost is considerably less than some of the bigger-name MBAs.
What’s one thing all these MBA programs have in common? They are all based in Asia, where the average tuition cost of a top-ranked MBA program is less than half the average tuition cost of a top-ranked MBA in the US.
The Best MBA Programs Which Cost Less Than $50k
7. Renmin University of China Business School
Location: Beijing, China
The cheapest MBA program on our list, Renmin’s MBA tuition fees come in at just 16% of those at MIT Sloan. Renmin also manages to make the top-40 in the Financial Times’ MBA ranking, at 38.
The program offers two specializations in Financial Management and Leadership & Corporate Social Responsibility, and students also get to participate in a real-world consulting project, a networking program, as well as business competitions.
Even with its low cost, over 85% of international students on Renmin’s MBA are offered some form of scholarship or financial aid. Merit-based scholarships are available, awarded to students with exceptional academic or work achievements or those with GMAT scores between 670-700.
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