M7 Tuition Fees & Post-MBA Salaries
The costs and benefits of attending an MBA program are factors every prospective student must consider before applying. A full-time MBA program is a high-priced and time-consuming commitment with total costs ranging from about $55,000 to over $161,000, according to Forbes. Luckily, this commitment to an MBA degree is often rewarded with more impactful work opportunities and higher salaries.
Generally speaking, the most renowned programs are the most expensive to attend, but their newly hired graduates get the biggest pay-out. In fact, a study from the U.S. News & World Report found that students who attend top-ranked programs received an average compensation of $175,789. In contrast, students who attend business schools towards the bottom of the U.S. News rankings receive an average compensation of $55,755, less than one-third of that received by students who attend elite-level schools.
Here’s a breakdown of tuition costs and post-MBA starting salaries for 2-year, full-time M7 programs:
Stanford Graduate School of Business
Location: Stanford, CA
Tuition: $76,950 / year
Median Base Salary Post-MBA: $158,400
Avg. Signing Bonus: $30,000
UChicago Booth
Location: Chicago, IL
Tuition: $77,841 / year
Median Base Salary Post-MBA: $155,000
Median Signing Bonus: $35,000
Wharton School of UPenn
Location: Philadelphia , PA
Tuition Cost: $84,874 / year
Median Base Salary Post-MBA: $155,000
Median Signing Bonus: $30,000
Harvard Business School
Location: Boston, MA
Tuition Cost: $73,440 / year
Median Base Salary Post-MBA: $150,500
Median Signing Bonus: $30,000
Columbia Business School
Location: New York, NY
Tuition Cost: $80,472 / year
Median Base Salary Post-MBA: $150,000
Median Signing Bonus: $30,000
Northwestern Kellogg
Location: Evanston, IL
Tuition Cost: $78,276 / year
Median Base Salary Post-MBA: $150,000
Median Signing Bonus: $30,000
MIT Sloan
Location: Cambridge, MA
Tuition Cost: $80,400 / year
Median Base Salary Post-MBA: $150,000
Median Signing Bonus: $30,000
Financial aid, scholarships, and tuition fellowships can help ease some of the financial burden associated with an MBA. If you feel the costs outweigh the benefits for a 2-year, full-time program, an accelerated MBA program may be right for you. Accelerated MBA programs are aimed at business professionals who don’t want to (or who can’t) take two years out of their working life to pursue a graduate degree. These programs are typically 1-year long, require less coursework, and have lower tuition and fees.
Although MBA programs are a costly investment, receiving your degree will undoubtedly enhance your career trajectory. At Ivy Advisors, we’ll help you navigate through the different programs and refine your applications to stand out amongst your competitors. Book a free consultation with us today!
