How Much Does an MBA Cost? Full Statistics
Data Summary
- The average total cost of an MBA is about $31,300 a year, or roughly $62,600 for a full two-year program.
- Full-time, in-person programs cost $46,700 a year on average.
- Part-time, online programs cost $16,000 a year on average.
- Top-ranked private university MBA programs may charge up to five times as much as the average MBA costs. These schools’ tuition and fees alone cost $83,000-$90,000 a year.
- MBAs tend to be costlier than general master of arts or science programs.
- MBAs are expensive but can pay off. The average MBA degree-holder salary was $101,000 in August 2025.
If you’re considering earning a master’s in business administration (MBA), chances are you’ve got a head for dollars and cents. In this article, we’ll cover the full cost of earning an MBA and how costs differ — sometimes enormously — across different program types.
So let’s get down to business.
How Much Does the Average MBA Cost?
According to National Center for Education Statistics (NCES) data, MBA students paid an average of $31,300 a year for an MBA program in 2020. That includes:
- $17,100 in tuition and fees
- Roughly $14,200 in other expenses, including books, supplies, housing and living expenses, transportation, and personal expenses.
Keep in mind that most MBA programs take about two years to complete. So, the average MBA program cost a total of roughly $62,600.
Hidden Costs of MBAs
It’s not uncommon to pursue a program in the location where you hope to work after graduation. In fact, according to the Graduate Management Admission Council’s (GMAC) 2024 Application Trends survey, applications for full-time, in-person instruction have continued to increase year-over-year — rising 12% from 2023 to 2024. But this means you may be faced with unfamiliar cost-of-living standards like increased rent that will only add to the cost of your program.
Additionally, some MBA programs include travel as part of instruction through international seminars and partnerships. While these travel opportunities may not be requirements, they are a piece of the program that are often encouraged and can enhance your overall experience, if affordable for you. These travel opportunities can cost thousands of dollars, and often aren’t covered under other program costs.
Average Cost for Online vs. In-Person MBAs
On average, online MBA programs are less expensive than in-person programs. And by attending online, you can avoid some of the hidden costs associated with pursuing your degree in person.
Full-time students may see the most savings in online options compared to in-person programs.
- The average total cost of a part-time online MBA program is about $16,000 a year.
- The average total cost of a full-time online MBA program is about $26,110 a year.
Average Cost for Full-Time vs. Part-Time MBAs
Part-time students pay less per year than full-time students but are enrolled for longer.
On average, full-time students pay more than twice as much as part-time students on annual tuition, roughly $20,220 versus $9,230 a year.
Full-time students may forfeit earnings while in school if they can’t work and attend school full time. However, full-time students earn their degrees faster than part-time students and, theoretically, can sooner compete for higher-paying jobs.
Did You Know?
Some schools offer one-year MBA programs.
One-year MBA programs tend to charge more tuition than one year of a two-year MBA. The tradeoff is that you’ll earn your degree — and can start working — faster.
MBA Costs Compared to Other Master’s Programs
An MBA typically costs more than a general master of art or science. However, it’s less expensive than some master’s programs, like a master of social work or a master of fine arts.
Behind the Numbers
To find the average MBA cost, we used PowerStats to analyze data NCES collected in a nationally representative study of graduate students called the National Postsecondary Student Aid Study (NPSAS). The NPSAS uses multiple data sources, including student interviews, school records, and government data.
In the study, schools reported what MBA students paid in tuition. Schools also estimated non-tuition expenses for full-time, full-year MBA students, including books and supplies, room and board, transportation, and personal expenses. The most recent data available from this study come from 2020.
Other sections in this report list current tuition rates at individual MBA programs. In those instances, we’ve hyperlinked to programs’ websites.
MBA Costs at Top-Ranked Schools
Prestigious MBA programs, such as those at Ivy League institutions and other top-ranked schools, charge higher-than-average tuition. Top-ranked online programs tend to be more affordable than in-person programs.
MBA Costs at Top-Ranked Business Programs
- Most top-ranked MBA programs cost $84,000-$90,000 a year for tuition and fees alone.
- That’s basically five times as much as the average cost of MBA tuition and fees.
- These programs cost roughly $125,000-$135,000 a year in total, including tuition, fees, course materials, food and housing, and other expenses.
- In the 2025-2026 school year, tuition and fees for a Stanford MBA cost about $85,750 yearly.
- Tuition and fees for a Harvard MBA cost roughly $78,700 per year.
- Tuition and fees for an MBA at the University of Pennsylvania’s Wharton School cost nearly $92,800.
The table below shows top-ranked business schools’ most recently posted tuition charges and total cost estimates for single first-year, full-time, in-person MBA students.
Note that MIT’s Sloan School of Management offers a one-year MBA program. So, these figures represent the full program cost.
| School | Annual Tuition and Fees Before Financial Aid | Total Annual Cost Before Aid |
|---|---|---|
| Columbia University | $91,170 | $137,570 |
| Dartmouth University (Tuck) | $84,250 | $89,420-$106,000 |
| Harvard University | $78,700 | $126,540 |
| Massachusetts Institute of Technology (Sloan)* | $156,570 | $192,470 |
| New York University (Stern) | $91,520 | $135,840 |
| Northwestern University (Kellogg) | $86,370 | $128,850 |
| Stanford University | $85,760 | $135,770 |
| University of Chicago (Booth) | $87,350 | $129,400 |
| University of Pennsylvania (Wharton) | $92,820 | $132,400 |
| Yale University (School of Management) | $88,300 | $123,940 |
Note: Graduate program tuition has been rounded to the nearest $10.
MBA Costs for the Best Online Programs
We collected tuition data from our top-ranked online MBA programs. The average tuition for MBA programs on our top 10 list is $29,000-$39,000, depending on residency status.
| School | In-State Tuition | Out-of-State Tuition |
|---|---|---|
| Texas A&M University, College Station | $6,890 | $19,880 |
| William & Mary | $10,910 | $29,350 |
| Clemson University | $11,220 | $23,370 |
| Villanova University | $21,260 | $21,260 |
| University of North Carolina Wilmington | $4,980 | $20,160 |
| Florida International University | $9,120 | $21,600 |
| University of Maryland, College Park | $16,560 | $36,100 |
| Auburn University | $10,690 | $32,080 |
| Santa Clara University | $25,870 | $25,870 |
| University of Oklahoma, Norman Campus | $8,900 | $25,160 |
Public vs. Private School MBAs
MBA programs at public colleges typically cost less than private nonprofit schools.
- Average MBA tuition and fees at public colleges cost a little over half of private nonprofit MBA program tuition and fees, about $11,850 versus $22,470.
- On average, private for-profit MBA programs are slightly less expensive than public MBA programs.
However, you should factor in your financial aid offer from prospective schools. MBA programs at private colleges may offer grants and scholarships that can offset higher costs.
In fact, according to data from NCES:
- MBA programs at private nonprofit colleges offer the highest total average financial aid package and the highest amount when calculated as a percentage of program tuition.
- MBA programs at private for-profit colleges offer the least financial aid and the least amount when calculated as a percentage of tuition.
Make sure you take advantage of any financial aid you qualify for. Complete the Free Application for Federal Student Aid (FAFSA) to see if you qualify for federal grants or financial aid from your prospective school.
In-State Students Save Money at Public College MBA Programs
Like undergraduate students, MBA students can save money by attending in-state public colleges.
For example, check out the savings at some of these highly ranked MBA programs at public universities. Tuition and fees for in-state students cost $3,000-$17,000 less than for out-of-state students. Usually, the savings are between $5,000-$9,000.
| School | In-State Tuition and Fees | Out-of-State Tuition and Fees |
|---|---|---|
| University of California, Berkeley (Haas) | $76,790 | $89,030 |
| University of Michigan (Ross) | $76,150 | $81,150 |
| University of North Carolina-Chapel Hill (Kenan Flagler) | $55,420 | $74,140 |
| University of Texas, Austin (McCombs) | $51,020 | $56,570 |
| University of Virginia (Darden) | $79,600 | $84,600 |
Costs Beyond Tuition
When looking at MBA costs, it’s important to consider expenses beyond tuition alone. Take the following categories for example.
Books: About $1,000 a year
In 2020, MBA students reported spending an average of $1,030 on required course materials, including textbooks, e-books, technology, supplies, and other materials.
Healthcare: $1,500-$2,500 yearly or more
Find out if your prospective MBA program requires you to purchase student health insurance. Some programs may waive health insurance fees if you already have insurance through a job. In-person programs may charge a fee for student health services.
Living Expenses: $26,000-$36,000 a year
According to ApartmentList September 2025 state-level rent estimates, renting an apartment in the U.S. typically costs an average of $1,220-$1,380 a month, or around $14,600-$16,600 a year. Depending on where you live, on-campus housing may be more or less expensive.
Opportunity Costs: $160,000 or two years of missed salary
According to the Bureau of Labor Statistics (BLS), the typical bachelor’s degree holder earns nearly $160,500 in two years of working. If you leave a job to attend school full time, you’re not just paying for your program; you’re also paying the price of lost income.
MBA Cost Over the Years
What students pay for an MBA has increased over the years.
In 2000, MBA students reported paying roughly $5,600 per year in tuition and fees. They paid three times as much in 2020.
Sources
- Table: Average Costs of MBA and Other Master’s Degree Programs. National Postsecondary Student Aid Study: 2020 Graduate Students (NPSAS:GR 2020). NCES. Accessed June 2024.
- Table: Average MBA Costs for In-Person and Online Programs, Full-Time Only. NPSAS:GR 2020. NCES. Accessed June 2024.
- Table: Average MBA Costs for In-Person and Online Programs, Part-Time Only. NPSAS:GR 2020. NCES. Accessed June 2024.
- Master’s of Business Administration (MBA) Degree. Payscale. June 2024.
- Table: Average MBA Costs for Full-Time and Part-Time Students. NPSAS:GR 2020. NCES. Accessed June 2024.
- MBA Cost by School Type, NPSAS:GR 2020. NCES. Accessed June 2024.
- Data and Rent Estimates. ApartmentList. September 2025.
- Earnings and unemployment rates by education attainment, 2025. Bureau of Labor Statistics. September 2023.
- NPSAS:GR: Various Years. NCES. Accessed June 2024.
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