collageThe Cost of MBA in UK
As of 2016/17, there were over than 120,000 international students attending a Business and Administrative course in UK universities, more than in any other subject. In percentage terms, foreign MBA students weighted for a portion of 27% of all international students in UK.
These numbers come as an additional indication of the well-known fact that UK universities are global leaders for MBA studies. Some of the greatest minds that the business world has ever seen hold a degree in UK business schools.
That given, it is not hard to choose UK over other options to get your MBA degree. But, the decision is the easiest part of the process of achieving your dream. You will also need to know what to expect in financial terms.
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In addition to offering outstanding education and being prestigious universities, MBA degree courses in UK cost a lot. There are tuition fees and other living expenses you need to cover and most of the time you’ll be left alone to deal with them. If you know what the future in UK is hiding, you can make some practical plan which will help you to get through it with ease.
How much does an MBA cost in UK?
It is almost a common rule for all UK universities and courses that the higher the popularity and recognition the higher its cost. Being among the most popular courses in UK for international students, MBA degree courses are some of the most expensive at the same time alongside medical degrees and natural sciences.
Having an expectation of what an MBA degree in UK can cost you is very important because it can help you adjust your budgetary assets and your academic goals with available options.
The total cost of getting an MBA degree in UK can be divided into two major categories:
- University fees
- Living costs
University fees are the primary and the biggest financial concerns foreign MBA students in UK have. Business schools are independent to set up their fee policies for international students and you can expect to encounter different international fees for MBA courses in UK.
Fees for an MBA degree in the UK change depending on the University of your choice, the type of your course and your nationality. Non-EU students are entitled to higher fees compared to home and EU students who are charged with fees capping at £9,250.
As for the type of the course, most popular study programs, particularly full-time MBAs and Executive MBA carry higher fees.
While we’re here, below we give you some popular MBA degrees in UK
- MBA
- MBA Executive
- MBA Entrepreneurship MBA in International Business
- MBA in Finance
- MBA in Accounting
Overall, international MBA fees in UK range from £35,000 up to £58,000. However, there are still a few universities which charge fees out of these limits. For example, at the highly reputed London School of Business tuition fees for a full-time MBA degree course peak at £78,500.
Additionally, there are universities whose semester fees lay below the above threshold. At the University of Durham, for example, you will have to pay £30,000 for an academic year.
Application fee – In addition to semester fees, some MBA schools in UK also have a one-time application fee you have to pay when you enter the chosen course. Typically, this fee is small and ranges from £25 to £60. The University of Manchester and University of Glasgow are among HE providers to charge this type of fee to their students.
Deposit fee – When you get admitted at the MBA course in UK you’ve applied for, you will have to pay a so called-deposit fee to secure your place in the course. The amount of this fee is set independently from universities and therefore it changes to a certain degree. Overall, it ranges somewhere between £1,000 to £4,000.
Important note: Keep in mind that you won’t carry the same tuition fees for the whole course as they may change due to inflation.
We already mentioned that there is a distribution of fees applied at MBA schools in UK.
Here are the universities in UK with the highest MBA fees
- London School of Business. Full-time MBA course – £78,500.
- Oxford University. Full-time MBA course – £57,200.
- Imperial College Business School. Full-time MBA course – £52,000.
- Cass Business School, City University of London. Full-time MBA course – £44,000.
- Manchester University. Full-time MBA course – £44,000.
- Warwick Business School. Full-time MBA course – £39,950.
- Cranfield School of Management. Full-time MBA course – £39,000.
- University of Bath School of Management. Full-time MBA course – £37,500.
Here are the universities with the lowest MBA fees for international students
- Loughborough University. Full-time MBA course – 28,500.
- University of Glasgow. Full-time MBA course – £27,670.
- University of Birmingham. Full-time MBA course – £27,000.
- University of Nottingham. Full-time MBA course – £24,975.
- University of Southampton. Full-time MBA course – £24,000.
- University of Surrey. Full-time MBA course – £24,000.
- University of Lancaster. Full-time MBA course – £17,500.
- Coventry University London. Full-time MBA course – £16,887.
Living costs for MBA students in UK
To study for an MBA degree in the UK you won’t only need to cover university fees but living costs too. This includes housing rent, amenities’ bill, food, social life etc.
Similar to tuition fees, there are also variations in terms of living costs for international students in the UK. Living costs, mostly depend on the location where you’re residing in the UK.
Metropolitan areas are clearly more expensive to live than in rural or peripheral areas. That said London is by no doubt the most expensive city to live in as an international student.
But, with a proper management of your funds, living costs in UK for you as an international student are quite affordable. To be able to reduce the total cost of living in UK we suggest you make some adjustment to your actual lifestyle.
Your saving strategy must necessarily include these tips:
- Rent a flat in suburb areas
- Share accommodation
- Work part-time
- Use cheaper traveling options
- Reduce night outs
- Learn some cooking
- Seek additional fundings
- Keep track of your spendings
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