Most Affordable MBA Programs In Europe

Last Updated on August 29, 2022 by Smile Ese

Europe is a global hotspot for business education, particularly in the field of Masters in Business Administration (MBA). The continent contains dozens of top universities that offer MBA programs either on their own or through partnerships with other institutions. The list below highlights 10 of the most affordable MBA programs in Europe and includes tuition costs, rankings and program duration. For more information, please see each individual entry.

Despite being a human right, sometimes education is expensive. Many students decide to postpone their studies due to their financial situation. In the next few paragraphs, Collegelearners will talk about the cheapest country to study in Europe, requirements and benefits, and will list the most affordable MBA programmes in Europe. In other words, European MBA programmes below €5,000 per year.

Most Affordable MBA Programs In Europe

Despite being a human right, sometimes education is expensive. Many students decide to postpone their studies due to their financial situation. In the next few paragraphs, EDUopinions will talk about the cheapest country to study in Europe, requirements and benefits, and will list the most affordable MBA programmes in Europe. In other words, European MBA programmes below €5,000 per year.

MBA

Which is the cheapest country to study in Europe?
Some European countries offer more affordable tuition fees than others but the cost of living might be higher. For example, European students can study for free in countries such as Denmark and Sweden but as the quality of life is higher, so are the bills. Many of the German states also offer free education to all students, who only have to pay a small fee every semester. Sometimes this fee also covers transportation costs. Furthermore, the Italian higher education is considered accessible as the tuition fees are related to the family income. In other words, fees for the same programme vary from student to student accordingly to their financial backgrounds. Cost of living in Central and Eastern Europe is generally lower compared to Northern and Western European countries. Despite being a western country, Portugal is considered affordable.

Is GMAT required?
GMAT is usually among the requirements for an MBA in Europe, however, students can also present GRE or pass an admission exam. Other requirements are work experience of at least 3 years, a bachelor’s degree or equivalent, and an English certificate. International experience and knowledge of a second language are appreciated.

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What are the benefits of studying in Europe?
Studying in Europe is a great opportunity for individuals to build their desired career. On average, tuition fees are lower compared to those in other parts of the world. Europe is also an important hub for high-quality education and research. Many European universities offer programmes in English. Moreover, travel within European countries is easy and affordable. Last but not least, Europe is home to financial centres such as London, Zurich, Paris, Frankfurt, and more.

The most affordable MBA programmes in Europe (less than €5,000)
Business Administration, M.B.A. at Varna University of Management – Bulgaria
Varna University of Management – campus4

Are you looking forward to studying in a city by the sea? Varna University of Management offers British education in Varna, the third biggest city in Bulgaria. At VUM, students can also opt for a Double Degree. Eduniversal places their MBA as 5th in Central and Eastern Europe. Students can start the programme either in February or October at the Varna or Sofia campus. Its length varies between 18 and 24 months and depends on the bachelor candidates hold. The programme is fully taught in English and offers the following specialization paths: Project Management, Product Development Management, Health Sector Management, Marketing, International Finance, and Human Resources. The programme costs €4,500 per year.

Business Administration, M.B.A. at Turiba University – Latvia
Turiba University – campus

Turiba University opened its doors in 1993 in Riga and since then is the largest business school in the country. Among all programmes, it offers a Master’s in Business Administration, which is a 2-year programme that provides knowledge in various areas of business, including global marketing, human resource management, crisis management, sustainable development and innovation. Yearly fees are €3,000 for international students and €2,570 for EU, Switzerland, Georgia and Ukraine citizens.

M.B.A. at Cyprus Institute of Marketing – Cyprus
Cyprus Institute of Marketing – campus

If you are interested in studying a value for money MBA on a beautiful island with lots of working opportunities, then Cyprus Institute of Marketing is what you are looking for. It offers a full-time or part-time Master in Business Administration in Nicosia or Limassol. During the part-time option, students have three classes per year for two years. Classes begin in January or October. The MBA concludes with a dissertation of 10,000 words. Fees for all students start from €4,000.

Business Administration – International Business, Export Management, M.B.A. at University of Latvia – Latvia
University of Latvia – LU – campus

The Master in Business Administration, International Business and Export Management at the University of Latvia is a 2-year postgraduate programme taught in English. In order to get admission to the Master, candidates should present at least one reference and two years of professional experience in the fields of business or economics. The Master focuses particularly on international economics, marketing, management and finance. Students have to pay €2,150 each year.


Financial Management, M.B.A. at Coburg University of Applied Sciences and Arts – Germany
Coburg University of Applied Sciences and Arts – campus

If your home away from home is going to be Germany, Coburg University of Applied Sciences offers an affordable MBA in Financial Management. The programme starts each year in October, which lasts 22 months and is in English. Students can also get a double degree awarded by USC Australia. Candidates are asked to have at least two years of professional experience. The programme costs €4,700 per year.

cheapest mba in europe for international students

MBA degrees are many things: popular, top-quality, practical, useful, etc. But they definitely aren’t cheap.

Depending on the country where you want to study abroad, you can expect to pay anywhere between 5,000 and over 70,000 EUR per academic year for an MBA. Yes, you’ve read that right: 70,000 EUR!

We’ve looked at the popular study destinations listed above and at the MBA degrees on our portal, and these are the costs you’ll have to pay to learn everything there is to know about starting, managing, and growing a business.

1. MBA costs in the USA

The USA holds a special place among top MBA study destinations. Its universities and colleges are often in the top 10 list of international rankings, like the Times Higher Education Rankings by Subject.

While top American business schools also have some of the highest tuition fees, MBA costs usually range between:

  • 5,000 – 10,000 EUR/year: around 50 MBAs
  • 10,000 – 20,000 EUR/year: around 150 MBAs
  • Over 20,000 EUR/year: over 450 MBAs

MBA costs at the best business schools in the US

  • MBA cost at Harvard University – 65,885 EUR/year
  • MBA cost at Stanford University – 43,700 EUR/year
  • MBA costs at Yale University – 62,350 EUR/year
  • MBA costs at University of Chicago – 35,475 EUR/year
  • MBA costs at University of California, Los Angeles (UCLA) – 29,045 EUR/year

You can also find MBAs with low tuition in the USA (under 5,000 EUR/year).

In the US, online MBA costs vary between 535 – 78,000 EUR/year.

Two business colleagues discussing about reports

2. MBA costs in the UK

After the United States, Britain is the second country with the most universities ranked in the top 10 business school rankings. In the UK, you can also visit the Tower of London, the Buckingham Palace, Big Ben, Stonehenge, and many other touristic attractions which are famous all over the world.

In the UK, MBA costs usually range between:

  • 5,000 – 10,000 EUR/year: 25 MBAs
  • 10,000 – 20,000 EUR/year: around 120 MBAs
  • Over 20,000 EUR/year: around 75 MBAs

MBA costs at the best business schools in the UK

  • MBA cost at London Business School – 37,230 EUR/year
  • MBA cost at University of Cambridge – 63,000 EUR/year
  • MBA cost at University of Oxford – 68,150 EUR/year
  • MBA cost at University of Warwick – 46,340 EUR/year
  • MBA cost at Imperial College London – 59,570 EUR/year

You can also find several MBAs with low tuition in the UK (under 5,000 EUR/year).

In the UK, online MBA costs range from 4,020 to 21,775 EUR/year.

3. MBA costs in Australia

Australia will always attract international business students thanks to its friendly and supportive academic environment, its natural beauty, the numerous sights to explore, and the fact that Australian cities are some of the best destinations for international students.

If you want to study an MBA in Australia, it won’t come cheap. Costs usually range between:

  • 5,000 – 10,000 EUR/year: only 2 MBAs
  • 10,000 – 20,000 EUR/year: around 55 MBAs
  • Over 20,000 EUR/year: around 50 MBAs

MBA costs at the best business schools in Australia

  • MBA cost at University of Queensland – 47,415 EUR/year
  • MBA cost at University of New South Wales – 24,965 EUR/year
  • MBA cost at Australian National University – 28,095 EUR/year
  • MBA costs at University of Sydney – 40,485 EUR/year
  • MBA costs at Monash University – 23,470 EUR/year

In Australia, online MBA costs vary between 10,675 – 24,760 EUR/year.

4. MBA costs in Canada

Canada has a high quality of life, top-ranked student cities, and offers business students the chance to learn a new foreign language and grow in a bilingual environment. In a country that embraces diversity and acceptance, it’s not surprising that MBA costs vary from one extreme to another:

  • 5,000 – 10,000 EUR/year: around 10 MBAs
  • 10,000 – 20,000 EUR/year: around 15 MBAs
  • Over 20,000 EUR/year: around 30 MBAs

MBA costs at the best business schools in Canada

  • MBA cost at University of British Columbia – 42,040 EUR/year
  • MBA cost at University of Toronto – 42,425 EUR/year
  • MBA cost at University of Alberta – 7,070 EUR/year
  • MBA cost at McGill University – 29,960 EUR/year
  • MBA cost at York University – 17,520 EUR/year

You can also find several MBAs with low tuition in Canada (under 5,000 EUR/year).

In Canada, online MBAs will cost you between 875 – 13,700 EUR/year.

5. MBA costs in China

As a study destination, China has increased a lot in popularity during the last years. The reason? Affordable tuition fees, economic investments, and a desire to become an academic hub for international students.

Culture an ancient history are other important reasons why students from all over the world choose to study in China. Here’s how much you can pay for an MBA in China:

  • 5,000 – 10,000 EUR/year: no MBA on our portal
  • 10,000 – 20,000 EUR/year: around 10 MBAs
  • Over 20,000 EUR/year: around 10 MBAs

MBA costs at the best business schools in China

  • MBA cost at Tsinghua University – 14,525 EUR/year
  • MBA cost at Peking University – 12,050 EUR/year
  • MBA cost at Shanghai Jiao Tong University – 11,950 EUR/year
  • MBA cost at Fudan University – 41,825 EUR/year
  • MBA cost at Sun Yat-sen University – 11,865 EUR/year

You can also find several MBAs with low tuition in China (under 5,000 EUR/year).

Chinese universities don’t currently list any online MBA on our portals.

6. MBA costs in Switzerland

Switzerland is well-known for its top-quality education, high living standards, but also high prices. If you have the right budget, studying at a Swiss university can be a wonderful experience. Switzerland also has one of the most stable and thriving economies in Europe, which makes it ideal for a business career after graduating an MBA degree.

  • 5,000 – 10,000 EUR/year: 0 MBAs
  • 10,000 – 20,000 EUR/year: 5 MBAs
  • Over 20,000 EUR/year: around 40 MBAs

MBA costs at some business schools in Switzerland

  • MBA cost at Sustainability Management School (SUMAS) – 35,500 EUR/year
  • MBA cost at Swiss School of Higher Education – 28,110 EUR/year
  • MBA cost at Geneva Business School – 24,335 EUR/year
  • MBA cost at Swiss School of Business and Management – 7,500 EUR/year

In Switzerland, online MBA costs range from 5,000 to 33,000 EUR/year.

Colleagues discussing during a business meeting

7. MBA costs in Spain

¿Hablas español? (Do you speak Spanish?) Don’t worry, you don’t need to, at least not for an English-taught MBA at a Spanish university. If you like the language or want to learn it at a basic level, that’s a bonus. Other reasons to study in Spain are the sunny weather, the friendly & easy-going people, and the affordable costs of living.

  • 5,000 – 10,000 EUR/year: 5 MBAs
  • 10,000 – 20,000 EUR/year: around 15 MBAs
  • Over 20,000 EUR/year: around 25 MBAs

MBA costs at some business schools in Spain

  • MBA cost at Carlos III University of Madrid – 13,500 EUR/year
  • MBA cost at GBSB Global Business School – 15,050 EUR/year
  • MBA cost at BEBS Barcelona Executive Business School – 5,850 EUR/year
  • MBA cost at EAE Business School – 28,500 EUR/year
  • MBA cost at EU Business School – 34,410 EUR/year

In Spain, online MBA costs vary between 300 – 20,850 EUR/year.

8. MBA costs in Germany

Germany is one of the most popular study destinations for good reasons. The Western European country has the largest economy on the continent, thanks to a well-developed infrastructure, a great industry, and a high-standard education system.

Germany also maintains a low unemployment rate, which means you can easily find a job after finishing your Master of Business Administration.

  • 5,000 – 10,000 EUR/year: 20 MBAs
  • 10,000 – 20,000 EUR/year: around 25 MBAs
  • Over 20,000 EUR/year: around 15 MBAs

MBA costs at the best business schools in Germany

  • MBA cost at Technical University of Munich – 0 EUR/year
  • MBA cost at Technical University of Berlin – 12,000 EUR/year
  • MBA cost at Berlin School of Business and Innovation – 9,000 EUR/year
  • MBA cost at Cologne Business School (CBS) – 11,700 EUR/year
  • MBA cost at Munich Business School – 16,000 EUR/year

You can also find several MBAs with low tuition in Germany (under 5,000 EUR/year).

In Germany, online MBA costs range from 4,500 to 12,400 EUR/year.

9. MBA costs in France

Vive la France! The country where you can speak the language of love, visit the Eiffel Tower, the Louvre Museum and many other internationally renowned touristic attractions.

France is also home to high-ranked universities, and the student living costs are in line with the European average. Paris is one exception, where you can expect to pay a lot for accommodation depending on where you want to live. Here’s how MBA costs at French universities line up:

  • 5,000 – 10,000 EUR/year: around 15 MBAs
  • 10,000 – 20,000 EUR/year: around 25 MBAs
  • Over 20,000 EUR/year: around 10 MBAs

MBA costs at some business schools in France

  • MBA cost at University of Bordeaux – 5,240 EUR/year
  • MBA cost at IGR – IAE Rennes – 6,035 EUR/year
  • MBA cost at École EAC – 8,800 EUR/year
  • MBA cost at Grenoble Ecole de Management – 15,725 EUR/year
  • MBA cost at Audencia Business School – 31,500 EUR/year

In France, online MBA costs vary between 5,000 – 23,750 EUR/year. There are only a handful of online MBAs from French universities on our portal.

MBA costs for EU/EEA and non-EU/EEA students

At European universities, you’ll often encounter two types of tuition fees. One for EU/EEA students and another for non-EU/EEA citizens. Sometimes, the same fee applies to both types of students, but this depends on the university or country where you study.

For example, in Germany tuition fees are usually the same for all international students. In other European countries, non-EU/EEA citizens usually pay more, sometimes up to 30 or 50% more. When you look at an MBA degree abroad, always check which tuition fee applies to you.

best mba in europe

Europe has a long and spectacular history of doing business starting with the Greeks and Phoenicians in Ancient times, continuing with the infamous Dutch and British trade, and up to Estonia – the business tech hub of modern Europe.

So, Europeans know how to do business and they have a lot of great schools where they teach you the secrets of trade in the best MBA degrees the world has to offer.

Great MBA rankings attest to the quality of European business schools. Here are the 7 most famous rankings that create yearly rankings of Business universities:

  • European Business School Rankings by Financial Times 
  • Best Global Universities for Economics and Business by US News & World Report
  • Full-time MBA Ranking by The Economist
  • Bloomberg Businessweek Best Business Schools Europe
  • QS Global MBA Rankings: Europe by TopUniversities
  • World University Rankings by subject: Business and Management from Times Higher Education
  • Global Ranking of Academic Subjects – Business Administration from Shanghai University

So, which are the best universities to study Business (whether an MBA degree or a Master’s in Management) in 2022?

European Business School Rankings 2021 by Financial Times

Did you know that the Financial Times – a renowned business publication – creates an annual ranking based on its insights into business education? These are the top 10 Business universities from Europe, according to them:

  • INSEAD, France, Singapore, UAE
  • London Business School, UK
  • IESE Business School, Spain
  • HEC Paris, France
  • Bocconi University, Italy
  • University of Cambridge, UK
  • University of Oxford, UK
  • IMD Business School, Switzerland
  • Esade Business School, Spain
  • The University of Manchester, UK

The Financial Times European ranking takes into account the salaries of alumni, the salary increase after completing the MBA, internationality and more. The overall European ranking combines rankings for MBAs, EMBAs, and MiM degrees to create the final business school rankings.

Best Global Universities for Economics and Business 2022 by U.S. News

While U.S. News is well known for its American University rankings, it also creates other university lists, such as one with the best universities worldwide, and also subject-focused rankings, including this one. Here are the top 10 European universities for Business and Economics:

  • London School of Economics and Political Science (LSE), UK
  • Erasmus University Rotterdam, the Netherlands
  • University of Oxford, UK
  • Bocconi University, Italy
  • University of Cambridge, UK
  • Copenhagen Business School (CBS), Denmark
  • University of Warwick, UK
  • Tilburg University, the Netherlands
  • Imperial College London, UK
  • INSEAD Business School, France

U.S. News evaluates the number of students who go to their second year of studies and the number of students who graduate their programme. The ranking also takes into consideration teacher salaries, diversity, and student satisfaction.

The Economist’s Full-time MBA Ranking 2021

The Economist is another global authority on the world of Business and creates its own annual list. The top 10 in Europe below:

  • IESE Business School, Spain
  • HEC Paris, France
  • SDA Bocconi – School of Management, Italy
  • EDHEC Business School, France
  • IMD Business School, Switzerland
  • University of Warwick, UK
  • ESADE Business School, Spain
  • EMLYON Business School, France
  • University of Mannheim, Germany
  • International University of Monaco, Monaco

The Economist gathers data about career opportunities after MBA graduation, the study experience, the increase in salary after studies and the alumni network. Find the full top 100 list on The Economist website.

Presentation during a business meeting

Bloomberg Businessweek Best Business Schools 2019-2020 Europe

The influential, New York City-based publication makes a yearly list of global business schools that also includes some of the best universities in Europe for MBA degrees.

  • IMD, Switzerland
  • INSEAD, France
  • London Business School, UK
  • HEC Paris, France
  • Bocconi University, Italy
  • IESE Business School, Spain/USA
  • University of Cambridge, UK
  • University of St. Gallen (HSG), Switzerland
  • IE Business School, Spain
  • University of Mannheim, Germany

Job opportunities and salaries after graduation are some of the most important factors considered by Bloomberg’s rankings. Find the complete business school list on the Bloomberg website.

QS Global MBA Rankings 2021: Europe

QS Rankings are well-known for all kinds of ranking lists they compile every year. It’s no surprise they also have well-thought-out Business rankings. The best European universities which made it on the list:

  • HEC Paris, France
  • INSEAD, France
  • London Business School, UK
  • IE Business School, Spain
  • IESE Business School, Spain
  • ESADE, Spain
  • University of Oxford, UK
  • University of Cambridge, UK
  • Imperial College London, UK
  • Bocconi University, Italy

In 2021, QS made a ranked list of 70 MBA programmes from Europe. The survey QS gave included graduate salary, class profile, employability, return on investment and diversity.

World University Rankings 2022 by subject: Business and Management

The World University Rankings created by Times Higher Education are the most famous university rankings in the world. Their Business top 10 below:

  • University of Cambridge, UK
  • University of Oxford, UK
  • London School of Economics and Political Science (LSE), UK
  • Imperial College London, UK
  • University College London, UK
  • ETH Zurich, Switzerland
  • University of Warwick, UK
  • Erasmus University Rotterdam, the Netherlands
  • Copenhagen Business School (CBS), Denmark
  • University of Manchester, UK

To create the list, Times Higher Education looked at learning environment, research volume, data cited in the industry, internationality, and more. World University Rankings places a lot of importance on research.

That’s why no institution was included in the World University Rankings unless it has published at least 1,000 research papers in the last 5 years.

ShanghaiRanking’s Global Ranking of Academic Subjects 2021 – Business Administration

Want to know the Asian perspective on European business schools? After all, Asian cultures are no strangers to doing successful business. You can have it with the rankings created by Shanghai University every year. Here’s the top 10:

  • Erasmus University Rotterdam, the Netherlands
  • INSEAD, France
  • Tilburg University, the Netherlands
  • University of Leeds, UK
  • Aalto University, Finland
  • Bocconi University, Italy
  • City University London, UK
  • University of Groningen, the Netherlands
  • University of St. Galen, Switzerland
  • Ghent University, Belgium

When creating its Business studies ranking, Shanghai University takes into account the number of papers written on the academic subject, the number of citations in the industry, awards won by the staff of the universities, and more.

To participate, universities need to have at least 400 papers published in the last 5 years. 

Here are other European Business schools we recommend:

  • University of Derby, the UK
  • Istanbul Okan University, Turkey
  • Sustainability Management School (SUMAS), Switzerland
  • TBS Business School, France
  • BI Norwegian Business School, Norway

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