International students are attending an MBA course in UK universities, more than in any other subject. This comes from 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 from UK business schools.
Given that, it is not hard to choose the UK over other options to get your MBA degree. The decision is the simplest part of the process of achieving your dream. But, you will also need to know what to expect in financial terms.
In addition to providing outstanding education and being an impressive university, the cost of MBA degree courses in the UK can be a lot. There are tuition fees and other living expenses that you need to cover. If you know what the future in the UK is hiding, you can make an efficient plan which will help you to get through it with ease.
Here we read about the cost of MBA degree courses in the UK
How much does an MBA cost in the UK?
It is quite common in all UK universities and courses that the higher the popularity and recognition the higher its cost. Being among the most popular courses in the UK for international students, MBA degree courses are some of the most expensive at the same time alongside medical degrees and natural sciences.
Getting an idea about the cost of MBA degree courses in the UK is very crucial as it can help you adjust your budgetary assets and your academic goals with available options.
University fees are the primary and the biggest financial concerns for foreign students planning to pursue their MBA in the UK. 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 the UK.
Fees for an MBA degree in the UK vary 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 somewhere around £9,250.
According to the type of course, most popular study programs, particularly full-time MBAs and Executive MBA charge higher fees.
Below mentioned are some popular MBA degrees provided in the UK
- MBA Executive
- MBA Entrepreneurship MBA in International Business
- MBA in Finance
- MBA in Accounting
Overall, the cost of MBA degrees in the UK ranges from £35,000 up to £58,000. However, there are still a few universities whose tuition fees are more than above mentioned. For instance, at the most renowned London School of Business tuition fees for a full-time MBA degree course peak at around £78,500.
Additionally, there are also some universities whose semester fees lay below the above threshold. For instance, at the University of Durham, you will need to pay £30,000 for an academic year.
In addition to semester fees, some MBA schools in the UK also have a one-time application fee that you need to pay when you enter the chosen course. Typically, this fee is not a lot and ranges from £25 to £60. The University of Manchester and the University of Glasgow also charge a one-time application fee from their students.
When you get admitted to the MBA course in the UK you’ve applied for, you will have to pay an amount called a deposit fee to secure your place in the course. The amount of this fee is set independently by the universities and therefore it changes to a certain degree. Overall, it ranges somewhere between £1,000 to £4,000.
Below is the list of universities in the UK with the highest MBA fees
- London School of Business.
- Oxford University.
- Imperial College Business School.
- Cass Business School, City University of London.
- Manchester University.
- Warwick Business School.
- Cranfield School of Management.
- University of Bath School of Management.
Here is the list of universities with the lowest MBA fees for international students
- Loughborough University.
- The University of Glasgow.
- The University of Birmingham.
- The University of Nottingham.
- The University of Southampton.
- The University of Surrey.
- The University of Lancaster.
- Coventry University London.
Living costs for MBA students in the UK
To get admitted to an MBA degree in the UK you won’t only need to cover university fees but living costs too. This incorporates accommodation/ housing rent, several bills, food, social life, etc.
Just like the tuition fees, there are variations in terms of living costs for international students in the UK. Living costs usually depend on the location where you’re residing in the UK.
Metropolitan areas are definitely more expensive to live in than the peripheral areas. Amongst the different cities in the UK, London is by no doubt the most expensive city to live in as an international student.
With proper management of your funds, living costs in the UK for you as an international student can be quite affordable. To be able to reduce the total cost of living in the UK it is suggested to make some adjustments to your actual lifestyle. Your saving strategy should necessarily include these tips that will be really helpful:
- Rent a flat in suburb areas
- Opt for shared accommodation
- Work part-time
- Use cheaper traveling options
- Reduce night outs/social events
- Learn some cooking
- Seek additional fundings
- Keep track of your spendings