MBA in the UK
If you’re looking to do your MBA in the UK, the cost of doing the course at one of the best business schools in the country is just over £57,000 for the full two-year course. This will take place in London’s School of Business and will provide you with one of the best job prospects in the country post-MBA. You’ll be looking at fortune-500 companies across the UK to hire you and you’ll have a competitive edge with an MBA from the London School of Business, but it also comes with the additional cost of maintenance.
You’ll be looking at around about £10,000 additional to the £57,000 for the MBA purely on living costs, food, and entertainment. Despite this additional cost, the average entry salary for a graduate from London’s School of Business is around £70,000, which salaries from £65,000 and upwards within the finance sector. This provides a worthwhile ROI for the education and can help you to develop your personality into a skill set that will then put you ahead of everybody within the sector.
The lower end of the scale offers a two-year course for a full MBA at around £33,000 for the full course and then the additional cost of £6000 upwards for living expenses (again; food, rent, and entertainment). The cheaper living costs are due to the fact that the course is not taking place in London which means cheaper rent prices. The course is also £24,000 cheaper, but has a less prestigious name, which can lead to a weaker edge over the competition post-graduation. Whilst the MBA is still full and valid, the UK holds preference to high-end schools such as the School of Business in London, thus making that the best choice to study at if you are looking at the UK as a place to get your MBA.
MBA in the USA
Typically the cost of an MBA in the USA will be around $60,000. Taking into account the current conversion rates, that equals out to around about £40,000 which places it amongst the lower tier MBA schools within the UK (for comparative reasons).
Now don’t be fooled by the cost of the MBA compared to the quality of the course. The schools in the USA (for example New York or Boston) offer incredibly good courses at a reduced cost. This also comes with the cost of living, so if you looked at studying your MBA in New York, you may be looking at an additional cost of around $9000 per year purely for living costs.
The benefit of studying in the USA is the sheer size of the country. During your MBA course, you’ll get a chance time and time again to network with businesses, local owners, and corporations across the city and indeed the country. This can then lead to a job post-graduation, meaning that your return on investment begins to build instantly.
For a matter of perspective, as long as you are making an additional $5000 per year for the next 12 years, you will be breaking even with an incredible qualification at a prestigious school. Chances are that you’ll leave and get a job with a starting salary of over $100,000 which means that you could be breaking even within the first 3 years of your new career.
Which one gives high ROI?
When you compare the two countries together in regards to the quality of the course and the benefits of each country, your prospects are currently looking better in the USA. The number of companies available to hire you and that are actively looking for graduates are great and you will have a better chance of progressing up the ladder in the USA currently than in the UK.