The Cost of an MBA in the UK
Reasons For Pursuing An MBA From The UK
The UK ranks second among all the global educational hubs, with over 395 universities. Furthermore, the country supports multicultural diversity, embracing over 5 lakh international students. Pursuing an MBA in any of the business schools in the UK is beneficial for the student as they are given access to all the meaningful connections, which facilitates easy networking (prospects.ac.uk, 2022). MBA aspirants who have completed their degrees have become successful in their careers, and they acquire the potential to set up their businesses. Before pursuing the course, the students must know about the fee structure and move ahead by that. Among all the other specialisations, an MBA in marketing is regarded as one of the best because the graduates can expect lucrative salary packages.
One of the leading economies is the UK, and the top universities offer the chance to come in contact with powerful leaders during seminars, course programmes and events. Moreover, the universities have great connections with the industries in various business sectors, thus giving the students opportunities during internships and projects. The fee structure of the various universities in the UK for providing a degree MBA are listed below as follows:
University of Edinburgh business schools
MBA takes 12 months if continued full-time or 27 months if continued part-time. Regardless of the length, an MBA costs £35,000, while the online program is much cheaper than offline programs. It costs around £5000.
Durham University Business School
The faculty of this university moves ahead in teaching core modules to the students in areas of accounting, leasing, financing and board room exercise (prospects.ac.uk, 2022). It takes one year to complete the course, and the cost is £35,000 regardless of the international or domestic residence.
University of London
The full-time MBA at the University of London require 15 -18 months to complete the study, and the cost incurred is £ 48000. In addition to this, the charge for an executive MBA is £ 52000.
Alliance Manchester Business School
Compared to this conventional MBA, the global MBA takes 18 to 24 months, which costs them around £31000 (prospects.ac.uk, 2022). Whereas the full-time course takes about £47000. For experienced business people, there is a Global Executive MBA in which the aspirants must pay $ 405000 for six months.
Warwick business schools
This business school has the most reputed of the highest faculties. The one-year charge for the full-time completion of the MBA is £49950. However, distance learning takes two years, and the charges vary from £35000 to £43000. This depends on the location of the campus. Besides this, the executive MBA takes two years, and the cost of pursuing the course is £49900
Imperial College Business School
This business school in the UK is highly popular as it coaches many international students who make up 96 per cent of the population (prospects.ac.uk, 2022). The full-time MBA course is about 12 months, and the course fee is about £57200. Besides this, a weekend MBA requires 21 months to complete, whereas the more experienced candidates take up the Executive MBA program. The Global Online MBA programme varies between 21 and 32 months, and the cost needed to complete the program is £42600.
University of Oxford
This university in the UK has an increased rate of international students, and the time taken to complete the MBA in this university is one year. The cost needed is £71540. Furthermore, there is an executive MBA program for 24 months, and the cost of pursuing the course is £98590 (prospects.ac.uk, 2022).
University of Cambridge
MBA graduates from this university receive the highest salary, almost £100000. Students mostly worked with real organisations to undertake market analysis, learn about team projects and consult with teams. The course fees are about £64000, and many scholarships are available.
London Business School
As per the reports of the Financial Times, graduates from the London Business Schools get double their salary once they get employed. The core subjects that this university teaches are marketing, finance and strategy. About 15 to 21 months are needed to complete the course, and the course fee is about £97500 (prospects.ac.uk, 2022). An added advantage is that students get access to scholarships.
Universities That Charge Low Fees
The total costs needed to pursue an MBA in the UK can be classified under two broader categories. These are university fees and living costs. The section above discussed the fee structure of the top 10 business schools in the UK. In the UK, the international MBA fees range from £35000 to £58000. However, the highest fee is charged by the London Business School. The fees defray the application fee and the deposit fee. Contrary to this, some universities in the UK charge the lowest fees for international students. The fees charged by the business schools are represented in a table.
Here are the university names and fees presented in a bulleted list:
- Loughborough University – £28,500
- University of Glasgow – £27,670
- University of Birmingham – £27,000
- University of Nottingham – £24,975
- University of Southampton – £24,000
- University of Surrey – £24,000
- University of Lancaster – £17,500
- Conevntry University of London – £16,887
Cost of living for MBA students in the UK
Pursuing an MBA degree in the UK not only requires the necessity to cover the university fees. However, it covers the living costs as well. This comprises the amenities, social life, housing rent, food, bills, etc. The cost of living mostly depends on the location, whether the student resides near the university or far off. To be precise, metropolitan cities are more expensive. For instance, living in London, by far, is the most expensive for international students to reside. However, with proper funds management, living costs in the UK as an international student can be more affordable. Adjusting the lifestyle, such as adopting cheaper modes of transportation, sharing accommodations, and tracking unnecessary spending, helps save money.
Value For Money MBA programs
The University of Liverpool School of Management offers a triple crown accreditation comprising the EQUIS, AACSB and AMBA. The UK program offered by this university costs £25000 for UK students and £31000 for international students. In addition, the Aston Business Schools providing MBA programs costs £23950 for students of the UK and £29950 for international students. Similarly, the Bath programs offered by the University of MBA centre around practical business experience while offering scholarships for students with experience in defence, aerospace, entrepreneurship, and financial services, among others. The cost charged is £37500.
- prospects.ac.uk. (2022) Available at: https://www.prospects.ac.uk/postgraduate-study/mba-courses/best-mba-programmes-in-the-uk (Accessed: 09 August 2023).
Ans: The universities regarded as value for money for pursuing MBA degrees are the University of Nottingham, Birmingham, Glasgow, Lancaster, Surrey, Southampton, Bath and Liverpool School of Management.
Ans: London Business School charges £97500, and the course lasts 15 to 21 months. Students who graduate from this university get double the salary compared to those from other business schools.
Ans: Studying for an MBA in any of the business schools in the UK is advantageous for the student as they are given access to all the effective connections, which leads to easy networking. MBA aspirants who have completed their degrees have become successful in their careers either by being entrepreneurs or business leaders.
Ans: Warwick Business School, Imperial college business school, London Business School, Durham business school, university of Oxford and the University of Cambridge.
Ans: It is necessary to adjust living costs as it might reduce the burden of paying fees to the best business schools. Living costs can be reduced by renting accommodations and living near the university.
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