The real costs of an MBA

A business degree could help you advance your career — there's no doubt about that.
And there's plenty of MBA programs. They'll teach you how to be a manager, how to understand the finance behind businesses, marketing and sales and even the HR side of things. Research shows that applications for MBA courses at top UK business schools has surged by 21%. But, MBA programmes become expensive.  What if you can’t afford it?

Here are the most expensive MBA programs in the UK and the prices are crazy. About time you looked at alternatives, right?

Cheapest MBA colleges in London

The thing is, nobody wants to take a “cheap MBA course”. I mean, it’s not something you’d brag about — “I studied at the cheapest MBA college in London”. But let’s be honest, it’s 2019, and we all know that paying the highest price doesn’t always mean getting the best quality. If you’re like me you can’t afford London Business School or Oxbridge. So you want (or need) to find out what the cheapest MBA colleges are. 

It's not just about being able to afford it right now though. Even if you can pay tens of thousands of pounds for an MBA you’ll still be paying off the loans many years from now. So, speaking of learning business— let’s remember it might not be the right business play to be married to your degree debt for the next 10-20 years. 

But wait, are there cheap MBA alternatives that are worth my time and energy?

Sure. There are affordable degrees that will teach you business skills without killing your bank account. Thinking about it from a business perspective - it’s all about risks vs potential. Or, in other words, the cost of the MBA programme vs the quality of education and the network you’ll gain at the school. 

The real cost of an MBA - or - why you might prefer an affordable MBA?

While having an MBA could potentially advance your career and add opportunities for future you, it has a price tag. And this price tag isn’t only connected to how much the degree itself costs. 

When deciding between signing up for an expensive MBA or a cheap MBA - here are the different costs you should take into account:

• Books & printing (yes, people still use printers in 2019, some MBA colleges still use fax machines. Yep, really.)
• Laptop / PC (though these days a Laptop is probably cheaper than a PC)
• Rent (especially if you want to live relatively close to the university. Unless you live in a well-connected city like London where the tube gets you most places quite conveniently.)
• Is it a full-time business program or a part-time MBA? (Choosing a part-time MBA will allow you to work while you study which, bearing in mind the associated costs, is a good thing!)
• Scholarships (which could lower the costs of your course)
• Health insurance (in case you’re travelling to a region you’re not currently insured in)
• Food and other living costs (do you go to the gym?)
• Travel budget (especially if you’re not doing a part-time MBA or if you’re from outside the city. Paying for the tube in London can cost you over 100 pounds alone.)
• Student Clubs (for expanding and nurturing your network)
• Phone and Internet expenses (cause you’ll need them a lot as a student)
  

Here’s a great example of an excel sheet created by Lex Zhao — who took an MBA in the US. He collected his expenses and shared his numbers on his Medium blog

And here's a helpful “MBA cost calculator” that will help you see more examples. You choose the MBA program, family status,  level of lifestyle you wish to have — and it calculates the expenses. Simple.

You can use it even if you don’t plan to get into one of these universities (as the ones that appear here aren’t the affordable MBA programmes). The different examples will give you and idea of the general costs. 

10 most affordable MBA programs in the UK that cost under £30,000:

1. Swansea Business School - University of Wales Trinity St David

Cost: £6,200
Length: 12 Months‍

Swansea Business School (SBS) is a public research institution focused on business studies and is situated in the city of Swansea, Wales, UK.
Employability is SBS’s key focus — The school take an employment-based approach to their program.

2. University of Bolton

Cost: £8,500
Length: 12 Months

Bolton's business school is home to a diverse international cohort, and prides itself on instilling a sense of independence in students, and equipping them with the knowledge to hold their own in a business setting.

3. Jolt

Cost: £5,200
Length: 24 Months or less

Jolt is a flexible and modern Business School in London - holding an innovative alternative for an MBA. Jolt has two micro campuses around London (in Soho and Shoreditch), where the Not An MBA® Business Programme is taught. 
Jolt’s programme is an alternative part-time MBA - students can choose how many times a week they want to learn, and in which order. Which means the length of the programme is up to the student. Networking is a big part of Jolt’s programme- the students are signing up to classes with a social app - which allows them to communicate with each other. 
Thanks to loads of technology involved, Jolt is one of the most affordable alternative MBA programmes in London.

4. The University of Liverpool School of Management

Cost: £15,000
Length: 12 Months

Offers an AACSB-accredited, one-year MBA program costing £15,000
The University of Liverpool Management School is one of an elite group of institutions worldwide to be AACSB-Accredited. The MBA programme is ranked amongst the top 100 MBA programmes in the world.‍

5. Nottingham Trent - Nottingham Business School (NBS) 

Cost: £15,900
Length: 12 or 24 Months  

Nottingham Business School (NBS) aims to give you a challenging, hands-on and rewarding educational experience. Whether you are looking to study full-time, part-time or online they have study options to suit you and your lifestyle.‍‍

‍6. The Exeter MBA

‍Cost: £24,500
Length: 12 or 24 Months‍

The Exeter MBA focuses on purposeful leadership, innovation, technology and sustainability. As a student in the program you’ll develop a solid grounding in core business disciplines through our core modules, and tailor our flexible programme to your individual interests and career needs with a range of elective specialist modules.

7. Aston Business School (ABS)

Cost: £25,500
Length:12 Months 

‍Aston Business School (ABS) is one of the largest business schools in Europe.
Its intensive programme offers a range of first degrees (BSc) including single honours programmes covering the main business and management disciplines, and a choice of joint honours programmes. The Aston MBA is offered through full-time, part-time and online learning.‍

8. Leeds MBA - Leeds University Business School

Cost: £26,500
Length:12 Months

The Leeds MBA exposes the students  to the latest management thinking and practice while combining academic rigour with practical leadership development challenges.

9. University of Edinburgh Business School

Cost: £27,400
Length:12 Months

‍University of Edinburgh Business School, part of the University of Edinburgh, offers a number of Masters programmes including a substantial selection of Masters programmes ranging from Finance, Marketing, to Management as well as new subject areas such as Entrepreneurship & Innovation. The School also offers a Full-time MBA and Executive MBA.‍

10. Durham

Cost: £28,000
Length:12 or 15 Months

‍Durham University Business School is an integral part of Durham University, one of the most prestigious academic institutions in the UK and the third oldest in England after Oxford and Cambridge. Durham is a research-led business school and offers a 12 month and a 15 month Full-Time MBA, in addition to an Online MBA.

‍

The list of most affordable MBA programmes in the UK:

‍