Average MBA Fees and Costs

Looking to improve your career with an MBA degree? Just as you would not buy the cheapest clunker on a car lot, you should not assume that the most inexpensive school is the best deal for your hard-earned cash. Here are some new ways to think about the average MBA fees and costs, so you can make the right financial decision for you, both currently and for the future.

The range in costs for an MBA degree

You can expect to pay anywhere from $40,000 a year to $60,000 a year for a good MBA program -- and considering that the average degree program is two years long, that is not small change. So you need to consider what kind of bang you are getting for your buck. The right MBA will add a terrific sheen to your resume, plus provide endless networking opportunities through alumni programs. So do not assume that an expensive MBA is automatically not worth the dough.

What you get for the money

Besides impressing future employers, MBA programs can vary widely on what is actually included in tuition costs. You should find out whether textbooks are included in your tuition fees, for example, or if a parking permit is included. Those are not petty details, considering many textbooks are $150 and up new, and parking permits can cost as much as $500 a semester. You should also check out less tangible costs, like the teacher-to-student ratio, student support services and the school's job placement percentage, prior to enrolling.

Like driving a luxury car, getting an MBA from a premium school says something about you to future employers. Just make sure you have thought through any hidden or additional costs while upgrading your skills and your resume.