The UK is a great destination to pursue an MBA. It is one of the most popular programmes in the UK for international students although it’s also one of the most expensive courses. Our team have compiled some the options available to you if you are considering studying in the UK including the cost of a UK MBA, the cost of living in the UK and some of the top Business Schools you can explore.
What is the average cost of UK business schools?
MBA tuition fees can vary according to its rankings, location and other factors. According to the QS Global 200 Business Schools Report, 2014/15 the UK is the second most popular destination after the US. There is a great demand for admissions to a UK business school, which of course pushes the admission fees up even further.
Let’s explore the MBA programmes in the UK by cost. MBA tuition fees for the University of Cambridge’s Judge Business School are £53,000. An MBA at the University of Edinburgh costs £29,100 and is a well-respected course.
According to Infozee, you can divide the low-cost MBA universities to high-cost MBA universities and choose accordingly. If you are looking at a private low-cost university, it can cost you £5000 approximately. If we move up to medium cost universities, then you can expect the fees to vary from £9000- £12,000.
The high-cost universities, which are also usually the prestigious universities, offer their MBA from £12,000 to £60,000.
What is the cost of living in the UK?
Though university fees are the biggest concern for students who want to study an MBA in the UK, let us not forget about the cost of living. We can divide the cost of living into three categories – which are accommodation costs, essential student costs and lifestyle and entertainment costs.
According to Times Higher Education, in 2020, the average student rent can cost around £126 per week, or £547 a month. Though, it is to be noted that students pay an average of £182 a week, or £640 a month. This is because most rents include bills of some kind.
There are maintenance loans also available from the government for EU students and home students to help them with their living costs. Usually, students stay in university accommodation for the first year and then move to private housing for the second and third years. The university accommodation can, of course, vary from university to university.
When we talk about other essential student costs it includes Utility bills (water, gas and electricity) and transportation costs. These bills in rented accommodation are approximately £50 per month. Mobile phone bills range from £10 to £60. Coming to transportation, bus rides outside London and other major university cities cost about £1.50 and £45 a month for a student travel card. If your university is around Central London, then your weekly travel would cost you around £23 (including buses, London Underground and trains).
Lifestyle costs include food bills, eating out, gym membership, clubs and restaurants. If you eat out weekly, then the food bill will be around £50. A meal at the pub could range from £8 to £12, with a restaurant meal costing about £10 to £25. A pint of beer is £3.67 and a 175ml glass of wine is £4. Gym memberships can cost about £50 a month but many gyms offer a student discount. A typical night out at a club can be around £30. There are student discounts available at many places such as cinema, restaurants and shops.
Is doing an MBA in the UK affordable?
When we take into account the average cost of business schools, £9000 – £30,000, an MBA in the UK is definitely more costly than other countries. However, with lots of student loan options available and scholarships for overseas students an MBA in the UK can be made affordable with careful planning.
Most full-time and part-time EU undergraduates will receive a tuition fee loan from the government to pay for their course fees. They even give a maintenance loan to cover living costs.
Overseas students can opt for scholarships that the government gives. Though London is one of the most expensive places to study and live, there are a range of day-to-day discounts that students receive which can subsidise living costs. All students can also apply for a National Union of Students (NUS) card, which provides proof of student status and offers discounts of up to 50 per cent on technology, food shopping, eating out, going out, media subscriptions and much more.
Now that we have understood the cost of living in the UK, students can understand the living costs in the UK, along with the admission costs in UK’s MBA programmes. There are many prestigious UK universities to choose from, so take your pick.