Jun 22, 2017 07:57 AM EDT
A typical two-year MBA program costs $200K, which is already boring holes in students' pockets. However, more and more schools are raising the cost of their MBA programs. In fact, nine schools are already part of this threshold with many more joining in the 'club.'
Here are the nine business schools whose MBAs are worth more than $200K:
Stanford - $225,594
New York University (Stern) - $220,948
Pennsylvania (Wharton) - $218,900
Harvard - $213,600
Columbia - $209,424
Dartmouth (Tuck) - $208,300
Chicago (Booth) - $207,518
MIT (Sloan) - $201,028
Northwester (Kellogg) - $200,434
Most of the most expensive MBA programs are private schools. But further down the list are public schools as well. In fact, the 10th spot for the list of MBAs worth $200K more belongs to UCLA's Anderson School, which is a public school. Although it is not more than $200K, it is getting to that threshold at $194,220.
Why did the cost of an MBA program balloon to such big heights?
Stanford was transparent enough to break down where the $225,594 is going. A whole lot of that, of course, goes to tuition which is $68,868. The next biggest slice goes to living allowance which is $34,653. The other slices include medical insurance, books, materials and program fee, and transportation.
With the rising cost, one can't help but wonder if pursuing an MBA program is really worth it. Will the return of investment pay for the cost that a person will spend for a two year masters program?
According to the Graduate Management Admission Council, the median salary of a recent MBA graduate is at $110,000. That's 83 percent more than someone with a bachelors degree who could expect a median salary of $60,000.
Those who finish their MBA programs from prime schools can even expect to receive more. Stanford, for example, said that their MBA graduates can expect a median salary of $140,553.
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