MBAs are postgraduate degrees, however the prices differ more than a traditional postgraduate degree. The MBA is internationally recognised all over the world, enhancing your capabilities while developing the flair necessary for managing and motivating people, but, economically, it can be an expensive exercise. So here is the question, how much does it cost to study an MBA in the UK?
What is an MBA?
The Master of Business Administration (MBA or M.B.A.) degrees cover many aspects of the business area like accounting, business communication, business ethics or law, finance, management, entrepreneurship and marketing in a manner most relevant to management analysis and strategy.
The UK-based Association of MBAs (AMBA) was established in 1967 and is an active advocate for MBA degrees. The association’s accreditation service is internationally recognised for all MBA, DBA and Master’s in Business and Management (MBM) programs. AMBA also offer the only professional membership association for MBA students and graduates. UK MBA programs typically consist of a set number of taught courses plus a dissertation or project.
Careers doing an MBA
An MBA prepares individuals for many types of careers. According to the Graduate Management Admissions Council, 64% MBA graduates used their MBA to change careers. Some of the more common jobs an MBA prepares one for include:
- Business analyst or strategist
- Business development analyst, associate, or manager
- Director (of a department)
- Financial analyst
- Management consultant
- Marketing associate, analyst, or manager
- Portfolio manager
- Project, product, or program manager
- Operations analyst, associate, or manager
Prices of MBAs
There are a wide variety of small and private colleges, especially around London, which offer low cost MBA programmes to international students. Many of these colleges have university affiliated MBA degree programmes and offer a cheaper alternative for international students, with tuition fees starting at around £7,000. A one-year MBA will cost £10,000 – £15,000 on average, with MBA programmes potentially costing up to £45,000. There are however a number of universities and business schools offering high quality degrees at a much lower cost.
Doing an MBA in the UK could be beneficial for your career and an excellent choice. Some of the reasons why to choose a UK MBA are: the average of the degrees could be affordable, they last 1 or 1.5 year, and the British universities and especially the UK’s MBAs are globally respected.