I was fascinated by couple of comments for the article – New 1+1 Program from Oxford University
I strongly recommend you read the above link before reading this post.
Comment from Mantravadi
First of all, we need to write even GMAT, I guess for that 1+1 program.
Second we need to get into oxford right? Which is difficult.
Third, the tuition fee is very high and above all its difficult to manage 2 programs with part-time job
Comment from Manas
Not a joke!!! 67 lacs rs….not possible for a middle class family….
My reaction to above comments was mixed.
I wasn’t sure, I have to criticize them or educate them about value of Prestigious MBA.
But, one thing is clear, it not just those 2 comments, there will be several other students thinking the same – OMG – 67 Lakhs for MBA is not possible.
So, I decided to write this post about value of attending top business schools in the world.
Top Cost of MBA Degree
Lets look at the total cost of MBA degree from Top Business schools in the world.
- University of Chicago – $109,272.00
- Harvard Business School – $121,220.00
- Duke University – $104,304.00
- Stanford Graduate School of Business – $113,820.00
- University of Oxford – $63,898.00 (1 year)
In addition to above tuition fees, add the cost of living.
Salary for Top Business School Graduates
- University of Chicago
- Mean base salary: $113,220.00
- Mean signing bonus: $27,680.00
- Harvard Business School
- Mean base salary: $121,785.00
- Mean signing bonus: $26,216.00
- Mean other guaranteed compensation: $62,568.00
Forbes – 2009 Article
The Stanford class of 2004–the class now five years out–had a median salary of $82,000 before entering school, which tied with Harvard for the highest of any M.B.A. program. So the typical student made a $235,000 investment, measured by adding two years of forgone salary to the cost of tuition. That’s a hefty outlay, but it has paid off for most Stanford grads, as their median salary five years after graduation has jumped to $225,000, tops among all U.S. schools. We figure that the typical cumulative gain for this class of Stanford alumni was $85,000.
Top Business Schools
I’m still smiling reading the above 2 comments. It’s very tough to work part-time jobs when you are attending Top MBA programs.
People don’t go to Harvard and Stanford Business schools to work part-time jobs while in MBA program. If you are taking full-time MBA, you will realize, its not walk in the park.
Read the book Beyond MBA Hype to get better understanding about life of a student in Top Business school.
Degrees of Separation
You will be able to reach anyone in the world within 6 degrees of separation.
Recent study shows Facebook have reduced that to less than 5.
I believe if you studying top business schools, you will be able to reach other top folks in the works within 3.
For example, Let me see how I can reach President Obama within 6 Degree.
- I – My director – His Director – VP of the Company – CEO – President Obama
If you were to be graduate from Top Business school, your degree of separation to President Obama will look like
- You (VP of some company) – CEO – President Obama (or)
- You (CEO) – President Obama
- President Obama ( Harvard Law School)
Hope, this clears up the value of attending Top Business schools in the world. If you want greater influence in the society and have less degrees of separation, then you must be willing to pay the price.
I know several friends, who came to US for MS, worked for few years and went to attend Top Business schools. Your exposure might be limited now, but US education will open up your thoughts.
Now, do you think its worth paying hefty among to get top MBA?