HOW MUCH DOES AN MBA COST IN 2020?

Good morning friends, welcome back to my blog. If you have been reading my blog, you might have noticed that I am going back to school for my Masters of Business and Administration (MBA).  My interests have always been about finance and business. I hope this degree will provide more opportunities for my career as well as making me a more well rounded professional. The University of Lavern is where I am getting my MBA.

My Current Situation

I graduated in 2013 from the University of Toledo, OH. I have been practicing pharmacy for six years. To my fellow Toledo family, GO ROCKETS. I had taken two business classes during my pharmacy school: Micro and Macro Economic. I had already paid off my student loans and saved up some money. Knowing that going back to school can be a financial burden but I could afford an MBA degree as long as I budget it out. I am considered as a graduate student and my MBA is referred to as an MBA for Experienced Professional or Executive MBA.

The Initial Research

When I first looked around to find out which MBA school I should go to, the tuition was my top concern. Online research I have done showed that it could cost a person anywhere between $60,000 to $100,000 depending on the university. I tried to research online, but it was very confusing trying to figure out the exact cost per credit plus the number of credits you need to graduate. You won’t know that information unless you apply and get accepted into the program. After that, the school will tell you exactly how many class you need to take. My best recommendation is to talk to an advisor at the school of your interest to find out the exact cost.

Related: Importance / Values Of Marketing

The application = $50

Just like any other school, there is an application fee. The University of Laverne charges $50 for an application. I was able to wave the fee because one of the advisors gave me the code.

Related: WHY CAN’T I SAVE ANY MONEY?

5 Foundation Courses = $13,750

Once I got accepted, University of Laverne looked over my transcripts and advised that I need five additional classes before getting into the actual program. The prerequisite classes depend on each student’s situation. I have never taken any other business classes besides Micro Economic, Macro Economic, and Statistics. However, it was ten years ago that I took Statistics, so the university required me to re-take that class again.

Each course is three credits. After all the fees included, one course costs $2,650, which brings the cost of 1 credit to be about $883. The total price for these five foundation courses is approximately $13,250. However, don’t forget to factor in the cost of books as well. For example, I rented a book for my Statistics class on Amazon for $40. My Accounting’s book cost $150 to rent and $120 for the online homework program. My Marketing’s book is $50 to rent. So on average, it will be an additional $100 for each class to rent the book, which comes to a total of $13,750.

6 Requires Core Courses = $15,900

These courses are the same no matter what MBA’s concentration you decide to go with.

4 Elective Classes and 1 Culminating Activity = $13,245

I have not decided what Electives I will do. My advisor recommended to leave the Strategic Management class at the end because it involves a big project which requires a lot of time.

In the end, I will spend approximately $44,000 for this MBA. It will require a lot of effort and determination on my end, but I think it will be very rewarding once I finish. At the moment, I am struggling with Accounting because it is something that I have never dealt with before. Wish me luck and let me know if you have any questions.