A Master’s in Business Administration (MBA) program has historically been a rewarding academic qualification, typically attracting high tuition fees in Nigeria and globally.
However, with the cost-of-living crisis, these institutions have significantly raised their fees further by up to 66% in recent times.
An example is the University of Lagos Business School which raised its fees from N3 million in 2022 to N5 million currently.
This cost may not be unconnected to the rising demand for MBA qualifications as 60% of Sub-Saharan Africa’s booming population is under 25 years of age with an active working-class population according to the World Economic Forum.
The resources available at top MBA programs are evident factors contributing to the high costs. For instance, many schools prioritize hiring professors with extensive industry experience and strong academic credentials, significantly enhancing the learning experience.
Additionally, these institutions invest in expert faculty, advanced on-campus resources, innovation labs, and other advanced school resources.
Consequently, the overall value provided by the degree plays a key role in the region’s economic transformation.
Many of these programs also integrate real-world consulting projects and other experiential learning, as well as career fairs, workshops, and coaching sessions, which further add to the overall expense of offering an MBA program.
Despite these high initial costs, pursuing an MBA typically offers a substantial return on investment (ROI), as MBA graduates can expect to see considerable financial benefits from their degree.
When considering the expense of studying for an MBA program in the United States, United Kingdom, and countries in the African continent, these universities provide a much cheaper option.
In this article, Nairametrics examines the tuition fees of a few popular MBA schools in Nigeria in comparison with the top MBA schools in the US, UK, and across some countries in Africa.
Information on the tuition was made available on the websites or via phone calls to appropriate authorities to obtain the updated tuition fee information.
Here is a rundown of the MBA program cost of top schools according to Times Higher Education ranking of top MBA schools in the US, UK and South Africa according to Times Higher Education.
United States
- At Harvard Business School, an MBA postgraduate taught program for the 2024/25 academic year is $76,410 aside expenses aside indirect expenses which are to the tune of $34,000
- The University of Pennsylvania‘s MBA program is $84,830 for the first year and $83,830 for the second year
- The tuition for Stanford’s MBA program is $79,860 per year
United Kingdom
- In the United Kingdom, the total cost of the Oxford Executive MBA programme for both home and overseas students is £117,080 for a September 2024 or January 2025 start.
- Tuition fees for the Cambridge Executive MBA commencing in September 2025 are ££93,345 and the global executive MBA costs £102,235
- At Imperial College, the tuition fees are £67,500 and £69,000 for an extended placement.
Africa
- At the University of Cape Town South Africa, a full-time MBA or Modular MBA program is R 323,780 broken done into (R203 420 and R120 360)
- HEM [Institute des Hautes études de Management] Business School in Morocco has a tuition of $15,000-17,499 for its MBA tuition
- Makerere University Business School located in Uganda has tuition of UGX 2,730,000 per year for 2 years for its MBA tuition
- University Of Ghana Business School’s MBA costs GHS 26,8412 per year for two years
- At the University of Witwatersrand in South Africa, its MBA program costs R330 290.00
- Stellenbosch University/ in South Africa runs its full-time MBA for R342 210 for either blended or modular MBA programs.
