How Much Does A Harvard MBA Cost?
Harvard University’s Master of Business Administration (MBA) program is one of the most prestigious MBA programs in the world. However, joining this program can be a huge time and money commitment, so make sure you can cover your tuition before applying.
Harvard MBA Cost Breakdown
The cost of tuition for Harvard’s MBA program in the 2023-24 academic year is $74,910, totaling $149,820 over two years. The total cost of attendance, including health insurance, room and board and nine months of living expenses, for the Harvard MBA program is $115,638 per year ($231,276 over two years) for a single student.
Here is breakdown of the total cost of attendance for a single MBA student at Harvard Business School for the 2023-24 academic year:
Harvard MBA Cost Breakdown
| Type Of Cost | Estimated Price |
|---|---|
| Tuition | $74,910 |
| Harvard University Health Services Health Fee | $1,408 |
| Student Health Insurance Plan | $4,120 |
| Course and Program Materials Fee | $2,600 |
| Housing (9 Months) | $16,200 |
| Food (9 Months) | $6,030 |
| Transportation (9 Months) | $2,240 |
| Other Living Expenses (9 Months) | $8,130 |
| Total | $115,638 |
Some of these expenses can vary depending on your lifestyle and financial circumstances. Also, your eligibility for federal aid is based on your budget as a single student. As such, married applicants or those with children may spend more on expenses. You can get an estimate for your total cost of attendance on Harvard Business School’s website.
How Do Harvard MBA Costs Compare?
As one of the top business schools in the world, Harvard charges higher tuition costs for its MBA program. The cost of tuition at most two-year MBA programs ranges from $30,000 to $120,000 annually, so Harvard’s $115,638 falls at the high end of that range.
However, there are more expensive MBA programs among top-ranked schools. MIT Sloan costs $84,200 per year in tuition—almost $10,000 more than Harvard’s MBA. NYU Stern, Stanford, Wharton and Dartmouth Tuck all have higher tuition costs, as well.
Harvard Business School offers several scholarships and grants to help with tuition and expenses. In August 2022, HBS also started offering full-tuition scholarships to students who demonstrated financial need, and some scholarships for middle-income students.
How To Pay for a Harvard MBA Degree
If you decide to pursue a Harvard MBA degree, there are several ways you can fund your education:
Grants and Scholarships
Harvard Business School distributes over $45 million annually in financial aid to domestic and international students. About 50% of students receive a need-based scholarship from HBS, and the average award is $92,000 ($46,000 per year). The majority of awards range from $30,000 to $70,000, but about 10% of students receive full-tuition scholarships.
HBS also offers fellowships for students with specific backgrounds and interests. The RISE Fellowship, for example, awards $10,000 to up to 10 MBA students who demonstrate commitment to serving Black/African American, Hispanic/Latinx and other marginalized communities of color.
You can also apply for scholarships from other organizations, awarded for academic achievement, community service and demonstrated leadership. Use scholarship search engines to find opportunities or contact HBS’s financial aid office for additional ideas.
Student Loans
If you need additional funding to pay for your Harvard MBA, consider borrowing student loans. The government offers fixed-rate federal student loans to graduate students, including direct unsubsidized loans and grad PLUS loans. You can access federal student loans by filling out the Free Application for Federal Student Aid (FAFSA).
Private student loans are also an option, though they don’t offer the same repayment plans and protections that federal loans do. However, they may be ideal if you have strong credit and can qualify for a low interest rate. If you’re considering a private student loan, shop around and compare multiple lenders to find the best one for you.
Savings or Income
Consider spending some time saving for your Harvard MBA. You could also work a part-time job while you’re studying if it doesn’t interfere with your coursework.
Harvard rarely allows students to defer or postpone enrollment and the program recommends that you apply only for the year you plan to enter the program. It only grants deferrals on a case-by-case basis through its regular application process. That said, HBS offers a special “2+2” program to eligible undergraduates in their senior year of undergrad. If you use this route, you can spend two years working before you start the MBA program.
Is a Harvard MBA Worth It?
Approximately 86% of graduates who sought employment received an offer, according to HBS. Their median base salary was $175,000, and 57% of alumni received an average signing bonus of $30,000. Another 70% received an average performance bonus of $40,000.
Alumni work in several industries, with the most popular being consulting (25%), technology (16%), private equity (17%), investment managing/hedge funds (6%) and venture capital (6%).
However, the decision between Harvard’s MBA and another similar program depends on your individual interests, goals and financial circumstances. If you feel another program could help you achieve your professional aims, explore MBA programs with a lower price tag. But if attending one of the world’s top MBA programs feels worth the cost, Harvard’s MBA program could be the right fit.
