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Cost of a Masters program (non-MBA programs)
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Studying a Masters program can be costly, depending on the country and institution of your choice. It is important to know your options and where your money is going. | |
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The total cost for studying a Masters degree is typically comprised of tuition fees, study material and cost of living. Tuition fees for a Masters degree vary widely from region to region and the graph below illustrates the fee differential of Masters
degrees worldwide. Studying a Masters program is typically less costly than an MBA program, depending on the study location. In a number of European countries the fees for a Masters degree are still nominal, while in the US, tuition fee levels tend to
be much higher. In Europe, universities often receive substantial subsidies from their respective national governments. In the Nordic countries for example, many programs are free of charge for postgraduate students. In the UK, the cost for a Masters program ranges from anywhere between £3,500 to £13,00 per year, while in Germany, with the introduction of tuition fees in the last few years, the price for a Masters course might be up to 500 Euro per semester. US tuition fees, by contrast, are considerably higher and may range anywhere between less than $10,000 and more than $40,000.
The graph below illustrates this tuition fee differential.
The level of tuition fees should not be taken as a measure to assess the quality of a program or its reputation among employers. However,it is a fact that reputable universities tend to charge higher fees if the national education system facilitates it. Consider the cost of your postgraduate study an investment in your career, and research carefully which degree program will give you the highest future benefits on both a personal and financial level. But tuition fees are by far not the only costs a Masters student will have to bear when embarking on their academic career. Cost of study materials, books, travel expenses and also opportunity costs for a reduction in earnings all factor into how large your investment in a postgraduate qualification will be.
It is recommended to investigate what exactly the tuition fees cover and what precisely you get for your money: are books and materials included in the fees? What career services does the institution offer? What sort of networks will be available through the institution? What is the student / staff ratio? It is also important to find out how much the cost of living might be in a particular city, and what your post-degree career options are in order to best assess how large a budget you need to allocate for your studies in total. This will make it easier for you to evaluate your need for external funding through loans, financial aid or scholarships. Recent studies suggest that in the US, more than 70% of international Masters students finance their studies through personal funds, family funds or bank loans while only roughly 20% receive financial assistance from their institution.
For Americans it is customary to take up a student loan to finance their academic paths; international students, however, are often not entirely comfortable with making such a large financial commitment in a foreign country. And it is by no means always
necessary. The amount of scholarships available through either the institution itself or external sources, such as foundations and companies, is higher than you might think. Many of the worlds top universities invest substantial funds in scholarship
programs in order to attract and retain talented students from all over the world. Having a diverse and bright student body reflects well on any institution and it is worth researching the possibility for eligibility to various scholarships carefully and well in advance of the start of your studies.
For more detailed information on how to fund your studies visit our section on student loans and scholarships. |
