US$4,000 for an MBA: The cheapest countries to pursue the most lucrative master’s degree

The Master of Business Administration (MBA) is the world’s most popular postgraduate business degree, and it can be an expensive one to pursue.

But not if you’re earning it in the cheapest countries to get an MBA, though.

Over a post-MBA lifetime, graduates earn hefty seven-figure salaries — and they don’t even need an MBA from the likes of Harvard and Stanford. In 2022, the average starting salary for MBA graduates was US$120,000, more than 57% higher than the US$69,320 average for people who only have a bachelor’s degree, according to Graduate Management Admission Council data.

And that’s not even considering graduates from top-ranked MBA programmes who earn even more, with starting pay packages of US$200,000 and up in 2022.

Ultimately, an MBA is a solid return on investment — on top of all the other perks and privileges that come with the degree first introduced by Harvard University Graduate School of Administration (now Harvard Business School) in 1908.

The downside, as mentioned, is that this master’s degree can be costly. You’ll have to take time off work, which means you’ll lose your salary for up to two years.

But choose the right country to pursue your MBA and you just might have the best of both worlds: a useful degree without breaking the bank. 

The cheapest countries to get an MBA

There’s no talking about affordable countries for quality education without listing Germany. Source: AFP

Germany

Depending on the institute and programme, MBA tuition fees in Germany range from 3,400 euros (US$3,644) to 44,000 euros (US$47,153) per year. 

A German master’s programme is categorised as either consecutive (pursuing master’s after obtaining a bachelor’s degree from Germany) or non-consecutive. Consecutive courses are the most common master’s programme in Germany and they are often free. Meanwhile, non-consecutive courses focus on a more highly specialised subject area and are most likely to charge fees. 

Even better, international students can still apply for various scholarship options to make their studies even more affordable.

Whether it’s university-specific ones like the International School of Management’s 50% fee waiver for high-achieving students who enhance and positively impact the MBA course or external ones like the DAAD scholarships, those who pursue their MBA in Germany are bound to find something of help.

Malaysia is one of the cheapest countries to get an MBA, not just because of its low tuition fees, but because of its low cost of living too. Source: AFP

Malaysia

The cost for an MBA in Malaysia ranges from 30,000 to 60,000 Malaysian ringgit (US$6,807 to US$13,613) per year, depending on the university and programme.

For those who want to experience life in Malaysia while getting a little more out of your degree, Malaysia has several branch campuses of universities, such as Australia’s Monash University and the UK’s Heriot-Watt University, where international students can gain an international, accredited MBA at a significantly lower cost too. 

Still in need of financial help? The Malaysian government offers these scholarships to international students: Malaysian Technical Cooperation Programme (MTCP) Scholarship and Malaysian International Scholarship (MIS).

Spain

Home to five universities in the top 250 of the QS World University Rankings 2025, there’s a lot that the country has to offer in terms of quality education.

And even if you no hablas español, you don’t have to strike Spain off your list of study abroad destinations — there are certain MBA programmes here that are delivered in English.

The average cost of an MBA in Spain is around 13,500 to 34,410 euros (US$14,464 to US$36,867). To lower that fee, opt for the wide range of scholarships available, such as the ones offered by IESE Business School or Esade Business School, who offers financial aid to all applicants admitted into its programme.

While the fees are still pricier, Canada makes it onto the list of cheapest countries to get an MBA because of its relative affordability compared to titans like the UK and US. Source: AFP

Canada

An MBA in Canada is more expensive than in European countries, but it is still lower than in the US, UK, and Australia. Furthermore, the universities that offer an MBA are highly ranked globally, so you’re assured you will get the quality education you want from this lucrative degree. 

The average range of MBA tuition fees in Canada falls between 30,000 to 42,000 Canadian dollars (US$21,563 to US$30,188). But don’t be deterred — universities here are generous with financial aid and scholarships to offset tuition fees.

For example, Queen’s University’s Smith School of Business has awarded over 1.6 million CAD (US$1.15 million) in scholarships to full-time MBA students each year. Meanwhile, the University of Alberta’s Alberta School of Business has a range of financial aid for incoming and current MBA students, including entrance awards that value up to 15,000 CAD (US$10,781).

One thing to note is that Canadian universities prioritise candidates with at least 12 months of work experience. While it isn’t compulsory, those equipped with relevant experiences will have a better edge over others. 

China

Not only is China rising as one of the fastest-growing economies in the world, but many of China’s higher education institutions have also been attracting hundreds of thousands of international students. Home to over 40 globally ranked universities, China also has an affordable study cost, making it one of the cheapest countries for an MBA.

Again, MBA costs vary across institutions and programmes, though an estimation of fees would be between 198,000 to 448,000 Chinese yuan (US$27,566 to US$62,373).

For students who need more financial aid, read this guide for more information on applying for scholarships in China, and you can estimate your expenses using this cost calculator. 

P.S. You don’t have to stress out about not knowing the language — most universities offer programmes taught in English.

France was the first country to offer MBA programmes in Europe, and it’s also one of the cheapest countries to get an MBA. Source: AFP

France 

While the MBA programme was first introduced in the US, France was the first country to offer such programmes in Europe. Better yet, French universities are well-funded by the government, which makes it another one of the cheapest countries for an MBA.

On average, the MBA tuition fees here cost around 31,500 to 98,500 euros (US$22,640 to US$70,797). Don’t worry though, as most universities will offer some form of financial aid for you to pursue your studies.

The Grenoble Graduate School of Business offers MBA candidates with up to 30% in scholarships, while ESSEC Business School’s Global MBA programme has a range of scholarships for you to choose from, such as those for Women Leaders, Sustainable Leaders, and even region-specific ones like for South African Nationals or US Nationals.

Unlike Germany, MBA programmes in France are only partially taught in English. Hence, it is advisable for international students to meet the basic French proficiency level. Learning the language would also help in communicating with the locals. 

Disclaimer: This article was last updated on November 11, 2024.