Best 30 US MBA - Total Cost & Salary (2025) | F1GMAT MBA Admissions Consulting, Essay Editing and Interview Prep

The cost of pursuing an MBA from a top 15 Business School in the U.S. fell on a broad cost spectrum ranging from $230,000 to $270,000, while for schools outside the top 15, the cost was between $150,000 and $230,000.

In this in-depth analysis of Top 30 US MBA programs on cost and salary, we cover:

•    Top 10 US MBA - By Total Salary (2025)
•    Affordable US MBA Programs (2025)
•    Costliest US MBA Program – From the Best 30 (2025)
•    Total Cost Difference – In-State vs. Out-of-State
•    Total Cost and Total Salary (2025 vs. 2024 vs. 2023)
•    Ranking By Tuition Fee (2025)
•    Ranking By Median Base Salary (2025)
•    Ranking By Bonus (2025)

Top 10 US MBA - By Total Salary (2025)

This year, Stanford GSB leads the pack with the highest reported total salary at $215,000, marking a modest 0.9% increase from last year. Interestingly, while several schools, including Harvard, Wharton, NYU Stern, Darden, Tuck, and Cornell, maintain last year’s $205,000 salary mark, Chicago Booth has slipped slightly to $206,000 from $212,500, losing its top spot. Columbia also experienced a minor dip, moving from $206,000 to $205,000.

Unlike last year, which saw several double-digit jumps, such as McCombs’ 20% rise, this year’s changes are more stagnant, with no school posting a salary increase above 1%. Kellogg and Ross saw a 2% decline, and Booth dropped 3%, hinting at some salary stabilization or even early signs of market cooling. While $205,000 remains the benchmark salary for most top programs, the absence of substantial gains this year stands in contrast to the significant surges observed previously.

Rank	Business School Name	Total Salary (2024-25)	Total Salary (2023-24)	Percentage Increase
1	Stanford Graduate School of Business	$215,000	$213,000	.9%
2	University of Chicago Booth School of Business	$206,000	$212,500	-3%
3	Columbia Business School	$205,000	$206,000	-.5%
3	Harvard Business School	$205,000	$205,000	0
3	NYU Stern School of Business	$205,000	$205,000	0
3	Wharton Business School (Base Salary)	$205,000	$205,000	0
3	Darden School of Business	$205,000	$205,000	0
3	Dartmouth Tuck	$205,000	$205,000	0
3	Johnson Graduate School of Business (Cornell)	$205,000	$205,000	0
3	Fuqua School of Business	$205,000	$205,000	0
4	Kellogg School of Management	$200,000	$205,000	-2%
4	Ross School of Business*	$200,000	$205,000	-2%
4	MIT Sloan School of Management	$200,000	$200,000	0

See the Salary Trends

Affordable US MBA Programs (2025)

We consider affordable schools as those offering their full-time MBA program at less than $180,000 to $195,000 total cost and attract offers with a total salary in the $132,000 to $185,000 range. With this criterion, we have shortlisted schools on the affordability index, a ratio of the total cost to the total salary.

This year’s analysis of affordable U.S. MBA programs reveals a shift in dynamics compared to last year. McCombs School of Business now leads in ROI, offering a salary of $182,181, around $13,000 more than the total cost, showing a sharp reversal from last year when Kelley held the top spot. Kelley still performs strongly, with graduates earning $159,000 against a cost of $166,516, maintaining a near break-even balance and a solid return.

Smeal College of Business, despite being a one-year program with a slightly higher cost this year, continues to stand out with a $183,000 salary, making it the highest salary-to-cost ratio in this group. Broad College remains the only school in the table where the salary ($132,500) is lower than the total cost ($165,682), consistent with last year’s trend, though the gap has slightly narrowed.

Foster School of Business, previously ranked third, is absent from this year’s list, replaced by Carlson School of Management, which offers a decent margin of about $26,000 between salary and cost.

Rank	Business School Name	Total Cost (2025)	Total Salary (2025)
1	Broad College of Business	$165,682	$132,500
2	Kelley School of Business	$166,516	$159,000
3	McCombs School of Business	$169,210	$182,181
4	Carlson School of Management	$190,008	$163,568
5	Smeal College of Business (one-year program)	$195,789	$183,000

Costliest US MBA Program – From the Best 30 (2025)

This year, the costliest U.S. MBA programs have continued their upward trajectory, with Stanford GSB maintaining its position at the top with a total cost of $271,542, marking a 3.8% increase over last year.

Dartmouth Tuck follows closely at $270,658, up 4% from the previous year.

Columbia has seen one of the steeper hikes this year, jumping 5.7% to reach $268,669, overtaking several schools in cost and reflecting its continued investments in infrastructure and New York living premiums.

MIT Sloan, which ranked sixth last year, saw a 6% increase, the second-highest among this group, bringing its total cost to $266,232.

Kellogg, while still below the $260K mark, had the largest percentage increase at 7.8%, a notable jump that may reshape its position in next year’s rankings.

NYU Stern and Wharton continue to remain among the costliest, with relatively moderate increases of 3.1% and 4.2%, respectively.

In contrast to last year, where Wharton led with an 8% hike, this year’s increases appear slightly more evenly spread, though still significant.

Notably, UCLA Anderson, which appeared in last year’s list, is now absent, suggesting other programs have outpaced it in cumulative cost hikes.

The trend underscores a broader rise in MBA expenses across top-tier programs, now crossing the $270,000 mark.

Rank	Business School	Total Cost (2025)	Total Cost (2024)	Total Cost (2023)	Percentage Increase (from 2024 to 2025)
1	Stanford Graduate School of Business	$271,542	$261,492	$248,778	3.8%
2	Dartmouth Tuck	$270,658	$260,000	$238,908	4%
3	Columbia Business School	$268,669	$254,116	$244,920	5.7%
4	Wharton Business School	$264,808	$254,028	$235,136	4.2%
6	MIT Sloan School of Management	$266,232	$250,978	$239,990	6%
5	NYU Stern School of Business	$261,676	$253,748	$246,506	3.1%
4	Kellogg School of Management	$257,704	$238,864	$234,518	7.8%

Total Cost Difference – In-State vs. Out-of-State

This year’s data again highlights the stark tuition gap between in-state and out-of-state MBA candidates at public U.S. institutions.

Kelley – The Big Gap

The widest differential continues to be at Kelley School of Business, where out-of-state students pay $52,244 more than in-state peers—slightly higher than last year’s gap. Broad College and Foster School follow closely, with differences exceeding $40,000, reinforcing how state residency heavily impacts affordability.

Darden – Lowest Difference

At the other end of the spectrum, Darden once again shows the narrowest gap at $10,480, though even this has widened from last year’s $6,480, indicating incremental cost increases across the board.

Schools like Ross, McCombs, and Carlson offer more moderate differences in the $8,000–$28,000 range, which, while significant, remain more manageable for non-residents compared to the highest-tier programs.

ROI in Public Schools – Varies Based on Students' Profile

It’s also worth noting that most of these public schools offer strong ROI metrics, but out-of-state or international candidates must factor in these premiums. With nearly every program seeing either expanded tuition gaps or overall fee increases, the cost-benefit analysis for out-of-state applicants has become even more critical, especially as some programs like Haas and UNC now charge out-of-state students over $170,000 and $150,000, respectively.

Business School Name	In-State Tuition Fee	Out-State Tuition Fee
Darden School of Business	$159,196	$169,676
Haas School of Business	$146,320	$170,812
Ross School of Business	$146,060	$156,060
UNC-Chapel Hill Kenan-Flagler Business School	$112,832	$150,276
McCombs School of Business	$110,392	$119,368
Carlson School of Management	$109,588	$137,612
Paul Merage School of Business	$107,232	$131,723
UC Davis Graduate School of Business	$96,263	$120,753
Foster School of Business	$82,320	$115,662
Broad College of Business	$72,358	$114,542
Kelley School of Business	$59,146	$111,390

Total Cost and Total Salary (2025 vs. 2024 vs. 2023)

15-30 Ranked Schools Experienced Significant Cost Hikes

The 2025 data shows that cost increases across U.S. MBA programs have become more pronounced, with several schools pushing past the 10% mark, signaling a steeper inflation trend than last year.

While the average hike last year hovered between 5% and 15%, this year, schools like Smeal (43%), Kelley (36%), Carlson (34%), and Foster (22.5%) are witnessing significant cost jumps—surpassing even the sharpest hikes seen in the 2024 cycle.

Despite such sharp increases, ROI remains uneven.

McCombs – Rare School with excellent Value

Smeal, for instance, shows the highest percentage increase in cost but delivers one of the lowest total salaries at $85,172. In contrast, Stanford, with a relatively moderate 3.8% cost hike, retains the top salary spot at $215,000. Similarly, McCombs continues to offer excellent value despite an 8.4% rise in cost; it provides a $182,181 salary against a total cost of just $169,210.

Booth and Columbia – Slow with Hikes

Notably, schools like Booth and Columbia, while still among the costliest, have slowed their hikes compared to last year, registering increases of 5.1% and 5.7%, respectively. Meanwhile, Ross (9.3%), Haas (14.3%), and Paul Merage (13%) exhibit substantial hikes that could affect their affordability rankings.

Jones MBA - $180,000 plus salary and a -3% cost variation

There’s also a noticeable shift in value dynamics: Jones Graduate School is one of the few to report a decline in cost (-3%) while still offering a $183,000 salary. On the other hand, schools like UC Davis and UNC saw double-digit increases in cost (15% and 21.5%, respectively) while their salary growth either declined or plateaued.

The overall picture suggests growing cost pressure across the board but with mixed compensation outcomes.

Ranking By Tuition Fees (2025)

Columbia MBA is the Costliest

This year, Columbia Business School takes the lead with the highest tuition fee among the Top 30 U.S. MBA programs at $182,344, overtaking Yale, which topped last year's list. UCLA Anderson jumps to the second position with a notable tuition of $177,732, while Wharton, Yale, and Chicago Booth round out the top five, all exceeding $174,000.

Tuition Fee Hike – Across Top 15

Compared to last year, tuition hikes across the top ranks are evident. Yale has increased from $169,800 to $175,600, and Stanford has moved up from $164,910 to $171,510, though it still remains outside the top five in tuition rankings.

Stanford – 9th in Tuition But Costliest

Interestingly, Stanford remains a standout. Despite having the highest total cost overall, it ranks only ninth in tuition, emphasizing how non-tuition expenses significantly inflate its total cost. Similarly, schools like MIT and Harvard have relatively lower tuition fees compared to peers but higher total program costs due to elevated living and additional expenses.

Smeal College – Most Budge-Friendly Tuition Fees

At the lower end of the spectrum, Smeal College remains the most budget-friendly at $55,460 due to its one-year format. Among two-year programs, Kelley, Broad, and Foster stay under the $120,000 mark, providing strong value for in-state and budget-conscious applicants.

The broader trend reflects a steady rise in tuition across almost all top schools, with nearly half the list now exceeding the $160,000 mark, an important consideration for ROI-focused candidates.

*not yet released the 2025-26 Cost

Rank	Business School Name	Tuition Fee (2025)
1	Columbia Business School	$182,344
2	UCLA Anderson School of Management	$177,732
3	Wharton Business School (Base Salary)	$175,940
4	Yale School of Management	$175,600
5	University of Chicago Booth School of Business	$174,708
6	NYU Stern School of Business*	$173,832
7	Johnson Graduate School of Business (Cornell)	$173,192
8	Kellogg School of Management	$172,740
9	Stanford Graduate School of Business	$171,510
10	Haas School of Business	$170,812
11	Darden School of Business	$169,676
12	Dartmouth Tuck	$168,500
13	MIT Sloan School of Management	$166,810
14	Tepper School of Business	$162,680
15	Fuqua School of Business	$162,000
16	Harvard Business School	$157,400
17	Ross School of Business*	$156,060
18	USC Marshall School of Business*	$153,523
19	Jones Graduate School of Business	$152,146
20	UNC Chapel Hill Kenan-Flagler Business School	$150,276
21	Mendoza College of Business	$146,520
22	McDonough School of Business	$140,216
23	BU Questrom School of Business	$139,740
24	Carlson School of Management	$137,612
25	Paul Merage School of Business	$131,723
26	UC Davis Graduate School of Business	$120,753
27	McCombs School of Business (average salary)	$119,368
28	Foster School of Business (Base Salary)	$115,662
29	Broad College of Business	$114,542
30	Kelley School of Business	$111,390
31	Smeal College of Business (one year)	$55,460

Ranking By Median Base Salary (2025)

Stanford Leads while Booth Falls from #1

Stanford once again leads the pack in median base salary, rising to $185,000 this year, up from $182,500, further extending its margin over peer schools. Chicago Booth, which held the second spot last year at $180,000, saw a notable decline to $175,000, now tied with a large cluster of schools including Columbia, Harvard, Wharton, NYU Stern, Cornell Johnson, Darden, Tuck, and Fuqua. This consolidation at the $175,000 mark continues the trend from last year, though some schools like Yale and McCombs, previously part of this group, have dropped slightly in the rankings.

Kellogg, Ross and MIT – Tier 2 while Yale and Haas drops to Tier 3 for an M7 and T15 Program

Kellogg, Ross, and MIT Sloan sit just below the top-tier cluster at $170,000, while Yale and Haas now trail at $160,000, marking a clear gap from the elite tier. At the lower end, schools like UC Davis ($98,000) and Smeal ($77,673) report the lowest median base salaries, with Smeal witnessing a significant drop compared to last year’s placement.

ROI Gap Widens for 15-30 Ranked Schools

Another key observation is that while top salaries have largely plateaued or dipped slightly, the middle and lower-tier programs show greater divergence in outcomes. This reinforces the widening ROI gap across the Top 30, highlighting how compensation is increasingly concentrated among the top 10–15 schools while lower-ranked programs struggle to keep pace in a competitive job market.

Rank	Business School Name	Median Base Salary
1	Stanford Graduate School of Business	$185,000
2	University of Chicago Booth School of Business	$175,000
2	Columbia Business School	$175,000
2	Harvard Business School	$175,000
2	NYU Stern School of Business*	$175,000
2	Johnson Graduate School of Business (Cornell)	$175,000
2	Fuqua School of Business	$175,000
2	Wharton Business School (Base Salary)	$175,000
2	Darden School of Business	$175,000
2	Dartmouth Tuck	$175,000
3	Kellogg School of Management	$170,000
3	Ross School of Business*	$170,000
3	MIT Sloan School of Management	$170,000
4	Yale School of Management	$160,000
4	Haas School of Business	$160,000
5	Tepper School of Business	$151,215
6	McCombs School of Business (average salary)	$151,178
7	Jones Graduate School of Business	$150,000
8	McDonough School of Business	$148,000
9	Foster School of Business (Base Salary)	$145,000
10	USC Marshall School of Business*	$144,442
11	UCLA Anderson School of Management	$142,800
12	UNC Chapel Hill Kenan-Flagler Business School	$140,490
13	Carlson School of Management	$131,208
14	Mendoza College of Business	$130,000
15	Kelley School of Business	$129,000
16	Paul Merage School of Business	$125,000
17	BU Questrom School of Business	$120,000
18	Broad College of Business	$117,500
19	UC Davis Graduate School of Business	$98,000
20	Smeal College of Business (one year)	$77,673

Ranking By Bonus (2025)

Tepper MBA Leads the Bonus Ranking

This year, the Tepper School of Business takes the lead with the highest reported sign-on bonus at $38,000, surpassing last year’s top figure from Mendoza ($35,000). Tepper is followed by Haas ($34,740) and McDonough ($33,854), with a number of other public and private schools - UNC Kenan-Flagler, Jones, USC Marshall, Carlson, and Foster, closely trailing in the $32,000–$33,000 range. These figures reflect growing efforts by schools outside the traditional M7 to offer competitive packages and boost early-career appeal.

Interestingly, while last year’s bonus leader, Mendoza, now reports a flat $30,000, alongside over a dozen other top programs, including Stanford, Harvard, Wharton, Booth, and MIT Sloan, the clustering at $30,000 suggests a stabilization among elite MBAs, where sign-on bonuses have become standardized.

Broad, UC Davis and BU Questrom – Modest Bonuses

At the bottom, Broad, UC Davis, and BU Questrom continue to report modest bonuses of around $15,000, with Smeal significantly lagging at just $7,499. Broad, while holding its position in the affordable MBA category, consistently reports the lowest in this section for the second year in a row, indicating weaker short-term financial outcomes despite low costs.

Rank	Business School Name	Sign-on Bonus
1	Tepper School of Business	$38,000
2	Haas School of Business	$34,740
3	McDonough School of Business	$33,854
4	UNC Chapel Hill Kenan-Flagler Business School	$33,422
5	Jones Graduate School of Business	$33,000
6	USC Marshall School of Business*	$32,524
7	Carlson School of Management	$32,360
8	Foster School of Business (Base Salary)	$32,000
9	McCombs School of Business (average salary)	$31,003
10	University of Chicago Booth School of Business	$31,000
11	Stanford Graduate School of Business	$30,000
11	Columbia Business School	$30,000
11	Harvard Business School	$30,000
11	NYU Stern School of Business*	$30,000
11	Wharton Business School (Base Salary)	$30,000
11	Kellogg School of Management	$30,000
11	Ross School of Business*	$30,000
11	Johnson Graduate School of Business (Cornell)	$30,000
11	Fuqua School of Business	$30,000
11	Yale School of Management	$30,000
11	Darden School of Business	$30,000
11	Dartmouth Tuck	$30,000
11	MIT Sloan School of Management	$30,000
11	UCLA Anderson School of Management	$30,000
11	Kelley School of Business	$30,000
11	Mendoza College of Business	$30,000
12	Paul Merage School of Business	$20,000
13	BU Questrom School of Business	$15,000
14	UC Davis Graduate School of Business	$15,000
15	Broad College of Business	$15,000
16	Smeal College of Business (one year)	$7,499

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Top 30 US MBA - Total Salary, Base Salary, Sign-on Bonus, Total Cost, Tuition Fees, % Increase in Cost, Non-State Student Fees (2025)

Rank	Business School Name	Total Salary 2025	Median Base Salary	Sign on Bonus	Total Cost 2025	Tuition Fees	% Increase in Cost (2025-2024)	Non-state students Fees
1	University of Chicago Booth School of Business	$206,000	$175,000	$31,000	$254,106	$174,708	5.10%	$174,708
2	Stanford Graduate School of Business	$215,000	$185,000	$30,000	$271,542	$171,510	3.80%	$171,510
3	Columbia Business School	$205,000	$175,000	$30,000	$268,669	$182,344	5.70%	$182,344
4	Harvard Business School	$205,000	$175,000	$30,000	$253,072	$157,400	6.40%	$157,400
4	NYU Stern School of Business*	$205,000	$175,000	$30,000	$261,676	$173,832	3.10%	$173,832
4	Wharton Business School (Base Salary)	$205,000	$175,000	$30,000	$264,808	$175,940	4.20%	$175,940
4	Kellogg School of Management	$200,000	$170,000	$30,000	$257,704	$172,740	7.80%	$172,740
4	Ross School of Business*	$200,000	$170,000	$30,000	$214,616	$146,060	9.30%	$1,56,060
4	Johnson Graduate School of Business (Cornell)	$205,000	$175,000	$30,000	$239,988	$173,192	11.90%	$173,192
4	Fuqua School of Business	$205,000	$175,000	$30,000	$229,904	$162,000	3.70%	$162,000
4	Yale School of Management	$190,000	$160,000	$30,000	$247,872	$175,600	4%	$175,600
4	Darden School of Business	$205,000	$175,000	$30,000	$242,216	$159,196	6.20%	$169,676
4	Dartmouth Tuck	$205,000	$175,000	$30,000	$270,658	$168,500	4.09%	$168,500
4	McCombs School of Business (average salary)	$182,181	$151,178	$31,003	$169,210	$110,39	28.40%	$119,368
5	Haas School of Business	$194,740	$160,000	$34,740	$255,724	$146,320	14.30%	$170,812
6	MIT Sloan School of Management	$200,000	$170,000	$30,000	$266,232	$166,810	6%	$166,810
7	McDonough School of Business	$181,854	$148,000	$33,854	$222,974	$140,216	7.70%	$140,216
8	Tepper School of Business	$189,275	$151,215	$38,000	$232,856	$162,680	8.70%	$162,680
9	USC Marshall School of Business*	$176,966	$144,442	$32,524	$204,400	$153,523	0%	$153,523
10	Jones Graduate School of Business	$183,000	$150,000	$33,000	$195,789	$152,146	-3%	$152,146
11	UNC Chapel Hill Kenan-Flagler Business School	$173,912	$140,490	$33,422	$204,828	$112,832	21.50%	$150,276
12	Foster School of Business (Base Salary)	$177,000	$145,000	$32,000	$196,132	$82,320	22.50%	$115,662
13	UCLA Anderson School of Management	$172,800	$142,800	$30,000	$256,069	$177,732	4.60%	$177,732
14	Kelley School of Business	$159,000	$129,000	$30,000	$166,516	$59,146	36%	$111,390
15	Mendoza College of Business	$160,000	$130,000	$30,000	$207,850	$146,520	9.50%	$146,520
16	Carlson School of Management	$163,568	$131,208	$32,360	$190,008	$109,588	34%	$137,612
17	BU Questrom School of Business	$135,000	$120,000	$15,000	$192,808	$1,39,740	7.10%	$1,39,740
18	Smeal College of Business (one year)	$85,172	$77,673	$7,499	$77,068	$34,960	43%	$55,460
19	UC Davis Graduate School of Business	$112,000	$98,000	$15,000	$189,774	$96,263	15%	$120,753
20	Paul Merage School of Business	$145,000	$125,000	$20,000	$206,687	$107,232	13%	$131,723
21	Broad College of Business	$132,500	$117,500	$15,000	$165,682	$72,358	9.80%	$114,542

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