In this in-depth total cost analysis and funding tips for the Wharton MBA program, we cover:

Wharton MBA Cost Breakdown

Tuition Fees (Wharton MBA) (1-Year)

The first-year Wharton MBA tuition fee is $84,830 whereas the tuition fee for the second year is $83,830.

What is the total cost of a Wharton MBA?

The Wharton MBA Program's budget for each year is $132,224, which includes tuition ($87,970), University Fees ($4,670), room ($19,390), board ($8,930), books, supplies, health insurance, and other personal expenses ($11,264). These Expenses cost the same in the second year of the MBA program.

Students are charged in advance based on the number of credit units (CUs) they take if they enroll in summer classes between the first and second academic year.

What are the Wharton MBA expenses not covered under the annual budget?

The expenses that are not covered in the one-year Wharton Cost include Global Immersion Programs (GIP), Global Modular Courses (GMC), Fall Semester in San Francisco, Personal Medical Expenses not covered under Insurance, Child care expenses, and Computer purchases up to $2,000 (one time only).

9 to 12-month Difference

For first- and second-year MBA students, the cost of attendance is based on a nine-month budget. So, there is an additional anticipated cost of $14,691. This will apply to the students residing off-campus or staying for a summer program.

Wharton MBA: Total Cost Breakdown

By adding the total cost for both the academic year, the total Wharton MBA program cost comes to be $264,448. Since this cost is based on the nine-month budget, an additional cost of $28,476 is to be added to calculate the total cost for students residing off-campus or staying for a summer program. After the additional cost, the total cost for the Wharton MBA is $292,448.

Here, we summarize the First-year Wharton Full Time MBA programs.

Costs	2025-26 (First Year)	2025-26 (Second Year)
Tuition	$87,970	$87,970
University Fees	$4,670	$4,670
Room	$19,390	$19,390
Board	$8,930	$8,930
Books and Supplies	$1,080	$1,080
Transporation	$1,000	$1,000
Personal	$4,522	$4,522
Health Insurance	$4,662	$4,662
Total Cost	$132,224	$132,224

Wharton MBA Cost: 2025-26 VS 2024-25

For the 2025–26 academic year, the total cost of attending the Wharton MBA program has increased to $132,224, marking a 3.53% rise from the previous year’s total of $127,716.

Tuition Fee Inflation - 3.7% Increase

The most notable increase is in tuition, which has gone up by $3,140 (a 3.70% increase) from $84,830 to $87,970.

Room and Board - a 2.49% Increase

Room and board expenses have also risen, now estimated at $28,320, compared to $27,632 in 2024–25, a 2.49% increase.

The cost for books, supplies, and miscellaneous items has gone up by $430, while health insurance premiums have increased by $250, reflecting rising healthcare costs.

University fees have remained unchanged at $4,670.

Expenses	Wharton MBA 2025-26	Wharton MBA 2024-25
Tuition	$87,970	$84,830
University Fees	$4,670	$4,670
Room and Board	$28,320	$27,632
Books, Supplies, Misc.	$6,602	$6,172
Health Insurance*	$4,662	$4,412
Total	$132,224	$127,716

Related: Wharton MBA Cost Trends

Wharton MBA Funding Tips

The Wharton MBA Financial Aid Team can help with the financial aid application process, loan alternatives, funding sources, and other financial aid-related inquiries. The two major sources of financial aid for the Wharton Full-Time MBA are Wharton Financial Aid Office and the Student Financial Services (SFS).

Wharton MBA Scholarships and Fellowships

The generosity of corporations, foundations, and individuals helps exceptional students with a range of fellowships. No separate application is required. All admitted students are automatically considered for Wharton Fellowship assistance based on their admissions application.

Unique personal traits and backgrounds, academic success, remarkable professional development, and community involvement are among the criteria for fellowship selection. In the Admission and Financial Aid letter, awards are mentioned.

For a typical MBA student, fellowships are two-year awards distributed evenly across four semesters.

The Wharton Fellowship Committee does not allow fellowship support to be reconsidered.

Wharton Fellowships

Wharton School offers 11 fellowships for students seeking financial aid for the Full-Time MBA program.

The Joseph Wharton Fellowships, named after Joseph Wharton, Wharton School's founder, are given to students with exceptional academic, personal, and professional records.

Howard E. Mitchell Fellowships provides financial support to graduate students of color from traditionally underrepresented US demographic, mostly Black/African American, Latino/Hispanic, Native American/American Indian or Alaskan Native, and Native Hawaiian/Asian Pacific Islander, based on demonstrated leadership, academic excellence, work experience, and/or commitment to empowering traditionally underrepresented groups.

Every year, a select group of students receives fellowships covering entire tuition, participates in leadership training, and becomes part of a wide network of Mitchell Fellows.

Emerging Economy Fellowships are available to students from developing countries around the world.

Forte Fellowships are given to students who have demonstrated academic, professional, or creative leadership and commitment to empowering women in education or the workplace.

Judith L. and William G. Bollinger Fellowship: William G. Bollinger founded the fellowship in 2006 to give financial aid to the best overseas Wharton MBA candidates.

Moufid Farra Fellowship: Financial support for a graduate student or students is offered to support the Wharton School's educational mission of promoting student diversity. Applicants from member countries of the Arab League will be given preference.

ROMBA LGBT+ Fellowship is a collaboration between The Wharton MBA Program and Reaching Out to develop LGBT+ and active ally business leaders. A minimum $20,000 scholarship is awarded to each Fellow with access to special leadership programming, including an all-expenses-paid retreat.

Wharton Prism Fellowship covering full tuition is given to one student who is a member of the LGBTQIA community and shows leadership with the cause.

Friends of Israel MBA Fellowship provides full tuition for two years to Israeli students who have served in the Israeli military, attended an Israeli undergraduate university, and/or worked for an Israeli enterprise for the past five years. A distinct cohort of five to six fellows will be selected each year.

Social Impact Fellowships are provided to students with proven leadership in the public and/or non-profit sectors.

Chapman Taylor Family MBA fellowship is designed to provide financial assistance to graduate students or students at the Wharton School, with a preference for individuals who have served in the Peace Corps.

Corporate and Foundation Fellowships are provided by a selected list of corporations and foundations.

Wharton Fellowships for Current Students: Additional fellowship opportunities are available to students in various disciplines throughout their MBA program.

There is a separate application process, prize amounts, and criteria for each.

2nd Year Financial Aid Awards: This financial aid award was founded to provide further financial assistance during the second year. The Wharton Fellowship Committee will decide on fellowship funding based on the submitted application, assessing outstanding loan balances, prior fellowships, and other financial aid received.

Funding for Current Students

During the MBA program, students may access additional funding opportunities with separate applications, award amounts, and selection criteria.

Wharton Student Experience Fund (WSEF)

WSEF provides need-based funding for current Wharton MBA students to support expenses related to the Global Modular Course, Global Immersion Program, Semester in San Francisco, or Leadership Venture.

Academic Fellowships - Wharton MBA

• Ford Fellowship (First year, best student)
• Academic Excellence Fellowship (Terms 2 and 3, best student)
• Inselbag Fellowship (First year, top 5% eligible)
• McGowan Fellowship (First year, top 5% eligible)
• Director’s List Fellowship (Each semester, top 10% eligible)
• Dr. Bruce I. Jacobs Scholars in Quantitative Finance (Second-year, exceptional students in Quantitative Finance Major)

Entrepreneurial Awards and Fellowships

• Penn Wharton Innovation Fund
• Summer Venture Award
• Startup Internship Award
• Edward B Shills / Leonard L Zeidman Fellowship

Leadership Fellowships: Behrman Family Fellowships to those who show demonstrated leadership and financial need.

Real Estate Fellowships: Samuel Zell and Robert Lurie Real Estate Center awards grants, fellowships, and scholarships to talented real estate students demonstrating academic excellence.

Additional Fellowship Sources

Wharton MBA students have access to a range of paid roles and fellowships that offer both income and valuable experience. These opportunities are competitive and vary in compensation, structure, and timing.

• Leadership & Fellow Opportunities: Primarily for second-year students, these roles come with defined responsibilities and timelines. Over 300 paid fellowships are available, with typical stipends ranging from $1,000 to $5,000.

• On-Campus Work: Students can pursue part-time roles across Wharton and the wider University of Pennsylvania, with pay and responsibilities varying by position.

• Summer Internships: Most students undertake paid internships after their first year. Income earned can help offset second-year costs. Wharton MBA Career Management supports this process.

External Scholarships & Sponsorships

Students are encouraged to seek funding beyond Wharton to reduce out-of-pocket expenses.

• Third-Party Sponsorships: External organizations such as military bodies, embassies, and educational institutions may directly fund your tuition and fees. These are coordinated through the University’s billing system and may affect loan or fellowship eligibility.

• External Scholarships: Funding opportunities are available through various companies, organizations, and clubs. Students should actively explore these options based on personal affiliations or eligibility.

The Yellow Ribbon Program – Military Applicants

The Post-9/11 Veterans Educational Assistance Act of 2008 included a provision called the Yellow Ribbon Program (YRB). Wharton has a grant program for veterans called the Yellow Ribbon Program.

The Wharton School will waive the application cost if the person is on active duty or a veteran. A maximum Yellow Ribbon Award of $23,000 is available to eligible applicants. The Department of Veteran Affairs (VA) will equal the amount of the School's award. If students are eligible for the Yellow Ribbon Program, they must indicate Yellow Ribbon eligibility by submitting a VA Certificate of Eligibility (COE) to the Registrar’s Office.

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Reference

Wharton MBA Funding