MBA in Singapore: Know the Study Cost
MBA in Singapore: When it comes to business schools and MBA programmes in the Asia Pacific region, Singapore has three of its universities placed in the top five of QS Global 200 MBA Rankings 2014/15, with Insead –Singapore on the top. But now even at a global level, Singapore is creating waves. In the Global MBA Ranking 2016 published by Financial Times (FT), Insead - France / Singapore has dethroned Harvard Business School as the #1 business school in the world. Apart from Insead, Nanyang Business School and National University of Singapore Business School also made it to the FT top 50. With such startling achievements, it is not much of a surprise that there is a beeline of students who want to pursue MBA in Singapore.
Once the destination for your MBA degree is sealed, Singapore in this case, the next obvious question -- what is the cost of pursuing MBA in Singapore? MBA being one of the more expensive degrees, and also considering that the living expenses can vary from country to country, proper information about living costs, tuition fees and other expenses will make life a lot easier. As you read this article, you will realise that MBA fee in Singapore is only one component of the total cost of pursuing MBA in Singapore.
MBA fee in Singapore:
If you are hoping to get into the number one business school in the world, don’t expect it to be cheap. In fact, at SGD $110,277, INSEAD – Singapore has a steep tuition fee, comparable to tuition fee in top business schools across countries. But on the brighter side, at Insead, you are guaranteed the highest return on investment of any MBA in the world (according to Forbes). In addition, as many as 12 CEOs of Europe’s biggest listed companies are Insead pass-outs, which is more than two times the next two business schools combined (Business Insider UK).
NUS Business School, Singapore, is another business school that made it to the FT list and at SGD $62,000 has a fairly reasonable tuition fee. But unlike Insead MBA, which is a 10-month program, the course duration at NUS is 17 months. What it basically means is that you will end up spending more as way of living expenses.
Another business school that has almost identical fees to NUS Business School is Singapore Management University (SMU). However, SMU is a 12-month MBA program. Admission criteria at the university include two years of post-degree working experience.
Nanyang Business School, NTU, Singapore, is ranked 32nd in the FT list and has a tuition fee of SGD $55,000. It, too, is a 12-month MBA program.
The lowest tuition fee is in James Cook University (JCU) Singapore, where the 16-month program is available for SGD $44,940.
MBA Fee in Singapore across top business schools
INSEAD – Singapore
Two-five years recommended
NUS Business School, Singapore
Applicants must have a minimum of two years full-time postgraduate work experience
Nanyang Business School, NTU, Singapore
At least 2 years work experience
Singapore Management University (SMU)
Two years of post-degree working experience
James Cook University (JCU) Singapore
Contribution of living expenses to cost of studying MBA in Singapore
In addition to MBA fee in Singapore, another major expense is related to living expenses. Of the total expense of SGD $35,573, more than half will go into accommodation. When choosing accommodation, students can explore a number of options like:
renting a room in a public housing apartment
renting a public housing apartment
renting a room in a private apartment
renting a 3-bedroom ( or something similar) private apartment
It is normally cheaper to rent a room in a private apartment (SGD $600 - $1,300 per month) than renting private apartments, which can make you poorer by SGD $4,000 - $7,000 per month. The idea is to find an accommodation that fits in to your budget.
Living expenses also include meals, transport and telephone bills. Besides, you have to keep aside SGD $18 – $55 every time you visit a General Practitioner. In some cases, health care may be included in the MBA fee in Singapore, but students need to get in touch with their universities to understand the extent of coverage, if any.
Estimated yearly expenses (Insead figure)
Miscellaneous (i.e. relocation & settling in expenses, excludes leisure)
Travel for exchange
Total Average Expenses
Health Insurance adds up to cost of studying MBA in Singapore
International students are generally required to take health insurance schemes when they are pursuing MBA in Singapore. In some cases, the health insurance fee is included in the Miscellaneous Student Fees and is collected on a semester basis. International graduates and non-graduating students in the National University of Singapore are expected to pay S$62.85 per semester, inclusive of GST, as part of their insurance coverage.
As for travel insurance, it is not mandatory, and it is the student’s discretion to buy any private plan that suits him.
Expenses related to admission requirements:
Getting admission into a top business school requires you to show your credentials, be it your English language proficiency or logical, analytical and reasoning abilities. And there are a slew of tests to prove your eligibility.
International students also need to take GMAT as part of their admission requirement and the fee for the exam is US $250. Also, once you book a date but decide to back out at the last moment for lack of preparation, be ready to pay US $50 as rescheduling fee.
When calculating the actual cost of pursuing MBA in Singapore, all these expenses add up to make quite a dent in your pocket. So, you should definitely look at these expenses as well apart from MBA fee in Singapore.
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