Learn how to manage the costs of the Berkeley Haas MBA, including tuition fees and living expenses. Discover available financial aid such as loans and fellowships, how to apply for scholarships, and tips for budgeting while studying.
The Berkeley Haas School of Business consistently ranks highly among the top MBA programs worldwide. Situated in the San Francisco Bay Area, U.S., just minutes from Silicon Valley, it offers students unparalleled access to a thriving business ecosystem.
The Full-Time MBA at Berkeley Haas stands out for a variety of reasons. It equips students with essential leadership skills that help them to become impactful, ethical, and confident leaders. With a focus on global perspectives, experiential learning, and teamwork, the program has a rigorous and interdisciplinary curriculum. The program includes courses such as Leading People, Introduction to Finance, Marketing, Business Communication in Diverse Work Environments, Ethics and Responsibility in Business, and Strategic Leadership.
The courses build on one another to help students master analytical skills and essential business knowledge, and develop critical soft skills. Students also have the opportunity to tailor their learning experience by selecting electives that are most suited to their interests and career goals.
The advantages of earning an MBA degree at Berkeley Haas are numerous. Nonetheless, the question of finance and cost is inevitable for prospective students. Eric Askins, Executive Director of Admissions at Berkeley Haas, emphasizes, “We understand that an investment in an MBA is an investment in yourself.” (01:35)
While the financial commitment of doing an MBA is substantial, proper planning makes it a manageable investment in your future that will yield you a high return on investment.
The total cost of attending Berkeley Haas includes tuition, living expenses, and additional fees. Tuition for the 2024-2025 academic year is approximately $70,000 annually, although this may be cheaper for students coming from the State of California.
However, as Askins explains, “We actually use a metric called the cost of attendance, which likely includes housing costs, food costs, as well as books… and fees. We average that out to be around $100,000 a year.” (02.03) This brings the total estimated cost to $200,000 over two years.
Prospective students should consider that living in the Bay Area, known for its high cost of living, may increase these expenses.
Askins notes, “I would never call this area an inexpensive place to live; it is expensive, but there are student housing options which allow people to manage those budgets.” (02:54)
While pricey, the experience of living in the Bay Area has a unique appeal. It is a tech industry and economic hub that is also known for its diverse arts and culture scene. California has the fifth-largest economy globally, which adds a specific value to the experience of living and studying there.
Additionally, students should budget for extracurricular activities and experiences that enhance their MBA journey. Askins states, “We have student treks, where students are actually traveling to other countries together. There are [many] student experiences.” (03:33)
While extra costs, such as the student treks, can cost an additional $10,000 – 15,000, these are optional for students who want to participate. However, the program also offers fairly inexpensive student experiences. For example, student camping trips organized by the program only cost $10. Students can also rent boats to use at Lake Shasta near the campus. This allows students to participate in activities that best suit their budget.
Berkeley Haas offers several options to help Full-Time MBA students manage their finances.
Askins explains, “We do offer a ton of support in the terms of financial aid, and this could be need-based aid, based on your financial condition at the time you apply….then we have merit-based aid, which is based on the academic indicators at the time you apply. Students who are receiving aid, on average, receive about $60,000 worth of aid.” (05:26)
This financial aid includes scholarships, loans, and fellowships. Let’s examine how these differ and what they entail.
Berkeley Haas provides various scholarships. They offer both merit-based and need-based scholarships to applicants and current students.
Need-based grants, which are available to both domestic and international students, are based on the applicant’s financial condition at the time of application. Applicants wishing to apply for scholarships are encouraged to apply early and fill out a supplemental scholarship application with their application to be considered for all scholarship opportunities.
Merit-based scholarships are available for students with exceptional academic or leadership achievements. Askins highlights, “We’re always happy to engage with people if they’ve done really well in their undergraduate program and their standardized testing. We want to honor that.” (06:06)
Continuing students can also complete an application for scholarships, which will be awarded based on academic achievement, among other factors.
Loans are a common way for students to finance their education. This includes private loans, federal loans, and international loans. Berkeley Haas participates in federal loan programs such as the William D. Ford Federal Loan Program and the Grad PLUS loan for U.S. citizens and permanent residents.
“Many of our students are taking advantage of that through loans, either private or public loans that are available here in the United States…we also have loan partnerships; our school will actually guarantee loans through an organization called College Avenue, and then there’s a number of other loan options.” (04:51)
This provides a safety net for those needing additional financial support to pursue their MBA studies.
Berkeley Haas fellowships are often donor-funded and may be tied to specific criteria. Criteria can differ per fellowship. For example, the Forté Foundation Fellowship is awarded to a student who has shown dedication and commitment to advancing women in business.
These fellowships provide financial support that aligns with students’ mission-oriented goals.
Writing a strong MBA application and being well-informed about how the MBA scholarship application process works will improve your chances of securing financial aid.
Effective budgeting is crucial when navigating how to finance your MBA.
Askins advises about financial aid, “That should be a bonus in your plan, not an essential lynchpin part of your plan. Understand what’s out there in terms of loans, understand what your savings need to be before even entering into this process.” (13:30)
He advises creating a detailed budget that considers living costs and any other expenses. He notes that preparation is key to avoiding financial stress while studying. To assist with costs while studying, some full-time MBA students can make extra income by completing a paid internship or being Graduate Student Instructors.
Askins also encourages prospective students not to shy away from asking current students about how they are financing their MBA. “You’re going to get a diversity of answers, but it’s also going to help you figure out whether or not it is right for you.” (14:52)
This can provide valuable insights and help you find resources you might not have considered.
The Berkeley Haas MBA is a significant investment but pays dividends over time. “It’s not about that first job out. An MBA is a for-life degree, and it’s the trajectory that it puts you on.” (12:13)
Askins highlights, “An MBA is three things. It’s skills gained and knowledge building, it is career prep and defining yourself for future career opportunities, and it’s that networking and connection to a community that you will have for life.” (16:43)
Having your finances sorted before applying and starting the program means that you can focus on maximizing your MBA experience. With careful financial planning, an understanding of the costs involved, and a strategic approach to securing financial aid, pursuing an MBA degree at Berkeley Haas can turn from a goal into a reality.
For more information, check the Berkeley Haas profile page.
