Understanding the costs of the Cambridge MBA

Congratulations! You’ve just received the acceptance letter to the Cambridge MBA. It’s a fantastic opportunity, and you should be thrilled. But as the reality of the situation sets in, you may find yourself wondering how you’re going to finance this life-changing experience. The tuition fees for a one-year full-time MBA at Cambridge Judge Business School are £64,000 ($75,729).

The tuition fees include course materials and your membership fee for one of Cambridge’s 31 colleges. Anyone applying to the Cambridge MBA will also apply to one of these colleges, although admitted students are guaranteed a place at a college. Cambridge students tend to live on-campus within their college, and it’s a big part of the Cambridge experience. However, your tuition fees do not cover living or accommodation expenses. 

It’s important to note that, excluding internships, MBA students at Cambridge Judge are not allowed to work while pursuing their degree. Which means they must have the necessary savings to cover their expenses during the program.

Cambridge MBA living costs

Although the cost of living in Cambridge isn’t as high as in London, it’s still one of the UK’s most expensive places to live. According to Charlotte Russell-Green, Head of MBA Recruitment and Admissions at Cambridge Judge, you must budget for that accordingly.

“The additional costs that we expect for a single person living in Cambridge for the full year would be £18,000,” she explains. “So that would be rent, food, living expenses – that kind of thing. Then of course there are set-up costs with that as well – so getting a mobile phone, getting a laptop in the UK. A couple of hundred pounds would be expected for that.” (00:59)

You certainly won’t be alone if you plan to come from abroad to study. The Cambridge Judge MBA has an international student rate of 90%. Charlotte highlights this help available to international students arriving in the UK.

“There’s a website called UKCISA, and that stands for the Council of International and Student Affairs,” she says. “That is a great resource for anyone coming to the UK to study because it has all the information about health care, insurance, visas, everything like that. Any sort of hidden costs in moving to the UK.” (01:33)

Including set-up costs (£200), the application fee (£165), and travel expenses if you’re coming from abroad, the total cost of the Cambridge MBA is around £82,000 – £83,000.

There are a number of financial aid opportunities for Cambridge Judge MBA students to help cover these costs.

Financial aid for Cambridge MBA students

60-70% of Cambridge MBA students receive financial assistance of some kind. That financial aid comes in two main categories: scholarships and bursaries. 

In general, scholarships are awarded to students based on professional or academic performance, while bursaries are based on financial need. Let’s explore them in a little more detail.

Scholarships at Cambridge Judge

There are a number of scholarships available to cover the costs of the Cambridge MBA. You will have to apply for a scholarship after you’ve sent off your MBA application – you’ll get a link to apply via the University of Cambridge online portal. Charlotte explains how their scholarships are divided into different categories.

“We have scholarships that promote regional diversity, professional diversity, gender diversity, we’re members of the Forte Foundation, LGBTQ+, we’re members of ROMBA as well. We give scholarships for academic excellence, we give scholarships to the military, and entrepreneurs as well. So there are lots of scholarships that you can apply to.” (04:14)

Charlotte adds that since the value of the university’s scholarships ranges from £10,000 to £35,000, none of them will cover all of your tuition fees. However, some external scholarships are available for Cambridge MBA students to cover your full tuition and even living expenses. As an example, if you’re coming from abroad and will return home after your studies, the Chevening Scholarships can potentially provide you with full funding. 

Whether you intend to apply for a scholarship offered by the University of Cambridge or an external organization, ensure you get your application sent off in good time. That’s because no scholarships will be awarded after the start of the academic year.

Bursaries at Cambridge Judge

Bursaries differ slightly from scholarships. They tend to be offered to students based on financial need, and are awarded to students at the same time an offer to the program is made. Also, you can’t apply for a bursary.

Charlotte says that you are awarded bursaries “at the discretion of the admissions committee and often based on the individual circumstances of the candidates.” (05:34)

It is possible to receive both a scholarship and a bursary to study at Cambridge Judge. Together they can go a long way towards addressing the cost. Charlotte says, “Our scholarships go up to £35,000, but you might also get a bursary on top of that as well, so some people have had £40-45,000 from us in total.” (05:56)

Is there room for negotiation?

Although some business schools welcome students negotiating their scholarship offer, things work differently at Cambridge Judge. It’s not that the school would be offended if you decided to try and negotiate – it’s more a question of commitment. Charlotte says the admissions team at Cambridge is wary of getting into “bidding wars”.

“I don’t like to get into bidding wars, simply because we want students that want to come here, that are invested in coming here, and aren’t just coming because they want the money, or because they’re going to the highest bidder. We want people that are really invested in the Cambridge MBA.” (07:00)

Your next steps for financing your Cambridge MBA

It’s worth looking at the Cambridge MBA website for a complete list of internal and external scholarship opportunities at the university. There are over 31 scholarships available from the university alone.

Remember that you’ll have to apply for each scholarship via the university or directly to the organization. With some effort and forethought on your part, a scholarship or bursary could be within your reach.With some of the costs taken care of you can focus on making the most of your time at the Cambridge Judge Business School.

If you would like to learn more about MBA financial aid opportunities, why not contact one of our MBA ambassadors? They’ll be happy to answer any questions you might have.