From NerdWallet: Understanding the average business school debt is challenging as fewer graduate schools report student debt statistics. The most recent data from the National Center for Education Statistics shows an average business school debt of $66,300 in 2015-2016.
(See Poets&Quants‘ report on the cost of attending a top business school in the U.S. or Europe.)
A more recent estimate of Master of Business Administration, or MBA, student debt by Poets&Quants, a graduate business education news site, compared 2020 student debt — of the few colleges who reported data — to 2016 and found an increase of 11.3%.
How much an MBA student borrows may be unclear, but what is clear is that the cost of a graduate degree has increased over time.
For example, tuition and fees at the Wharton School of the University of Pennsylvania was $136,420 in 2014, according to Statista, a market and consumer data company. Compare this to Wharton’s 2022 tuition and fees of $235,136. That is an increase of 72% since 2014.
With the cost of an MBA rising, you may need to borrow more to cover the cost. Below you’ll find the average student debt for some of the top business schools, a student debt calculator to gain a better understanding of your monthly payments and tips for managing your debt once you’re in repayment.
Rohit Verma selected as new dean of Darla Moore School at South Carolina
From Columbia, South Carolina: Rohit Verma has been selected as dean of the Darla Moore School of Business, effective August 1.
Verma joins the Moore School from VinUniversity in Hanoi, Vietnam, where he serves as the founding provost of Vietnam’s first private, not-for-profit university based on international standards. Verma is also a professor of operations, technology and information management at Cornell University’s SC Johnson College of Business. Prior to his role at VinUniversity, which was established in strategic collaboration with Cornell and the University of Pennsylvania, Verma served as dean of external affairs at Cornell’s SC Johnson College of Business.
Verma’s leadership experience at Cornell also includes serving as the executive director for the Center for Hospitality Research and as the founding executive director for the Institute for Healthy Futures. While on leave from Cornell since 2019, Verma has served in several concurrent leadership positions at VinUniversity, where he won the Excellent Leader Award in 2021.
“Dr. Verma is an award-winning teacher, a successful researcher, and an innovative leader, and we are pleased to welcome him to the Carolina family,” USC President Michael Amiridis said. “His excellent academic record and his international perspective will be great complements to the leading-edge work of the Darla Moore School of Business.”
Chicago Booth to partner with city group to establish pipeline for first-gen, low-income students
From Chicago: The University of Chicago Booth School of Business today announced a new partnership with Chicago Scholars that will establish a pipeline for students to attend graduate level programs, and create a long-term impact in the Chicagoland area. Chicago Booth is the first graduate program to partner with the 501(c)(3) nonprofit leadership development organization.
Chicago Scholars provides academically ambitious students from low-income or first-generation college-going backgrounds with the tools to overcome systemic barriers and succeed in college and beyond. Simultaneously, Chicago Scholars works to prepare the city’s businesses and organizations for the next generation of leaders. The seven-year program offers participants guidance and resources, beginning with the college application process, and continuing throughout their undergraduate careers to ensure they thrive. The program culminates after college graduation once scholars receive their first job offer or graduate school acceptance.
“Chicago Booth is honored to be part of this first-ever, graduate level partnership with Chicago Scholars. It is a tremendous opportunity to engage with a local organization that helps prepare the next generation of leaders for college and careers,” says Donna Swinford, associate dean for student recruitment and admissions at Chicago Booth. “In higher education, we recognize the importance of establishing connections, building relationships, and working with learners as early as possible to nurture their path to college, MBA/graduate school, and beyond. We are honored to be a forerunner in this type of alliance that provides support, access, and a shared mission to help drive the economic future of our local communities.”
Mannheim Business School launches new Female Leadership Accelerator
From Mannheim, Germany: Mannheim Business School has launched a new six-month part-time program designed to help more women fulfill their career aspirations by reaching leadership positions.
The Female Leadership Accelerator also aims to support women re-entering the workforce after a phase of care work, or wanting to gain a foothold in the German labor market.
Individual program elements are tailored to the needs of participants. Four two-day modules provide valuable insight on leadership strategies, digital and sustainable transformation, value-based management, financial strategy, and customer orientation.
“The structure of the classroom modules on four Fridays and Saturdays over a period of six months means there are only four working days for the course, which is convenient for managers with busy schedules, and even mothers with small children are not faced with insurmountable childcare challenges,” says Professor Dr. Jens Wüstemann, president of Mannheim Business School.
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