16 Cheapest Countries For MBA 2023

16 Cheapest Countries For MBA 2023

Want to study an MBA but can't afford how expensive business schools are? ScholarshipSet presents the cheapest countries for MBA.

An MBA is a good career choice to make, but finding affordable schools or even countries to study one, can be quite challenging and most times, for you to go to top-notch business schools like Harvard or Stanford, you will need a scholarship or loan, which sometimes aren't always easy to get.

In this article, we have made a list of the cheapest (and best) countries for MBA, and also outlined the best business schools in each of those countries, where you can get a quality education while paying little or no tuition fee.

See: 40 Best Online MBA Programs 2023.


1. 10 reasons why you should study an MBA

2. Table showing the 16 cheapest countries for MBA 

3. 16 cheapest countries for MBA

  1. Canada

  2. Switzerland

  3. China

  4. Ireland

  5. Malaysia

  6. Germany

  7. Norway

  8. The Netherlands

  9. France

  10. Mexico

  11. Iceland

  12. Sweden

  13. Greece

  14. Poland

  15. Portugal

  16. Spain

4. Conclusion

10 Reasons Why You Should Study An MBA

An MBA is one of the world's most sought after courses, and by deciding to do one, you are paving your way to having a successful well-paid career. 

If you are still making up your mind on whether you should do an MBA or not, here are 10 reasons why you should definitely do it.

1. An MBA Pays Well

MBA is one of the highest paying degrees in the world. Graduates of this course enjoy better compensation when compared to other courses and thrive no matter the sector they are employed in.


2. You Can Decide To Be An Entrepreneur

As a graduate of business, you already have the knowledge of business management, and financial and business planning, which you will need to successfully run a business, so you could always decide to apply those skills to starting up your own company.


3. Good Career Opportunities

An MBA has a vast career scope and you can gain employment across various sectors like human resources, project management, business development, marketing, financial consultant, etc. You will always have the opportunities to expand yourself and get better at your career.


4. You Could Build A Solid Network

Networking is one of the best currencies you can use to deal in business, and the sector you are in puts you at the center of many networks. You will have the chance to meet and work together with notable people in various industries who will always consider you for partnerships and projects.


5. An MBA Is Flexible

Getting your MBA, won't get in the way of you keeping any previous job you already had. This is because many MBA programs are offered online or part-time giving you the option to acquire your degree at your own pace. You can also attend evening or weekend classes.


6. Credibility

Having an MBA certificate gives you the credibility you need to be respected as an expert in your field. This is what smoothens the road for you to gain the confidence of clients, whether you choose to work in a reputable business firm or build your own company.


7. An MBA Is Globally Recognised

An MBA degree is globally recognised and is compatible  with other degree fields. What's more is that if you gained your certificate from a well reputed business school known all over the world, you can use that degree to work in a country of your choice without being doubted.


8. It Improves Your Knowledge

Furthering your basic knowledge of business by pursuing an MBA can improve your knowledge and solidify your place in the business industry. You will have access to know and use sophisticated information and skills that are only revealed when you do an MBA.


9. Good Communication Skills

You will learn how to not just talk to people, but how to persuade and convince them into using business strategies that work for their company. As an MBA student you will be well-versed in the art of salesmanship and getting people to trust your judgement. Also, you will know how to do pitches and talk to investors.


10. An MBA Is Good For Your Personal Development

Doing an MBA, doesn't just change you career wise, but it also transforms you personally. You learn how to make better decisions especially when it comes to investments, starting your own businesses, negotiation, communication, and consultation. 


Table Showing The 16 Cheapest Countries for MBA 


Cost of MBA

Cost Of Living


CAD 30,435 -CAD31,856

CAD 12,000 per year


CHF 28’500 -  CHF 70’000

CHF1850 per month


RMB 188,000 to RMB 438,000

RMB 2,553.20 per year


€8,000 - €30,000

€7,000 - €12,000 per year


MYR 16,606 RM 

MYR 14,400 per year


€19000 - €45000 

€850 per month


Free tuition

NOK 12 352 per month 

The Netherlands

€12,000  -  €54,000 

€800 – €1,100 per month


€14930 - €89000

€600 - €800 per month



MXN 41,423 per month


*Depends on the institution*

ISK 120,000 per month



SEK 12,000 per month


1500  - 2000 EUR per year

450–750 EUR per month


36,893 - 55,317 PLN per year

PLN 1,500


950 to 1300 euros

500 EUR to 800 EUR per month


960 - 1,800 EUR 

900 – 1,100 EUR 

16 Cheapest Countries for MBA

The 16 countries mentioned in this section, are some of the cheapest countries for MBA in the world, which international students can conveniently obtain a business degree in, without needing to struggle with the costs.  

We have also mentioned the cost of MBA for international students in each country, as well as the cost of living, and top MBA universities to attend.


1. Canada

16 Cheapest Countries for MBA

Canada is one of the top study destinations for international students, mostly because of its foreigner friendly society, great quality of living, and the fact that it is affordable to study in. 

Students seeking a degree in Business have another reason to go here as Canada is the cheapest country for MBA.

Cost of MBA in Canada - CAD 30,435-CAD31,856 per year

Cost of living in Canada - CAD 12,000 per year

Top 10 MBA Universities In Canada

  1. University of Toronto

  2. University of British Columbia

  3. Western University

  4. University of Alberta

  5. University of Montreal

  6. York University

  7. Simon Fraser University

  8. McGill University

  9. University of Calgary

  10. University of Waterloo


Read Also: Cheapest MBA in Canada for International Students 2023.


2. Switzerland

More than just its beautiful environs, other things that make Switzerland the perfect study destinations, is its cost of education and the fact that it houses some of the top ranking universities in the world. What's more is that Switzerland is one of the cheapest countries to study MBA.

Cost of MBA In Switzerland - CHF 28’500 -  CHF 70’000

Cost of living in Switzerland - CHF1850 per month

Top 10 MBA Universities In Switzerland

  1. Swiss Federal Institute of Technology Zurich

  2. University of St.Gallen

  3. University of Zurich

  4. University of Lausanne

  5. EU Business School

  6. American University In Switzerland

  7. IMD Business School

  8. Université de Genève – Geneva School of Economics and Management (GSEM)

  9. Geneva Business School

  10. Rushford Business School

3. China

Besides being another cheapest country to study MBA, China is loved by international students because of its affordable cost of studying, and it's highly ranked 40 universities which are globally recognised.

Cost of MBA in China - RMB 188,000 to RMB 438,000

Cost of Living in China - RMB 2,553.20 per year

Top 10 MBA Universities In China

  1. Peking University

  2. Tsinghua University

  3. Shanghai Jiao Tong University

  4. Southwestern University of Finance and Economics China

  5. Renmin University of China

  6. Shanghai University of Finance

  7. Zhejiang University

  8. Fudan University

  9. Xiamen University

  10. Sun Yat-sen University

4. Ireland

Ireland is the best country to study MBA at a low cost for international students. It is globally regarded as being one of the safest and best countries to study as a foreign student.

Cost of MBA in Ireland - €8,000 - €30,000

Cost of Living in Ireland - €7,000 and €12,000 per year

Top 10 MBA Universities In Ireland

  1. University College Dublin

  2. Trinity College Dublin

  3. University College Cork

  4. University of Limerick

  5. Dublin City University

  6. Dublin Institute of Technology

  7. Irish Management Institute

  8. National University of Ireland

  9. Griffith College Dublin

  10. IBAT College Dublin

5. Malaysia

Cheapest countries for MBBS

Malaysia is one of the cheapest countries to study abroad, which is why it doesn't come as a surprise that this school made it to the list of places to get a cheap MBA abroad.

Cost of MBA in Malaysia - MYR 16,606 RM 

Cost of living in Malaysia - MYR 14,400 per year

Top 9 MBA Universities In Malaysia

  1. Universiti Malaya

  2. Universiti Teknologi Malaysia

  3. Strathclyde Business School - Malaysia

  4. SEG International Bhd

  5. International Islamic University of Malaysia (IUM)

  6. Universiti Kebangsaan Malaysia (UKM)

  7. Universiti Sains Malaysia

  8. Universiti Tunku Abdul Rahman (UTAR)

  9. Asia School of Business

6. Germany

Germany is generally known by international students from all over the world for its affordable cost of education and living. It easily takes the spot as the cheapest country to do mba.

Cost of MBA in Germany -  €19000 to €45000 

Cost of Living in Germany - €850 per month (cost varies in several cities)

Top 10 MBA Universities In Germany

  1. Humboldt Universität zu Berlin

  2. Berlin School of Economics & Law

  3. University of Hamburg

  4. Grenoble Ecole de Management

  5. Munich Business School

  6. HHL Leipzig Graduate School of Management

  7. Frankfurt School of Finance & Management

  8. Mannheim Business School 

  9. HHL Leipzig Graduate School of Management

  10. WHU - Otto Beisheim Graduate School of Management

7. Norway

Norway is one country that offers free tuition for both its citizens and foreigners, it is attractive to international students because of its availability of  English taught programs they can study for free. Business students seeking affordable places further their studies, will be delighted to know that  Norway is home to cheap and best MBA colleges abroad.

Cost of MBA in Norway - free *universities in Norway are tuition free*

 Cost of Living in Norway -  NOK 12 352 per month 

Top 6 MBA Universities In Norway 

  1. BI Norwegian Business School

  2. NHH - Norwegian School of Economics

  3. The Norwegian University of Science and Technology

  4. University of Oslo

  5. University of Agder 

  6. Norwegian University of Life Sciences

8. The Netherlands

Cheapest countries for MBBS

The Netherlands is a good study destination, which welcomes international students to its lands and provides them with access to affordable quality education. It is also the cheapest country for doing mba in Europe, for foreign students.

Cost of MBA in Netherlands -  €12,000  -  €54,000 

Cost of Living in Netherlands -  €800 – €1,100 a month

Top 10 MBA Universities In The Netherlands

  1. University of Amsterdam

  2. Maastricht University

  3. Erasmus University Rotterdam

  4. Nyenrode Business University

  5. Hanze University of Applied Sciences

  6. Rotterdam University of Applied Sciences

  7. Inter College Business School

  8. Maastricht School of Management

  9. TIAS School for Business and Society

  10. Open Universiteit Nederland

9. France

What makes France one of the best study destinations in the world for foreign students is the fact that enrollment into a public university qualifies you for a two-thirds fees waiver by the state. Additionally, France has some of the cheapest MBA colleges abroad for international students.

Cost of MBA in France - €14930 - €89000 per year

Cost of Living in France - €600 to €800 per month

Top 10 MBA Universities In France

  1. HEC Paris

  2. INSEAD - Europe Campus

  3. EMLYON Business School

  4. ESSEC Business School

  5. EDHEC Business School

  6. SKEMA Business School

  7. ESCP Europe - Paris Campus

  8. Kedge Business School

  9. Conservatoire National des Arts et Métiers (CNAM) - International Institute of Management

  10. IÉSEG School of Management

10. Mexico

Mexico is a country which is rich in culture and takes the position as one of  the most visited nations in Latin America. This country has many benefits to offer to foreign students like low tuition fee and cost of living, and English taught programs, but more importantly it is one of the cheapest MBA countries you could ever attend.

Cost of MBA in Mexico - MXN.721,216.76 

Cost Of Living in Mexico -  MXN 41,423 per month

Top 10 MBA Universities In Mexico 

  1. IPADE Business School

  2. Universidad de Monterrey - UDEM Business School

  3. ITAM - Instituto Tecnológico Autónomo de México

  4. Universidad Anáhuac México - Facultad de Economía y Negocios

  5. Universidad Nacional Autónoma de México (UNAM) Facultad de Contaduría y Administración (FCA UNAM)

  6. Universidad De Las Américas (Udla) Puebla - Escuela De Negocios Y Economía

  7. Universidad de Guadalajara - CUCEA Centro Universitario de Ciencias Económico Administrativas

  8. Universidad de las Américas - A.C.

  9. Universidad Autónoma de Nuevo León -Facultad de Contaduría Pública y Administración (FACPYA)

  10. Universidad Autónoma Metropolitana - División de Ciencias Sociales y Humanidades

11. Iceland

Cheapest countries for MBA

In Iceland, the public universities are tuition free for both EU and non-EU students (international), while the private universities are paid for both categories of students. In addition to being an affordable study destination, Iceland also has the cheapest MBA in foreign country.

Cost of MBA In Iceland - depends on whether you attend a private or public institution.

Cost of Living in Iceland - ISK 120,000 per month

Top 4 MBA Universities In Iceland

  1. Reykjavik University 

  2. University of Iceland

  3. Bifröst University

  4. University of Akureyri

12. Sweden

In Sweden, students who are Swedish, or possess a permanent or temporary Swedish residence permit, are exempted from paying application or school fees. Also, students who are citizens of a country in the European Union or European Economic Area, or Switzerland, are not required to pay the tuition or application fee as well. 

Besides being tuition free, Sweden tops the list of countries to do a cheap MBA abroad.

Cost of MBA in Sweden - free

Cost of Living in Sweden - SEK 12,000 per month

Top 6 MBA Universities In Sweden

  1. SSE Stockholm School of Economics

  2. Stockholms Universitet 

  3. University of Gothenburg 

  4. LUSEM - Lund University School of Economics and Management

  5. Blekinge Tekniska Högskola · Blekinge Institute of Technology

  6. Uppsala Universitet

13. Greece

In addition to being among cheap countries to study MBA, Greece also makes for the perfect study destination for international students. This country has stunning World Heritage sites and beaches, which makes foreign students' lives more pleasant during their education. 

Greece is rich in culture, has hospitable locals, good food, and a thriving night scene.

Cost of MBA in Greece - 1500  - 2000 EUR per year.

Cost of Living in Greece - 450–750 EUR per month. 

Top 10 MBA Universities In Greece

  1. MBS College of Crete

  2. ALBA Graduate Business School

  3. ICBS Business College

  4. International Hellenic University (IHU)

  5. DEI College

  6. Mediterranean College, Athens

  7. Strathclyde Business School - Greece

  8. Athens University of Economics and Business (AUEB) - School of Business

  9. Mediterranean College, Athens

  10. Democritus University of Thrace

14. Poland

Cheapest countries for MBA

Poland is becoming increasingly popular as one of the top study destinations, amongst international students looking to experience a new culture. All of the things that makes Poland good is its focus on quality education, English taught programs that are over 800, and its safety and good quality of life. Poland is the cheapest country to do mba.

 Cost of MBA in Poland - 36,893 - 55,317 PLN per year

Cost of Living in Poland - PLN 1,500 per month

Top 10 MBA Universities In Poland

  1. Warsaw University of Technology 

  2. University of Warsaw

  3. SGH Warsaw School of Economics

  4. Kozminski University International Business School 

  5. Cracow University of Economics

  6. Poznan University of Economics and Business 

  7. Wroclaw University of Economics

  8. University of Euroregional Economy

  9. Lubelska Szko?a Biznesu · Lublin Business School 

  10. SWPS University of Social Sciences and Humanities 

15. Portugal

Portugal is the cheapest country for doing MBA. International students enrolled into an eligible university in Portugal can enjoy low tuition fees, and fully funded grants and government scholarships.

Cost of MBA in Portugal - 950 to 1300 Euros per year

Cost of Living in Portugal - 500 to 800 Euros per month

Top 7 MBA Universities In Portugal

  1. Universidade Católica Portuguesa

  2.  Universidade do Porto

  3.  Universidade Nova de Lisboa

  4. INDEG IUL - Instituto Universitario de Lisboa

  5. AESE Business School

  6. UAL Universidade Autónoma de Lisboa 

  7. Católica Porto Business School

16. Spain

Spain is said to be one of the most peaceful places to study as an international student, due to its easy going, foreigner friendly locals. 

Besides getting immersed in the Spanish culture and enjoying it's tourist sites, the main reason why you should study in Spain as a business student, is because it has the cheapest MBA in foreign country. And you can enroll for any of its English taught MBA programs.

Cost of MBA in Spain - 960 and 1,800 EUR per year

Cost of Living in Spain - 900 – 1,100 EUR per year

Top 7 MBA Universities In Spain

  1. Universidad de Navarra

  2. ESADE Business School - Barcelona Campus

  3. IE Business School

  4. Universidad Carlos III de Madrid (UC3M)

  5. ESCP Europe - Madrid Campus

  6. ESIC Business & Marketing School


Conclusion: You Don't Have To Keep Putting Off That MBA

If an MBA is really what you want to study,  then you should start off the process towards obtaining one. And thanks to these cheapest countries for MBA we have mentioned, half of the work which is finding an affordable place to study an MBA, has already been done for you.

All you need to do now is to look through these countries and check out their top MBA schools, to find the school that is most aligned with your goals. Additionally, you can look through some scholarships on our website to find more funding opportunities in these countries should you need the extra assistance.

Happy Hunting!



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