Payback time

Which MBA offers the best return on investment (ROI)? That depends on whether you are after a long- or short-term gain. Our chart shows the cost of an MBA at selected business schools after taking into account tuition fees and forgone salary; roll over a school to see the ROI*. Two-year courses at prestigious American institutions are the most expensive. An MBA at Wharton costs $330,000 on average, in part because it enrolls well-paid executives. But the immediate return on such degrees is small. Graduates tend to land jobs just a few notches above the ones they left. Cheaper, shorter MBAs around the world offer better returns. Students at HEC make enough extra money upon graduation to pay off their degrees in less than two years. Schools, such as IESE, that enroll lots of students from poor countries who then find jobs in the West also fare well. Still, Wharton alumni are more likely to top the greasy pole in the long run.

^{*Difference between pre- and post-MBA salary divided by the total cost of the programme (forgone salary plus tuition fees)}