
This is part of the Ultimate Guide to Higher Education series. If you'd like to know more about other types of higher education you can pursue, we strongly recommend that you read the guide.
Are you contemplating the idea of pursuing an MBA in Singapore? Are you worried about the financial aspects of such a decision?
Well, look no further as this article will guide you through the various costs associated with pursuing an MBA in Singapore. From tuition fees to living expenses, whether full-time, part-time, international, or local, we'll provide you with a comprehensive breakdown, ensuring you're well-informed and prepared to make this significant investment in your future.
What is the Cost of Studying MBA in Singapore?
Tuition fees constitute the bulk of your study costs. Generally, you can expect to invest anywhere from 20,000 SGD to 91,000 SGD. However, some programs, particularly those at prestigious universities or specialised executive MBAs, may reach up to 137,000 SGD.
Here is a snapshot of the tuition fees of various institutions:
As you can see, the costs vary significantly between institutions. Typically, private institutions like Kaplan Higher Education (Kaplan) and PSB Academy have higher tuition fees. However, top-tier universities such as Institut Européen d'Administration des Affaires (INSEAD), National University of Singapore (NUS), and Nanyang Technological University (NTU) have higher tuition fees as it reflects their global rankings and the quality of education. That said, while the initial cost is high, the return on investment from these reputable institutions can be higher, making the upfront cost worthwhile in the long run.
Note that tuition fees could change due to various reasons:
1) Full-Time vs Part-Time
For context, a full-time MBA is typically an intensive program that requires students to focus solely on their studies, usually completed within 1-2 years. On the other hand, part-time MBA programs are designed for working professionals, allowing them to balance work and study over a more extended period.
For part-time students, the flexibility allows for continued employment, potentially offsetting the cost. However, remember that the program's duration might be extended, which could result in additional living expenses over an extended period.
2) Type of Program
Another factor that can affect the cost of an MBA in Singapore is the type of program you are planning to take.
For context, various MBA programs are available in Singapore:
- MBA: Generally aimed at early to mid-career professionals, offering a comprehensive business education.
- Executive MBA (EMBA): Targeted at senior professionals with significant work experience, emphasizing leadership and strategic management.
- Fellows MBA: Designed for mid-career professionals, often with a focus on leadership and global business.
- Professional MBA: Part-time or flexible programs for working professionals seeking to advance their careers without taking a break.
- Dual Degree: Combines an MBA with another graduate degree, allowing students to specialize in another field alongside business. Dual degrees offered can either be within the same institution or in partnership with another. For example, NTU offers a double MBA program in conjunction with Waseda University, Japan.
Given the plethora of programs available, it's understandable that the cost of taking an MBA can vary. Here is a snapshot of the cost of the different programs:
Please take note that the various MBA programs also have varying specialisations. For example, NUS offers MBA specialisations in analytics and operations, digital business, and healthcare management, James Cook University (JCU) has specialisations in global talent management and creative marketing, and Aalto Executive Education Academy has an EMBA in sustainability. Please be aware that these specialisations may impact the overall cost of your program.
3) Institution Offering the Program
Since private universities partner with various international educational institutions, they are able to offer niche courses. This collaboration also enables them to provide multiple MBA programs, each from different partner universities. The cost of the program varies depending on the partner university.
Are There Additional Expenses?
Yes! There are two types of additional expenses that you should take note of—other school fees and living expenses.
School Fees
Your school fees would include application fees, miscellaneous fees, and health insurance fees. That said, these fees vary per institution. For example, the application fee at NTU is only S$100 for both local and international students. However, at PSB Academy, the application fee is S$260 for Singapore-based students and S$490 for international students. Miscellaneous fees cover various range of services which include library fees, facility fees, and student development fees. As for health insurance, some universities require students to pay an annual premium for medical insurance. For instance, Curtin University requires students to pay S$141.70 annually.
Living Expenses
Beyond your tuition fees, you need to consider your living expenses.
Living cost may vary widely based on lifestyle and accommodation choices. Let’s break this down even further:
- Accommodation

On-Campus Accommodation at NUS
An affordable accommodation option is on-campus housing, such as single or double occupancy rooms. At NUS, for instance, on-campus accommodation can range from S$250 to S$500 per month. Alternatively, if you prefer to live off-campus, renting an HDB (Housing and Development Board) flat is another cost-effective choice. For example, a 3-bedroom HDB apartment, which could be shared with other students, may cost between S$2,200 and S$3,000 per month, depending on the location. For those with a higher budget, private condominiums or landed properties, like luxurious bungalows in prime locations, are available. According to Property Guru, these can be priced between S$5,000 and S$15,000 per month.
- Food
Food is relatively cheap in Singapore. That said, your monthly cost would depend on how extravagant you are. If you prefer to cook at home, you can save a lot as basic meat and vegetables can come up to about S$200. Unsurprisingly, eating out can cost more. For example, a lunch at a hawker centre can go as low as S$4 while a Big Mac at McDonald’s will be S$7.25. Then, a standard Mocha Frappuccino at Starbucks can cost you another $7.50. In addition, a visit to an average restaurant can set you back by S$20 – S$40 per person for basic meals. Basically, if you intend to go out, your food cost can range between $600 to $1200.
- Transportation
The cheapest and most efficient way to get around Singapore is by using public transportation. A one-way bus or MRT (Mass Rapid Transit) fare ranges from S$1.90 to S$3, depending on the distance from your school. For full-time students, the monthly cost is around S$76, assuming a daily commute to and from school over 20 class days per month. Note that this conservative estimate does not include weekend travel.
In addition to buses and trains, taxis are an option. The base fee for taxis is S$3.90, with an additional S$0.25 added every 400 meters. For example, if you live 5km from your institution, a single taxi ride will cost approximately S$6.78. Be aware of extra charges during peak hours (6 AM to 9:30 AM, Monday-Friday and 5 PM - 8 PM, Monday - Saturday), which incur an additional 25% surcharge. There is also a late-night surcharge (midnight to 6 AM) amounting to 50% of the metered fare.
- Healthcare
If you are a local, you have to pay your MedShield premium. Depending on your age, your contribution would range from $254.67 to $534.81. You also contribute at least 8% to 10.5% of your salary to MediSave.
That said, if you are an international student, you need to prepare at least $200 a month for your healthcare. This can cover a consultation fee for a general practitioner, which could cost between $20 and $55, or if you prefer a specialist, it could cost between $50 and $150. If you can, it is also good to get an international health insurance as they can cover various medical expenses. Monthly premiums for international health insurance such as Cigna Global Health Insurance can set you back around $300 to $500 a month.
- Utilities
When considering additional living costs, it's important to account for utilities and communication services. Monthly expenses for gas, water, and electricity typically range between S$200 to S$600, largely influenced by air-conditioning use. For mobile phone services, plans vary, costing between S$35 to S$100 monthly. Home internet connections, on the other hand, average around S$50 per month. As for cable TV, basic packages start at about S$17, while more comprehensive plans offering channels like CNN, BBC, Discovery, HBO, and ESPN can cost between S$50 to S$80. If you are an international student, you should be aware of a required S$250 deposit for cable services.
- Taxes
If you are a citizen, a permanent resident, or a foreigner who have stayed or worked in Singapore for 183 days or more in the tax year, you will have to pay for your personal income tax. Since Singapore follows a progressive tax rate, your tax would start at 0% and will be capped at 22%. For non-residents (foreigners who have stayed or worked in Singapore for less than 183 days in the tax year), your income tax will be a flat rate of 15%.
How About the International Students?
Apart from the expenses above, the following should also be considered by international students:
- Application Fees
As mentioned above, the application fees for international students differs depending on the university. For example, application fee at NTU is S$100 for both local and international students but in Singapore Management University (SMU), application fee is also S$100 but there is a registration fee of S$500.
- Visa Fees
For visa fees, you are required to pay a processing fee of S$30 for every application submitted to the Immigration & Checkpoints Authority (ICA). You also have to pay a visa issuance fee of S$60 for every student pass issued under your name. Additionally, if you want to exit and re-enter Singapore during your study, you will be required to pay another S$30 to get a multiple entry permit.
- Airfare
If you're curious about how we determined the price range for the airfare, here's the breakdown. This estimate is based on a one-way flight to Singapore using Singaporean airlines. Please note that this is a conservative estimation, and prices change regularly. Additionally, we chose to feature these countries because nationals from these locations comprised the majority of the over 65,000 foreign students in Singapore in 2022.
- Exam Fees
Universities offering MBA programs in Singapore typically require results from exams like IELTS, TOEFL, GRE, or GMAT. The costs for these tests are the following: IELTS at S$382, TOEFL at S$367.37, GRE at S$272, and GMAT at S$463.97. These assessments are essential for evaluating your readiness for the program, especially if English isn't your first language. Remember to include these expenses in your budget for the application process.
Are There Any Scholarships and Financial Aid Available?
Yes! Many institutions offer scholarships financial aid. For example, NTU has an alumni grant that will grant a student 10% off their tuition fees if they have completed a degree program at NTU. They also have scholarships for outstanding students such as the Nanyang Middle-East Scholarship, Nanyang Global Diversity Leader Scholarship, and the NTU Innovation Leader Scholarship. Similarly, INSEAD offers Financial Needs Scholarships, Special Attributes Scholarships, and Merit and Leadership-based scholarship.
If you are looking for external scholarships, there are various options available from governmental bodies, private organizations, and international foundations. These scholarships often target specific nationalities, fields of study, or merit criteria
External Scholarships Available:
External Scholarships |
Eligibility Criteria |
Amount Awarded |
BrokerFish International student scholarship |
Merit-based |
USD 1000 |
Global Study Awards |
Merit-based scholarship |
SGD 10,000 |
The Financial Sumo Educational Scholarship Program |
Merit-based |
USD 1,000 |
INSEAD Antonio Borges Endowed Scholarship |
Outstanding academic achievements |
up to SGD 20,000 |
QS Community Scholarships for MBA Studies |
Merit-based |
USD 10,000 |
There are also additional funding options that you could try:
- SkillsFuture Credit: Introduced in 2015, all Singaporeans aged 25 and above will receive an opening credit of S$500. SkillsFuture Credit aims to encourage individual ownership of skills development and learning journey.
- WeMakeScholars: WeMakeScholars is an organisation funded and supported by the IT Ministry, Govt. of India, and have helped students to successfully secure education loans from banks in India.
- GradRight: GradRight allows lenders to bid for students' education loans to ensure that students get the best offers. Via GradRight's Fundright platform, applicants are able to access 90% of the education loan lending market with a click of a button.
- Educational Loans: Educational loans offered by Singapore-based banks are applicable only to Singapore Citizens and Singapore Permanent Residents. Examples of these loans include the POSB Further Study Assist, the DBS Further Study Assist, and Maybank Education Loan.
- Bank Loans: There some banks that offer educational loans to international students. These banks include Prodigy Finance and SBI Singapore.
Is Taking an MBA in Singapore Worth It?
Yes! Here are some of the reasons why you should take an MBA in Singapore:
World-Class Education
University |
Global Ranking |
NUS |
QS Global MBA Ranking (2024): #24 |
NTU |
QS Global MBA Ranking (2024): #34 |
SMU |
QS Global MBA Ranking (2024): #43 |
INSEAD |
QS Global MBA Ranking (2024): #11 |
Singapore hosts globally recognized and highly ranked institutions such as INSEAD, NUS, NTU, and SMU. These schools are not only renowned within Asia but also hold prestigious positions in global academic rankings. Their MBA programs are celebrated for their rigorous academic standards, innovative research, and strong connections to the global business community. As an MBA student in Singapore, you'll benefit from a curriculum that's globally oriented and steeped in real-world business challenges.
Thriving Start-Up Scene
With its ambition to become the world's first smart nation, Singapore stands at the forefront of technological innovation. The MBA programs here provide specializations and hands-on experiences in entrepreneurship and technology, establishing a fertile environment for aspiring entrepreneurs. For instance, MBA students at NUS have the option to specialize in innovation and entrepreneurship, where they delve into subjects like new venture creation, strategic foresight, and social entrepreneurship, equipping them with the skills and knowledge necessary to thrive in the modern business world.
Increase in Salaries
Professionals often get higher salaries after getting an MBA in Singapore. Based on Glassdoor, here are the average annual salaries of sought-after positions after taking an MBA:
The table shows that taking an MBA is a great choice as it not only raises your employability but also heightens the chances of getting higher salaries.
Final Thoughts
Pursuing an MBA in Singapore is a wise investment for those seeking top-tier education, global exposure, and dynamic career opportunities. The city-state's prestigious institutions, strategic business environment, and diverse cultural landscape offer a unique and enriching experience for ambitious students.
With careful financial planning and exploration of available scholarships, this journey can be both rewarding and transformative. So, as you consider your next academic step, remember: Don't Stop Leveling Up!