LIBF blog The journey to an MBA: its duration, cost, and key steps to qualification

7 February 2024

7 minute read

Are you wondering how long it takes to complete an MBA?

If you're a business professional interested in advancing your career, pursuing an MBA (Master of Business Administration) can be a great option. An MBA can offer many personal and professional benefits, such as an increased salary, greater expertise in business, and making you more attractive to future employers and corporate recruiters.

While the journey to an MBA may seem like a big commitment, understanding the duration, cost, and key steps involved can help you navigate the path with confidence.

How long is an MBA?

The duration of an MBA programme can vary depending on whether you plan to study full or part-time.

A full-time MBA programme typically takes around one to two years to complete.

  • These courses often involve intensive, immersive learning, allowing you to focus solely on your studies.

Part-time MBA courses are designed for business professionals who plan to balance their studies with their current job.

  • These programmes can take anywhere from 18 months to five years to complete, with the reduced time commitment allowing MBA students to continue to work full-time while pursuing a degree.

Ultimately, the duration of an MBA programme depends on your individual circumstances and goals. It's important to consider your personal commitments, work-life balance, and career aspirations when deciding whether a full or part-time study is right for you.

At LIBF, you can study for an online MBA full-time over one year, or part-time over 18 months or two years.

Ready to unleash your business potential and achieve your career goals?

Discover our 100% online MBA course with flexible payment options to make investing in your future easier.

  • Start any day, study from anywhere

  • Study full-time over one year, or

  • Study part-time over 18 months or two years.

How much does an MBA cost?

The total cost of an MBA degree can vary significantly depending on the degree provider, location, and length of the course. On average, MBA programs can cost anywhere from £10,000 to over £100,000. Given the wide range of tuition fee costs, it's crucial to research and compare different programmes to find one that fits your budget.

As a specialist online degree provider, with no physical campus costs, we're able to offer our online MBA for just £10,250.

Keep in mind that many MBA graduates experience career advancement and increased earning potential, which can help offset the cost over time and provide a positive return on investment. There may also be scholarships, grants, or student loan options available to help you finance your programme.

Additional costs

Outside of tuition fees, you'll also need to factor in any additional costs such as textbooks, materials, and accommodation. This is especially true if you're considering in-person study at higher education providers, universities or business schools.

If you're considering an online MBA, you'll typically find that all your course materials are available in your digital learning environment, reducing additional expenses such as textbooks, accommodation and travel. Students who study part-time with online degree providers or universities can also offset the cost of studying by continuing to work full-time, earning a salary alongside their studies.

How to get an MBA in 5 steps

Now that you understand the duration and cost of an MBA programme, let's explore the key steps to getting started on your journey.

1. Research your options

Begin by researching different MBA programmes to find one that aligns with your career goals, business interests, and learning style. Consider factors such as part or full-time study, curriculum, faculty, and careers support.

At this point, you should also consider whether you'll benefit most from studying in-person at university, or with an online degree provider.

2. Research entry requirements

MBAs typically have specific entry requirements, which may include a bachelor's degree, relevant prior work experience, letters of recommendation, or a personal statement.

If your chosen programme requires a written application, take the time to tailor your application to each institution you are applying to.

3. Plan your finances

Consider the cost of your chosen course and create a budget to finance your MBA education. Include your expected salary (if you will be continuing to work full or part-time), your timeline for tuition fee payments if you're self-funding (in advance, or spread out over the cost of your degree) and any additional expenses.

Make sure to also explore funding options such as scholarships, grants, and student loans. If you're from England, Wales, Scotland or Northern Ireland, you may be eligible for a postgraduate loan from your country's government to cover the MBA cost.

4. Apply for your course

Submit your application materials and follow the admissions process outlined by the programme provider. Depending on the provider, some applicants may be asked to attend an interview, submit additional essays, or enter entrance exams.

If you choose to study online with LIBF, all you need to do is complete our online application form and submit your eligibility documents online.

5. Start your MBA journey

Once accepted onto an MBA, take advantage of the opportunities it offers. Engage in class discussions, network with peers and tutors, and participate in work experience opportunities. Make the most of your MBA experience to enhance your skills and broaden your network.

Studying an MBA with LIBF

Now you understand the duration, cost, and key steps involved in getting an MBA, you should be in a better place to decide your next steps.

At LIBF, our MBA degree is designed to prepare you for career advancement. What's more, we offer the ultimate flexibility to help you balance your studies with your life. Start any day, study from anywhere that suits you, and spread out the cost of studying monthly or yearly if you self-fund your programme.

Discover our online MBA course

FAQs about getting an MBA

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