Along with being the number four ranked undergraduate business program in the nation, the University’s Ross School of Business also claims the number one spot in the U.S. News and World Report’s rank of most expensive public business schools for out-of-state students.
Tuition for out-of-state students is approximately $41,498 for a BBA and $52,944 for an MBA, according to the Business School website. While prices may be high, both University officials and a student in the program say the educational resources the school provides outweigh the price.
Valerie Suslow, associate dean at the Ross School of Business, said because the Business School receives limited state funding, it’s necessary for the school to charge a steep tuition price.
“Ross receives very limited direct support from the state of Michigan,” Suslow said. “As such, the Master of Business Administration is largely meant to be self-funded and supported by tuition revenue, along with fundraising and various gifts.”
She said high tuition prices are crucial in covering the lofty expense of providing top-notch facilities and educational resources for students.
“It requires tremendous resources to provide the best educational experience and environment for our students — such as world-class faculty, an unparalleled library, and outstanding career services,” Suslow said.
Suslow added that Ross is superior to other business schools in the country because it provides many opportunities for leadership development and self-assessment, like the Ross Leadership Initiative, which offers students real-world experience to apply and test their abilities.
There are also various programs — such as arts enterprise, consulting, finance, healthcare & life science, marketing and net impact — offered through the Business School that allow students to partake in educational ventures outside of the classroom, Suslow said.
“Each of these pieces alone are important,” Suslow said. “Taken together, they can transform our students into educated, well-rounded, grounded students who are ready to tackle the business challenges that lie ahead.”
Despite the high price, many Business School students say the cost of attending the school is a bargain considering the innovative and outstanding education the school provides.
Business graduate student Catherine Tamarelli said she believes paying out-of-state tuition will be valuable in the long run because the skills she develops at Michigan will help her likely obtain a successful career after graduating.
“Experience, high-caliber education and wonderful recruiting opportunities are just several of the benefits of attending such a prestigious business school,” Tamarelli said. “Leadership is probably one of the biggest skills I’ve learned from the school, which is a huge aspect in business.”
Tamarelli received her BBA as an in-state student, but after spending two years away from Michigan, she is now expected to pay out-of-state tuition. Fortunately, the difference between in-state and out-of-state tuition as an MBA student is not substantial, at about $5,000, she said.
In-state students in the BBA program pay about $15,466 for tuition versus the non-resident tuition of $41,498.