The MBA Tour sent out an interesting announcement yesterday:
Both the euro and the Chinese Yuan have appreciated vs. the U.S. dollar over the past 3 years; the euro by 30% and the Yuan by 17%.
“ An American 2-year MBA is very attractive to European students now because it’s not all that more expensive than many one-year programs there,” Craig Hubbell, Associate Director of MBA Admissions, UCLA Anderson School of Management.
UCLA Anderson reports a 50% increase in MBA applications from Europe this year, and currency exchange rate is one of the top factors, says Hubbell.
Tuition fees rise slightly year to year but no where near the amount the U.S. dollar has dropped. Today a $38,000.00 U.S. tuition fee will cost the European student approximately 24,200.00 euros. 5 years ago that same tuition fee cost 33,000 euros, and 10 years ago, 35,000.00.
Students from China and India are also taking advantage of this less expensive opportunity to study in the U.S. The Chinese Yuan and Indian Rupee continue to rise and American b-schools are seeing an increase in applications from these countries.
The MBA Tour travels with U.S. schools to major cities in Asia and India and is seeing substantial growth in registration over the last 3 years in Beijing, Shanghai, Delhi, and Mumbai conferences.
“As these economies grow, more wealth is created and therefore more affordability of education. This means you’ll see more people taking the GMAT, and attendance at our events in China and India will continue to grow,” says Peter von Loesecke, CEO The MBA Tour. “Our attendance in Shanghai has increased by 62% and we have also witnessed about a 40% increase in attendance in Beijing. In order to handle attendance at our Bangalore event we added an additional city to the tour and attendance in India is up 28% overall.”