How much does Post-Grad study cost?
Make sure you know how much a post-graduate course could set you back.
Completing a post-grad course could be great for your career prospects, but what about the all-important issue of how much it’ll cost? It’s likely that you’ll have racked up a hefty amount of student debt already, so it’s wise to know exactly how much you’ll have to pay before you start to make any concrete plans.
To help you with your decision making, we’ve put together this guide to the costs of post-grad study. Of course, exact fees will vary from one establishment to another and you’ll need to contact specific universities for exact fees, though these estimates will let you get your head round the bigger picture.
Bear in mind that the fees include use of university libraries and facilities, as well as tuition and any supervised time that you might need with your tutors as part of your course.
How much do the post-grad courses cost?
How much does a Masters cost?
The biggest deciding factor in the cost of a Masters degree is the nature of the subject. Factors such as the university’s league table ratings and research facilities will also come into play.
As a general guide, you can expect to pay the following per year, sorted by subject type.
- Arts and humanities: £7,000 to £9,000
- Science: £7,500 to £12,000
- Clinical: £10,000 to £21,000
How much does a PhD cost?
Despite being a level higher than a Masters, PhDs tend to cost approximately the same amount per year, though whilst a Masters typically takes one or two years, a PhD can take three or more.
Always remember that fees are payable on a yearly basis, so you’ll need to work out the total cost rather than just the fee for one year. So, if it’s £7,000 per year, you’ll end up paying £21,000 by the end of your course.
How much does an MBA cost?
An MBA tends to be the most expensive option of them all, and can cost you anything from £5,000 to £30,000 per year! The length of your course will vary depending on several factors, though it’s been estimated that students will pay an average of £15,600 for completion.
It’s worthwhile noting here that people tend to do MBAs once they’ve been in a professional role for a couple of years, and are looking for their next foot up the career ladder.
This doesn’t necessarily mean that it’s impossible to do one straight after your undergraduate degree, but be aware that your course mates are likely to have the financial backing of their employer.
What other costs do you need to consider?
The cost of your course isn’t the only thing that you need to think about. You’ll also have to cover your own living costs, so make sure that you fully understand what this will entail and what impact it will have on your finances.
The best approach here is to sit down with a pen and paper and work out your living expenses on a monthly basis. Remember to think about:
- books and study aids
- and any other financial commitments that you have.
For most post-grad students, working alongside their course is pretty much the only option. The extra cash is invaluable, but never forget about the practicalities of balancing employment with study. That little bit of additional experience can also help when it comes to finding a job.
Qualifications are one thing, but real world transferable skills are also essential. An understanding and flexible boss, plus an organised approach on your behalf will make the whole process an awful lot easier!
The cost of post-grad study can undoubtedly be high, but never forget that it could be a very sensible investment in your future career, and there are plenty of funding options that could be available to you.
Are you thinking about post-grad study? Have you started to consider how you’ll manage your finances?