An MBA is one of the smartest investments you can make in your future. Not only does it open doors to leadership roles, career pivots, and global opportunities, but it also significantly increases your earning potential. However, some MBA programs offer an even greater return on investment (ROI) than others, helping graduates recoup their costs faster and enjoy long-term financial success.
In this article, we highlight the top 10 MBA programs with the best ROI. These are the schools that provide the highest salaries relative to tuition costs. These programs combine affordability, strong employment outcomes, and lucrative salaries, making them ideal for those looking to maximize their MBA experience.
We used this Poets & Quants article as the basis for this post.
Here is the methodology Poets & Quants used:
“To develop our list of top MBA programs with the highest return on investment, we initially picked out the most highly rated MBA programs in the United States. We used rankings from sources such as QS and Fortune to develop a shortlist of 50 universities. To ensure the schools were comparable, we focused only on full-time, two-year MBA programs, which is the most common structure for MBA degrees. Further research was narrowed down to these only.
Among these highly rated MBA programs in the U.S., we calculated the average expense using the cost of attendance data provided by each school. To calculate each program’s return we used the median base salary based on the latest available employment reports. Using an expected increase in salary of 3% per year, we calculated each program’s return on investment during the first five years of employment. The top 15 institutes were chosen as the top MBA programs with the highest return on investment.
If you’re interested in examining ROI based on debt-to-salary ratios, we suggest checking out this US News & World Report article here.
Top 10 MBA Programs with the Best ROI
1. University of Texas at Austin (McCombs School of Business)
- Salary-to-debt ratio: 423%
- Total Cost to Attend: $177,610
- Median Base Salary: $175,000
McCombs consistently ranks as one of the top schools for ROI thanks to its strong employment outcomes and relatively affordable tuition. Located in Austin, a rapidly growing tech hub, McCombs graduates land lucrative roles in consulting and tech, making it one of the smartest investments in business education.
TOP TIP: Use your McCombs admissions essays to stand out. Here’s how.
2. Indiana University (Kelley School of Business)
- ROI: 348%
- Total Cost to Attend: $162,772
- Median Base Salary: $137,500
Kelley offers a combination of competitive tuition and high job placement rates, particularly in consulting and Fortune 500 companies. The school’s renowned Me, Inc. program provides students with intensive career coaching, helping them secure top-paying roles quickly.
TOP TIP: We have a stellar guide on how to nail your Kelley interview – check it out here.
3. University of Michigan (Ross School of Business)
- ROI: 343%
- Total Cost to Attend: $209,854
- Median Base Salary: $175,000
Ross is known for its action-based learning approach, which provides students with hands-on consulting experiences through the MAP (Multidisciplinary Action Projects) program. Its strong presence in finance, consulting, and tech ensures high salaries for graduates, making it a top choice for ROI-conscious applicants.
TOP TIP: Ross has rapidly increased in the rankings in the past few years, making it more difficult than ever to secure admission to this elite MBA program. That’s why we’ve prepared this guide to help you use your Ross admissions essays to stand out. We’ve rounded up our best tips and links to Michigan Ross MBA sample essays to ensure you give your Ross application your best shot.
4. Rice University (Jones) Business School
- ROI 327%
- Total Cost to Attend: $194,420
- Median Base Salary: $156,500
Rice Jones offers a strong focus on entrepreneurship and innovation, making it a top choice for students looking to break into high-growth industries. With its Houston location, graduates benefit from proximity to major energy, finance, and healthcare companies, leading to strong job placements and high salaries.
5. Duke University (Fuqua School of Business)
- ROI: 319%
- Total Cost to Attend: $221,652
- Median Base Salary: $175,000
Fuqua is known for its Team Fuqua culture, which fosters strong collaboration and networking opportunities. The program places a high percentage of graduates in consulting and healthcare, making it an excellent investment for those seeking career growth in these fields.
TOP TIP: If Duke is on your list, don’t miss this guide on crafting attention-grabbing essays! Inside, you’ll find expert tips and real-life examples from successful applicants. Check it out!
6. Cornell University (Johnson Graduate School of Management)
- ROI: 317%
- Total Cost to Attend: $222,872
- Median Base Salary: $175,000
Cornell Johnson’s Ithaca and NYC presence gives students the best of both worlds—an immersive academic environment and direct access to business leaders in finance, consulting, and tech. The program’s emphasis on leadership development helps graduates secure high-paying jobs with a strong ROI.
7. Emory University (Goizueta Business School)
- ROI: 310%
- Total Cost to Attend: $213,807
- Median Base Salary: $165,000
Goizueta’s small class sizes provide a personalized MBA experience, allowing students to build close relationships with faculty and recruiters. The school has a particularly strong track record in consulting, marketing, and finance, leading to impressive job placements.
8. University of Washington (Foster School of Business)
- ROI: 308%
- Total Cost to Attend: $196,632
- Median Base Salary: $151,247
Located in Seattle, home to companies like Amazon and Microsoft, Foster provides direct access to top tech employers. The school boasts one of the highest employment rates for MBAs, making it a strong contender for anyone looking to break into tech or consulting.
TOP TIP: In our experience helping our UW Foster applicants secure a place at the school, we have noticed that the video essay is as influential in an applicant’s admissions decision as the admissions interview.
That’s why we’ve prepared this guide to help you understand how the UW Foster video essay works and have shared a list of Foster MBA video essay questions to ensure you put your best foot forward!
9. University of Virginia (Darden School of Business)
- ROI: 295%
- Total Cost to Attend: $234,974
- Median Base Salary: $175,000
Darden’s case-method teaching ensures graduates develop strong analytical and leadership skills. With high placement rates in consulting and finance, the program offers an excellent ROI for those seeking a dynamic, well-ranked MBA.
TOP TIP: Competition to join Darden’s elite MBA is more difficult than ever. That’s why we’ve prepared this guide to help you use your Darden admissions essays to stand out.
10. Harvard Business School
- ROI: 336%
- Total Cost to Attend: $146,348
- Median Base Salary: $133,000
Harvard Business School’s global brand and extensive alumni network provide unmatched career opportunities. Despite its high tuition costs, HBS graduates command some of the highest salaries in business, making it one of the best investments for those aiming for leadership roles in top industries.
TOP TIP: Here is everything you need to get into Harvard Business School.
Considering Long-Term ROI
While short-term ROI calculations focus on immediate salary gains versus tuition costs, it’s equally important to evaluate the long-term return on investment of an MBA. A recent study by the Foundation for Research on Equal Opportunity (FREOPP) emphasizes that career growth, industry changes, and alumni networks significantly impact lifetime earnings.
Programs that may not have the best short-term ROI can still provide a substantial long-term returns through accelerated career progression, access to top leadership positions, and enhanced professional networks. Schools with strong alumni connections, ongoing executive education, and placement in high-growth industries tend to yield higher cumulative earnings over time.
The table below shows the results of the study, which show the calculated lifetime ROI of various top business schools.
Source: Free Opp’s Website
For a more comprehensive understanding of MBA ROI beyond just salary figures, you can explore the full report here. Oddly, Harvard Business School is not on the list.
Struggling to Make Your MBA Application Stand Out?
The MBA application process can be overwhelming. Between deciding your profile strategy, writing multiple essays, tailoring your resume, and preparing for interviews, it’s easy to feel like your application isn’t capturing the true strength of your profile. The reality is that many applications fail to stand out, and the competition is fiercer than ever. Without the right guidance, you could miss out on your dream school.
But you don’t have to do this alone. With a 98.9% success rate, our expert MBA consultants know exactly how to make your application shine. From crafting compelling stories that showcase your unique experiences to helping you fine-tune every detail, we provide personalized, 1:1 support at every step of the process that ensures you get into your top choice schools.
That’s the approach we took with Arthur and Isabela, a couple who were BOTH admitted to HBS.
In their words, “We cannot recommend Ellin Lolis Consulting enough! We had less than a 1% chance of being admitted together to HBS—but here we are, starting this incredible journey side by side.
The team’s professionalism, personalized attention, caring style and ability to understand our unique profiles truly set them apart. They ensured that every detail of who we are as individuals was reflected in our applications.
This was always coupled with positivity and quick response times, and the constant encouragement boosted our confidence when it mattered most. This led us to have a smoother process even during the stressful moments.”
If you’re ready to turn your MBA dreams into reality, learn more about working with us here. Let’s work together to craft an application that gets you noticed and accepted into your dream schools!
Real MBA Essays That Got People In
School-specific sample essays that got our clients accepted
