歐洲商學院性價比超過美國

When it comes to value for money, European MBA programmes outperform their North American counterparts. Nine out of 10 of the best value-for-money programmes in the Financial Times Global MBA ranking 2016 are in Europe, while 44 of the North American programmes are in the bottom 50.

談到物有所值，歐洲MBA課程要勝過北美。在英國《金融時報》2016年全球MBA排行榜上性價比最高的課程中，90%位於歐洲，而44項北美課程處於性價比最低的50項課程之列。

But what are the cost considerations that underpin such comparisons?

然而，這種對比基於何種成本考量？

A full-time MBA programme can be a mighty investment. Not only do most come with a hefty price tag but, unlike part-time or online MBAs, also bring an added penalty in lost salary, or opportunity cost.

全日制MBA課程可能是一筆巨大投資。多數課程不僅學費高昂，而且與兼職或在線MBA不同，還伴隨着薪資損失（即所謂機會成本）的額外懲罰。

A full-time programme at a top 100 school costs on average just under $200,000, according to a survey of MBA students graduating in 2012, conducted as part of the FT’s 2016 rankings. This includes tuition, accommodation and day-to-day costs totalling $112,000, and an opportunity cost of $106,000.

作爲英國《金融時報》2016年排行榜的一部分，我們對2012年畢業的MBA學員展開了一項調查。結果顯示，排名前100名商學院的全日制MBA課程的平均成本略低於20萬美元。其中包括學費、食宿和日常開支（總計11.2萬美元）以及機會成本（10.6萬美元）。

As for tuition, the 101 schools ranked by the FT in 2016 have average fees ranging from less than $30,000 for Birmingham Business School to around $135,000 for the top four US programmes: Harvard Business School, Stanford Graduate School of Business, the University of Pennsylvania’s Wharton School and Columbia Business School. Data from the class of 2012 show that students paid tuition fees of $78,000 on average.

至於學費，躋身英國《金融時報》2016年排行榜的101所院校的平均學費從伯明翰商學院(Birmingham Business School)的不到3萬美元到美國最頂尖的4所商學院課程的13.5萬美元左右不等：哈佛商學院(Harvard Business School)、斯坦福商學院(Stanford Graduate School of Business)、賓夕法尼亞大學(University of Pennsylvania)沃頓商學院(Wharton School)和哥倫比亞商學院(Columbia Business School)。來自2012屆畢業生的數據顯示，MBA學員的平均學費爲7.8萬美元。

Part of Europe’s value-for-money appeal boils down to course length. Full-time MBA programmes last about 18 months, but in Europe they are typically a year, or 10 months at Insead. Some North American programmes have one-year and two-year tracks, but most students opt for the longer version, which lasts on average 21 months.

歐洲的性價比吸引力在一定程度上歸因於課程長度。全日制MBA課程時間爲18個月左右，但在歐洲一般爲一年，歐洲工商管理學院(Insead)爲10個月。一些北美商學院有一年課程和兩年課程，但多數學生選擇時間較長的課程，平均爲21個月。

With similar pre-MBA salaries of $71,000 in Europe and $69,000 in North America, the opportunity cost is 38 per cent greater in North America than in Europe: $123,000 compared with $89,000.

歐洲和北美學員在攻讀MBA之前的薪資水平類似，分別爲7.1萬美元和6.9萬美元，北美的機會成本（12.3萬美元）比歐洲（8.9萬美元）高出38%。

On the plus side, help is at hand. There are numerous sources of financial assistance but mainly in the form of sponsorship, usually paid by the current employer, or scholarships and grants paid for by the school. The FT data show that more than half (52 per cent) of students received some financial help. More than three in five students (61 per cent) in North America received financial help compared with 44 per cent in Europe and 37 per cent in Asia.

從好的方面來說，獲得經濟援助相對容易。經濟援助的來源衆多，但主要形式是贊助（通常由現任僱主支付）或者獎學金以及學院提供的補助。英國《金融時報》的數據顯示，超過一半（52%）的MBA學員獲得過一些經濟援助。超過五分之三（61%）的北美學員獲得過經濟援助，歐洲和亞洲學員的這個比例分別爲44%和37%。

Though sponsorship can cover the whole cost of the MBA, only a minority of students receive this. About 10 per cent of those students that responded to the FT survey received sponsorship, at an average level of $70,000. Scholarships are far more common with about 45 per cent of students receiving one, but they tend to be less generous, at around $32,000. More than half of students (56 per cent) in North America receive a scholarship worth around $37,000 compared with a third of students in Europe who receive only around $20,000.

雖然贊助可能彌補所有的MBA費用，但只有少數學員獲得這種支持。在接受英國《金融時報》調查的學員中，大約10%接受過贊助，平均爲7萬美元。獎學金要普遍得多，約45%的學員獲得過獎學金，但往往金額較低，爲3.2萬美元左右。超過一半的北美學員（56%）獲得過獎學金，平均約3.7萬美元，三分之一的歐洲學員獲得過獎學金，平均僅2萬美元左右。

Overall, the total cost of MBA programmes ranges from about $160,000 to $220,000, depending on the level of financial support. The average total cost in Europe is $166,000, varying from $130,000 for those with financial help to $186,000 for those without such support. This compares with an average cost of $222,000 in North America, ranging from $177,000 to $264,000.

總的來說，MBA課程的總費用介於16萬美元到22萬美元之間，取決於經濟援助的水平。歐洲的平均總費用爲16.6萬美元，獲得經濟援助的學員平均爲13萬美元，沒有獲得經濟援助的學員爲18.6萬美元。北美商學院的平均費用爲22.2萬美元，從17.7萬美元到26.4萬美元。

If an MBA is an investment, the return is an average salary of $135,000 three years after graduation, just about double the pre-MBA salary. While alumni from Leeds University Business School have the smallest average salary in Europe three years after graduation at $89,000, the school is still ranked 17 for value for money.

如果說攻讀MBA是一筆投資的話，那麼其回報是畢業3年後平均薪資爲13.5萬美元，是攻讀MBA之前薪資的兩倍左右。利茲大學商學院(Leeds University Business School)校友在畢業3年後的平均薪資爲歐洲最低，爲8.9萬美元，但在性價比方面，該學院仍排名第17位。

By comparison, alumni from Stanford Graduate School of Business have the highest average salary at $186,000 but the school is ranked 87 out of 101 on value for money. That investment has not matured just yet.

相比之下，斯坦福商學院校友在畢業3年後的平均薪資最高，爲18.6萬美元，但該學院在性價比方面列在101所學院中的第87位。投資尚未收回。