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.

谈到物有所值，欧洲MBA课程要胜过北美。在英国《金融时报》2016年全球MBA排行榜上性价比最高的课程中，90%位于欧洲，而44项北美课程处于性价比最低的50项课程之列。

But what are the cost considerations that underpin such comparisons?

然而，这种对比基于何种成本考量？

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课程可能是一笔巨大投资。多数课程不仅学费高昂，而且与兼职或在线MBA不同，还伴随着薪资损失（即所谓机会成本）的额外惩罚。

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.

作为英国《金融时报》2016年排行榜的一部分，我们对2012年毕业的MBA学员展开了一项调查。结果显示，排名前100名商学院的全日制MBA课程的平均成本略低于20万美元。其中包括学费、食宿和日常开支（总计11.2万美元）以及机会成本（10.6万美元）。

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.

至于学费，跻身英国《金融时报》2016年排行榜的101所院校的平均学费从伯明翰商学院(Birmingham Business School)的不到3万美元到美国最顶尖的4所商学院课程的13.5万美元左右不等：哈佛商学院(Harvard Business School)、斯坦福商学院(Stanford Graduate School of Business)、宾夕法尼亚大学(University of Pennsylvania)沃顿商学院(Wharton School)和哥伦比亚商学院(Columbia Business School)。来自2012届毕业生的数据显示，MBA学员的平均学费为7.8万美元。

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.

欧洲的性价比吸引力在一定程度上归因于课程长度。全日制MBA课程时间为18个月左右，但在欧洲一般为一年，欧洲工商管理学院(Insead)为10个月。一些北美商学院有一年课程和两年课程，但多数学生选择时间较长的课程，平均为21个月。

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.

欧洲和北美学员在攻读MBA之前的薪资水平类似，分别为7.1万美元和6.9万美元，北美的机会成本（12.3万美元）比欧洲（8.9万美元）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.

从好的方面来说，获得经济援助相对容易。经济援助的来源众多，但主要形式是赞助（通常由现任雇主支付）或者奖学金以及学院提供的补助。英国《金融时报》的数据显示，超过一半（52%）的MBA学员获得过一些经济援助。超过五分之三（61%）的北美学员获得过经济援助，欧洲和亚洲学员的这个比例分别为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.

虽然赞助可能弥补所有的MBA费用，但只有少数学员获得这种支持。在接受英国《金融时报》调查的学员中，大约10%接受过赞助，平均为7万美元。奖学金要普遍得多，约45%的学员获得过奖学金，但往往金额较低，为3.2万美元左右。超过一半的北美学员（56%）获得过奖学金，平均约3.7万美元，三分之一的欧洲学员获得过奖学金，平均仅2万美元左右。

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.

总的来说，MBA课程的总费用介于16万美元到22万美元之间，取决于经济援助的水平。欧洲的平均总费用为16.6万美元，获得经济援助的学员平均为13万美元，没有获得经济援助的学员为18.6万美元。北美商学院的平均费用为22.2万美元，从17.7万美元到26.4万美元。

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.

如果说攻读MBA是一笔投资的话，那么其回报是毕业3年后平均薪资为13.5万美元，是攻读MBA之前薪资的两倍左右。利兹大学商学院(Leeds University Business School)校友在毕业3年后的平均薪资为欧洲最低，为8.9万美元，但在性价比方面，该学院仍排名第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，斯坦福商学院校友在毕业3年后的平均薪资最高，为18.6万美元，但该学院在性价比方面列在101所学院中的第87位。投资尚未收回。