Apples-to-apples grad school comparison
MBA, law, medical, and master’s programs don’t compare cleanly on sticker price or USNews rank. Real comparison requires: total cost across program length, expected starting salary, 10-year salary lift, and ranking as a proxy for recruiter access. This tool runs the math side-by-side across up to 3+ programs.
Total cost — what to include
- Annual tuition: typical MBA T15 = $75K–$85K/year. State flagship MBA = $25K–$35K. Online MBA = $18K–$30K.
- Annual living cost: typical NYC/SF/Chicago = $28K–$40K. Midwest/South = $18K–$25K. Online (living at home) = $0.
- Program length: MBA 2 yrs, JD 3 yrs, MD 4 yrs + residency 3–7 yrs, MS 1–2 yrs, PhD 5–7 yrs.
- Scholarships/aid: T15 MBAs average $35K–$45K in merit over 2 years. Regional MBAs often offer $0.
Expected starting salary — the ROI lever
- T15 MBA: $175K median starting + $30K signing bonus.
- State flagship MBA: $110K–$125K starting.
- T14 law + Big Law: $225K starting + $20K signing.
- Regional law: $75K starting, public sector $55K.
- MD after residency (family med): $260K. Specialty: $400K–$700K.
- MS Engineering: $105K starting (+ $30K over bachelor’s median).
10-year net lift
The tool shows (expected salary × 10) minus total cost. A T15 MBA at $300K total cost and $175K starting salary shows a 10-year net of $1.45M. A regional MBA at $60K total cost and $115K starting shows $1.09M. The T15 looks better — but this doesn’t account for opportunity cost or salary growth rate.
Opportunity cost — the hidden factor
Leaving a $75K job for 2 years of MBA = $150K in foregone earnings. True total cost of a T15 MBA is closer to $450K all-in, not $300K. For a 30-year-old pre-MBA earning $110K, opportunity cost is $220K alone. For a 24-year-old earning $60K, it’s $120K. Account for this in the “living” field by adding your foregone salary.
Rank matters more in some programs
- MBA: Enormously rank-dependent. T15 recruiter access is an order of magnitude greater than T30. Outside T50, MBA ROI turns negative in cohort-weighted terms.
- Law: T14 gets Big Law access. Outside T14, regional-market only and $75K–$95K starting.
- MD: Ranking matters less — all US MDs can practice medicine. Research institutions matter for specialty match competitiveness.
- MS (Engineering, CS, Analytics): Project portfolio and internship matter more than rank. State flagship MS with 1 summer internship often matches T20 MS without.
- PhD: Funding + advisor fit dominate rank. A fully-funded PhD at a top-30 program with a productive advisor outperforms a top-10 program with a misaligned advisor.
Fully-funded PhDs — different math
A fully-funded PhD provides stipend ($25K–$45K/year) + tuition remission, so total cost is near-zero. But 5–7 years at sub-market stipend vs. 5–7 years at $95K engineering salary = $350K–$500K in foregone earnings. The 10-year net can be negative vs. MS + industry, unless you target academia or research labs where the PhD is the credential for entry.
Negotiate scholarships
MBA and law: routinely negotiable. Share competing offers with financial aid office — each $10K of additional scholarship typically maps to a 1-rank-bucket higher peer offer. MD programs rarely negotiate. PhD offers are what they are.
Related tools
For bachelor’s vs. bootcamp decision, see bootcamp vs bachelor’s. For grad school income-driven repayment, see IDR calculator. For general grad ROI, see grad school ROI.