Minneapolis, Minnesota, US · 21 months · class of 80
Minnesota Carlson MBA: cost, salary and payback
Healthcare, not consulting or finance, was the largest destination of the Carlson class of 2025, which reported an average base salary of $135,058.
Paid back after graduation in
6.7 years
Total cost $353,480 · 10-year NPV -$12,099
| Tuition and fees, whole program | $137,584 |
| Living budget | $58,396 |
| Salary given up, 21 months | $157,500 |
| Total cost | $353,480 |
| Salary after: average base salary | $135,058 |
| 10-year net present value | -$12,099 |
| Return on the cost (present values) | -3% |
US dollars at the ECB rate of the last update. Raises of 5% a year with the MBA and 3% without, discounted at 5%, before tax. How this is calculated.
Fees and budget read on October 13, 2026 · employment: Class of 2025 (school standard) · Built by Radif Partners · Method
- Tuition and fees
- $137,584
- Total cost, salary given up included
- $353,480
- average base salary
- $135,058
- Payback, reference person
- 6.7 years
The Carlson full-time MBA at the University of Minnesota costs $195,980 over two years in tuition, fees and the school's living budget, at the 2025-2026 academic year rate for non-residents and international students counted twice. For a person earning $90,000 today, the 21 months away add $157,500, for a total of $353,480. The class of 2025 reported an average base salary of $135,058; Carlson publishes averages only. On that figure the model repays the cost 6.7 years after graduation and leaves a ten-year net present value of -$12,099, before any scholarship. Scholarships change that picture: the school reports an average award of $29,500 a year, given to nearly all of a recent class. What sets Carlson apart is where graduates go: 18.8% into healthcare and 18.7% into consumer goods and retail, with medical device makers and retailers among the named hirers.
Medical devices, retail and the Twin Cities
Healthcare was the largest industry in the Carlson report, 18.8% of graduates at an average of $120,125. Only 1 school in our data sends a larger share of its class there. The employers the school flags as top hirers of 2025 include Medtronic, Boston Scientific, Ecolab and Target Corporation, and 96% of graduates stayed in the United States. Consumer goods and retail add 18.7%, enough for number 4 of 21 in our consumer ranking.
By function the picture shifts towards marketing: 33.3% of graduates took marketing and sales roles at an average $117,727, 25% finance or accounting at $127,578, and 18.8% consulting at $179,111. The consulting salary is far above the rest, which is why the payback on that path, 3.5 years, is much shorter than on the school-wide average.
Minnesota Carlson: where the class went
Share of the class
16.7%
| Salary reported | $186,000 |
| Graduates, about | 13 |
| Payback with that salary | 3.5 years |
Reference person earning $90,000 before the MBA.
A small class with uneven outcomes
The report covers 80 graduates, and 73% of those seeking a job accepted an offer within three months. 51 of the 58 schools in our data that publish this rate report a higher one, and the school's own split shows why: students without US work authorization accepted offers far less often than those with it. An international applicant should read that line of the report before counting on an American salary. With a class this size, each graduate is worth about 1.3% of the class, so the industry figures can swing from one year to the next. The school publishes means rather than medians throughout, and a mean in a small class is easily moved by one or two very high or very low offers.
What a scholarship does to the payback
Tuition runs $62,280 a year for non-residents; Minnesota residents and students from reciprocity states pay a lower rate. With an average award of $29,500 a year, an average scholarship covers about 47% of the non-resident tuition over the two years. The payback above ignores it, because the award varies by student. Type the amount of your own offer below, as a total for the program, to see how much sooner the degree repays.
Minnesota Carlson: what a scholarship changes
Payback with the scholarship
6.3 years
| Without it | 6.7 years |
| Total cost with it | $323,480 |
Reference person earning $90,000 before the MBA.
Where Minnesota Carlson stands in our rankings
- #34 of 40 · Any industry (whole class)
- #18 of 38 · Consulting
- #31 of 39 · Finance, all segments
- #36 of 40 · Technology
- #13 of 39 · Working in the United States
Our fit score, reference person earning $90,000 before the MBA (method). Third-party rankings play no part in it.
What the Minnesota Carlson MBA costs
| Item | Amount |
|---|---|
| Tuition, whole program | $124,560 |
| Mandatory fees | $13,024 |
| Living budget, whole program | $58,396 |
| Salary given up: $90,000 a year for 21 months | $157,500 |
| Total cost, reference person | $353,480 |
Minnesota Carlson employment report: Class of 2025
| Measure | Value |
|---|---|
| Average base salary | $135,058 |
| Signing bonus (mean) | $30,317 |
| Graduates who accepted an offer within three months | 73% |
Minnesota Carlson graduates by industry
| Industry, as the school names it | Share | Salary |
|---|---|---|
| Healthcare | 18.8% | $120,125 (average) |
| Consumer Packaged Goods + Retail | 18.7% | not published |
| Consulting | 16.7% | $186,000 (average) |
| Financial Services | 12.5% | $138,700 (average) |
| Transportation & Logistics + Other | 12.5% | not published |
| Non-Profit + Government | 6.3% | not published |
| Manufacturing | 6.2% | $101,000 (average) |
| Technology | 6.2% | not published |
| Energy | 2.1% | not published |
Where Minnesota Carlson graduates went to work
| Region | Share | Salary |
|---|---|---|
| US (US Mid-Atlantic + US Midwest + US Northeast + US South + US Southwest + US West) | 96% | not published |
Minnesota Carlson graduates by job function
| Function | Share | Salary |
|---|---|---|
| Marketing & Sales | 33.3% | $117,727 |
| Finance/Accounting | 25% | $127,578 |
| Consulting | 18.8% | $179,111 |
| General Management | 8.3% | $112,500 |
| Operations & Logistics | 6.2% | not published |
| Other (incl. HR) | 8.4% | not published |
Employers named by Minnesota Carlson
Boston Consulting Group · Boston Scientific · KOST Management · University of Minnesota · Deloitte · Ecolab · JPMorgan Chase · Medtronic · Post Consumer Brands · Target Corporation
Names only: the school gives no hire counts.
The Minnesota Carlson class
| Measure | Value |
|---|---|
| International students | 17% |
| Women | 39% |
| Average age | 29 |
| Average years of work experience | 5 |
| GMAT median | 710 |
| Class size | 80 |