Earning a business Master’s degree is a significant investment in your personal and professional development. At Wake Forest University, we are committed to helping students accomplish this achievement by providing financial assistance through scholarships and governmental and private loan programs.
However you choose to finance your degree, please know that we are here to help you throughout the process. With that in mind, we have provided details below about tuition, scholarships and financial aid, including loan options and veteran benefits.
The Masters in Management (MSM) degree is a three-semester program that begins in July and ends in May.
Tuition & Fees
Annual Amount
Full Tuition(1)
$51,944
Required Activity/Health Services Fee(2)
$1,184
Estimated Living Expenses(3)
Annual Amount
Books, Course Materials, Supplies & Equipment
$840
Housing
$17,500
Food
$5,500
Personal
$4,000
Transportation
$3,100
Federal Loan Origination Fees(4)
$1,342
Tuition is reviewed annually each spring and subject to a 3% to 5% increase.
Health insurance is required by the University for all students and offered as an option for those needing coverage. Please visit Student Health Insurance Program website to see premiums for the current year.
Living expense estimates are based on reasonable cost of living for the Winston-Salem area. A student’s total financial aid package (scholarships, fellowships, and all education loans) cannot total more than the estimated living expenses plus tuition and fees (cost of attendance).
Based on average student. If applicable, Federal loan fees include 1.057% Federal Unsubsidized Loan origination fee and a 4.228% Grad PLUS Loan origination fee. Use the Loan Fee Calculator to estimate the origination fee.
2025-2026 Cost of Attendance (MSA)
The Masters in Accounting (MSA) degree is a two-semester program with an option for a third semester (based on internship participation). For those who may need to complete foundational coursework prior to the fall start, we also offer courses during the summer semester.
Tuition & Fees
Two-Semester Program
Three-Semester Program(2)
Full Tuition(1)
$53,748
+$26,874
Required Activity/Health Services Fee(3)
$1,184
+$592
Estimated Living Expenses(4)
Two-Semester Program
Three-Semester Program
Books, Course Materials, Supplies & Equipment
$560
+$280
Housing
$15,750
+$7,875
Food
$4,950
+$2,475
Personal
$3,600
+$1,800
Transportation
$2,790
+$1,395
Federal Loan Origination Fees(5)
$1,342
+$671
Tuition is reviewed annually each spring and subject to a 3% to 5% increase. All students will be required to successfully complete foundational courses during the summer unless waived by the admission committee during the application process. Summer semester foundational courses taken on the Wake Forest campus are billed at $950 per credit hour.
The three-semester program is optional for students and includes a paid internship. Students will attend fall, spring and following fall semesters.
Health insurance is required by the University for all students and offered as an option for those needing coverage. Please visit Student Health Insurance Program website to see premiums for the current year.
Living expense estimates are based on reasonable cost of living for the Winston-Salem area. A student’s total financial aid package (scholarships, fellowships, and all education loans) cannot total more than the estimated living expenses plus tuition and fees (cost of attendance).
Based on average student. If applicable, Federal loan fees include 1.057% Federal Unsubsidized Loan origination fee and a 4.228% Grad PLUS Loan origination fee. Use the Loan Fee Calculator to estimate the origination fee.
2025-2026 Cost of Attendance (MSA) – Miles Scholarship Recipients
The Masters in Accounting (MSA) degree is a two-semester program. For those who may need to complete foundational coursework prior to the fall start, we also offer courses during the summer semester.
Tuition & Fees
Two-Semester Program
Full Tuition(1)
$53,748
Miles Tuition-Reduction Scholarship
-$18,000
Net Tuition
$35,748
Required Activity/Health Services Fee(2)
$1,184
Estimated Living Expenses(3)
Two-Semester Program
Books, Course Materials, Supplies & Equipment
$560
Housing
$15,750
Food
$4,950
Personal
$3,600
Transportation
$2,790
Federal Loan Origination Fees(4)
$1,342
Tuition is reviewed annually each spring and subject to a 3% to 5% increase. All students will be required to successfully complete foundational courses during the summer unless waived by the admission committee during the application process. Summer semester foundational courses taken on the Wake Forest campus are billed at $950 per credit hour.
Health insurance is required by the University for all students and offered as an option for those needing coverage. Please visit Student Health Insurance Program website to see premiums for the current year.
Living expense estimates are based on reasonable cost of living for the Winston-Salem area. A student’s total financial aid package (scholarships, fellowships, and all education loans) cannot total more than the estimated living expenses plus tuition and fees (cost of attendance).
Based on average student. If applicable, Federal loan fees include 1.057% Federal Unsubsidized Loan origination fee and a 4.228% Grad PLUS Loan origination fee. Use the Loan Fee Calculator to estimate the origination fee.
2025-2026 Cost of Attendance (MSBA)
The Masters in Business Analytics (MSBA) program is a three-semester program that begins in July and ends in May.
Tuition & Fees
Annual Amount
Full Tuition(1)
$55,007
Required Activity/Health Services Fee(2)
$1,184
Estimated Living Expenses(3)
Annual Amount
Books, Course Materials, Supplies & Equipment
$840
Housing
$17,500
Food
$5,500
Personal
$4,000
Transportation
$3,100
Federal Loan Origination Fees(4)
$1,342
Tuition is reviewed annually and subject to a 3% to 5% increase.
Health insurance is required by the University for all students and offered as an option for those needing coverage. Please visit Student Health Insurance Program website to see premiums for the current year.
Living expense estimates are based on reasonable cost of living for the Winston-Salem area. A student’s total financial aid package (scholarships, fellowships, and all education loans) cannot total more than the estimated living expenses plus tuition and fees (cost of attendance).
Based on average student. If applicable, Federal loan fees include 1.057% Federal Unsubsidized Loan origination fee and a 4.228% Grad PLUS Loan origination fee. Use the Loan Fee Calculator to estimate the origination fee.
2025-2026 Cost of Attendance (MBA: In-Person and Hybrid Formats)
The In-Person and Hybrid format is a 45-credit, 20-month program consisting of five total semesters.
Tuition(1)
Per Semester Amount
Annual Amount (3 semesters)
Total Program (5 semesters)
Full Tuition
$14,850
$44,550
$74,250
Program Fee
$2,000
$6,000
$10,000
Estimated Living Expenses(2)
Per Semester Amount
Annual Amount (3 semesters)
Total Program (5 semesters)
Books, Course Materials, Supplies & Equipment
$100
$300
$500
Housing
$7,000
$21,000
$35,000
Food
$2,200
$6,600
$11,000
Personal
$1,600
$4,800
$8,000
Transportation
$1,240
$3,720
$6,200
Federal Loan Origination Fees(3)
$448
$1,342
$2,235
Tuition is reviewed annually each spring and subject to a 3% to 5% increase.
Living expense estimates shown above are based on reasonable cost of living for the Charlotte and Winston-Salem areas. A student’s total financial aid package (scholarships, fellowships, and all education loans) cannot total more than the estimated living expenses plus tuition and fees (see Cost of Attendance section below). Health insurance is required by the University for all in-person students and offered as an option for those needing coverage. Please visit Student Health Insurance Program for more information.
Based on average student. If applicable, Federal loan fees include 1.057% Federal Unsubsidized Loan origination fee and a 4.228% Grad PLUS Loan origination fee. Use the Loan Fee Calculator to estimate the origination fee.
2025-2026 Cost of Attendance (MBA: Online Format)
The Online MBA is a 45-credit program, consisting of seven total semesters.
Tuition(1)
Per Semester Amount
Annual Amount (3 semesters)
Total Program (7 semesters)
Full Tuition
$9,330
$27,990
$69,975
Program Fee
NA
NA
NA
Estimated Living Expenses(2)
Per Semester Amount
Annual Amount (3 semesters)
Total Program (7 semesters)
Books, Course Materials, Supplies & Equipment
$280
$840
$1,960
Housing
$7,000
$21,000
$49,000
Food
$2,200
$6,600
$15,400
Personal
$1,600
$4,800
$11,200
Transportation
$1,240
$3,720
$8,680
Federal Loan Origination Fees(3)
$357
$1,073
$2,506
Tuition is reviewed annually each spring and subject to a 3% to 5% increase.
Living expense estimates shown above are based on reasonable cost of living for the Charlotte and Winston-Salem areas. A student’s total financial aid package (scholarships, fellowships, and all education loans) cannot total more than the estimated living expenses plus tuition and fees (see Cost of Attendance section below).
Based on average student. If applicable, Federal loan fees include 1.057% Federal Unsubsidized Loan origination fee and a 4.228% Grad PLUS Loan origination fee. Use the Loan Fee Calculator to estimate the origination fee.
Cost of Living Comparison
The student budgets above are an estimate of living expenses associated with being a full-time graduate student at Wake Forest, and includes: books/supplies, food, housing, utilities, renter’s insurance, transportation and personal expenses such as cell phone, cable/internet, laundry/dry cleaning, clothing, and recreation. These budgets do not consider existing consumer debt. Minor adjustments may be necessary to fit your individual circumstances.
Winston-Salem, NC offers a great quality of life along with a low overall cost of living and very affordable housing options. At Wake Forest, graduate business students live off campus, where there are many nearby housing options, some of which provide free shuttle bus service. The chart below compares Winston-Salem to other cities across the U.S. in terms of housing expenses.
Adjustments to Cost of Attendance
In limited circumstances, the School of Business Office of Financial Aid may approve an increase to the Cost of Attendance (COA). Examples of expenses that may be approved include dependent care expenses, unexpected medical bills or disability-related expenses, and one-time computer purchases. All requests are reviewed on a case-by-case basis and documentation is required. Requests for increases to housing and other costs already included in the COA will not be approved except in extraordinary circumstances. Please contact the Office of Financial Aid at sbfinaid@wfu.edu to request an individual review.
Scholarships
Each year the School of Business awards scholarships to eligible, deserving applicants who we feel would benefit greatly from a Wake Forest education and contribute significantly to the intellectual and civic life of the campus. With limited exceptions, all scholarship decisions will be based on information collected through the admissions application. Considerations include academic merit, financial need and individual award criteria. Other external scholarship opportunities are listed below and candidates should contact those participating organizations for additional information.
Important Facts
All applications for admission are automatically considered for general scholarship awards.
Scholarship decisions are made in conjunction with admissions decisions on a rolling basis. Applicants who are awarded a scholarship will be notified at the time of the admissions decision.
Scholarship Awards
The Wake Forest School of Business is fortunate to receive strong financial support from alumni and other benefactors who fund a number of scholarship awards. This ongoing support is critical to our ability to assist exceptional students with the financial means to pursue a graduate business education. The program-specific lists below recognize the various scholarship funds and the generosity of our donors.
The Masters in Management program offers several types of scholarship awards offered on a competitive basis. The list below recognizes various MSM scholarships and the generosity of our donors who support the School of Business and its students.
Alm Family Scholarship
Jean Hopson Scholarship
Merlo Family Scholarship
Bern Beatty Scholarship
John Kevin Medica and Megan Salzman Medica Scholarship
Prentis-Kelly Scholarship Fund
Bowman Family Scholarship
Jurgens-Dupree Scholarship
Scarritt-Kelly Family Pro Humanitate Endowed Excellence Fund
Caron-Wiseman Scholarship
Kelly Family Scholarship
Purviance-Perry Family Academic Excellence Scholarship
Combs Celebrate Freedom Scholarship
Lisbeth C. Evans and James T. Lambie-Wiseman Scholarship
Simonetti-Dupree Scholarship
Dingledine Scholarship for Positive Social Impact
Leon and Betty Wahrhaftig Scholarship
Steve S. Reinemund Scholarship
Frisby Business Scholarship
Allegacy Center for Leadership and Character Scholars and Excellence Fund
The Flow Scholars Program
Griggs-Wiseman Scholarship
Mary Reynolds Babcock Foundation Scholarships
Wachovia Scholarship
Gunckel-Wiseman Scholarship
Marybeth and Rick Hays – Wiseman Scholarship
Wells Fargo Scholars Program
Hatchell Retail Innovation Scholarship
Marybeth Torbet Hays Scholarship
Wiseman Scholarship
Havells Scholarship Program
Medlin Masters in Management Scholarship
Weir-Dupree Family Scholarship
Sargeant Family Business School Scholarship
Sears-Dupree Scholarship
Leadership & Community Impact Scholarship
The School of Business is strongly committed to building a broad student body. The Leadership & Community Impact Scholarship was developed to reward high-achieving students who have championed efforts to foster a collaborative community. Recipients will receive full tuition plus a stipend to be used toward living expenses. They will also receive personal mentorship from a former Leadership & Community Impact Scholar.
With a proud tradition of excellence, more than 88 students have been awarded this scholarship since 2008. Recipients of the Leadership & Community Impact Scholarship have launched careers with companies like American Express, Cigna, Deloitte, Apple, Steelcase, United Technologies, Bank of America, TIAA, Walmart, PepsiCo, Hanesbrands, ExxonMobil, Johnson & Johnson, and Capital One.
Leadership & Community Impact Scholarship candidates should possess a drive to excel inside and outside the classroom. Applicants who exhibit strong leadership potential, academic excellence and a commitment to fostering a collaborative community will advance in the review process.
Some of the key attributes that Leadership & Community Impact Scholars possess include:
To be considered, candidates must meet the following criteria:
Must complete an application and meet the admission requirements for the Wake Forest MSM Program.
Currently enrolled in, or a recent graduate of, an accredited college or university in the United States.
Must be a U.S. citizen or permanent resident.
Recipients must matriculate to the 10-month Wake Forest Masters of Science in Management program and maintain a minimum GPA of 3.0 while in the program.
In the spirit of supporting a broad student population, applicants shall demonstrate a knowledge and appreciation for fostering a collaborative community. In evaluating each student’s application, a student’s personal statement, academic work, campus activities, and community service will be considered. All qualified applicants will be considered without regard to race, ethnicity, national origin, gender, or other status prohibited or disfavored by law.
Apply to be an Leadership & Community Impact Scholar
Apply by May 1 to be considered for an Leadership & Community Impact Scholarship. The application form, which consists of some basic contact information and an essay prompt, will be available annually until May 1. Selection of Leadership & Community Impact Scholarship recipients will take place during several rounds up to the final deadline.
For more information, contact Alex Peoples, Associate Director, Enrollment Management Recruiting Phone: 336-606-1066; Email: peoplesa@wfu.edu.
The list below recognizes various MBA scholarships and the generosity of our donors who support the School of Business and its students.
Alm Family Scholarship
Griggs-Wiseman Scholarship
Purviance-Perry Family Academic Excellence Scholarship
Arun Rao Scholarship
Gunckel-Wiseman Scholarship
Mary Elizabeth Barrow Scholarship
Bobby S. Robinson Scholarship
Heineken USA, Inc. Scholarship
Mary Reynolds Babcock Foundation Scholarships
Bowman Family Scholarship
J. Houston Butler Scholarship
Marybeth and Rick Hays – Wiseman Scholarship
Brandt Scholarship Fund
James C. Carlisle Scholarship
Marybeth Torbet Hays Scholarship
Bruce Ballard Jr. Family Scholarship
James W. Johnston Scholarship
NewBridge Bank Scholarship
Caron-Wiseman Scholarship
Jean Hopson Scholarship
Prentis-Kelly Scholarship Fund
Combs Celebrate Freedom Scholarship Fund
M.C. Benton, Jr. Scholarship
Business Leaders of the Future MBA Endowment
Cooper D. Cass Scholarship
John C. Whitaker Jr. Scholarship
Sears-Dupree Scholarship
Dale and Karen Sisel Scholarship
Judson Davie DeRamus Scholarship
Wiseman Scholarship
Foster Family Scholarship
Glenn Monroe Tucker Scholarship for Travel and Tourism
Ken Thompson Scholarship
Stephens Honor Scholarship Fund
Ferguson Family Scholarship
Kim and Dorothy Westmoreland Scholarship
Glenn Monroe Tucker Management Scholarship
Frisby Business Scholarship
Lee Garber Memorial JD/MBA Scholarship
Gay Nell Hutchens Scholarship
Lisbeth C. Evans and James T. Lambie-Wiseman Scholarship
Wake Forest MBA Alumni Scholarship
Sargeant Family Business School Scholarship
Wessling-Kelly Scholarship Fund
Weir-Dupree Family Scholarship
Jean Davis and George Kutzschbach Scholarship
Joel A. Weston, Jr. Scholarship
Susan M. Ivey Scholarship
Wachovia Scholarship
Simonetti-Dupree Scholarship
The list below recognizes the various MSA scholarships and the generosity of our donors who support the School of Business and its students.
Alm Family Scholarship
Honeycutt-Kelly Family Accountancy Scholarship
Michelle Bettin Scholarship
Benjamin Lancaster Jr. Accounting Scholarship
Munnings-Dupree Business Scholarship
Bowman Family Scholarship
Leon Cook Scholarship
Perry-Wiseman Accounting Scholarship for Graduate Students
Caron-Wiseman Scholarship
Linda and Sal Restivo Scholarship
Sargeant Family Business School Scholarship
Combs Celebrate Freedom Scholarship
Lisbeth C. Evans and James T. Lambie-Wiseman Scholarship
Prentis-Kelly Scholarship
Deloitte Foundation Accounting Scholars Program
Allegacy Center for Leadership and Character Scholars and Excellence Fund
School of Business Inclusion Fund
Dixon-Kelly Family Accountancy Scholarship
Sears-Dupree Scholarship
Dr. Lee Knight Scholarship
Mary Reynolds Babcock Foundation Scholarships
Simonetti-Dupree Scholarship
Frisby Business Scholarship
Marybeth and Rick Hays – Wiseman Scholarship
Tessien-Dupree Scholarship
Griggs-Wiseman Scholarship
Marybeth Torbet Hays Scholarship
Wachovia Scholarship
Gunckel-Wiseman Scholarship
Matthew Mancuso Memorial Scholarship
Hitchcock-Dupree Family Scholarship
Jean Hopson Scholarship
Peter Stathis Endowed Accountancy Scholarship
McCann Family Accounting Scholarship
Andrew R. Wagner Scholarship
Wiseman Scholarship
Balogh-Dupree Business Scholarship
Carlson-Dupree Business Scholarship
John and Margaret Newett Dixon Scholarship
Purviance-Perry Family Academic Excellence Scholarship
The list below recognizes various MSBA scholarships and the generosity of our donors who support the School of Business and its students.
Alm Family Scholarship
Jean Hopson Scholarship
Robinson-Kelly Scholarship
Bowman Family Scholarship
Lisbeth C. Evans and James T. Lambie-Wiseman Scholarship
Robinson-Wiseman Scholarship
Caron-Wiseman Scholarship
Allegacy Center for Leadership and Character Scholars and Excellence Fund
Havells Scholarship Program
Combs Celebrate Freedom Scholarship
Sears-Dupree Scholarship
Dingledine Scholarship for Positive Social Impact
Mary Reynolds Babcock Foundation Scholarships
Simonetti-Dupree Scholarship
Frisby Business Scholarship
Marybeth and Rick Hays – Wiseman Scholarship
Purviance-Perry Family Academic Excellence Scholarship
Griggs-Wiseman Scholarship
Marybeth Torbet Hays Scholarship
Wachovia Scholarship
Gunckel-Wiseman Scholarship
Prentis-Kelly Scholarship
Sargeant Family Business School Scholarship
Hatchell Retail Innovation Scholarship
Robin & Danny Greenspun Scholarship
Wiseman Scholarship
Weir-Dupree Family Scholarship
Allegacy Center for Leadership and Character Scholars Program
The ACLC Scholars program is designed to accelerate the development of leaders of character who have a passion for elevating people, organizations, and communities. In addition to available scholarship funds, recipients will benefit from enhanced development of leadership mindsets and skills, greater self-awareness, fuller understanding of the leader development process, a greater appreciation for coaching and mentorship, opportunity to establish a leader network, contributions to the community through a student project, and the potential for exposure to future job opportunities.
Ideal candidates for the ACLC Scholars program should exhibit a strong desire to develop as a business leader of character, possess strong leadership experience with a history of demonstrating character, community engagement and a global perspective.
Interested students should complete a brief Application Form prior to April 11, which includes a statement of interest.
Other External Scholarships
Below is a limited list of external scholarship opportunities available through third parties. These links are provided for your convenience, but the School of Business does not administer, endorse or provide guidance on the application processes, nor is involved in the review and selection process. There are numerous free financial aid scholarship searches available, so use discernment and be cautious of companies that charge a fee for their services. We also encourage candidates to research relevant professional organizations, testing organizations (ETS, GMAC, IELTS), religious affiliations, and community groups for availability. The following organizations offer free scholarship search tools for students.
Students seeking financial aid must complete the Free Application for Federal Student Aid (FAFSA). The Wake Forest University School of Business Title IV Code is E00515. Individuals will not be considered for federal student loans until the FAFSA has been submitted to the U.S. Department of Education and a student aid report is received by the School of Business financial aid office. To determine which FAFSA to complete, please reference the table below.
Which FAFSA do I file?
WFU Program Start Date
FAFSA to file (use this form)
Date Available (studentaid.gov)
Tax Year (tax forms needed)
July 1, 2024 to June 30, 2025
2024-2025
Oct. 1, 2023
2022
July 1, 2025 to June 30, 2026
2025-2026
Dec. 1, 2024
2023
July 1, 2026 to June 30, 2027
2026-2027
Oct. 1, 2025
2024
The Federal Direct Loan
Federal Direct Loans are government loans available to all U.S. citizens and legal residents. A completed FAFSA is required to determine eligibility. Students may borrow a maximum of $20,500 in the Unsubsidized Direct Loan per academic year, and have the option of paying the accruing interest on a quarterly basis while in school. See studentaid.gov for additional information, including current interest rates and origination fees.
The Federal Graduate PLUS Loan
Graduate and professional students have an additional, affordable option for funding their education with the Federal Graduate PLUS Loan, which has a fixed interest rate. Eligibility for this loan is not based on household income, assets or financial need, but it is determined, in part, by your personal credit history. Many students with limited or no credit history can qualify. An eligible student can borrow up to the cost of attendance minus any other aid received. A completed FAFSA is required to determine eligibility.
Federal Loan Fees
Federal student loans include an origination fee, which is a percentage of the loan amount charged by the lender to cover loan processing. Due to the origination fee, the loan amount received is lower than the loan amount borrowed. Use the Loan Fee Calculator to estimate the origination fee.
Private Loans
Wake Forest partners with Elm Resources to provide a list of private lenders that have been proven to offer quality products and services. However, if you wish to use another lender that is not on this list, you have the right to do so. Like federal loans, private loans are designed to help students who need financial assistance with educational costs. In most cases, it is advantageous for students to first pursue Unsubsidized Federal Direct Loans and Federal Graduate PLUS Loans before seeking private loans. Private loan approval is generally based on creditworthiness and ability to repay, and may require a credit-worthy co-signer. Interest rates, grace periods, repayment options and fees are determined by the lender and can vary considerably among lenders.
For International Students
Wake Forest partners with Elm Resources to provide a list of private lenders, including lender options that do not require a U.S. co-signer. Please use the International/Non-Citizen selection option.
For students from India, EduFund is a platform designed to assist Indian students and parents in planning and saving for their education through available resources and guidance from financial and educational counselors, as well assistance in exploring scholarship programs, and diverse investment options.
Veterans Affairs Educational Benefits
Wake Forest University welcomes all Veterans and is a partner in the Yellow Ribbon Program, sponsored by the United States Department of Veterans Affairs. Veterans who are 100% eligible for Post 9/11 educational benefits and are eligible for the Yellow Ribbon program can receive up to $15,500 in matching funds from the University per academic year. Eligibility for Veteran’s benefits is assessed by the VA. We advise students to visit the VA website or their local VA office to begin the process for obtaining a “Certificate of Eligibility”. This COE must be shared with the financial aid office staff so funds can be requested on your behalf. For more information, visit the U.S. Department of Veterans Affairs.
Yellow Ribbon Program
Wake Forest University School of Business has partnered with the Yellow Ribbon GI Education Enhancement campaign, which helps veterans and eligible dependents pay the cost of tuition. Funds are available for all Wake Forest graduate business programs. The Yellow Ribbon campaign is sponsored by the U.S. Department of Veterans Affairs and provides matching scholarship funds to honor military service for those serving post 9/11. Veterans (or dependents) who are 100% eligible and qualify for the Yellow Ribbon program will receive up to $15,500 in matching funds from the University per academic year.
