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Tuition, Scholarships & Financial Aid

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.

Tuition, Fees & Living Expenses

2024-2025 Cost of Attendance (MSM)

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)
$1,172
Estimated Living Expenses(3)
Annual Amount
Books, Course Materials, Supplies & Equipment
$840
Housing
$17,000
Food
$5,000
Personal
$4,000
Transportation
$3,100
Federal Loan Origination Fees(4)
$1,2476
  1. Tuition is reviewed annually each spring and subject to a 3% to 5% increase.
  2. 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 to see insurance rates for your age band. Dependent coverage is available.
  3. 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).
  4. 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.

2024-2025 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
$14,418
$43,254
$72,090
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
$6,800
$20,400
$34,000
Food
$2,000
$6,000
$10,000
Personal
$1,600
$4,800
$8,000
Transportation
$1,240
$3,720
$6,200
Federal Loan Origination Fees(3)
$416
$1,247
$2,080
  1. Tuition is reviewed annually each spring and subject to a 3% to 5% increase.
  2. 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.
  3. 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.

2024-2025 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
$6,800
$20,400
$47,600
Food
$2,000
$6,000
$14,000
Personal
$1,600
$4,800
$11,200
Transportation
$1,240
$3,720
$8,680
Federal Loan Origination Fees(3)
$400
$1,200
$2,807
  1. Tuition is reviewed annually each spring and subject to a 3% to 5% increase.
  2. 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).
  3. 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.

2024-2025 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)
$1,172
+$586
Estimated Living Expenses(4)
Two-Semester Program
Three-Semester Program
Books, Course Materials, Supplies & Equipment
$560
+$280
Housing
$15,300
+$7,650
Food
$4,500
+$2,250
Personal
$3,600
+$1,800
Transportation
$2,790
+$1,395
Federal Loan Origination Fees(5)
$1,247
+$624
  1. 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.
  2. The three-semester program is optional for students and includes a paid internship. Students will attend fall, spring and following fall semesters.
  3. 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 to see insurance rates for your age band. Dependent coverage is available.
  4. 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).
  5. 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.

2024-2025 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)
$1,172
Estimated Living Expenses(3)
Annual Amount
Books, Course Materials, Supplies & Equipment
$840
Housing
$17,000
Food
$5,000
Personal
$4,000
Transportation
$3,100
Federal Loan Origination Fees(4)
$1,247
  1. Tuition is reviewed annually and subject to a 3% to 5% increase.
  2. 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 to see insurance rates for your age band. Dependent coverage is available.
  3. 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).
  4. 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.

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.

Cost of Living

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; no separate scholarship application is required. 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 program applications for admission that are received by the scholarship deadline are automatically considered for general scholarship awards.
  • Candidates who apply after the scholarship deadline will be considered as funds are available.
  • 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.

Endowed 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 endowed 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 list below recognizes the various scholarship funds and the generosity of our donors who support the School of Business and its students.

Available Scholarships

The Masters in Management program offers several types of scholarships, including endowed awards and other scholarship awards offered on a competitive basis. The list below recognizes the various scholarship funds 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
School of Business Inclusion Fund
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
Purviance-Perry Family Academic Excellence Scholarship
Sargeant Family Business School Scholarship
Sears-Dupree Scholarship
Weir-Dupree Family Scholarship

Inclusive Excellence Scholarships

The School of Business is strongly committed to building a diverse student body. The Inclusive Excellence Scholarship program was developed to reward high-achieving students who have championed efforts to increase diversity, equity, and inclusion. This is a full tuition plus stipend award but it is much more than a scholarship. It’s about making connections between people and interests, between textbook knowledge and real-world experience.

The Inclusive Excellence Scholarship program has a proud tradition of excellence; more than 88 students have been awarded scholarships since the program was started in 2008. Recipients of the Inclusive Excellence 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.

Inclusive Excellence Scholarship candidates should possess a drive to excel inside and outside the classroom. Candidates should also value the combination of their liberal arts, science, or engineering majors with new business skills to help separate themselves against the competition in today’s marketplace.

Applicants who exhibit strong leadership potential, academic excellence and a commitment to the respective communities they occupy will advance in the review process.

Some of the key attributes that Inclusive Excellence Scholars possess include:

To be considered, candidates must meet the following criteria:

  1. Must complete an application and meet the standards for admission to the Wake Forest MSM Program.
  2. Currently enrolled in, or a recent graduate of, an accredited college or university in the United States.
  3. Majored in the liberal arts, sciences, or engineering disciplines. Business or business-related majors are not eligible; business minors are eligible.
  4. Must be a U.S. citizen or permanent resident.
  5. Recipients must matriculate to the 10-month Wake Forest Masters of Science in Management program that runs between July and May annually and maintain a minimum GPA of 3.0 while in the program.
  6. In the spirit of supporting a diverse student population, applicants shall demonstrate a knowledge and appreciation for challenges faced by members of underrepresented groups. In evaluating each student’s application, a student’s personal statement, academic work, campus activities, and community service related to diversity, equity, and inclusion issues 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.
Printable Inclusive Excellence Scholarship Program Overview

Apply to be an Inclusive Excellence Scholar

Apply by April 1 to be considered for an Inclusive Excellence Scholarship this year.  The application form, which consists of some basic contact information and an essay prompt, will be available from November 1 until April 1.  Selection of Inclusive Excellence 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 the various scholarship funds 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
School of Business Inclusion Fund
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
Business Leaders of the Future MBA Endowment
Jean Davis and George Kutzschbach Scholarship
Joel A. Weston, Jr. Scholarship
Susan M. Ivey Scholarship
Wachovia Scholarship
Simonetti-Dupree Scholarship
Weir-Dupree Family Scholarship

The list below recognizes the various scholarship funds 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
Weir-Dupree Family Scholarship

Deloitte Foundation Accounting Scholars Program

The Wake Forest School of Business is proud to collaborate with the Deloitte Foundation to champion diverse talent entering the CPA profession. Together, Wake Forest and the Deloitte Foundation are happy to support students with a record of commitment to diversity, equity and inclusion by providing a limited number of full scholarships to the Wake Forest Master of Science in Accountancy (MSA) degree program. For more information, including specific eligibility and a link to the required application form, click here.

Other Available Accounting Scholarships

Available scholarships through NCACPA:

  • Local Scholarships
  • NC CPA Foundation Inc. Scholarships
  • James L. McCoy Scholarship Fund
  • Minority Accounting Student Scholarship
  • Max Mukelabai Future Leaders Scholarship

Available scholarships through AICPA :

  • AICPA Minority Accounting Scholarships
  • AICPA Graduate Accounting Scholarships
  • Other AICPA and Organization Scholarships

Other available scholarships:

The list below recognizes the various scholarship funds 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
School of Business Inclusion Fund
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
Havells Scholarship Program
Weir-Dupree Family Scholarship
Wiseman Scholarship

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, religious affiliations, and community groups for availability. The following organizations offer free scholarship search tools for students.

Student Loan Options

Federal Loans – Completing the FAFSA

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

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.

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.

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.

Next Steps:

  • To take advantage of this program, please verify your Yellow Ribbon Program eligibility with the U.S. Department of Veterans Affairs.
  • Complete the Yellow Ribbon application process through the U.S. Department of Veteran Affairs.

School of Business Financial Aid Office

For specific financial aid questions, please contact the School of Business Financial Aid Office.

Wake Forest business students work in the atrium of Farrell Hall on Wednesday, January 28, 2015.