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Cha-Ching! Add it up!

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Current Student
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Joined: 17 Sep 2009
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WE 1: 5- hr
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Re: Cha-Ching! Add it up! [#permalink] New post 18 Jan 2010, 04:03
7 school application fees+official scores+ups delivery $1850
gmat $ 250
gmat books $150
toefl: $185
one travel to an mba event: $250.
total $ 2685
no gifts for recommenders, suits, travel for interviews yet...
hope will come in next month!!!!
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VP
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Joined: 11 Dec 2006
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Location: New York, NY
Schools: NYU Stern 2009
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Re: [#permalink] New post 18 Jan 2010, 10:08
rhyme wrote:
I dont wear Armani! Loro Piana! Boss! Hermes! Ferragamo!

But, still, I love it... "weighed down by fees", LOL.


From so long ago, but rhyme should look for a job at Hugo Boss as he is one of very few people who would mention the brand in such company!
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Current Student
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Joined: 14 Jan 2010
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Re: Cha-Ching! Add it up! [#permalink] New post 18 Jan 2010, 10:33
All told it probably came to about $3500 for the application process (9 applications, 5 on-site interviews, and 2 school pre-visists + hotel/taxi/parking at LAX/mileage). I'm really lucky in that my parents gave me all the application fees as a Christmas + Birthday present. Also, my dad was a weekly cross-country frequent flyer for 15 years before he retired this year so he used up a goodly portion of miles to fly me out everywhere. I also had 3 free domestic tickets that I had accumulated by allowing myself to be bumped off flights during work trips so I used those.

Pre-application wise:

I won an award at work this year and used the money to pay off my math classes at UCLA, so I think that was about a $1000.

That's not even counting how much money I spent on the GMAT books. However, I self-studied and my dad (newly retired), with loads of free time on his hands, tutoured me. I didn't have to work on the verbal since it's a hoopty version of the LSATs but I needed a lot tutouring on the quantitative side. That was a huge cost savings for me because I definitely would have needed private tutouring.


My guesstimate for a total from April-to admissions is $5500
Manager
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Joined: 18 Nov 2009
Posts: 75
Schools: Wharton (WL), Booth (WL), Kellogg (WL), Ross (ding)
WE 1: public accounting
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Re: Cha-Ching! Add it up! [#permalink] New post 18 Jan 2010, 13:57
Mine doesn't look so bad

GMAT - $250
GMAT books - $40 (plus free from friend)
Essay book - $40
School visits - $150 (driving distance)
App. fees - $900

Total: $1,380

But the interviews are yet to come... At least I don't have to buy new clothes since I have suits for work.
Manager
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Joined: 09 Jul 2009
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Schools: HBS
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Re: Cha-Ching! Add it up! [#permalink] New post 18 Jan 2010, 15:25
Bschool is expensive!

Last edited by bwizzle on 24 Feb 2010, 23:46, edited 1 time in total.
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WE 1: 5 Years at Fortune 50 Company in Manufacturing
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Re: Cha-Ching! Add it up! [#permalink] New post 21 Jan 2010, 13:30
Does anyone KNOW if you can claim b-school application fees on your tax return?
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Manager
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Joined: 18 Nov 2009
Posts: 75
Schools: Wharton (WL), Booth (WL), Kellogg (WL), Ross (ding)
WE 1: public accounting
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Kudos [?]: 7 [0], given: 6

Re: Cha-Ching! Add it up! [#permalink] New post 21 Jan 2010, 13:49
GoBruins wrote:
Does anyone KNOW if you can claim b-school application fees on your tax return?


You cannot.
Manager
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Joined: 20 Dec 2009
Posts: 74
Location: United States (CA)
Concentration: Marketing, Entrepreneurship
GMAT 1: 710 Q47 V40
WE: General Management (Entertainment and Sports)
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Re: Cha-Ching! Add it up! [#permalink] New post 19 Feb 2010, 01:58
MBAgirl2010 wrote:
Here is an interesting observation. I tried to calculate the opportunity cost of human productivity spent on the exhaustive selection process for MBA programs. If we use HBS as an example and round out the numbers:

Total applicants: 9000;
Assumed average time spent per application: 50 hrs (includes essay rewrites, recommender selection and support, research, app form, interviews, prep etc. Correct me if you think I should adjust the estimate);
Total hours spent on applications: 450,000;

That comes down to 225 work YEARS of human productivity lost (at 40 hours of work per week and 50 work weeks per year) or an opportunity cost of about 4.5 productive human lives of prime talent - every year. ( 20-40 yr-olds with established education and active careers). In cash, at an average of $30 per hour pre-mba salary that equals to $13,500,000 USD.

For just one school!

All of this doesn't even include Admissions committee time to review and interview candidates, direct preparation process costs, or time spent on GMAT study!

Considering this breakdown, what is the opportunity cost of the entire application process at the top 100 schools? Shouldn't there be a way to simplify the process? What about asking candidates to donate 50 hours of pro-bono / charity work per school instead? Or setting up a single standard application for all schools... with maybe one custom essay per school? Just food for thought :wink:



great insight and analysis!
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Re: Cha-Ching! Add it up! [#permalink] New post 21 Aug 2010, 02:33
anyone from the previous season want to contribute?
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Re: Cha-Ching! Add it up! [#permalink] New post 21 Aug 2010, 06:22
it was all worth it.
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Re: Cha-Ching! Add it up! [#permalink] New post 22 Aug 2010, 11:15
what rhyme said. :)
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Re: Cha-Ching! Add it up! [#permalink] New post 22 Aug 2010, 11:23
rhyme, u make 300,000.00 a year and u still want to go for MBA? how much u expect yourself to make right after getting mba?
GMAT Club Legend
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Joined: 03 Jun 2007
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Re: Cha-Ching! Add it up! [#permalink] New post 22 Aug 2010, 11:40
tt11234 wrote:
rhyme, u make 300,000.00 a year and u still want to go for MBA? how much u expect yourself to make right after getting mba?


rhyme makes $300,000 a year? :)

btw, rhyme already graduated and has a kickass job. :P
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Affiliations: SPG Platinum, Southwest A-List
Joined: 01 Jul 2011
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Re: Cha-Ching! Add it up! [#permalink] New post 20 Sep 2013, 22:04
bumping this thread for the current application season!
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Re: Cha-Ching! Add it up! [#permalink] New post 21 Sep 2013, 18:17
GMAT (x1) = $250
Score report (x1) = $28
GMAT books and MBA related books = $20
Application fees = $775
Gifts for recommenders = $60
Interviews = ???
Total (known costs) = $1133
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Re: Cha-Ching! Add it up! [#permalink] New post 25 Sep 2013, 03:28
Ohh I have been thinking about this, especially as interview season draws near!

GMAT = $250
Week of leave prior to exam/lost income = $2000
GMAC books: $60
GMAT score reports x 3 = $84
Application fees x 3 = $750

Incurred costs thus far: $3144

Here are the kickers though:
Potential interview(s) in Boston
Flights = $2500
Accommodation = $1400 (assuming $200/night)
Week of leave for interviews = $2000 (assuming 1 week - most likely necessary as flight time to US will be approx 30hrs)
Subtotal $5900
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Re: Cha-Ching! Add it up! [#permalink] New post 27 Sep 2013, 17:41
Mine last year totaled $5,138 and it was completely worth it. That's not even 2 months rent here so in the scheme of things not really that much to add to my B-school tab.
Re: Cha-Ching! Add it up!   [#permalink] 27 Sep 2013, 17:41
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