Thank you for using the timer!
We noticed you are actually not timing your practice. Click the START button first next time you use the timer.
There are many benefits to timing your practice, including:
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!!!!
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.
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
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
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