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Cha-Ching! Add it up!

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Cha-Ching! Add it up! [#permalink] New post 28 Dec 2006, 17:19
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So, just for fun I've been keeping track of how much I've spent on this whole process. I thought others might be interested in a little show-and-tell. We can one-up each other until the admits come through.

Gmat 1, 250
Gmat 2, 250
PR Book, 19
PR Quant, 36
OG, 30
Montauk, 39
Cornell, 180
NC, 130
Yale, 180
Duke, 185
BM Transcript, 10
Postage, 14
Duke GMAT, 28
Flight: NC, 273

total: $1624

Last edited by aaudetat on 12 Jan 2007, 06:45, edited 2 times in total.
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MBA Loans [#permalink] New post 06 Feb 2007, 19:32
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ok - reading about all these costs made me take a potshot at Gmatt and Rhyme. Me included of course.

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 [#permalink] New post 03 Jan 2007, 16:51
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I assume that my opportunity cost is at least a few million, because during the time I spent on apps, I probably would have invented the next big thing or landed a major role in a blockbuster movie. Hopefully bschool is worth it.
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Re: Cha-Ching! Add it up! [#permalink] New post 16 Jan 2008, 15:41
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This is a great one !!!!

My costs (converting everything in USD):
GMAT $250
Books $500
Applications (6 schools) $1300
Lost wages during months I took off work $40,000
Lost laptop (which got stolen while studying for gmat in the library) - $2900

holy crap - $44,950 ... Thats a LOT of money without a single admit to show for it.
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Re: Cha-Ching! Add it up! [#permalink] New post 18 Jan 2008, 21:10
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First 2 shirts and suits here
Attachment:
19012008256.jpg
19012008256.jpg [ 64.63 KiB | Viewed 1045 times ]

Attachment:
19012008257.jpg
19012008257.jpg [ 77.31 KiB | Viewed 1046 times ]
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Re: Cha-Ching! Add it up! [#permalink] New post 18 Feb 2010, 23:16
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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:
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Re: Cha-Ching! Add it up! [#permalink] New post 21 Sep 2013, 04:59
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I will kick this off:

GMAT x 2 = $500
Score report x 1 = $28
GMAT books and MBA related books = $250
Interview at Tuck + HBS visit = $2,000
Application fee = $1,500 (roughly)
Total (known costs) = $4,278
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 [#permalink] New post 31 Dec 2006, 10:46
Don't feel bad about your costs. Here's my rough total.

Gmat prep, $1800
Gmat exams, $750
gmat score reports and transcript ordering, ~$150
Trip to Cornell: ~$950
Trip to Harvard: ~$1400
Unpaid time off work for trips, gmat exams, interviews, class visits, etc: ~$12,000
New Suit for interviews: $1200
Application Fees: ~$700
Dry Cleaning: At least $50

~ $19,000 true opportunity cost (which is the best measure)

or, if you prefer:

~ $7,000 actual out of pocket
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 [#permalink] New post 31 Dec 2006, 10:58
as someone who makes her living doing financial counseling and trying to improve the day-to-day economics of low-income folks, it figures that I'd be cheap!

But I am also newer to all of this than you are - let the hotel costs add up as it gets to R2 interviewing season!

Rhyme, don't you get paid time off?
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 [#permalink] New post 01 Jan 2007, 16:01
$1200 suit... Damn!
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 [#permalink] New post 01 Jan 2007, 23:23
rhyme wrote:
Don't feel bad about your costs. Here's my rough total.

Gmat prep, $1800
Gmat exams, $750
gmat score reports and transcript ordering, ~$150
Trip to Cornell: ~$950
Trip to Harvard: ~$1400
Unpaid time off work for trips, gmat exams, interviews, class visits, etc: ~$12,000
New Suit for interviews: $1200
Application Fees: ~$700
Dry Cleaning: At least $50

~ $19,000 true opportunity cost (which is the best measure)

or, if you prefer:

~ $7,000 actual out of pocket


I've proabaly invested almost $30K so far, and that doesn't include application fees or interviews.

GMAT (x4): $1000
Kaplan: $1200
Books, CDROMs, other online materials: ~$1000
Initial school visits in 2004 and 2005: $5000 (x2)
Lost wages during vists: $15,000
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 [#permalink] New post 02 Jan 2007, 16:40
rhyme wrote:
Don't feel bad about your costs. Here's my rough total.

Gmat prep, $1800
Gmat exams, $750
gmat score reports and transcript ordering, ~$150
Trip to Cornell: ~$950
Trip to Harvard: ~$1400
Unpaid time off work for trips, gmat exams, interviews, class visits, etc: ~$12,000
New Suit for interviews: $1200
Application Fees: ~$700
Dry Cleaning: At least $50

~ $19,000 true opportunity cost (which is the best measure)

or, if you prefer:

~ $7,000 actual out of pocket


$1200 for a suit? Geez, what did you get, Armani? :wink:
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 [#permalink] New post 02 Jan 2007, 17:59
Xeo78 wrote:
rhyme wrote:
Don't feel bad about your costs. Here's my rough total.

Gmat prep, $1800
Gmat exams, $750
gmat score reports and transcript ordering, ~$150
Trip to Cornell: ~$950
Trip to Harvard: ~$1400
Unpaid time off work for trips, gmat exams, interviews, class visits, etc: ~$12,000
New Suit for interviews: $1200
Application Fees: ~$700
Dry Cleaning: At least $50

~ $19,000 true opportunity cost (which is the best measure)

or, if you prefer:

~ $7,000 actual out of pocket


$1200 for a suit? Geez, what did you get, Armani? :wink:


Embarassing as it is... and its one of my cheaper suits actually.... I tend to buy Loro Piana mostly. Armani tends not to fit well on my frame. I also have a tendency to buy some pretty ridiculously priced shirts. Shoes too, but at least there I can blame my insanely big but insanely narrow feet. There's only two manufacturers that fit me well. Reebok, and Ferragamo. Doesn't leave much in terms of options. Ties are probably my most ridiculous splurge - but I stopped buying them years ago. Hermes mostly.
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 [#permalink] New post 02 Jan 2007, 18:13
rhyme wrote:
Xeo78 wrote:
rhyme wrote:
Don't feel bad about your costs. Here's my rough total.

Gmat prep, $1800
Gmat exams, $750
gmat score reports and transcript ordering, ~$150
Trip to Cornell: ~$950
Trip to Harvard: ~$1400
Unpaid time off work for trips, gmat exams, interviews, class visits, etc: ~$12,000
New Suit for interviews: $1200
Application Fees: ~$700
Dry Cleaning: At least $50

~ $19,000 true opportunity cost (which is the best measure)

or, if you prefer:

~ $7,000 actual out of pocket


$1200 for a suit? Geez, what did you get, Armani? :wink:


Embarassing as it is... It was actually $1400, not $1200, I was mistaken... and its one of my cheaper suits actually.... I tend to buy Loro Piana mostly. Armani tends not to fit well on my frame. I also have a tendency to buy some pretty ridiculously priced shirts. Shoes too, but at least there I can blame my insanely big but insanely narrow feet. There's only two manufacturers that fit me well. Reebok, and Ferragamo. Doesn't leave much in terms of options. Ties are probably my most ridiculous splurge - but I stopped buying them years ago. Hermes mostly.


straight ballin'
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 [#permalink] New post 02 Jan 2007, 18:29
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 [#permalink] New post 03 Jan 2007, 08:59
Quote:
Lost wages during vists: $15,000

Wow. Either you make alot of money or you visited every b-school in the world.
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 [#permalink] New post 03 Jan 2007, 11:48
dukes wrote:
Quote:
Lost wages during vists: $15,000

Wow. Either you make alot of money or you visited every b-school in the world.


I'm also counting the month I took off work to study for my GMAT in that figure. Suppose I should have been clearer. For the record I don't make $300,000 a year :(
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 [#permalink] New post 03 Jan 2007, 12:34
Dang...I'm a girl and I think my whole closet isn't worth that much!

I spent in the environs of $5,000 just applying, not counting my deposit.
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 [#permalink] New post 03 Jan 2007, 22:01
I've spent in the range of $3,000. It should have been $4,000, but my GMAT prep course forgot to charge my credit card.

Do any of you know if MBA expenses are tax deductible?
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 [#permalink] New post 03 Jan 2007, 22:23
philkriger wrote:
I've spent in the range of $3,000. It should have been $4,000, but my GMAT prep course forgot to charge my credit card.

Do any of you know if MBA expenses are tax deductible?


I've heard they are not. Any accountants?

http://www.harbus.org/media/storage/pap ... harbus.org

http://www.taxman.com/students.html
  [#permalink] 03 Jan 2007, 22:23
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