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Actual Cost of MBA - Real Budgets from Students of Various BSchools
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04 Apr 2018, 11:11
Hello GMAT Club, Taking inspiration from this post, we decided to ascertain similar figures for other schools too and make a comprehensive post detailing MBA expenses incurred at different schools. We reached out to active forum members who are currently studying in different business schools and collected details of the expenses incurred during their stay in business school. In subsequent posts, you will find the data of MBA expenditure at different business schools. We want to show MBA expenses of as many schools as we can in this thread and hence will continue to reach out to students and update this thread with their info as soon as we get it; therefore, don't forget to bookmark this topic to for latest info. We hope this would really be a great help to prospective applicants and recent admits in making financing plan for their MBA studies. We would like to thank to all current students /alumni who took time out of their busy schedules to provide us these valuable inputs of their MBA expenses. GMAT Club Team.
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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04 Apr 2018, 11:12
Actual Cost of Kellogg MBA | Category | Year 1 | Year 2 | Notes (If Any) | School Expenses | | | | Tuition | US$ 68955 | US$ 70334 | | School fees | US$ 3124 | US$ 3186 | | Student orgs, club subscriptions, etc. | US$ 330 | US$ 337 | | Study Materials (course packs) | US$ 1200 | US$ 1224 | Some courses have all HBR cases that you must buy | Books/Misc. (printing) | US$ 600 | US$ 612 | 50$ as no one buys books with school library providing subscription to online versions; printing is free at Kellogg (unlimited B/W + Color) | Health Insurance | US$ 3856 | US$ 3933 | | Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc. | US$ 8108 | US$ 8270 | Includes EVERYTHING | Personal Laptop | US$ 1500 | US$ 0 | | Any other school related expenses. | - | - | | First Year Fee | US$ 1500 | | | | Travel | | | | Commuting to School: Metro Expenses | US$ 1200 | US$ 1224 | Not needed as you live in Evanston! | Uber/Lyft/Car Pooling | US$ 5000 | US$ 5100 | | Study Tours | US$ 1000 | US$ 1000 | GIM Trips: Only those who are enrolled in these courses need to pay for this | Leisure travel | US$ 3500 | US$ 3500 | Again, depending on the destination could be higher; discretionary | | Room & Board | | | | Housing Rent | US$ 19912 | US$ 20310 | Assuming baseline for 1 bedroom apt in mcmanus as studios are small; http://www.northwestern.edu/living/hous ... index.html ; add another 5-10% if you look at accommodation outside | Household items | US$ 1200 | US$ 1224 | You get fully furnished apartment in McManus; so not many appliances need to be bought | Utilities/TV | US$ 1200 | US$ 1224 | | Groceries | US$ 7500 | US$ 7650 | | Eating Out | US$ 2500 | US$ 2550 | Assuming 3X/week average for 4 quarters | Entertainment/Bars | US$ 2000 | US$ 2040 | | Miscellaneous(dry cleaning/barber/etc) | US$ 1500 | US$ 1530 | | Gym | US$ 780 | US$ 796 | This is for one of the most expensive gyms in Evanston | Insurance | US$ 300 | US$ 306 | Not many take out insurance; but assuming it here as a worst case | Healthcare | | | | Personal Expenditure | US$ 1500 | US$ 1500 | | | Total Expenses | US$ 138265 | US$ 137849 | | Actual MBA Cost | US$ 276114 | | | MBA Budget Displayed on School’s Website | US$ 200434 | | | Assumptions Assuming a 2% YoY 'g' for all items Students stay for all 4 quarters in Evanston |
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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04 Apr 2018, 11:12
Actual Cost of Kenan-Flagler MBA | Category | Year 1 | Year 2 | Notes | School Expenses | | | | Tuition | US$ 60000 | US$ 60000 | Tuition is paid per semester | School fees | | | Included in the tuition | Student orgs, club subscriptions, etc. | US$ 450 | US$ 450 | Subscription for MBA clubs and activities | Books/Study Materials | US$ 200 | US$ 200 | Can be shared between friends to reduce the cost | Health Insurance | US$ 692 | US$ 692 | Indian insurance from ICICI | Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc. | US$ 500 | US$ 500 | Depends on the track you chose. It is substantially high for IB and consulting | Personal Laptop | US$ 900 | | Again depends on the machine you chose | Any other school related expenses. | NA | NA | | | Travel | | | | Commuting to School: Cab/Metro Charges. | US$ 0 | US$ 0 | I live on campus | Study Tours | | | | Leisure travel | US$ 600 | US$ 600 | This cannot be quantified. It depends on person. | | Room & Board | | | | Housing Rent | US$ 12600 | US$ 12600 | On campus housing is cheaper | Household items | US$ 1200 | | You can get a lot of stuff for free | Utilities/TV | | | Included in the rent | Groceries | US$ 4800 | US$ 4800 | | Eating Out | US$ 1200 | US$ 1800 | This again is personal preference | Entertainment/Bars | | | NA | Miscellaneous(dry cleaning/barber/etc) | US$ 300 | US$ 300 | | Gym | | | Included in the tuition | Insurance | | | Health insurance already covered | Healthcare | | | Depends on how many visits you make and your insurance plan | Personal Expenditure | US$ 1200 | US$ 1200 | | | Total Expenses | US$ 84642 | US$ 83142 | | Actual MBA Cost | US$ 167785 | | | MBA Budget Displayed on School’s Website | US$ 178440 | | |
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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Actual Cost of Olin MBA | Category | Year 1 | Year 2 | Notes | School Expenses | | | | Tuition | US$ 53000 | US$ 53000 | Inclusive of fees | School fees | | | | Student orgs, club subscriptions, etc. | US$ 0 | US$ 0 | No additional costs | Books/Study Materials | US$ 1000 | US$ 1000 | Approximate.. Could be higher or lower depending on the courses we opt for | Health Insurance | US$ 1200 | US$ 1200 | | Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc. | US$ 700 | US$ 700 | Approximate. Depends on which conferences we plan to attend | Personal Laptop | US$ 400 | US$ 400 | | Any other school related expenses. | - | - | | | Travel | | | | Commuting to School: Cab/Metro Charges. | US$ 0 | US$ 0 | Student travel pass for bus and train provided for free | Study Tours | - | - | | Leisure travel | US$ 1200 | US$ 1200 | Assuming one short trip a year | | Room & Board | | | | Housing Rent | US$ 6000 | US$ 6000 | Considering living in a 2 bedroom shared with a roomate. Studio or 1 bedroom could cost around 30-40% more. This is in St. Louis - One of the cheapest cities in the US | Household items | US$ 300 | - | A cheap mattress would be around $100. Other furniture items could be shared with roomate. | Utilities/TV | US$ 1200 | US$ 1200 | | Groceries | US$ 2400 | US$ 2400 | | Eating Out | US$ 1000 | US$ 1000 | Considering eating out once a week | Entertainment/Bars | US$ 1000 | US$ 1000 | Estimated figure | Miscellaneous(dry cleaning/barber/etc) | US$ 200 | US$ 200 | Student discounts can be availed at many places | Gym | US$ 0 | US$ 0 | The university usually has a good gym and is available for free to the students | Insurance | | | | Healthcare | | | Fortunately, I did not incur any healthcare expenditures. But this can be expensive if incurred. | Personal Expenditure | US$ 1600 | US$ 1600 | Travelling to home country twice during the course of the two years | | Total Expenses | US$ 71200 | US$ 70900 | | Actual MBA Cost | US$ 142100 | | | MBA Budget Displayed on School’s Website | US$ 122470 | | |
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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04 Apr 2018, 11:13
Actual Cost of Rotman MBA | Category | Year 1 | Year 2 | Notes | School Expenses | | | | Tuition | CA$ 55000 | CA$ 55000 | 2 payments (Sep and Dec) | School fees | | | Included in the tuition | Student orgs, club subscriptions, etc. | CA$ 400 | - | 1 payment (Sep) | Books/Study Materials | CA$ 400 | CA$ 400 | It depends with the class that you will have. I just spent 400 | Health Insurance | | | Included in the tuition | Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc. | CA$ 960 | CA$ 960 | | Personal Laptop | CA$ 1500 | - | Before Class (Sep) | Any other school related expenses. | CA$ 0 | - | | | Travel | | | | Commuting to School: Cab/Metro Charges. | CA$ 840 | CA$ 840 | | Study Tours | - | - | | Leisure travel | - | - | | | Room & Board | | | | Housing Rent | CA$ 18000 | CA$ 18000 | | Household items | CA$ 1200 | CA$ 1200 | | Utilities/TV | CA$ 2400 | CA$ 2400 | | Groceries | CA$ 6000 | CA$ 6000 | | Eating Out | CA$ 3000 | CA$ 3000 | | Entertainment/Bars | CA$ 1800 | CA$ 1800 | | Miscellaneous(dry cleaning/barber/etc) | CA$ 600 | CA$ 600 | | Gym | CA$ 1080 | CA$ 1080 | | Insurance | CA$ 960 | CA$ 960 | | Healthcare | CA$ 0 | CA$ 0 | | Personal Expenditure | CA$ 1200 | CA$ 1200 | | | Total Expenses | CA$ 95340 | CA$ 93440 | | Actual MBA Cost | CA$ 188780 | | | MBA Budget Displayed on School’s Website | CA$ 141826 | | |
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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04 Apr 2018, 11:13
Actual Cost of IMD MBA | Category | Year 1 | Notes | School Expenses | | | Tuition | CHF 85000 | | School fees | - | | Student orgs, club subscriptions, etc. | - | | Books/Study Materials | - | | Health Insurance | CHF 5000 | | Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc. | CHF 1000 | | Personal Laptop | CHF 1000 | | Relocation | CHF 4000 | To and from Switzerland | | Travel | | | Commuting to School: Cab/Metro Charges. | CHF 1000 | Year railway cards for family and cost of travel over the year | Study Tours | CHF 500 | | Leisure travel | CHF 4000 | | | Room & Board | | | Housing Rent | CHF 20000 | | Household items | CHF 3000 | | Utilities/TV | - | | Groceries | CHF 20000 | | Eating Out | CHF 3000 | | Entertainment/Bars | - | | Miscellaneous(dry cleaning/barber/etc) | CHF 2000 | | Gym | - | | Insurance | CHF 500 | Housing insurance and other | Healthcare | - | | Family expenditures | CHF 10000 | Expenditures for clothes/ kids activities etc | Visa and other docs | CHF 2000 | | | Actual MBA Cost | CHF 162000 | | MBA Budget Displayed on School’s Website | CHF 121000 | |
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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04 Apr 2018, 11:14
Actual Cost of ESMT MBA | Category | Year 1 | Notes | School Expenses | | | Tuition | € 45,000 | | School fees | - | | Student orgs, club subscriptions, etc. | € 50 | | Books/Study Materials | € 0 | | Health Insurance | € 1,080 | | Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc. | - | | Personal Laptop | € 700 | | Any other school related expenses. | € 56 | Residence Permit | | Travel | | | Commuting to School: Cab/Metro Charges. | € 528 | | Study Tours | € 1,200 | | Leisure travel | € 1,000 | | | Room & Board | | | Housing Rent | € 7,200 | | Household items | € 2,400 | | Utilities/TV | € 240 | | Groceries | € 1,200 | | Eating Out | € 720 | | Entertainment/Bars | € 1,080 | | Miscellaneous(dry cleaning/barber/etc) | € 119 | | Gym | € 240 | | Insurance | - | | Healthcare | - | | Personal Expenditure | € 1,800 | | | Actual MBA Cost | € 64,613 | | MBA Budget Displayed on School’s Website | € 61500 | |
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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04 Apr 2018, 11:15
Actual Cost of an Columbia MBA EDIT: I decided since I have some time to kill to update this post with my numbers from year 2. Again the same caveats from below apply. Overall the 2 years is very expensive but completely worth it! The first year covers 1 Aug 2013 - 31 Jul 2014, the second year covers 1 Aug 2014 - 31 May 2015. In most cases the earliest you'll start work would be 1 June so I consider May as part of the MBA related expenses, most people probably won't start until later but the summer is really up to you so I'm not counting it in my calculations. For the headline number, total cost for 2 years = $263,506So how much does an MBA at Columbia really cost? This was a big question for me when researching schools but one for which nobody seemed to have a good answer. Obviously everybody’s situation is different but it’s safe to say that the school budget is absurdly low. So I thought I would share my results from my first year, with a little help from Quicken and a lot of OCD. Some notes up front. Orientation starts in mid-August so you’ll likely move in starting beginning of August so that is how I chose my starting date. Additionally I’m married with no kids. So my rent and grocery bills are higher than average but my bars and travel spending are lower so they probably balance out roughly. I didn't take any international trips or pre-MBA trips but did travel some inside the US during the first year. Second year I traveled on one international trip, still well below the MBA school norm. Ok here are the numbers including a per month average for categories where it makes sense:
Category | Year 1 | Per Month | Year 2 | Per Month | Tuition | $ 60,720.00 | N/A | $63,148.00 | N/A | School Fees | $ 3,124.00 | N/A | $2,642.00 | N/A | Health Insurance | $ 3,149.00 | N/A | $2,508.00 | N/A | Agent Fee | $ 3,562.50 | N/A | $ 0 | N/A | Application Fees | $ 759.00 | N/A | $ 0 | N/A | Household items | $2,425.33 | $202.11 | $1,451.16 | $145.12 | Student Orgs | $714.61 | $59.55 | $772.77 | $77.28 | Rent | $ 28,500.00 | $ 2,375.00 | $ 23,750.00 | $ 2,375.00 | Metro Expenses | $1,635.50 | $136.29 | $1,112.60 | $111.26 | Groceries | $8,447.26 | $703.94 | $7,541.74 | $754.17 | Eating Out | $1,830.22 | $152.52 | $2,399.72 | $239.97 | Entertainment/Bars | $2,959.06 | $246.59 | $2,756.69 | $275.67 | Utilities/TV | $2,605.93 | $217.16 | $3,031.55 | $303.16 | Insurance | $1,866.77 | $155.56 | $2,104.28 | $210.43 | Healthcare | $1,401.81 | $116.82 | $1,234.98 | $123.50 | Miscellaneous(dry cleaning/barber/etc) | $1,451.82 | $120.99 | $2,697.10 | $269.71 | Gym | $1,719.93 | $143.33 | $3,316.96 | $331.70 | Travel | $8,107.56 | N/A | $8,058.20 | N/A | Total | $134,980.30 | $4,628.86 | $ 128,525.75 | $5,216.97 |
Hopefully this will help folks get a starting point for a budget. As you can see I overshot the school’s estimate by about 35%.
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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06 Apr 2018, 15:48
Any other schools apart from the ones listed?
regards, HK
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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17 Nov 2018, 15:13
Narenn wrote: Hello GMAT Club, Taking inspiration from this post, we decided to ascertain similar figures for other schools too and make a comprehensive post detailing MBA expenses incurred at different schools. We reached out to active forum members who are currently studying in different business schools and collected details of the expenses incurred during their stay in business school. In subsequent posts, you will find the data of MBA expenditure at different business schools. We want to show MBA expenses of as many schools as we can in this thread and hence will continue to reach out to students and update this thread with their info as soon as we get it; therefore, don't forget to bookmark this topic to for latest info. We hope this would really be a great help to prospective applicants and recent admits in making financing plan for their MBA studies. We would like to thank to all current students /alumni who took time out of their busy schedules to provide us these valuable inputs of their MBA expenses. Hi Narenn, This is an absolutely amazing post. It will really help if you can add details for more schools in top 30 to have a better comparison. I am sure these details will definitely be an eye opener for lot of candidates. Just a suggestion - can we add average internship cost and final placement figure in the table to give a more holistic approach?
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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08 Dec 2018, 01:02
Hi Narenn, thanks for sharing. I think these costs are quite cost effective
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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10 Dec 2018, 00:40
Much of the time the soonest you will begin work would be 1 June so i consider may as a feature of the MBA related costs, a great many people most likely won't begin until some other time however the mid year is truly up to you so i am not including it in my figuring...
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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16 Dec 2018, 04:24
This is really helpful - thanks for compiling this!
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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25 Dec 2018, 21:17
Really good thread Narenn. Would it be possible to put the $ value for the European school's total budgets? I understand the exchange rate varies frequently but the $ value helps in providing a ballpark figure and members would be able to compare apple to apple, If required.
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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31 Dec 2018, 23:29
VPGMAT wrote: Really good thread Narenn. Would it be possible to put the $ value for the European school's total budgets? I understand the exchange rate varies frequently but the $ value helps in providing a ballpark figure and members would be able to compare apple to apple, If required. Thank you! We can do that - I will add a column to show $ values of given figures.
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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31 Dec 2018, 23:45
GoodGuy wrote: Just a suggestion - can we add average internship cost and final placement figure in the table to give a more holistic approach? Great Idea! We can add those data fields in future surveys. GoodGuy wrote: This is an absolutely amazing post. It will really help if you can add details for more schools in top 30 to have a better comparison. I am sure these details will definitely be an eye opener for lot of candidates. We are planning to make fresh outreach to current students and we will definitely try to contact students of the schools which are missing here. I also appeal to all forum members - If you have connections in any business schools, please try to reach out to them on your own and request your friends to provide their expenditure details to include in this collection. Rest assured - names of the students providing expenses details will NOT be made public. PM me if any help is required for this task.
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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01 Jan 2019, 19:15
Thank you all for posting this valuable information. This is so eye opening. 250k+ is a lot of money for any international students especially in the current visa situation.
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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25 Jan 2019, 02:37
Actual Cost of Desautels (McGill) | Category | Year 1 | Year 2 | Notes (If Any) | School Expenses | | | | Tuition | CA$ 44500 | CA$ 44500 | International tuition. For full details see: https://www.mcgill.ca/desautels/program ... ba/tuition | School fees | CA$ 1310 | CA$ 1310 | Society fees, student services, administration charges, IT charges, etc. | Student orgs, club subscriptions, etc. | CA$ 120 | CA$ 120 | Depending on the clubs, some of them charge as little as $5, and some charge $25 flat and give access to their events all year. | Books/Study Materials | CA$ 230 | CA$ 180 | Copyright fee: $30. On an average add $25-$30 for course materials. Some classes have simulations and exercises that need to be bought individually. The most expensive of them was roughly $80. You end up sharing some of the course materials. | Health Insurance | CA$ 1170 | CA$ 1170 | International health + dental. For full details see: https://www.mcgill.ca/desautels/program ... ba/tuition | Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc. | CA$ 900 | CA$ 600 | A networking event in Toronto in mid-November. The rest of the events and activities are purely by choice, but highly recommended. The most avid ones end up spending higher, but on average this should be good enough. | Personal Laptop | CA$ 1300 | | Any decent laptop which can handle everyday tasks is good enough. If you have a good one, don't bother buying one. Highly recommend Windows over Mac for better compatibility with softwares and excercises. | Any other school related expenses. | CA$ 600 | CA$ 600 | Just miscellanious expenses in case you wanted to have more fun and great experiences. | | Travel | | | | Commuting to School: Cab/Metro Charges. | CA$ 0 | CA$ 0 | Live close to the school and save some dough and time in travelling. Montreal is cheap, so you can afford to live close to the school. Other option is room/house mates. | Study Tours | CA$ 0 | CA$ 0 | A 10-day international study trip is included in the fee - Travel, Lodging and local commute. | Leisure travel | CA$ 0 | CA$ 0 | Well, up to you. | | Room & Board | | | | Housing Rent | CA$ 9000 | CA$ 9000 | | Household items | | | | Utilities/TV | CA$ 0 | CA$ 0 | What're you doing watching TV during your MBA? | Groceries | CA$ 2400 | CA$ 2400 | | Eating Out | CA$ 600 | CA$ 600 | Avoid eating out as much as you can. Food is not that important now, is it? | Entertainment/Bars | CA$ 600 | CA$ 600 | Well, if you think this estimate is less than what you'd be spending, you should seriously rethink your priorities. | Miscellaneous(dry cleaning/barber/etc) | CA$ 360 | CA$ 360 | Go to Salon Violette, they charge students $11. | Gym | CA$ 0 | CA$ 0 | Included in school fees. | Insurance | CA$ 0 | CA$ 0 | Renter's insurance would be $50 I guess. | Healthcare | CA$ 0 | CA$ 0 | Included in the PGSS Health Plan. | Personal Expenditure | CA$ 120 | CA$ 120 | Just to round off the figures. All figures above include buffers, so you shouldn't really need more. Only caveat not in here is the number of times you will travel home. | | Total Expenses | CA$ 63210 | CA$ 61560 | Monthly expenses are included in the totals too. So don't panic. | Actual MBA Cost | CA$ 124770 | | | MBA Budget Displayed on School’s Website | CA$ 108000 - CA$ 113000 | | | NOTE: The expenses mentioned above are the absolute maximum one will spend and includes buffers, so don’t get demotivated if they appear too high; Your MBA budget could be lower if you spend cautiously and save wherever possible. |
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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19 Feb 2019, 13:04
What about opportunity costs of your salary / compensation given up over the two years. If you make $100K plus a 30K bonus (all-in comp of $130K per year), then that is an additional $260K of "costs" to be added. Granted, you can discount this amount by any internship income / signing bonuses, but isn't opportunity cost (for some people) an even larger factor in the overall cost of an MBA program??
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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22 Feb 2019, 22:45
anon12321 wrote: What about opportunity costs of your salary / compensation given up over the two years. If you make $100K plus a 30K bonus (all-in comp of $130K per year), then that is an additional $260K of "costs" to be added. Granted, you can discount this amount by any internship income / signing bonuses, but isn't opportunity cost (for some people) an even larger factor in the overall cost of an MBA program?? Thanks for bringing this important aspect of MBA costing into the discussion. We didn't include opportunity costs for two reasons: (1) Opportunity costs can differ greatly from person to person as they are based on compensation prior to MBA, country, etc factors. So you can't have a single figure of opportunity cost for a bschool. (2) Primary objective of this initiative is to provide an estimation of expenses that actually incur while studying at a certain business school so that those who are planning to attend that program will have a clear understanding of how much provision is required to make to attend that program. Opportunity cost is something that one should consider when calculating the ROI of MBA but not while raising funds. Having said that, I fully agree that one should certainly consider opportunity cost while deciding to enroll at a bschool.
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Re: Actual Cost of MBA - Real Budgets from Students of Various BSchools
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22 Feb 2019, 22:45
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