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MBA Section Director
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Actual Cost of MBA at Various BSchools - Real Budgets from Students [#permalink]
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 04 Apr 2018, 11:11
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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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MBA Section Director
Status: Back to work...
Affiliations: GMAT Club
Joined: 22 Feb 2012
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Location: India
City: Pune
GPA: 3.4
WE: Business Development (Manufacturing)
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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students [#permalink]
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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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MBA Section Director
Status: Back to work...
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Joined: 22 Feb 2012
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Location: India
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GPA: 3.4
WE: Business Development (Manufacturing)
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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students [#permalink]
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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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MBA Section Director
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Location: India
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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students [#permalink]
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04 Apr 2018, 11:12
| 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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MBA Section Director
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Location: India
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WE: Business Development (Manufacturing)
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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students [#permalink]
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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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MBA Section Director
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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students [#permalink]
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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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MBA Section Director
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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students [#permalink]
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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 at Various BSchools - Real Budgets from Students [#permalink]
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04 Apr 2018, 11:15
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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 at Various BSchools - Real Budgets from Students [#permalink]
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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 at Various BSchools - Real Budgets from Students
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06 Apr 2018, 15:48
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