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Actual Cost of MBA at Various BSchools - Real Budgets from Students

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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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New post 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
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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students  [#permalink]

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New post 04 Apr 2018, 11:12
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Actual Cost of Kellogg MBA
CategoryYear 1Year 2Notes (If Any)
School Expenses
TuitionUS$ 68955US$ 70334
School feesUS$ 3124US$ 3186
Student orgs, club subscriptions, etc.US$ 330US$ 337
Study Materials (course packs)US$ 1200US$ 1224Some courses have all HBR cases that you must buy
Books/Misc. (printing)US$ 600US$ 61250$ as no one buys books with school library providing subscription to online versions; printing is free at Kellogg (unlimited B/W + Color)
Health InsuranceUS$ 3856US$ 3933
Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc.US$ 8108US$ 8270Includes EVERYTHING
Personal LaptopUS$ 1500US$ 0
Any other school related expenses.--
First Year FeeUS$ 1500
Travel
Commuting to School: Metro ExpensesUS$ 1200US$ 1224Not needed as you live in Evanston!
Uber/Lyft/Car PoolingUS$ 5000US$ 5100
Study ToursUS$ 1000US$ 1000GIM Trips: Only those who are enrolled in these courses need to pay for this
Leisure travelUS$ 3500US$ 3500Again, depending on the destination could be higher; discretionary
Room & Board
Housing RentUS$ 19912US$ 20310Assuming 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 itemsUS$ 1200US$ 1224You get fully furnished apartment in McManus; so not many appliances need to be bought
Utilities/TVUS$ 1200US$ 1224
GroceriesUS$ 7500US$ 7650
Eating OutUS$ 2500US$ 2550Assuming 3X/week average for 4 quarters
Entertainment/BarsUS$ 2000US$ 2040
Miscellaneous(dry cleaning/barber/etc)US$ 1500US$ 1530
GymUS$ 780US$ 796This is for one of the most expensive gyms in Evanston
InsuranceUS$ 300US$ 306Not many take out insurance; but assuming it here as a worst case
Healthcare
Personal ExpenditureUS$ 1500US$ 1500
Total ExpensesUS$ 138265US$ 137849
Actual MBA CostUS$ 276114
MBA Budget Displayed on School’s WebsiteUS$ 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
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Status: Back to work...
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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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New post 04 Apr 2018, 11:12
Actual Cost of Kenan-Flagler MBA
CategoryYear 1Year 2Notes
School Expenses
TuitionUS$ 60000US$ 60000Tuition is paid per semester
School feesIncluded in the tuition
Student orgs, club subscriptions, etc.US$ 450US$ 450Subscription for MBA clubs and activities
Books/Study MaterialsUS$ 200US$ 200Can be shared between friends to reduce the cost
Health InsuranceUS$ 692US$ 692Indian insurance from ICICI
Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc.US$ 500US$ 500Depends on the track you chose. It is substantially high for IB and consulting
Personal LaptopUS$ 900Again depends on the machine you chose
Any other school related expenses.NANA
Travel
Commuting to School: Cab/Metro Charges.US$ 0US$ 0I live on campus
Study Tours
Leisure travelUS$ 600US$ 600This cannot be quantified. It depends on person.
Room & Board
Housing RentUS$ 12600US$ 12600On campus housing is cheaper
Household itemsUS$ 1200You can get a lot of stuff for free
Utilities/TVIncluded in the rent
GroceriesUS$ 4800US$ 4800
Eating OutUS$ 1200US$ 1800This again is personal preference
Entertainment/BarsNA
Miscellaneous(dry cleaning/barber/etc)US$ 300US$ 300
GymIncluded in the tuition
InsuranceHealth insurance already covered
HealthcareDepends on how many visits you make and your insurance plan
Personal ExpenditureUS$ 1200US$ 1200
Total ExpensesUS$ 84642US$ 83142
Actual MBA CostUS$ 167785
MBA Budget Displayed on School’s WebsiteUS$ 178440

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MBA Section Director
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Status: Back to work...
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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students  [#permalink]

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New post 04 Apr 2018, 11:12
Actual Cost of Olin MBA
CategoryYear 1Year 2Notes
School Expenses
TuitionUS$ 53000US$ 53000Inclusive of fees
School fees
Student orgs, club subscriptions, etc.US$ 0US$ 0No additional costs
Books/Study MaterialsUS$ 1000US$ 1000Approximate.. Could be higher or lower depending on the courses we opt for
Health InsuranceUS$ 1200US$ 1200
Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc.US$ 700US$ 700Approximate. Depends on which conferences we plan to attend
Personal LaptopUS$ 400US$ 400
Any other school related expenses.--
Travel
Commuting to School: Cab/Metro Charges.US$ 0US$ 0Student travel pass for bus and train provided for free
Study Tours--
Leisure travelUS$ 1200US$ 1200Assuming one short trip a year
Room & Board
Housing RentUS$ 6000US$ 6000Considering 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 itemsUS$ 300-A cheap mattress would be around $100. Other furniture items could be shared with roomate.
Utilities/TVUS$ 1200US$ 1200
GroceriesUS$ 2400US$ 2400
Eating OutUS$ 1000US$ 1000Considering eating out once a week
Entertainment/BarsUS$ 1000US$ 1000Estimated figure
Miscellaneous(dry cleaning/barber/etc)US$ 200US$ 200Student discounts can be availed at many places
GymUS$ 0US$ 0The university usually has a good gym and is available for free to the students
Insurance
HealthcareFortunately, I did not incur any healthcare expenditures. But this can be expensive if incurred.
Personal ExpenditureUS$ 1600US$ 1600Travelling to home country twice during the course of the two years
Total ExpensesUS$ 71200US$ 70900
Actual MBA CostUS$ 142100
MBA Budget Displayed on School’s WebsiteUS$ 122470

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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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New post 04 Apr 2018, 11:13
Actual Cost of Rotman MBA
CategoryYear 1Year 2Notes
School Expenses
TuitionCA$ 55000CA$ 550002 payments (Sep and Dec)
School feesIncluded in the tuition
Student orgs, club subscriptions, etc.CA$ 400-1 payment (Sep)
Books/Study MaterialsCA$ 400CA$ 400It depends with the class that you will have. I just spent 400
Health InsuranceIncluded in the tuition
Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc.CA$ 960CA$ 960
Personal LaptopCA$ 1500-Before Class (Sep)
Any other school related expenses.CA$ 0-
Travel
Commuting to School: Cab/Metro Charges.CA$ 840CA$ 840
Study Tours--
Leisure travel--
Room & Board
Housing RentCA$ 18000CA$ 18000
Household itemsCA$ 1200CA$ 1200
Utilities/TVCA$ 2400CA$ 2400
GroceriesCA$ 6000CA$ 6000
Eating OutCA$ 3000CA$ 3000
Entertainment/BarsCA$ 1800CA$ 1800
Miscellaneous(dry cleaning/barber/etc)CA$ 600CA$ 600
GymCA$ 1080CA$ 1080
InsuranceCA$ 960CA$ 960
HealthcareCA$ 0CA$ 0
Personal ExpenditureCA$ 1200CA$ 1200
Total ExpensesCA$ 95340CA$ 93440
Actual MBA CostCA$ 188780
MBA Budget Displayed on School’s WebsiteCA$ 141826

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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students  [#permalink]

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New post 04 Apr 2018, 11:13
Actual Cost of IMD MBA
CategoryYear 1Notes
School Expenses
TuitionCHF 85000
School fees-
Student orgs, club subscriptions, etc.-
Books/Study Materials-
Health InsuranceCHF 5000
Attending networking events/conferences: Travel Expenses, Parking, Wine and Dine Expenses, Event Tickets, etc.CHF 1000
Personal LaptopCHF 1000
RelocationCHF 4000To and from Switzerland
Travel
Commuting to School: Cab/Metro Charges.CHF 1000Year railway cards for family and cost of travel over the year
Study ToursCHF 500
Leisure travelCHF 4000
Room & Board
Housing RentCHF 20000
Household itemsCHF 3000
Utilities/TV-
GroceriesCHF 20000
Eating OutCHF 3000
Entertainment/Bars-
Miscellaneous(dry cleaning/barber/etc)CHF 2000
Gym-
InsuranceCHF 500Housing insurance and other
Healthcare-
Family expendituresCHF 10000Expenditures for clothes/ kids activities etc
Visa and other docsCHF 2000
Actual MBA CostCHF 162000
MBA Budget Displayed on School’s WebsiteCHF 121000

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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students  [#permalink]

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New post 04 Apr 2018, 11:14
Actual Cost of ESMT MBA
CategoryYear 1Notes
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.€ 56Residence 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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New post 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 = $263,506

So 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:

CategoryYear 1Per Month Year 2Per Month
Tuition$ 60,720.00N/A $63,148.00N/A
School Fees$ 3,124.00N/A $2,642.00N/A
Health Insurance$ 3,149.00N/A $2,508.00N/A
Agent Fee$ 3,562.50N/A $ 0N/A
Application Fees$ 759.00N/A $ 0N/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$8,107.56N/A $8,058.20N/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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New post 06 Apr 2018, 15:48
Any other schools apart from the ones listed?

regards,
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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students  [#permalink]

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New post 20 Jun 2018, 23:24
Education is very important for every one but education is getting expensive day by day. Our system is like that rich students get more and more education and poor will not. Education in nowadays becomes more costly such that poor parents of the most talented student cannot even think of getting their wards admitted into such institute. We need a system that will provide equal opportunity to both rich and poor students that can contribute to the development of the country fortunately there are many sites who provides scholar ship of needy students we just need to avail these offers buy back to school coupons
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Re: Actual Cost of MBA at Various BSchools - Real Budgets from Students &nbs [#permalink] 20 Jun 2018, 23:24
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