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

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New post 04 Apr 2018, 11:11
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Update Jan 25, 2019: Expenditure details of Desautels (McGill) added.

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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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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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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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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New post 04 Apr 2018, 11:13
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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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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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New post 04 Apr 2018, 11:14
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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 - Real Budgets from Students of Various BSchools  [#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 MonthYear 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 - Real Budgets from Students of Various BSchools  [#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 - Real Budgets from Students of Various BSchools  [#permalink]

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New post 17 Nov 2018, 15:13
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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  [#permalink]

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New post 08 Dec 2018, 01:02
Hi Narenn, thanks for sharing. I think these costs are quite cost effective
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New post 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  [#permalink]

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New post 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  [#permalink]

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New post 25 Dec 2018, 21:17
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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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New post 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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New post 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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New post 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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New post 25 Jan 2019, 02:37
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Actual Cost of Desautels (McGill)
CategoryYear 1Year 2Notes (If Any)
School Expenses
TuitionCA$ 44500CA$ 44500International tuition. For full details see: https://www.mcgill.ca/desautels/program ... ba/tuition
School feesCA$ 1310CA$ 1310Society fees, student services, administration charges, IT charges, etc.
Student orgs, club subscriptions, etc.CA$ 120CA$ 120Depending on the clubs, some of them charge as little as $5, and some charge $25 flat and give access to their events all year.
Books/Study MaterialsCA$ 230CA$ 180Copyright 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 $80. You end up sharing some of the course materials.
Health InsuranceCA$ 1170CA$ 1170International 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$ 900CA$ 600A 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 LaptopCA$ 1300Any 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$ 600CA$ 600Just miscellanious expenses in case you wanted to have more fun and great experiences.
Travel
Commuting to School: Cab/Metro Charges.CA$ 0CA$ 0Live 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 ToursCA$ 0CA$ 0A 10-day international study trip is included in the fee - Travel, Lodging and local commute.
Leisure travelCA$ 0CA$ 0Well, up to you.
Room & Board
Housing RentCA$ 9000CA$ 9000
Household items
Utilities/TVCA$ 0CA$ 0What're you doing watching TV during your MBA?
GroceriesCA$ 2400CA$ 2400
Eating OutCA$ 600CA$ 600Avoid eating out as much as you can. Food is not that important now, is it?
Entertainment/BarsCA$ 600CA$ 600Well, 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$ 360CA$ 360Go to Salon Violette, they charge students $11.
GymCA$ 0CA$ 0Included in school fees.
InsuranceCA$ 0CA$ 0Renter's insurance would be $50 I guess.
HealthcareCA$ 0CA$ 0Included in the PGSS Health Plan.
Personal ExpenditureCA$ 120CA$ 120Just 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 ExpensesCA$ 63210CA$ 61560Monthly expenses are included in the totals too. So don't panic.
Actual MBA CostCA$ 124770
MBA Budget Displayed on School’s WebsiteCA$ 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  [#permalink]

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New post 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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New post 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   [#permalink] 22 Feb 2019, 22:45

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