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anu1979
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Cha-Ching! Add it up! 18 Jan 2010, 11:33
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All told it probably came to about $3500 for the application process (9 applications, 5 on-site interviews, and 2 school pre-visists + hotel/taxi/parking at LAX/mileage). I'm really lucky in that my parents gave me all the application fees as a Christmas + Birthday present. Also, my dad was a weekly cross-country frequent flyer for 15 years before he retired this year so he used up a goodly portion of miles to fly me out everywhere. I also had 3 free domestic tickets that I had accumulated by allowing myself to be bumped off flights during work trips so I used those.

Pre-application wise:

I won an award at work this year and used the money to pay off my math classes at UCLA, so I think that was about a $1000.

That's not even counting how much money I spent on the GMAT books. However, I self-studied and my dad (newly retired), with loads of free time on his hands, tutoured me. I didn't have to work on the verbal since it's a hoopty version of the LSATs but I needed a lot tutouring on the quantitative side. That was a huge cost savings for me because I definitely would have needed private tutouring.


My guesstimate for a total from April-to admissions is $5500
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ykostyuk
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Cha-Ching! Add it up! 18 Jan 2010, 14:57
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Mine doesn't look so bad

GMAT - $250
GMAT books - $40 (plus free from friend)
Essay book - $40
School visits - $150 (driving distance)
App. fees - $900

Total: $1,380

But the interviews are yet to come... At least I don't have to buy new clothes since I have suits for work.
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Cha-Ching! Add it up! Updated on: 25 Feb 2010, 00:46
Originally posted by bwizzle on 18 Jan 2010, 16:25.
Last edited by bwizzle on 25 Feb 2010, 00:46, edited 1 time in total.
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Bschool is expensive!
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GoBruin
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Cha-Ching! Add it up! 21 Jan 2010, 14:30
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Does anyone KNOW if you can claim b-school application fees on your tax return?
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ykostyuk
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Cha-Ching! Add it up! 21 Jan 2010, 14:49
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GoBruins
Does anyone KNOW if you can claim b-school application fees on your tax return?
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You cannot.
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Cha-Ching! Add it up! 19 Feb 2010, 00:16
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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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serenityprayer
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Cha-Ching! Add it up! 19 Feb 2010, 02:58
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MBAgirl2010
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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great insight and analysis!
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Praetorian
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Cha-Ching! Add it up! 21 Aug 2010, 03:33
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anyone from the previous season want to contribute?
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rhyme
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Cha-Ching! Add it up! 21 Aug 2010, 07:22
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it was all worth it.
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kryzak
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Cha-Ching! Add it up! 22 Aug 2010, 12:15
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what rhyme said. :)
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Cha-Ching! Add it up! 22 Aug 2010, 12:23
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rhyme, u make 300,000.00 a year and u still want to go for MBA? how much u expect yourself to make right after getting mba?
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kryzak
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Cha-Ching! Add it up! 22 Aug 2010, 12:40
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tt11234
rhyme, u make 300,000.00 a year and u still want to go for MBA? how much u expect yourself to make right after getting mba?
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rhyme makes $300,000 a year? :)

btw, rhyme already graduated and has a kickass job. :P
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missxmelon
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Cha-Ching! Add it up! 20 Sep 2013, 23:04
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bumping this thread for the current application season!
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domotron
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Cha-Ching! Add it up! 21 Sep 2013, 05:59
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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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missxmelon
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Cha-Ching! Add it up! 21 Sep 2013, 19:17
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GMAT (x1) = $250
Score report (x1) = $28
GMAT books and MBA related books = $20
Application fees = $775
Gifts for recommenders = $60
Interviews = ???
Total (known costs) = $1133
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etta
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Cha-Ching! Add it up! 25 Sep 2013, 04:28
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Ohh I have been thinking about this, especially as interview season draws near!

GMAT = $250
Week of leave prior to exam/lost income = $2000
GMAC books: $60
GMAT score reports x 3 = $84
Application fees x 3 = $750

Incurred costs thus far: $3144

Here are the kickers though:
Potential interview(s) in Boston
Flights = $2500
Accommodation = $1400 (assuming $200/night)
Week of leave for interviews = $2000 (assuming 1 week - most likely necessary as flight time to US will be approx 30hrs)
Subtotal $5900
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Cha-Ching! Add it up! 27 Sep 2013, 18:41
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Mine last year totaled $5,138 and it was completely worth it. That's not even 2 months rent here so in the scheme of things not really that much to add to my B-school tab.
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