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SVP
Joined: 01 Nov 2006
Posts: 1855
Schools: The Duke MBA, Class of 2009
Followers: 17

Kudos [?]: 204 [1] , given: 2

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28 Dec 2006, 18:19
1
KUDOS
So, just for fun I've been keeping track of how much I've spent on this whole process. I thought others might be interested in a little show-and-tell. We can one-up each other until the admits come through.

Gmat 1, 250
Gmat 2, 250
PR Book, 19
PR Quant, 36
OG, 30
Montauk, 39
Cornell, 180
NC, 130
Yale, 180
Duke, 185
BM Transcript, 10
Postage, 14
Duke GMAT, 28
Flight: NC, 273

total: $1624 Last edited by aaudetat on 12 Jan 2007, 07:45, edited 2 times in total. Director Joined: 07 Jun 2006 Posts: 513 Followers: 11 Kudos [?]: 131 [6] , given: 0 MBA Loans [#permalink] ### Show Tags 06 Feb 2007, 20:32 6 This post received KUDOS ok - reading about all these costs made me take a potshot at Gmatt and Rhyme. Me included of course. [/img] Manager Joined: 26 May 2006 Posts: 55 Followers: 0 Kudos [?]: 3 [1] , given: 0 ### Show Tags 03 Jan 2007, 17:51 1 This post received KUDOS I assume that my opportunity cost is at least a few million, because during the time I spent on apps, I probably would have invented the next big thing or landed a major role in a blockbuster movie. Hopefully bschool is worth it. CEO Joined: 17 May 2007 Posts: 2957 Followers: 61 Kudos [?]: 601 [1] , given: 210 Re: Cha-Ching! Add it up! [#permalink] ### Show Tags 16 Jan 2008, 16:41 1 This post received KUDOS This is a great one !!!! My costs (converting everything in USD): GMAT$250
Books $500 Applications (6 schools)$1300
Lost wages during months I took off work $40,000 Lost laptop (which got stolen while studying for gmat in the library) -$2900

holy crap - $44,950 ... Thats a LOT of money without a single admit to show for it. Director Joined: 18 Dec 2007 Posts: 983 Location: Hong Kong Concentration: Entrepreneurship, Technology Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2010 Followers: 13 Kudos [?]: 135 [1] , given: 10 Re: Cha-Ching! Add it up! [#permalink] ### Show Tags 18 Jan 2008, 22:10 1 This post received KUDOS First 2 shirts and suits here Attachment: 19012008256.jpg [ 64.63 KiB | Viewed 1459 times ] Attachment: 19012008257.jpg [ 77.31 KiB | Viewed 1459 times ] Senior Manager Joined: 02 Jun 2009 Posts: 446 Followers: 39 Kudos [?]: 165 [1] , given: 36 Re: Cha-Ching! Add it up! [#permalink] ### Show Tags 19 Feb 2010, 00:16 1 This post received KUDOS 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 _________________ Tips: http://gmatclub.com/forum/best-app-tips-77803-80.html#p610423 GMAT experience: http://gmatclub.com/forum/gmat-710-q47-v41-what-worked-and-what-didn-t-81055.html#p608295 Telling your story: http://gmatclub.com/forum/storytelling-82064.html#p615567 Other MBA women: http://gmatclub.com/forum/calling-all-female-mba-applicants-84636.html GMATClub interview practice groups: http://gmatclub.com/forum/gmatclub-interview-groups-85902.html#p643929 GMAT Club Premium Membership - big benefits and savings BSchool Forum Moderator Status: Current Tuckie! Joined: 19 Oct 2012 Posts: 543 Location: United Kingdom Schools: Tuck '16 (M) GMAT 1: 710 Q50 V36 GMAT 2: 740 Q48 V44 Followers: 28 Kudos [?]: 196 [1] , given: 105 Re: Cha-Ching! Add it up! [#permalink] ### Show Tags 21 Sep 2013, 05:59 1 This post received KUDOS 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 GMAT Club Legend Affiliations: HHonors Diamond, BGS Honor Society Joined: 05 Apr 2006 Posts: 5926 Schools: Chicago (Booth) - Class of 2009 GMAT 1: 730 Q45 V45 WE: Business Development (Consumer Products) Followers: 321 Kudos [?]: 2085 [0], given: 7 ### Show Tags 31 Dec 2006, 11:46 Don't feel bad about your costs. Here's my rough total. Gmat prep,$1800
Gmat exams, $750 gmat score reports and transcript ordering, ~$150
Trip to Cornell: ~$950 Trip to Harvard: ~$1400
Unpaid time off work for trips, gmat exams, interviews, class visits, etc: ~$12,000 New Suit for interviews:$1200
Application Fees: ~$700 Dry Cleaning: At least$50

~ $19,000 true opportunity cost (which is the best measure) or, if you prefer: ~$7,000 actual out of pocket
SVP
Joined: 01 Nov 2006
Posts: 1855
Schools: The Duke MBA, Class of 2009
Followers: 17

Kudos [?]: 204 [0], given: 2

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31 Dec 2006, 11:58
as someone who makes her living doing financial counseling and trying to improve the day-to-day economics of low-income folks, it figures that I'd be cheap!

But I am also newer to all of this than you are - let the hotel costs add up as it gets to R2 interviewing season!

Rhyme, don't you get paid time off?
Director
Joined: 05 Apr 2006
Posts: 727
Followers: 2

Kudos [?]: 9 [0], given: 0

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01 Jan 2007, 17:01
$1200 suit... Damn! Current Student Joined: 29 Jan 2005 Posts: 5221 Followers: 26 Kudos [?]: 404 [0], given: 0 ### Show Tags 02 Jan 2007, 00:23 rhyme wrote: Don't feel bad about your costs. Here's my rough total. Gmat prep,$1800
Gmat exams, $750 gmat score reports and transcript ordering, ~$150
Trip to Cornell: ~$950 Trip to Harvard: ~$1400
Unpaid time off work for trips, gmat exams, interviews, class visits, etc: ~$12,000 New Suit for interviews:$1200
Application Fees: ~$700 Dry Cleaning: At least$50

~ $19,000 true opportunity cost (which is the best measure) or, if you prefer: ~$7,000 actual out of pocket

I've proabaly invested almost $30K so far, and that doesn't include application fees or interviews. GMAT (x4):$1000
Kaplan: $1200 Books, CDROMs, other online materials: ~$1000
Initial school visits in 2004 and 2005: $5000 (x2) Lost wages during vists:$15,000
Current Student
Joined: 12 May 2006
Posts: 139
Followers: 2

Kudos [?]: 2 [0], given: 0

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02 Jan 2007, 17:40
rhyme wrote:

Gmat prep, $1800 Gmat exams,$750
gmat score reports and transcript ordering, ~$150 Trip to Cornell: ~$950
Trip to Harvard: ~$1400 Unpaid time off work for trips, gmat exams, interviews, class visits, etc: ~$12,000
New Suit for interviews: $1200 Application Fees: ~$700
Dry Cleaning: At least $50 ~$19,000 true opportunity cost (which is the best measure)

or, if you prefer:

~ $7,000 actual out of pocket$1200 for a suit? Geez, what did you get, Armani?
GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
Followers: 321

Kudos [?]: 2085 [0], given: 7

### Show Tags

02 Jan 2007, 18:59
Xeo78 wrote:
rhyme wrote:

Gmat prep, $1800 Gmat exams,$750
gmat score reports and transcript ordering, ~$150 Trip to Cornell: ~$950
Trip to Harvard: ~$1400 Unpaid time off work for trips, gmat exams, interviews, class visits, etc: ~$12,000
New Suit for interviews: $1200 Application Fees: ~$700
Dry Cleaning: At least $50 ~$19,000 true opportunity cost (which is the best measure)

or, if you prefer:

~ $7,000 actual out of pocket$1200 for a suit? Geez, what did you get, Armani?

Embarassing as it is... and its one of my cheaper suits actually.... I tend to buy Loro Piana mostly. Armani tends not to fit well on my frame. I also have a tendency to buy some pretty ridiculously priced shirts. Shoes too, but at least there I can blame my insanely big but insanely narrow feet. There's only two manufacturers that fit me well. Reebok, and Ferragamo. Doesn't leave much in terms of options. Ties are probably my most ridiculous splurge - but I stopped buying them years ago. Hermes mostly.
Senior Manager
Joined: 03 Jul 2006
Posts: 480
Followers: 1

Kudos [?]: 19 [0], given: 0

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02 Jan 2007, 19:13
rhyme wrote:
Xeo78 wrote:
rhyme wrote:

Gmat prep, $1800 Gmat exams,$750
gmat score reports and transcript ordering, ~$150 Trip to Cornell: ~$950
Trip to Harvard: ~$1400 Unpaid time off work for trips, gmat exams, interviews, class visits, etc: ~$12,000
New Suit for interviews: $1200 Application Fees: ~$700
Dry Cleaning: At least $50 ~$19,000 true opportunity cost (which is the best measure)

or, if you prefer:

~ $7,000 actual out of pocket$1200 for a suit? Geez, what did you get, Armani?

Embarassing as it is... It was actually $1400, not$1200, I was mistaken... and its one of my cheaper suits actually.... I tend to buy Loro Piana mostly. Armani tends not to fit well on my frame. I also have a tendency to buy some pretty ridiculously priced shirts. Shoes too, but at least there I can blame my insanely big but insanely narrow feet. There's only two manufacturers that fit me well. Reebok, and Ferragamo. Doesn't leave much in terms of options. Ties are probably my most ridiculous splurge - but I stopped buying them years ago. Hermes mostly.

straight ballin'
GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
Followers: 321

Kudos [?]: 2085 [0], given: 7

### Show Tags

02 Jan 2007, 19:29
Director
Joined: 07 Aug 2006
Posts: 572
Followers: 1

Kudos [?]: 5 [0], given: 0

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03 Jan 2007, 09:59
Quote:
Lost wages during vists: $15,000 Wow. Either you make alot of money or you visited every b-school in the world. GMAT Club Legend Affiliations: HHonors Diamond, BGS Honor Society Joined: 05 Apr 2006 Posts: 5926 Schools: Chicago (Booth) - Class of 2009 GMAT 1: 730 Q45 V45 WE: Business Development (Consumer Products) Followers: 321 Kudos [?]: 2085 [0], given: 7 ### Show Tags 03 Jan 2007, 12:48 dukes wrote: Quote: Lost wages during vists:$15,000

Wow. Either you make alot of money or you visited every b-school in the world.

I'm also counting the month I took off work to study for my GMAT in that figure. Suppose I should have been clearer. For the record I don't make $300,000 a year Manager Joined: 04 Jul 2006 Posts: 58 Followers: 0 Kudos [?]: 0 [0], given: 0 ### Show Tags 03 Jan 2007, 13:34 Dang...I'm a girl and I think my whole closet isn't worth that much! I spent in the environs of$5,000 just applying, not counting my deposit.
Intern
Joined: 23 Apr 2006
Posts: 48
Followers: 0

Kudos [?]: 0 [0], given: 0

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03 Jan 2007, 23:01
I've spent in the range of $3,000. It should have been$4,000, but my GMAT prep course forgot to charge my credit card.

Do any of you know if MBA expenses are tax deductible?
GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
Followers: 321

Kudos [?]: 2085 [0], given: 7

### Show Tags

03 Jan 2007, 23:23
philkriger wrote:
I've spent in the range of $3,000. It should have been$4,000, but my GMAT prep course forgot to charge my credit card.

Do any of you know if MBA expenses are tax deductible?

I've heard they are not. Any accountants?

http://www.harbus.org/media/storage/pap ... harbus.org

http://www.taxman.com/students.html
03 Jan 2007, 23:23

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