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03 Apr 2013, 06:48
Kudos
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A lot of discussion takes places about the cost of an MBA, but often overlooked is the cost of even just applying. This will of course vary greatly based on a number of factors, but lets see if we can work something out.
Nothing I say below will be anything new to anyone here, if you take the time to figure out how much your applications will cost it will be a lot more accurate than anything I tell you. I just wanted to bring up the topic because going into the application process it never occurred to me that I would be paying upwards of five grand on my applications, and I just wanted to get people thinking about it.
Costs can be broken down into several categories:
I'll start by describing my experience, and then maybe try to break down where others may have had other experiences.
For me:
So I spent $500 on the GMAT and then on a per-school basis I spent $550 plus another $450 if I was invited to interview.
I applied to six schools in total, and interviewed everywhere except MIT Sloan. I also interviewed at Kellogg and Tuck on the same trip I visited, so there were no extra costs associated with those.
Grand total ends up at about $5500. In reality it was closer to $4500-5000 because I was able to drive to both Darden and Fuqua.
Main areas that will set your costs apart significantly:
GMAT Courses - these may cost several hundred dollars, but may also reduce the amount of study materials you need. Overall will probably increase your costs though.
GMAT Fees - taking the GMAT costs $250 each time, so if you take it two or three times that will add up.
Wardrobe - If you don't already have a nice suit this will be a serious cost. Prices will vary significantly based on your budget.
Admission Consultants - This could cost you anywhere from several hundred to several thousand depending on what package you choose.
Airfare / Hotels - This will likely be significantly cheaper or significantly more expensive depending on where you are in relation to your schools.
Nothing I say below will be anything new to anyone here, if you take the time to figure out how much your applications will cost it will be a lot more accurate than anything I tell you. I just wanted to bring up the topic because going into the application process it never occurred to me that I would be paying upwards of five grand on my applications, and I just wanted to get people thinking about it.
Costs can be broken down into several categories:
- GMAT
- Study Materials
- Classes
- Exam Fees
- Wardrobe
- Suit
- Shirt / Ties
- Shoes
- Visits (per school)
- Flight / Travel
- Hotel
- Interviews (per school)
- Flight / Travel
- Hotel
- Application (per school)
- Application Fees
- Consultant Fees (if applicable)
I'll start by describing my experience, and then maybe try to break down where others may have had other experiences.
For me:
- GMAT
- Study Materials - $250. I bought most of the Manhattan books and a couple others.
- Classes - $0. I studied alone and just went over my study materials religiously.
- Exam Fees - $250. I took the test once and decided it would be a waste of my time to take it again for a 10-20 point increase.
- Total - $500.
- Wardrobe
- Suit - $0. I was pretty much set on this.
- Shirt / Ties - $0.
- Shoes - $400. Bought a new pair because my other pairs of shoes were getting a bit ragged. You can get a decent pair of shoes for much cheaper than this.
- Visits (per school)
- Flight / Travel - $200 average. I visited every school I applied to, flight costs will vary depending on city, timing, etc.
- Hotel - $150. I generally only stayed one night, except for two schools. Sometimes the only option is an expensive but close hotel. About $150 average per visit.
- Total - $350
- Interviews (per school) - If you're invited to interview, you can expect to pay all the same costs as your visit, except potentially with much higher airfare since it will likely be on shorter notice.
- Flight / Travel - $300 average. Had a "hilarious" experience where I paid $900 for a ticket DC -> Chicago -> DC. Interview was the monday after Thanksgiving, and I accidentally booked the ticket so I'd be leaving for Chicago on the Saturday after Thanksgiving, and returning to DC the day after Christmas (double-whammy Holiday fare). After arriving to the airport to fly home on Monday, I realized my mistake and was charged $150 to move my flight up to. (I had suffered a loss in the family several days before booking my ticket so I wasn't quite all there)
- Hotel - $150. I generally only stayed one night, except for two schools. Sometimes the only option is an expensive but close hotel. About $150 average per visit.
- Total - $450
- Application (per school)
- Application Fees - $200. Most application fees are somewhere in this range.
- Consultant Fees (if applicable) - $0.
- Total - $200.
So I spent $500 on the GMAT and then on a per-school basis I spent $550 plus another $450 if I was invited to interview.
I applied to six schools in total, and interviewed everywhere except MIT Sloan. I also interviewed at Kellogg and Tuck on the same trip I visited, so there were no extra costs associated with those.
Grand total ends up at about $5500. In reality it was closer to $4500-5000 because I was able to drive to both Darden and Fuqua.
Main areas that will set your costs apart significantly:
GMAT Courses - these may cost several hundred dollars, but may also reduce the amount of study materials you need. Overall will probably increase your costs though.
GMAT Fees - taking the GMAT costs $250 each time, so if you take it two or three times that will add up.
Wardrobe - If you don't already have a nice suit this will be a serious cost. Prices will vary significantly based on your budget.
Admission Consultants - This could cost you anywhere from several hundred to several thousand depending on what package you choose.
Airfare / Hotels - This will likely be significantly cheaper or significantly more expensive depending on where you are in relation to your schools.
03 Apr 2013, 07:37
Kudos
Bookmarks
I think you covered pretty much everything jko! Gotta be honest, it pains me to see this as I hadn't really ever laid out how much money I spent applying to all my schools! Coupled with the huge amount we are about to spend to even go to school, yikes! The only positive (I guess) is that since I literally did not hang out or do anything social with people for MONTHS, I saved a lot of money by not going out to dinner, drinks, shopping, and ski trips!
mappleby
Joined: 04 Oct 2011
Last visit: 08 Nov 2018
Posts: 432
Own Kudos:
Given Kudos: 150
Concentration: Finance
Schools: Booth '15 (II) CBS '15 (M$)
GMAT 1: 700 Q44 V41
GMAT 2: 750 Q48 V46
GPA: 3.03
WE:Project Management (Military & Defense)
Products:
03 Apr 2013, 08:03
Kudos
Bookmarks
I spent just over $5,000 however I used a consultant($2,850) and took an online GMAT course (Kaplan Advanced was about $800 and more than worth the price!). The military was nice enough to pay for my first GMAT test so at least I didn't have an extra test cost. I was also fortunate enough to link my school visits with business trips and just flew a day early or late so I had no travel costs to get to Chicago or NYC, just paid for the hotel for a night. You could easily spend $10,000 if you visited all your schools and used one of the more expensive consultants like Stacy Blackman, etc.
