How much will your MBA cost?

The information you need to get a rough estimate

The schools' web-sites and application's material
should give you a very good idea of what to expect to spend for your
MBA. Here is a very rough estimate (for the a 2-year full-time program):

Min Range Max Range Comment Your Estimate
Application $250 $700 Includes: GMAT, TOEFL,
Application fees
Tuition $20,000 $50,000 2 years at $10,000
- $25,000
Other Expenses
$20 $200 Includes: registration
and fees
Books &
$1,000 $5,000 Notice many schools
REQUIRE a Laptop
Living Expenses $22,000 $66,000 Includes: housing,
food and transportation

(22 months at $1,000 - $3,000)
Medical Insurance $1,000 $6,000 Notice it is mandatory
for foreign students
Internship ($24,000) $0 Your salary: 3 months
at $8,500 - 0
Foregone Wages $24,000 $120,000 2 years at 12,000 -
TOTAL $44,270 $247,900 $

Other costs to consider: Traveling from and to your
home country, calling your home country, moving expenses (or the cost
of buying everything again), winter clothing, interviewing clothing,
and so on.

As you can see, the total cost of the MBA can vary
widely from person to person. It basically depends on:

  • The school you chose. See the different tuition
    and expenses costs
    for the top schools.

  • The location. Living in big cities (New York,
    Chicago, Los Angeles) can make a big difference compared to small
    towns. Find out about the href="">best places to live
    in the US, and compare the cost between cities, from Money magazine.

  • Your lifestyle. Your intended lifestyle can make
    a big difference. Bringing partners (spouses, kids, etc), having a
    car, living alone or sharing an apartment, are decisions you will
    need to make.

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