How much will your MBA cost?
By fmba
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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 & Computer |
$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 – 60,000 |
$ |
| 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 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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