A $40K to $50K MBA Cost Gap To Close

So, I pretty much disappeared for a few weeks post-decision. For that, I apologize. Turns out, the last thing you want to do after obsessing over MBA things for a year is…well do anything about admissions for a few weeks.

As I mentioned in my last post, I paid my Johnson deposit, and will be off to Ithaca this Summer/Fall. I have been spending my free time trying to learn everything I can about the place. I have contacted a number of current students soliciting advice on all fronts – housing, course exemptions, career thoughts, etc., and have been quite pleased. As expected, the Johnson network is very strong, and from what I have seen so far, people are willing to go way out of their way to help you. I will not bore you with the details of everything, because it is likely that very few of you will be attending Johnson in the future. That is not to say you will not have the ability to… but rather given its small class size, there numerical odds of you attending are quite slim. If, however, you are thinking of shooting an application there, let me know if I can help you in any way! I cannot claim to be a master of anything about the school or admissions, but the least I could do is offer.

Aside from Johnson, I have been planning my exit strategy. If you remember from waaaaay back when, I noted that I did not have the luxury of applying to only highly selective programs *cough “I’m only applying to HSW” cough*, with the backup plan of applying the following year if I was dinged. I am on a contract with my employer, which terminates sometime this summer.

I have contacted HR, to which I found out that was largely false, and was told to “work it out with my manager” on when I wanted to leave. Oh well – not an issue, I just need to actually sit down and work it out with  my manager. I was thinking sometime in June, but it is a difficult balance between funemployment time and saving money. I am looking forward to having a minion under me – they plan to hire someone to replace me, who I will have to train. All I know is I will not be leaving on Friday the 13th (yes, that day happens in June).

Finally, I have been thinking a lot about costs. I have tried to model out just about everything I could for the next 2 years, and came up with a really big number at the bottom of my sheet. Fortunately, the next sheet detailing my assets was substantial as well, but I still have a gap of about 40 or 50 thousand dollars.

I cannot think of any legal way to earn that kind of money in the next 6 months, so I have been trying to cut back on many of my expenses. Packing lunches, parking in the farther cheaper lot, going out less – or at least not buying as many drinks when I do go out. I have put myself on a good cash-diet for the next few months. At the same time, I have been trying to get the most out of my time here. I have a really strong group of friends who I am sure I will miss come August, so I want to maximize my time with them in a cost-efficient manner. And that is really hard.

Boots To Suits is a mid-twenties MBA applicant who wants to land a spot in the Class of 2016. He has a degree in civil and environmental engineering and has worked as a construction project engineer, as well as an analyst at an investment manager. He blogs at Boots To Suits.

Previous posts on Poets&Quants:

A Highly Emotional Week Ends With A Decision To Go To Cornell