Stanford GSB | Ms. 2+2 Tech Girl
GRE 333, GPA 3.95
Ross | Mr. Automotive Compliance Professional
GMAT 710, GPA 3.7
Wharton | Mr. Digi-Transformer
GMAT 680, GPA 4
Stanford GSB | Ms. Healthcare Operations To General Management
GRE 700, GPA 7.3
Chicago Booth | Ms. CS Engineer To Consultant
GMAT 720, GPA 3.31
Kenan-Flagler | Mr. Engineer In The Military
GRE 310, GPA 3.9
Chicago Booth | Mr. Oil & Gas Leader
GMAT 760, GPA 6.85/10
Stanford GSB | Mr. Seeking Fellow Program
GMAT 760, GPA 3
Wharton | Mr. Real Estate Investor
GMAT 720, GPA 3.3
Cornell Johnson | Ms. Chef Instructor
GMAT 760, GPA 3.3
Harvard | Mr. Climate
GMAT 720, GPA 3.4
Wharton | Mr. New England Hopeful
GMAT 730, GPA 3.65
Berkeley Haas | Mr. Bangladeshi Data Scientist
GMAT 760, GPA 3.33
Harvard | Mr. Military Banker
GMAT 740, GPA 3.9
Ross | Ms. Packaging Manager
GMAT 730, GPA 3.47
Chicago Booth | Mr. Private Equity To Ed-Tech
GRE 326, GPA 3.4
Harvard | Mr. Gay Singaporean Strategy Consultant
GMAT 730, GPA 3.3
Cornell Johnson | Mr. Electric Vehicles Product Strategist
GRE 331, GPA 3.8
Columbia | Mr. BB Trading M/O To Hedge Fund
GMAT 710, GPA 3.23
Columbia | Mr. Old Indian Engineer
GRE 333, GPA 67%
Harvard | Mr. Athlete Turned MBB Consultant
GMAT 720, GPA 3.4
Ross | Mr. Civil Rights Lawyer
GMAT 710, GPA 3.62
Stanford GSB | Mr. Co-Founder & Analytics Manager
GMAT 750, GPA 7.4 out of 10.0 - 4th in Class
Cornell Johnson | Ms. Environmental Sustainability
GMAT N/A, GPA 7.08
Cornell Johnson | Mr. Trucking
GMAT 640, GPA 3.82
Ross | Mr. Low GRE Not-For-Profit
GRE 316, GPA 74.04% First Division (No GPA)
Harvard | Mr. Marine Pilot
GMAT 750, GPA 3.98

International MBAs’ U.S. Job Struggle

Iceberg

The Hidden Costs of an MBA Education

 

When you take out a school loan, you factor in tuition and living expenses. You probably even pad your two year projection to cover the unexpected (Funny how car problems start when you don’t have a job).

Some imagine business school as a two year party, where you toss cash in the air as you sing “Sweet Caroline” to the karaoke (“So good! So good! So good!”).  The reality? Dining at Wendy’s is a treat. And every personal expense goes through the same rigorous examination as you’d find in a case study. As in business, you can’t anticipate every cost in business school. Too often, we miss potential expenditures that can set us back hundreds, if not thousands, of dollars.

That’s the premise behind the latest U.S. News and World Report column from Stacy Blackman, an admissions consultant and author of The MBA Application Roadmap. And the costs often start accruing long before you’re accepted according to Blackman:

“The costs of researching schools, taking the GMAT and submitting your applications may seem obvious and easy to plan for. However, not so obvious costs of a great application include the price of visiting your target schools to strengthen your application, as well as traveling to events hosted by the schools’ admissions committees. If you use test prep services and admissions consultants, ​you could easily run up bills for several thousands of dollars before you even submit your applications.”

Once you arrive on campus, Blackman warns that miscellaneous expenses can pile up quickly. “If you join a handful of clubs, as nearly every MBA student does, note that dues run about $50 to $150 for each organization, and some club events may come with additional costs…There are also the expenses of once-in-a-lifetime retreats, trips and dues for your class, cohort or section, not to mention dinners and drinks with new friends.”

Sure, you need to spend money to eventually make money. But you need to know what to expect too. While schools provide a COA (Cost of Attendance) calculator, most only include general expenses. For example, Blackman notes that the costs of “international courses and projects and other immersive learning experiences” – which only a segment of the student population uses – likely won’t appear on the COA.

Even more, as Blackman points out, the COA only covers time on campus. In other words, expenses related to a summer internship, such as rent and travel expenses, wouldn’t be reflected on the COA. And let’s not forget a spruced up wardrobe for interviews too.

In other words, your loan (and savings) can dwindle pretty quickly in business school. So heed this warning from one Harvard Business School student: “I didn’t realize how much all of the club dues, trips and social events would add up. While they are technically optional, you don’t want to cut them out because they are part of the experience and they help build friendships.”

For additional advice, click on Blackman’s U.S. News column below.

Don’t Miss: Is Your MBA Tax Deductible?

Source:U.S. News and World Report

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