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The Hidden Costs Of Applying For An MBA Program

Costs Of Applying For An MBA Program

The Hidden Costs Of Applying For An MBA Program Applying for an MBA program is an exciting time, right? Business School represents the next chapter in your life, and anyone who is exploring their b-school options should be excited. But how much does applying for an MBA actually cost? For many aspiring b-school students, it’s more than they expected. While we all know that going to a top business school is far from cheap, few of us take into consideration the hidden costs of applying. Before you make a decision regarding your career and entering b-school, let’s take a look at some of the hidden costs. GMAT The GMAT exam fee right now is $250.00, which is usually an applicant’s first MBA cost. If you haven’t created a list of up to 5 schools that you want to apply to before taking the exam, you will have to fork out $28.00 for each school you send your report to. http://www.mba.com/us/the-gmat-exam/prepare-for-the-gmat-exam/plan-for-test-day/paying-for-the-gmat.aspx It isn’t just the eye-watering GMAT exam fee that you need to take into account; there is also the preparation for it, which might include: • Personal tuition • Study group • Textbooks Because the GMAT is so expensive, it’s important that you prepare properly. The last thing you want to do is to take it again. The Application Fee If you’re thinking of applying to at least three of the highest-rated business schools to keep your options open, you should probably think about how much it’s going to cost you first. Applying to just three of the best business schools could easily cost you in the region of $800. Even if you are thinking about applying for an EMBA instead of an MBA (http://www.imd.org/executive-mba/application-process/), fees could still run in the range of $200. Application fees for MBA programs hover between $100 – $250. If you decide to hire an MBA admission consultant to help you out, the amount of money you spend could easily spiral into the thousands of dollars. There are numerous MBA admission consultancies available, and their costs will vary. Some will charge just a few hundred dollars, but others will ask for several thousands. The price is dependent on their experience, as well as how much support you think you might need. Hiring an MBA consultant is not mandatory, and not every student hires one. But if you think it could work for you and your application, you can find more information here (http://www.topmba.com/admissions/role-mba-admissions-consultant-10-faqs). Getting To Interviews How much you spend traveling to interviews at business schools will depend on where you live. If you’re based in a fairly remote country or state, you might find that these costs can add up. Some schools, such as INSEAD Business School, will let you attend an interview with local alumni, which is convenient and will save you money. For other schools, however, you will need to clock up the miles. Researching Schools You might also want to research a few schools before applying. This is a good idea because it means that you’re sure of applying to the school that is right for you. The caveat is that it will cost you more money. If at all possible, ask friends or family who live near to the school if it’s okay that you stay with them during your trip. Demands On Your Time As well as the tangible costs related to money, you should also carefully consider the intangible costs of applying for an MBA – for example, the demands on your time. Researching schools, writing preparatory essays and preparing for the GMAT exam will cost you time. Some people who are thinking of applying for business school find that the demands on their time become too much, and decide against applying. For example, if you have a young family, you might find that balancing the application process with your personal life is difficult and it might become too much of a strain. People underestimate how much time applying for an MBA eats up. Working at midnight on Sunday? Your birthday? Your wedding anniversary?! You might be spending a lot more than you expected, so be prepared. There are lots of ways that you can save on time during the application process. For example, you could get up an hour earlier each day, and you could find ways of procrastinating less. Give yourself a break from social media during the application process, and perhaps tell your friends that you will see them again once everything is all sorted. In conclusion, very few students regret going to business school. To make sure the application process doesn’t put you off, just make sure you’re aware of all the in’s and out’s. Article Written By Gretchen Shaw is an author, blogger and entrepreneur with a penchant for baking. She is passionate about communication, continued learning and connecting people. You can follow her on Twitter: @shawgret (https://twitter.com/shawgret)

The Hidden Costs Of Applying For An MBA Program is a post from MyCollege Scholarships -



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