Investing in a MBA program requires numerous types of investments. So far I’ve spent a considerable amount of both time and money in an attempt to get accepted into a program. This is only the beginning.
Let’s take a look at what I’ve invested so far. These are rough estimates.
Magoosh GMAT Prep Software- approx $100
Manhattan Self Guided Comprehensive Program – approx $830
Various MBA and GMAT books -approx $120
Extra GMAT Practice Tests -approx $45
Before I’ve even taken a test, I’ve spent over a grand. Not to mention a ton of valuable time. When beginning your MBA journey make sure you are prepared to encounter these costs. I am expecting to incur additional costs before I am accepted.
Travel costs for school visits – $2,000
GMAT Tests -approx $500 ($250 per test)
Additional Materials – $500
It’s highly recommended to visit the schools you are applying to prior to applying. Many admissions teams say the visits help most with the essay portion of your application. Most of the applications have a question asking “why our MBA program” and the admissions teams are looking for more than a canned answer that was scripted from the website. Personally, I also think it’s worth it to visit the schools because it will help you with your decision making process. Application fees to most programs are around $100-200 each.
Wow. Am I really making this large of an investment PRIOR to even being accepted? Not to mention, average tuition for a top full-time program often exceeds $100k.
So what’s the payoff? Luckily this has already been calculated. Resources such as Forbes have looked into this. Often the ROI payback period is less than 5 years. Take a look: http://www.forbes.com/business-schools/list/
Not to mention, there are long term benefits that cannot really be “measured.” If you’re lucky enough to get into a great program, you will forever be part of the alumni network. Who knows how those connections will be able to help in the future. For a minute, I was second guessing myself on this large of an investment. I hope to quickly see the payout and continue to look at the studies that reinforce this is worth the investment. Although, I have considered how many shoes I could’ve bought with the amount I’ve already spent…