Скачать или смотреть Caution! Hidden Costs | What you need to know before planning your MBA budget

In this video, I am talking about what additional costs you will face during your MBA program.

Starting from the application process right up to graduation, there are hidden expenses everywhere:

0:00 - Intro

01:50 Initial costs: In the beginning and during your application process:

Application fees, which will typically range from USD 70 to 250. Check out this video. in which I am explaining how you can avoid paying application fees for your business school application:
   • How to AVOID Application Fees | 13 easy wa...  
GMAT/ GRE: ~ USD 200
Prep materials: USD 100
Admissions consultant: USD 500+
Site visits to target schools: USD 1,000+

Advice: Try to sit the GMAT or GRE only once and apply to just a few carefully considered programs where you have a good shot at being accepted.

In 2015, Bloomberg Businessweek conducted a study, which concluded that the MBAs spending the most discretionary cash were at Stanford Graduate School of Business with an average annual spend of approximately 18,500 US Dollars.

04:32 - Networking and coffee chats:

Networking is like a buzzword when it comes to business school. Check out this video I did on MBA buzzwords:
   • 5 MBA buzzwords you need to know BEFORE go...  

Travelling for interviews or attending networking events, career development: USD 1,000+, depending on where you travel to.

05:53 - Socializing

Social activities, grabbing coffee, having dinner and drinks, going out, playing sports, etc.: USD 50-100 per week; over a two year program: USD 5,000.

06:53 - Other surprising costs

Professional wardrobe and socializing with new colleagues: USD 1,000+.

07:17 - Trips and excursions:

Traveling is a huge part of the MBA experience. This can cost you anything from USD 500 – 10,000.

08:33 - Unpaid or lower-paying internships

Costs will be greater than your net income.

08:50 - Student clubs

Social and professional clubs: USD 10 – 150.

09:48 - Books and study-related supplies

Incl. new laptop: USD 100 – 2,000.

10.27 - Personal advice

To help cut costs on your school supplies, avoid shopping at the campus school supply store. Buy in supermarkets or online instead.

10:52 - Conclusion

Note that no business school will be able to tell you, how much you will be spending for your MBA experience. Simply because there is no way to anticipate specific costs for each individual student. They don't know your lifestyle decisions and how much you want to invest into networking and job hunting for example.

Ultimately, if you are on a tight budget or on financial aid, you have to make some choices and prioritize what's important for you and spend accordingly.

The most important thing is, to do your research and be prepared to avoid paying too much extra for graduate school. Talk to current students or to alumni and try to get a good understanding on what additional expenses will come up.

Start creating your budget as soon as you’re accepted into your target program and contact your financial aid office if you have any questions.

If you enjoyed this video, please feel free to support me by buying me a cup of coffee:
https://www.buymeacoffee.com/adrianbruno

Unplanned trips and visits are the largest expense you will likely encounter.

Question of the Day: What kind of hidden cost did you find surprising? What were you not aware of that this sort of cost exists? Let me know in the comment section below.

As always, hit the LIKE button if you get value out of my content and if you want to be updated on new MBA-related content, subscribe to my channel. :-)

Useful links:
Bloomberg study:
https://www.bloomberg.com/news/articl...
https://www.bloomberg.com/news/articl...

How to save application fees:
   • How to AVOID Application Fees | 13 easy wa...  

MBA buzzwords:
   • 5 MBA buzzwords you need to know BEFORE go...  

Music by Chinsaku – Blossom