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The Hidden Costs Of An MBA 3/2/2021

Pursuing an MBA is a significant investment, and along with the costs you might expect—like tuition and housing—come other, hidden expenses. To get more news about business school in China, you can visit acem.sjtu.edu.cn official website.

While the skills, network, and salary boost you’ll gain from a good MBA program will help you recoup your investment over time, understanding exactly how much you should budget for business school is vital.

According to the BusinessBecause Cost of an MBA Report 2020, studying at a top-ranked MBA program will set you back around $168,000 on average. This figure includes healthcare and living costs along with tuition and fees, but while this is a good estimate, it can’t cover everything.

From the application process right up to graduation, here are four hidden expenses you might encounter when pursuing an MBA:Going to business school can be a pricey decision before you even set foot on campus. Depending on how many programs you apply to, and which resources you choose to make use of, the application process can quickly add up to hundreds, or sometimes a thousand, dollars.

Most schools charge an application fee, which will typically range from $80 to $250. On top of this, most schools require you to take a standardized admissions test like the GRE or GMAT.

Sitting one of these exams will set you back about $200, and chances are you’ll need to set aside $100 more to purchase the best prep materials.

Some applicants may also choose to hire an admissions consultant—someone with expert knowledge who can coach you through the application process and improve your chances of being accepted.The prices charged by consultants vary considerably, but can be as much as $500 per hour.

To avoid being caught out by these expenses, preparation is key. Ideally, you should 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. Some schools also offer fee waivers to certain applicants.

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