Ways to save money on an MBA

[This topic has 0 member replies]
Forum Index Ask an MBA Admissions Consultant Ask Kaplan MBA Consulting
Free $100 Amazon.com Gift Card - Buy a GMAT course using a Beat The GMAT discount code between Mar 8-22 and get a $100 Amazon.com Gift Card. Learn more!
Post New Topic   Post Reply

GMAT/MBA Admissions Expert
See All Featured Experts
Paxton Helms - Kaplan
MBA Admissions Consultant



Joined: 12 Nov 2008
Posts: 290

Thanks given: 0
Thanked 28 times in 28 posts
Location: Washington, DC
Topic: Ways to save money on an MBA
PostSun Jul 19, 2009 9:52 am
From time to time, somebody asks me how they can make getting an MBA a less expensive proposition.

It's a very good question.

Not only is there less certainty about being employed during and after business school, but salaries are under pressure, too.

Here are some thoughts on saving money. Some yield bigger savings than others but all can have an impact.

- State universities, especially in Europe, are often good as well as cheaper than private ones. HEC and INSEAD are both expensive but others are more reasonable.

- If you are a very good student, you can often get scholarships or tuition reductions. This also presents an opportunity for applying strategically. Even if you could get into Stanford, it might make more sense to apply to a less highly ranked program where you might get some "free money" in the form of a fellowship or grant.

- At some programs, you can work as a teaching assistant (which means that you get paid and get a tuition break, at least at UCLA where I went). In any case, it is easy income that doesn't require leaving campus.

- You can always work part-time, even if officially it isn't recommended. Get creative on this: you can consult, you can teach GMAT for Kaplan, you can deliver pizzas, you can tend bar or wait tables...really, anything to make a buck and keep yourself afloat works.

Remember: any honest work is admirable so don't think anything is beneath you or irrelevant to your career. Sure, the former I-bankers will be spending big money but you don't have to.

- You can really save costs in discretionary spending: don't buy a car, don't eat out, drink beer instead of wine, get a roommate, get a cheap cell phone plan, etc., etc. The point here is: money saved on living expenses counts just as much as money saved on tuition.

- Get your personal finances in order. Don't carry credit card debt, maximize tax avoidance, have a budget, etc. Not only does this save money, it gives you a feeling of confidence and control that is priceless.


Please submit your thoughts and suggestions below!
Back to top
View user's profile Send private message
Display posts from previous:   

Post New Topic   Post Reply All times are GMT - 7 Hours
Page 1 of 1
 
Forum Index Ask an MBA Admissions Consultant Ask Kaplan MBA Consulting
Most Active Members in Last 30 Days
1. kstv 322 posts
2. shashank.ism 312 posts
3. harsh.champ 308 posts
4. gmatmachoman 256 posts
5. thephoenix 238 posts
See More Top Beat The GMAT Members
Most Active Experts in Last 30 Days
1. lunarpower
Manhattan GMAT Teacher 		97 posts
2. Stuart Kovinsky
Kaplan GMAT Teacher 		58 posts
3. Testluv
Kaplan GMAT Teacher 		51 posts
4. Lisa Anderson
Stacy Blackman Consulting 		49 posts
5. Bryant@VeritasPrep
Veritas Prep 		41 posts
See More Top Beat The GMAT Experts