Brief introduction: I graduated from my MBA program last December 2012. 6 months, 10 pounds and a husband later, I'm reposting an article I wrote for a business school blog I wanted to start but never really had the time to manage (feel free to check it out: https://mba-btalk.blogspot.sg/).
Hope this information will help you with your pre-MBA research. Best of luck!
Below is the breakdown of my expenses for doing an MBA in a top institution in Madrid. The cost of GMAT preparation (books, classes, tutors, brain-enhancing pills, and so on), GMAT fees, school application fees, English proficiency testing fees and most importantly, opportunity costs, were not included in the total amount.
(Amount in Euros)
Living Expenses
Rent: 450
Utilities (Water, Electricity, Internet): ~25
Mobile Phone: ~300 annually. I subscribed through Studentsphone, a virtual mobile network operator recommended by the school. I subscribed to the 15-month prepaid plan. Initial cash out was 239 euros and I get billed ~7 monthly for service fees. I am not a heavy voice and SMS user. Who calls nowadays when you can Skype and WhatsApp? (and here we begin the net neutrality debate...)
Insurance Policy: This is a requirement to get a student visa in Spain. The most basic plan costs ~70.
Average daily expenses: 30. Now this will vary a great deal. I walk to school so I don't really have transportation costs. I don't eat out that much and take most of my lunches and dinners at home. But even if you do, the average cost of a menu del dia (set menu of the day) is 10 euros. That includes 2 dishes and dessert/coffee. If you're really below poverty line, you can still get a sandwich and a drink for less than 5 euros.
Books: ~150. I only bought those that I know I will read and use again in the future. There are other creative options..it's called the library.
The cost of living in Spain is relatively cheap. My budget is 1000-1500 per month (assuming a low to moderate alcohol consumption).
Duration: 15 months (13-month program + 2 months moving in and out)
Total: 15000 -22500
MBA Education
I paid partially in cash and the rest by loan from a Spanish bank affiliated with the school.
Matriculation: 57000
Student Loan Interest: 11000
Total: 68000
Grand Total Cost of My MBA: EUR ~ 83000 - 90500
Depressing. Calculation ends here.
Hope this information will help you with your pre-MBA research. Best of luck!
Below is the breakdown of my expenses for doing an MBA in a top institution in Madrid. The cost of GMAT preparation (books, classes, tutors, brain-enhancing pills, and so on), GMAT fees, school application fees, English proficiency testing fees and most importantly, opportunity costs, were not included in the total amount.
(Amount in Euros)
Living Expenses
Rent: 450
Utilities (Water, Electricity, Internet): ~25
Mobile Phone: ~300 annually. I subscribed through Studentsphone, a virtual mobile network operator recommended by the school. I subscribed to the 15-month prepaid plan. Initial cash out was 239 euros and I get billed ~7 monthly for service fees. I am not a heavy voice and SMS user. Who calls nowadays when you can Skype and WhatsApp? (and here we begin the net neutrality debate...)
Insurance Policy: This is a requirement to get a student visa in Spain. The most basic plan costs ~70.
Average daily expenses: 30. Now this will vary a great deal. I walk to school so I don't really have transportation costs. I don't eat out that much and take most of my lunches and dinners at home. But even if you do, the average cost of a menu del dia (set menu of the day) is 10 euros. That includes 2 dishes and dessert/coffee. If you're really below poverty line, you can still get a sandwich and a drink for less than 5 euros.
Books: ~150. I only bought those that I know I will read and use again in the future. There are other creative options..it's called the library.
The cost of living in Spain is relatively cheap. My budget is 1000-1500 per month (assuming a low to moderate alcohol consumption).
Duration: 15 months (13-month program + 2 months moving in and out)
Total: 15000 -22500
MBA Education
I paid partially in cash and the rest by loan from a Spanish bank affiliated with the school.
Matriculation: 57000
Student Loan Interest: 11000
Total: 68000
Grand Total Cost of My MBA: EUR ~ 83000 - 90500
Depressing. Calculation ends here.
