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!
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!
