Ask an MBA Admissions Consultant

Hi, All--

A questioner recently asked about saving money when it comes to getting an MBA (a logical topic given very high tuition and tight student budgets). This is an excerpt from my response that I thought others would find helpful.

Paxton

- State universities, especially in Europe, are often good as well as cheap. There are also one year programs (INSEAD is probably the best known) that, while not cheap, are still cheaper than a traditional two-year.

- If you are a very good student, you can often get scholarships or tuition reductions. Remember that "very good" is relative: a student that can't get "free money" at a top five program may get free money at a top-twenty program. Choose the schools to which you are applying accordingly.

- 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). Check w/ your professors.

- You can always work part-time, even if offically it isn't recommended (note: 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. I learned a lot about business making sandwiches one summer. If you're friends laugh at you just tell yourself that you're making money serving beer while they're spending theirs buying it. It adds up!).

- You can REALLY save costs: don't buy a car, don't eat out, drink beer instead of wine, etc., etc. The point here is: money saved on living expenses counts just as much as money saved on tuition.