Cost of an MBA program
While planning for an MBA, the various costs associated need to be taken into account so that financial panning for that period is taken care of. One has to also consider the forgone salary during this period. Hence sufficient funds need to be arranged so that the there are no hurdles once you are in.
1) Tuition fee:
The tuition fee varies for each B-school and also depends upon whether the course is a one-year or a two-year program. The tuition fee need not reflect the quality of the program. Students need to research and find out more about the college through reliable sources so that they can be assured that their huge investment is likely to pay them long term returns.
This is an extremely variable factor and can range from a few hundreds to a few thousands. The determining factor is the type and size of the apartment. In case of a shared apartment or a college accommodation, the rents may be on the lower side. However, if one prefers private apartments, the rents would be higher. Again, for the furnished ones, the student would have to shell out much more than the unfurnished ones. Students with family (spouse and children) might have to go in for bigger apartments and pay higher rents.
3) Travel expenses:
This would include ticket fares, visa cost for international students as well as the local daily commuting costs involved. In a few towns like Cambridge, it is a common practice for students to opt to go cycling to their college. This environmentally-friendly mode not only gives a good workout but also means saving on daily commuting expenses.
4) Groceries, utilities and sundry:
Cooking at home is always a cheaper alternative rather than eating out. Other costs would include telephone, gas, electricity, water bills as well as other personal expenses like laundry, clothes, etc.
5) Medical insurance:
In the U.K., students are privileged to avail of the free medical care under the N.H.S. once they have got themselves registered. However, while planning to study in the U.S., it would be advisable to go in for a medical insurance.