What does it really cost: Applying to Business School

Our “What does it really cost” series is designed to shed light on how much different women across the country spend on the big life events: having a baby, taking a sabbatical year, moving, getting a master’s degree, buying a house, etc.  This week’s feature is on one woman’s ACTUAL costs applying to business school.

Location: New York

Age: 26

How much did it cost to apply to business school end up costing in total? 

So much. I applied to business school twice, and the first year I paid for:

1. 1. 1. $5,000 on hourly admissions coaching. Looking back I should have just done a package, it was 10 hours and the package would have been more cost efficient
      2. ~$150 for an ApplicantLab subscription, which was great! I would have started with this and then done the hourly instead of the other way around because it ended up being a bit redundant for me. I paid approximately $100, $400, and $500 respectively for a career story review, 2 essay reviews, and a mock interview through ApplicantLab.
      3. ~$130 for the Forte MBALaunch program.  This program helps women apply for MBA programs and some schools waive the application fee if you are a member of this program.
      4. ~$110 for the GMAT OG 2019 book with the online portal code.  I paid extra for this version because I wanted to be able to practice questions at work when I had time without lugging or needing to whip out the big book.  I also paid $40-50 for a Manhattan Prep set of 8 books that I bought through Facebook marketplace.  I would recommend looking for both books on Facebook Marketplace.  I just didn’t think of it for the first book.  I didn’t take any classes.  I would highly recommend going on GMAT club for resources.  I don’t think the “stye” Manhattan prep at least uses is the same as the actual GMAT.
      5. $525 for application fees for three schools.  This included $250 for Harvard Business School, $275 for GSB at Stanford.  The fee for MIT was waived because of the Forte program.
      6. ~$190 for recommender gifts.  I almost forgot about this expense, but I wanted to make sure to thank my recommenders.

Total: $6,105 in total costs in my first year of applying. 

Year 2 Application Costs

Due to COVID and a variety of other factors, I decided to reapply in Year 2.  This time I invested more in a full admissions package from a consultant who helps you go through the entire process.  This brought up my total costs applying to business school.

1. 1. $7,400 for a 3 school full package from Career Protocol. 
   2. $1,300 for Application fees.  GSB and Wharton both cost $275 each.  I paid an additional $250 each to apply to Harvard, MIT, and Kellogg.  The application fee for Booth was waived because of my participation in the Forte program.
   3. ~$210 for Recommender Gifts.  I didn’t keep close track of these, and it’s stressful to think too much about how much these cost in total.

Total Cost: $8,910 in my second year of applying. 

Was this more or less than you were expecting?

Soooo much more.  Omg. It was the worst.

Were there other options that you considered? What are the pros and cons of this compared to other options?

Admissions Support: I could have just used ApplicantLab which a lot of people do! It would have been a lot cheaper, and potentially more “my own words.”  Instead of this option, I chose to do the consulting package this second time applying because I felt I needed more guidance, and I am not the best essay writer.  I anticipated needing multiple drafts, and I was hoping for someone there to keep me accountable.

GMAT Prep: I am super glad I was able to save money on GMAT classes.  I would recommend taking a baseline test and seeing where you are at first before shelling out.  Based on my initial tests, I didn’t feel like I needed the courses and was able to save money there.

What do you wish you would have known?

First, SO many people use an admissions consultant or another service to get a leg up. Knowing this, I would have just shelled out the first time around and gotten the right support.

Second, I wish I had known that the business school applications themselves are so expensive.  Why do they cost over 200 dollars?  I don’t understand.  School itself is so expensive so it is obnoxious honestly.

In conclusion, this woman’s total cost applying to business school over two cycles was $15,015. 

We hope this gives you insights into how someone else navigated the expensive process of obtaining an MBA.

This post was created as part of the “What does it really cost series?”  Her Personal Finance’s mission is to help high-earning women take charge of their finances.  As an MBA, our founder has a particular passion for supporting this community.  Here is a link to a Q&A with Harvard Business School students about finances in school.  You can also learn more about our founder and our classes on our website.

Did you enjoy this post and want to contribute your own story?  Send us an email to eryn@herpersonalfinance.com.