The Real Cost of Going back to B-school

If you’re like most MBA hopefuls, you have probably already run the numbers on the real cost of going back to school.

Unless you’ve been hiding under a rock, you are probably killing it right now in your career, so going back to business school is a hard decision.  You know you want to do it full time, but taking a two year break from your income just doesn’t feel right.  Sound familiar?

The opportunity cost of going back to school far outweighs the actual cost of attendance.

But let’s take a look at the cost of attendance for a minute just for fun. Top b-schools will make you cough up more than $100K in tuition alone, which doesn’t include extras like student fees and the like.  Sure, you can take out student loans, but even with the generous signing bonuses that top companies hand out today, it’s unlikely you will be able to pay it all back immediately.  Then there’s the cost of living without an income for two years.

If you have a spouse who will support the family while you are in school congrats!

This is a great plan on the surface, but what about when it’s your spouse’s turn to go back to school? Make sure you plan ahead for this and other eventualities.  But know that whatever your plan is, business schools will not allow you to work a job while you are going to school full time.  It’s one or the other unless you opt for a part time program.

Going back to school for an MBA part time can be a great compromise. 

The part time MBA is no longer the scurvy of the industry and is actually quite well regarded by top employers who have recognized that part time MBA students demonstrate a strong ability to multi task and focus on what’s important to get things done.  The part time MBA is also now offered my many top schools.  Maybe not HBS, but there are some really good schools out there who now allow you to get the MBA part time.

Whatever you plan is , make sure you spend some time calculating the real cost of going back. 

For information on how we can guide your business school application process, email us at mba@amerasiaconsulting.com or go to http://www.amerasiaconsulting.com/contact