Jordan Smith
Senior GMAT Instructor
Welcome to our blog! Today, we’re diving into a topic that’s on the minds of many aspiring MBA candidates: how to navigate the MBA application process without breaking the bank. We understand that the costs associated with applying to business school can add up quickly, and for some, even the most modest budgets can feel overwhelming. But fear not! There are plenty of ways to keep your expenses in check while still putting your best foot forward in your applications.
In our previous discussions, we explored various applicant budgets that vary based on individual needs and financial resources. We broke down the costs associated with testing, test prep options, admissions consulting, class visits, application fees, and travel expenses. Our findings suggested a low budget of around $3,839, a medium budget of $15,400, and a high budget of $29,700. But what if even that low budget feels too high? What if you want to spend even less than $3,839? Let’s explore some creative strategies to help you save money.
First up is the testing component. If you’re determined to minimize your spending in this area, consider applying to programs that offer test waivers. If you can provide strong evidence of your academic capabilities—perhaps through your undergraduate studies or analytical professional experience—you may be able to request a waiver. Schools like Darden, Tuck, Cornell, and Ross at the University of Michigan, among others, selectively grant test waivers. If you’re fortunate enough to receive a waiver from all your target schools, your testing costs could drop to $0!
However, it’s important to note that most applicants will likely apply to at least one program that requires a test. In that case, you might want to consider the GRE, which costs $220—$75 less than the GMAT. If you choose the GRE, you can self-study using Manhattan Prep’s excellent GRE books, which are available on Amazon for about $40. Alternatively, if you opt for the GMAT, self-study is also a viable option. Manhattan Prep offers an all-in-one GMAT program for $175, which includes a comprehensive 12-week syllabus covering verbal, quantitative, and integrated reasoning sections.
By being strategic about your test preparation, you could potentially take both tests and purchase a set of GRE books for under $500, or a set of GMAT books for under $800. This is a significant saving compared to traditional prep courses!
Next, let’s talk about admissions consulting. If you’re currently watching our YouTube channel, you’re already on the right track! We provide a wealth of free content covering a variety of topics, including essay analysis, resume tips, and advice on managing recommenders. Our extensive library of free guides on our website is another fantastic resource. From our comprehensive start-to-finish guide to MBA admissions to our insider guides detailing 17 U.S. and international business schools, we’re proud to offer valuable information at no cost.
If you’re looking for a more structured approach, consider our On Track by MBA Mission platform. It’s an affordable, dynamic, and customizable on-demand admissions resource that has been praised for its comprehensiveness. While it does come with a cost starting at $799 for three months, it’s less than the price of two hours with a senior consultant. Plus, we often offer discounts throughout the year, so keep an eye on our blog and social media for the latest coupon codes!
When it comes to travel, the good news is that you don’t necessarily have to visit campuses in person anymore. Many admissions officers are touring the globe, and schools are hosting online events and Q&A sessions. For instance, Yale has events scheduled in cities like Munich and Paris, but they also offer virtual fairs and online admissions Q&As. This means you can engage with programs without incurring travel costs.
If you live near a program, it’s still beneficial to visit in person to demonstrate your interest. However, if travel is a concern, remember that many programs, including Stanford GSB and Harvard Business School, offer application fee waivers for applicants who can demonstrate economic need. Be sure to check the deadlines for applying for these waivers to take full advantage of them.
So, how low can you go? With some creativity and resourcefulness, it’s possible to navigate the entire application process for as little as $260. However, a more realistic scenario is that even the most budget-conscious applicant may spend around $2,000 or slightly more when applying to a top MBA program.
We’d love to hear from you! What are you budgeting for this application season? How are you getting creative to keep your costs down? Share your thoughts in the comments below!
In conclusion, while the MBA application process can be costly, there are numerous strategies to help you manage your expenses. From exploring test waivers and self-study options to leveraging free resources and virtual events, you can navigate this journey without overspending. Remember, it’s all about being strategic and resourceful.
As you embark on this exciting journey, consider tracking your GMAT progress with GMAT Sprint. It’s a great way to stay organized and focused on your goals without adding unnecessary costs to your budget.
Thank you for joining us today! We hope you found this information helpful. Be sure to check out our next video on how to find the best MBA scholarships. Happy budgeting!