The University of Chicago’s Booth School of Business recently offered prospective MBA students advice on planning for tuition and other anticipated expenses while they pursue an MBA.
The Value of the Booth MBA
Within the first three months, 96 percent of the Class of 2018 received job offers. This year, Forbes ranked Booth America’s Top Business School. While Booth alumni also consistently assert that the Booth MBA pays dividends continuously after graduation, the schools understands opportunities associated with the Booth brand offset tuition costs.
Expected Expenses & Beyond
In addition to tuition, MBA students need to plan for expenses such as rent, computers, textbooks, food and health insurance. Booth reminds students of additional costs for career treks and excursions nationally and internationally to meet with alumni and industry leaders. In addition to the pre-MBA Random Walk, travel traditions at Booth can also include a ski trip and a visit to Colombia.
Booth suggests setting aside a portion of your salary to prepare for an MBA experience. Moreover, living with a roommate or utilizing airline miles for travel can offset costs. The Office of Financial Aid says,
“The sooner you develop a thoughtful, proactive savings plan, the more flexible you can be in Booth’s choice-rich environment. While the choices are endless, be mindful in finding the right balance for you and be strategic with your spending.”
Prospective MBAs should also review federal or private student loans, and explore if their employers offering MBA sponsorship. Finally, searching for scholarships or fellowships could help ease the initial financial burden of an advanced business education.