Below is the breakdown of my expenses for doing an MBA in a top institution in Madrid. The cost of GMAT preparation (books, classes, tutors, brain-enhancing pills, and so on), GMAT fees, school application fees and English proficiency testing fees were not included in the total amount.
(Amount in Euros)
Living Expenses
- Rent: 450
- Utilities (Water, Electricity, Internet): ~25
- Mobile Phone: ~300 annually. I subscribed through Studentsphone, a virtual mobile network operator recommended by the school. I subscribed to the 15-month prepaid plan. Initial cash out was 239 euros and I get billed ~7 monthly for service fees. I am not a heavy voice and SMS user. Who calls nowadays when you can Skype and WhatsApp? (and here we begin the net neutrality debate...)
- Insurance Policy: This is a requirement to get a student visa in Spain. The most basic plan costs ~70.
- Average daily expenses: 30. Now this will vary a great deal. I walk to school so I don't really have transportation costs. I don't eat out that much and take most of my lunches and dinners at home. But even if you do, the average cost of a menu del dia (set menu of the day) is 10 euros. That includes 2 dishes and dessert/coffee. If you're really below poverty line, you can still get a sandwich and a drink for less than 5 euros.
- Books: ~150. I only bought those that I know I will read and use again in the future. There are other creative options..it's called the library.
Duration: 15 months (13-month program + 2 months moving in and out)
Total: 15000 -22500
I paid partially in cash and the rest by loan from a Spanish bank affiliated with the school.
Matriculation: 57000
Student Loan Interest: 11000
Total: 68000
Total Cost of My MBA: EUR ~ 83000 - 90500
Depressing. Calculation ends here.
