MBA - Done and done.

Brief introduction: I graduated from my MBA program last December 2012. 6 months, 10 pounds and a husband later, I'm reposting an article I wrote for a business school blog I wanted to start but never really had the time to manage. Hope this information will help you with your pre-MBA research. Best of luck!


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.

The cost of living in Spain is relatively cheap. My budget is 1000-1500 per month (assuming a low to moderate alcohol consumption):

Duration: 15 months (13-month program + 2 months moving in and out)
Total: 15000 -22500

MBA Education
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.