On Financial Documentation

There are schools who ask you to submit financial documentation as part of your application. This is something that you have to prepare anyway when applying for a study visa, so it helps to start early.

You have to know first how much the first year of your studies will cost you -- tuition, fees and living expenses. Schools usually have an estimate of these already so you can ask them or check out the schools' websites. You have to follow the estimate; the school or the US embassy doesn't care if you'll be spending less on housing or personal expenses when you get there. You just have to show that you have funds available to cover your stay there, regardless of your actual expenses. Employment - even part-time employment - should not be viewed as a means of support; after all, you'll be spending most of your time as a student!

(Taken from Indiana University, Bloomington)

All documentation should be less than 12 months old from the time you intend to enroll.

Acceptable evidence of financial support

• Bank statements indicating required currency amount in liquid asset form (cash deposits, certificates of deposit, savings accounts)
• Investment statements indicating liquid assets
• Scholarship letters
• Lines of credit
• Governmental funding

Unacceptable financial documents

• Chartered accountant statements
• Payroll reports/expected income
• Tax statements
• Property assessments
• Statements regarding property, jewelry, cars and other non-liquid assets
• Credit cards
• Bank statements lacking currency amounts
• Insurance policies
• Other statements of non-liquid assets

Some schools ask for financial documentation before making an admission decision. Some schools ask for this once they've admitted you. So even if you are banking on a school fellowship to absorb most of your expenses, it's still wise to have enough cash, stocks and liquid assets at hand in case the school you want to get into falls in the first category. Schools usually give fellowship announcements along with the acceptance letter.

EDIT:
The financial documentation stated here doesn't apply to all schools. There are a LOT of schools that only accept bank statements. These bank statements should typically be in US $ currency.

Suspense!

By now, most applicants to the Fall 2012 batch have already submitted their applications and are just waiting for their interviews and/or results. The US schools typically have one last round for would-be applicants, but some say that grants and fellowships are not as available as in the earlier rounds. From what I know, the availability of fellowships on the final round depends on the school. There are schools that offer rolling admissions (you can apply throughout the year) so those who suddenly decide to pursue an MBA need not move heaven and earth just to apply now. Anyway, my best advice would be for you to apply when you're ready. If time is not a pressing matter, then it is probably best to prepare your application for Fall 2013 (ie. study for GMAT; take the TOEFL; save, save and save money, etc.).