For Filipinos: A Rundown of MBA Expenses Before Arriving on Campus

I keep a rundown of the MBA-related expenses I've had so far. If someone were to ask me how much he/she would have to budget for MBA applications to five US schools, I'd give the following estimates:

Php 5,000 = TOEFL and GMAT reviewers (around 3)
       8,000 = TOEFL (with 4 score reports)
          750 = additional TOEFL score report
      11,000 = GMAT (with 5 score reports)
      50,000 = application fees (five US schools, around $230/app.)
 Note: At this time of writing, ultra-elite schools charge as much as $265 for an MBA application. But there are still reputable, highly-ranked US schools out there that charge less than $200.

The total would be Php74,750.00 (dollar exchange rate in the Php43 range).

This total assumes that you don't avail of GMAT reviewer courses from Kaplan, etc, nor receive any exam waiver. It assumes that you are satisfied with the 3 reviewers you've picked. It also assumes that you don't change your mind about schools mid-way during the application process, 'coz if you do, then that entails additional TOEFL and GMAT score reports (Php 750 and Php 1200, respectively). This estimate assumes that you are satisfied with your test scores and wouldn't need any retakes. It also assumes that the schools you've applied to don't require any hardcopy documents from you prior to admission.

Some schools provide waivers, of course, but don't pin your hopes on that. From last I heard (March this year), the PAEF office has no budget yet for opportunity grants. So, you're on your own.


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Once you've been accepted to a school, you would need to pay a confirmation fee to save your seat. You are typically given a month to decide whether or not to pay the fee. High-ranked schools usually charge $1,000 - $2,000 for this. So that's:

  Php 43,000 = confirmation fee for a high-ranked school (dollar exchange rate in the Php43 range)

Running total: Php117,750.00

Applicants usually submit all their school applications in one round (Round 1/Round 2/Round 3) because submitting your applications in different rounds could end up very expensive as you save seats in different schools. Getting offers from all the schools you've applied to is a very nice problem to have, but it's definitely wise to have an idea of what the deciding factor will be in such a case (eg. fellowships, location, etc).

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Filipinos have to apply for an F1 study visa from the US embassy. You need an I-20 form from the school,  and financial documents to prove that you have enough money for the entire course of study. In my case, I had my bank issue bank certificates and asked my financial sponsor to sign a guarantee letter. 

   Php 200 = notary public (for the sponsor guarantee letter)
          200 = bank certificates for 2 accounts
          1,300 = delivery of financial documents to my school via LBC
         

 Running total: Php119,450.00

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Once you receive the I-20 form, you can now apply for the study visa. Before anything else, you have to pay the visa application fee, which you can do once you receive your acceptance letter. (Visa application payments are valid for one year.) As a student, you also have to pay the SEVIS fee (Student and Exchange Visitor Information System managed by the US Department of Homeland Security).

Php 6,880 = visa application fee

        9,000 = SEVIS fee
         

 Running total: Php135,280.00

So far, those are the expenses on my list. I still have to book a flight to my school and pay orientation fees. I hope this gives you an idea (in Philippine pesos) of how much to prepare in case you plan to take your MBA in the US. I hope this didn't make your blood pressure rise in shock. (I paid for all of these on my own, but I prepared years for this.)

Wow, a pretty long post! Any questions? Just email or reply in the comments below.