How To Get A $100,000 MBA Education for $1,267
As regular readers know, I’m quite keen on getting my MBA. I gave my GMAT late last year and when I scored 740, I thought getting into a top MBA program seemed feasible.
The only problem is that a top MBA program costs about $100,000 plus living expenses. Also there’s the opportunity cost of lost wages which increases the total cost of the MBA program to nearly $250,000!
With the country looking like its heading in to a severe recession, I’m wondering if there will be any jobs when I graduate and have all these student loans to pay. I’ll still probably go for the MBA program , but hopefully, I’ll get some sort of scholarship to defray the expenses. Also, if we see hyperinflation like I think we will, in 15 years $250,000 will be worth only $25,000 in purchasing power and it might not seem like a big deal at all!
But for the more cautious among you, there’s a way to get a great business education for only $1,267.00 Compared to $250,00 that’s almost nothing. Josh Kauffman created a program called ‘Personal MBA’ which is a self-study program where you read great management books. Of course, you don’t get a classroom environment and there’s no career center to help you get a job, but thats what you get for saving $98,733. He also has an online forum where you can discuss the books so there is some level of interaction. Check out the books included in the MBA in a box program. Pretty comprehensive. Definitely a good option for those of you that already have a business and just need to work on your functional skills.
program. Pretty comprehensive. Definitely a good option for those of you that already have a business and just need to work on your functional skills.
I’ll probably grab a few books on the list and get a head start on my MBA education!
I’d like to thank Lazyman for bringing this to my attention.
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March 28th, 2008 at 7:31 am
Actually if you really think that we are going to “enjoy” a hyperinflationary environment, you should take student loans, pay for the MBA and stretch the loan payments for as long as possible..
March 29th, 2008 at 12:42 am
Awesome reading list! Thank you for posting!
March 29th, 2008 at 5:24 am
Did you decide which MBA program you are going to join? I agree with you that MBA from top schools is by no means cheap. The expenses are upwards of $100K for the program.
March 29th, 2008 at 5:50 pm
Good post - for reference my MBA did cost over $200k in tuition and opportunity costs. Definitely no small sum. I would agree with your point about seriously considering this cost, any way you can reduce it, and the actual value you will get from an MBA.
In terms of the books though, not sure this list is aligned with the sorts of things you would learn in an MBA. These seem more of the “tips and tricks” type of genre.
Honestly I think you could replicate a lot of the basic educational value of an MBA from studying basic texts in the following subjects:
Marketing
Finance
Operations
Management
Organizational Design/HR
Statistics
But of course what you are missing is the networking, career guidance, and that impressive looking resume!
March 29th, 2008 at 6:24 pm
Is this MBA in a box a good thing? I guess I am wondering what’s the point behind it.
March 30th, 2008 at 7:47 am
[…] Off Dividends discovered How To Get A $100,000 MBA Education for $1,267. I am always amazed at how much it cost to get a degree these days when it is just a matter of […]
March 30th, 2008 at 10:44 am
MBA programs are just so expensive. But I think ‘Dividend growth investor’ is on the right track with student loans; they offer lower interest rates over extended periods.
March 31st, 2008 at 3:13 am
You can get an MBA from a top European school, in the UK or the Netherlands for around 1/4 of the price in the US. Even when you add living expenses, it’s much cheaper, and the schools are better.
Also, losing purchasing power from $250,000 to $25,000 over 15 years is hardly hyperinflation. I’ve lived through hyperinflation in Bulgaria in 1997, when $1 went from 50 leva to 3200 leva in less than six months. Store owners were changing prices every couple of hours. That’s hyperinflation. Students and professors from US economics schools were visiting to study it:)
March 31st, 2008 at 11:41 pm
Dividend Growth Investor,
If we do experience hyperinflation, i sure will “enjoy” it! Thats what I’ve been buying gold coins for!
Mark,
The point is that if you already have a great career or business that you have no desire of quitting but you still feel you could use some marketing or accounting or strategic knowledge, then here’s a list of books that might help you.
Penko,
you’re absolutely right. However, don’t underestimate the financial mess we’re in just yet!
April 9th, 2008 at 10:48 am
Well, college could be a good place to sit out a recession. New graduates come blinking out into a new career landscape, and with new skills to boot. You can always take a gap break to stretch the opting out a little. It beats banging your head against a wall in a truly grim recession (though I’m not convinced that’s what’s coming — I think long but shallow is most likely).
April 9th, 2008 at 10:58 am
Aren’t short but deep recessions better than long drawn out ones? Even if there’s less apparent pain in the long & shallow ones?
Anyways, I think I’d agree that its less depressing to sit out a depression in college than looking for a non-existent job!
April 30th, 2008 at 3:48 am
Blog Carnival: Business Books - April 15, 2008…
Welcome to the April 15, 2008 edition of business books.
Anya Portnik presents Is this time management? A review of The 4-Hour Workweek by Timothy Ferris posted at Gavin Ingham.
Alvaro Fernandez presents Brain Rules: science and practice posted at Shar…
May 5th, 2008 at 10:15 pm
I think yourlist of books are fantastic! I am an entreprenuer and make as much as someone with a MBA. I am mainly self-taught and I read alot. Most of all my best experiences came from my failures and losses. Today, I make a living consulting, investing online in the markets, and freelancing. Many of the books you mentioned I’ve read already! (smile)