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What It Now Costs To Get an INSEAD MBA

Logically, if you enrol into an MBA program that lasts only for a year, it should be twice as cheap than if you choose a two-year MBA. Additionally, you’d have to allocate less money for accommodations and food.

Poets and Quants reports, that this logic doesn’t always work. For instance, at one of the top European schools, INSEAD (Spain), the tuition fee is no less than €80,000, which is more than $95,000 according to the current rates. A decade ago, you’d have to pay almost twice as little – €45,000. Anyway, if we compare this amount of tuition fee to Harvard’s $144,000, it seems much cheaper.

Still, if you look closer, it means that even if you pay the full price for Harvard Business School tuition (which is far from always being the case, as there are many scholarships and fellowships offered by this university), the second year will cost you only $48,656. Additionally, there will be a high chance of finding a prestigious internship at a world-renowned company and earning at least $16,000 by working there just for two months.

Scholarships Are Much More Abundant At Harvard

Now, let’s focus on scholarship support. Being endowed no less than $3.3 billion every year (which is 15 times as much as INSEAD has), Harvard has much more funds to allocate to scholarships and fellowships. At INSEAD, scholarships range from €8,000 ($9,440) to €35,000 ($41,300). Average scholarships are not indicated at INSEAD’s official website.

On the other hand, Harvard Business School has allocated no less than $34 million to this year’s scholarship funds. According to the school’s representatives, more than a half of their students receive some amount of scholarship money. Average scholarship sums at Harvard equal $37,000 a year. Compared to the medium point of INSEAD’s scholarship range, Harvard’s still exceeds it by roughly $12,000 for one year or by $49,000 for two years. Besides, at INSEAD, only 28% of students are eligible for scholarships, whereas at Harvard it’s more than 50%.

Anyway, there’s no definite answer to the question of your eligibility for scholarship, and Harvard’s grants are only for people who are financially disadvantaged, whereas at INSEAD, there are scholarships both for poor and for outstanding students.

Extra Costs You Can’t Gloss Over

However, whatever MBA program you choose, it would be short-sighted to rely just on the tuition fee numbers. There are still extra costs to be taken into account – and INSEAD education produces a lot of them. This school’s MBA students have ten different kinds of extra costs, starting with expensive apartment rent at Fontainebleau (France), which equals $10,000, and ending with food which will amount to $5,500 over the year.

Optional courses cost approximately $1,900, transport will amount to $633, student exchange and internship search will cost almost $2,000. Then add $2,000 for field trips, $1,500 for relocation (as many students have to move between the school’s two campuses in France and Singapore), then $400 for telephone calls, $1,000 for a laptop, and, if you stay at Fontainebleau, you should add $3,900 for car rent. At INSEAD’s Singapore campus, you’ll have to add $1,500 more for rent and food, but extract the car rent.

If added, these costs amount to €29,000 ($34,000), plus $95,344 tuition fee. In France, the total cost of this one-year MBA education will be $129,367, and in Singapore $126,496. Of course, it isn’t even remotely close to Harvard’s $213,600.

Unexpected Costs for Travel and Food Add to the Total Amount

Jonathan Levi, an INSEAD MBA graduate shared his real weekly expenses on food and drink. They amounted to €300-€400 ($354-$472). Over the year, it’s almost €13,000, which is twice as much as the school websites’ estimates (it says that food will cost you €5,500 in France and €6,000 in Singapore). Additionally, Levi’s estimates are already more than four years old, as he graduated in 2013. He based the estimate on the fact that, having not enough free time, you are bound to eat out every day, and the school’s cafeteria is rather expensive.

Also, you have to add national holidays and celebrations – €150 for the week’s festivities, and there are no less than 10 of them. There are also travel costs – monthly or weekly, by car or plane, hostels, and, last but not least, parties. Social activities will cost you an additional €1,000 a month, and refusing them isn’t an option, as they are great for networking and learning.

All in all, even a one-year MBA program can be rather costly, and you have to take additional expenses and possibility of a scholarship into account, if you are making a choice between Harvard and INSEAD.

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