An expensive decision

A year ago, in August 2007, I made a very expensive decision - to study MBA. So for the next few months, I was busy comparing schools from all over the world. I did consider US ivy league schools but soon that idea turned to dust. First of all, US schools are too costly (even though the US dollar value plunged due to sub-prime, it was still SGD$150,000+++). Secondly, I might not even get into a good US school, and if I were to settle for a second-tier US MBA school, I might as well go for another school elsewhere which is cheaper.

So I turned to Europe schools, yes, they are cheaper than US schools, but still around SGD$120,000+++. Having only worked 3 years after my graduation, my savings aren't that much to speak of. After much deliberation, much comparisons, much conversations, I decided to pursue my MBA at Melbourne Business School.

I wrote my essays, found my references, prepared my application documents and started studying for GMAT. I took my GMAT in Dec 2007 and received a score of 680. I applied to two schools - Melbourne Business School MBA & Masters in Wealth Management with SMU (Singapore Management University). I received offers from both schools and had a long discussion with my bf, JY. What if I don't like wealth management?

Believing that an MBA will open more doors for me than a Masters, we decided I should go for my MBA at MBS. So I decided I will pay AUD$52,000 tuition fees and pursue my MBA. Fortunately, I was awarded the MBS Foundation Scholarship of AUD$10,000 after a telephone interview with a representative from the Scholarship Committee. So I will only be paying AUD$42,000 for my school fees! =)

Whatever the case, this is still the most expensive decision I have ever made, to use up all my savings and to borrow some from my parents to pursue my dream of becoming an MBA.