Once I had decided on the type of course (one-year MBA) I started interacting, researching and collecting information on the location of the school. Parallel to that, I started preparing a expense statement, comparing all the schools against a common expense schedule.
In addition to that, I also prepared a budget for all the pre-departure expenses. Just to cover all the points (and my a*se too!). Next time i'll try to make it in as detail as possible, so that I do not miss out on anything which I have done this time. Like, I didn't consider the expense for the luggage bags, soaps, deo, etc.
Also, what one needs to factor in is the opportunity cost. This is something we usually turn a blind eye to, but it can be quite a handful to ignore. It can be easily calculated by adding up your salary for the period of time you will be out of work (studying / searching for a job). It can be disheartening to leave a well-paying job in India to become a student again, saving pennies whenever possible. But the good news is that a potentially extremely high paying job is awaiting you just round the MBA corner.
You might ask me why go through all this charade? There are two reasons. One, thats what I have learned over last four years while leading teams and making decisions. Make a decision only when you have to make one and try not make one without being sure that you have all the information. This may not be possible / available everytime, but I try to practice it everytime. Second, it gives you the confidence that you have planned well and the number of exigencies will be minimal.
While doing all this, I kept in mind where this money is going to come from. Without making provisions for the expenses, these statements remain only that - a statement. So, as per my provisions, I am awaiting the loan approval from HSBC, UK. Incidentally, Cranfield had an understanding with HSBC to provide 'no collateral - no cosignor' loan to MBA students. The good news is that interest rate is less than half @ 5.50% as compared to 12.5% being charged in India (this has direct relation with the inflation rate, in UK the prevailing inflation rate is around 3%).
