Estimated reading time: 6 minutes
A Garmin GPS. Just about every junior officer and senior NCO in my infantry battalion had one.
Why?
Because getting lost sucks and knowing where you are is awesome. Especially when you need to call in artillery.
But a wrist GPS like that one costs about $200. Now, plenty of units bought them for people, but even if your unit didn’t, it was still a worthwhile investment.
The return on investment to you as a leader on the ground for having instant access to your exact position when you were also trying to juggle everything else was well worth the money.
Well, when you’re thinking about getting out of the military and going for an MBA, there are a few things that are absolutely worth the money.
Why spend money?
Look, if nothing else, you are saving a ton just by applying to schools as a veteran.
I’ll share with you the money I saved simply by being a vet:
- Waived application fee for Stanford Graduate School of Business ($275)
- Waived application fee for Berkeley Haas ($200)
- Waived application fee for Texas McCombs ($200)
- Waived application fee for UVA Darden ($250)
- Waived application fee for Yale School of Management ($250)
- First-time GRE test fee waived through Dantes program ($205)
- DD-214: Priceless
For everything, there’s auctioning off your MRE brownie.
Ok, but seriously:
Total saved simply because I’m a veteran: $1,380
That’s $1,380 in case you missed it.
All your MBA classmates are paying that money. Point is, you can spare it. Also, as we will get into, the ROI is worth it.
So what is worth spending it on?
1. Test prep
The ROI of good test prep services is…
Ok, let’s compare two schools using the most recent data (as of 1/12/2021):
Columbia Business School (#8 according to US News and World Report)
and
UNC Kenan-Flager (#20 according to US News and World Report).
Columbia Business School
Average GMAT Score: 726
Median starting salary: $150,000
Median signing bonus: $30,000
UNC Kenan-Flager
Average GMAT Score: 694
Median starting salary: $125,000
Median signing bonus: $25,000
After a semester here at Darden, I’ve analyzed the numbers and determined that Columbia Business School has higher numbers all around compared to UNC.
I know, I’m brilliant.
Look, here’s where I put the giant disclaimer that says that life isn’t all about money. It isn’t.
And MBA rankings aren’t everything.
Also, am I cherry-picking data to prove my point? Yes.
But holy hell people, if nothing else take this away:
better test scores = better school = higher salary
Yes, duh, your test score isn’t EVERYTHING, but just like I’d rather go on patrol with CAS on station even though I have a full platoon of Strykers and artillery on standby….I’d rather apply with high test scores than not.
I had the good fortune to be studying for the GRE while I was deployed. This is where, as we know, money isn’t real. Deployment money is different than real-life money.
Yikes, I promise I have better financial sense than that.
But you get the idea. Anyway, I tried spending on a few test-prep services and didn’t like any of them. Until I found The Princeton Review.
Seriously, their self-paced online course blew everything else out of the water. Here’s what I liked about it:
- Their practice tests were formatted exactly like the real test. When I went to take the real thing, I remember being shocked when the test screen pulled up because it felt like I’d already been there.
- The program learned what I was learning. Meaning it recommended lessons and practice questions to me based on how I performed in practice. I spent an embarrassing amount of time on triangles.
- Their videos were AMAZING. They had high production value and flowed in a way that really helped me learn the material.
I tell anyone and everyone to spend the money on good test prep, and the best I found was The Princeton Review
Their self-paced GRE course is what ended up doing, but you may also get better instruction from their live online classes with real instructors.
2. Your time at school
MBA students have a lot of demands on their time.
- Classes
- Networking calls
- Social events
- Clubs
There’s a lot. You will have to be able to say “No” because you can’t do everything.
The best resource I’ve found for this time is:
What Now? The Admit’s Guide To Maximizing the MBA
Written by a couple of Northwestern Kellogg School of Management Graduates (so they aren’t some slouches), it details how to make the most of your time getting your MBA.
Oh, and I contributed my thoughts to this edition as well.
Considering it’s only $15, the potential ROI you can get from time well spent at school is off the charts. Get your copy here.
3. Flash Cards
Yep, I’m back to the test prep.
Are flashcards reminiscent to high school? You betcha.
But, I’m an English Major and I needed flashcards to study for the GRE vocabulary.
Why? Because holy hell there are a lot of words.
If you want to furtively display your prodigious ability to pontificate eruditely and with great lucidity to placate the test takers…you need to study.
And if you don’t know any of those words, they are all on this list of the 52 most common GRE words.
I used this set of flashcards. It’s a quick and easy way to study and practice.
If you are planning on the GMAT, you may want to use these instead, as there is no vocab section on the GMAT.
4. Gifts
No, no, really you don’t have to.
Ok, well if you insist. I’m a Medium Regular in just about everything and like Navy Blue.
Kidding, you don’t need to get me anything.
But you should get gifts for your recommenders. They are going to have to do a lot for you and are really helping you out. So be nice to them and get them something. I personally planned on $50 (roughly) for each. My first company commander appreciated the nice cigars.
5. News
This last one is a freebie. You’re welcome.
Every morning, I start off reading The Morning Brew.
One of the fun aspects of working on an MBA is reading the news and actually starting to understand what the hell they are talking about sometime. The Morning Brew helps with that.
Why read?
- It’s free
- It’s witty
- They have great analysis of business and political events
- It’s free
Sign up here and start getting it delivered to you every morning.
Now go crush it.
Related posts:
100 Things Veterans Should Know Before Leaving the Military
How Veterans Can Finance Their MBA
5 Books to Read During Your Military Transition
Military to MBA (Part 1/7): Is It for You?
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