**Endnotes**

1: 2012 mba.com Prospective Students Survey Report

2: Ibid.

3: Author calculations. See the chapter “MBA Living Expenses”.

4: BusinessWeek 2012 Rankings; www.poetsandquants.com/school-profile/1-insead/

5: Assume 9 months per year in school, for a total of (800×9×2)+(5,000×2)+(2,000×2) = $28,400.

6: Note to the finance geeks: these numbers are the present value of all interest on these loans for the terms shown. I didn’t adjust these numbers based on the limited tax deduction for student loan interest, because most people make too much money after b-school to take the deduction. I also assumed the discount rate is equal to the interest rate to avoid playing discounting games that arises when you have a higher discount rate (the standard 10% number) than the interest rate (e.g. 7%).

7: Author calculations; www.finaid.org/loans; Assumptions: 6.8% fixed interest; all debt are Stafford Loans.

8: Source: Author calculations; www.finaid.org/loans; Assumptions: 6.8% fixed interest; all debt are Stafford Loans.

9: http://www.luxurybazaar.com; Perfect Swiss children to pass watch to when you die, not included.

10: Estimated cost for the prix fixe menu for 2 people, plus $350 wine budget per meal, plus 20% gratuity.

11: http://www.teslamotors.com

12: www.balivacationrental.com/villas/popo; Estimated cost for a 2 year stay.

13: Author’s analysis. NOTE: Why is this data inadequate? No business school shows the stats for a given class (e.g. Class of 2013). Instead, they show the % of non-profits for the current incoming class only, and then the historic % of graduates who went into non-profit after graduation. In other words, you can never compare apples-to-apples. Instead, we have to assume that the class composition stay roughly the same over time. B-schools should disclose better data to make better decisions on the part of prospectives!

14: Forbes Magazine’s Midas List, 2013

15: www.a16z.com/team/; Investment Team biographies as of February 2014.

16: Just one example: Swarthmore Professor Barry Schwartz’s column in The Atlantic Monthly: http://www.theatlantic.com/magazine/archive/2012/07/lotteries-for-college-admissions/309026/

17: The other book is “The MBA Bubble” by Mariana Zanetti.

2: Ibid.

3: Author calculations. See the chapter “MBA Living Expenses”.

4: BusinessWeek 2012 Rankings; www.poetsandquants.com/school-profile/1-insead/

5: Assume 9 months per year in school, for a total of (800×9×2)+(5,000×2)+(2,000×2) = $28,400.

6: Note to the finance geeks: these numbers are the present value of all interest on these loans for the terms shown. I didn’t adjust these numbers based on the limited tax deduction for student loan interest, because most people make too much money after b-school to take the deduction. I also assumed the discount rate is equal to the interest rate to avoid playing discounting games that arises when you have a higher discount rate (the standard 10% number) than the interest rate (e.g. 7%).

7: Author calculations; www.finaid.org/loans; Assumptions: 6.8% fixed interest; all debt are Stafford Loans.

8: Source: Author calculations; www.finaid.org/loans; Assumptions: 6.8% fixed interest; all debt are Stafford Loans.

9: http://www.luxurybazaar.com; Perfect Swiss children to pass watch to when you die, not included.

10: Estimated cost for the prix fixe menu for 2 people, plus $350 wine budget per meal, plus 20% gratuity.

11: http://www.teslamotors.com

12: www.balivacationrental.com/villas/popo; Estimated cost for a 2 year stay.

13: Author’s analysis. NOTE: Why is this data inadequate? No business school shows the stats for a given class (e.g. Class of 2013). Instead, they show the % of non-profits for the current incoming class only, and then the historic % of graduates who went into non-profit after graduation. In other words, you can never compare apples-to-apples. Instead, we have to assume that the class composition stay roughly the same over time. B-schools should disclose better data to make better decisions on the part of prospectives!

14: Forbes Magazine’s Midas List, 2013

15: www.a16z.com/team/; Investment Team biographies as of February 2014.

16: Just one example: Swarthmore Professor Barry Schwartz’s column in The Atlantic Monthly: http://www.theatlantic.com/magazine/archive/2012/07/lotteries-for-college-admissions/309026/

17: The other book is “The MBA Bubble” by Mariana Zanetti.