MBA degrees don’t come cheap. Although salary increases and promotions often accrue post-study, tuition fees can soar into six-figures at top business schools.
Despite these ostensibly exorbitant costs, the MBA remains a degree with significant quantitative and qualitative benefits that justify the investment – benefits outlined by QS Quacquarelli Symonds in this previous article (The Long-Term Value of an MBA).
Here’s another article from QS to help you finance your MBA.
5 Financing options for an MBA
by QS Quacquarelli Symonds
Full-time MBA programs are facing challenges, such as stricter immigration policies that are making potential international students reluctant to apply – an unfortunate additional blow for business schools.
Similarly, questions of accessibility have also made students, and the general public, ever-more-conscious of the cost of college.
Therefore, for any aspiring MBA student, questions of funding remain prominent in their considerations. These include:
- Which business schools offer financial aid and how can one avail them?
- Does your company offer you sponsorship to do an MBA?
- What kind of scholarships are there on offer for aspiring students?
- Are there any special scholarships that B-schools offer?
Luckily, there are plenty of ways you can pay for an MBA, and here are some tried-and-tested ones:
1. Scholarships, Fellowships and Grants
The average MBA candidate has 30 percent of their total financial costs covered by scholarships, grants and fellowships, according to data from entrance test administrator GMAC.
The proportion of business school students receiving scholarships has increased year-over-year in 2018.
One of the best ways to defray tuition costs is to earn while you learn – get a part time Job.
However, schools often advise candidates not to take a part-time job during a full-time MBA, because the course is intensive, and it could leave you stretched.
2. QS MBA Scholarship
QS Quacquarelli Symonds, global higher education think-tank, offers US$7 million worth of scholarships to talented students every year, allowing some of the world’s brightest minds to pursue their dream education.
The most important thing here is to thoroughly read through the eligibility criteria and only apply if you fulfill all the requirements.
(Don’t forget: to be eligible for a QS scholarship you need to attend one of their global MBA events. Sign up by visiting www.topmba.com/crystalball)
3. MBA Scholarships for women
IE Business School
|IE Women Scholarship and Mentoring Program||Offered to MBA candidates, among others.||40 percent of tuition plus six-month mentoring program|
|IE Women’s Leadership Scholarship||Admitted to MBA (or any other)||30 percent of all costs|
|IE Women’s Scholarship||Open to women admitted to any master’s program.||40 percent of tuition|
|Queen Rania Foundation Scholarship for Women Leaders||Any master’s for Jordanian women||Three Scholarships that cover all costs|
|INSEAD Judith Connelly Delouvrier Endowed Scholarship||Women candidates who have been admitted to the MBA Programme or invited to admissions interviews||€20 000 to €25 000 (approx. US$22,376 to US$27,970)|
|INSEAD Groupe Galeries Lafayette Endowed Scholarship for Women||Women candidates who have been admitted to the INSEAD MBA programme who identify with the goals and ambitions of Groupe Galeries Lafayette (retail industry)||€12,000
|INSEAD Alumni Fund (IAF) ’68 Scholarship for Women||Meritorious women candidates with financial need.||€10,000 to €20,000
(approx. US$11,188 to US$22,376)
4. Company Sponsorship
Often, MBA degrees are structured to allow candidates to continue working while upskilling in the business school classroom.
It’s also the option that many business schools encourage. MBA marketing and recruitment managers in the UK encourage candidates to talk to their employer in order to receive the requisite support.
Discussing the possibility of a partial financial contribution, having them involved in your journey – you’ll both benefit more from it.
If employer sponsorship isn’t an option, then talk to the school to see if they have a flexible payment plan in place.
5. Other Finance options
These include scholarship options from prospective B-schools, crowdfunding and loans. Business Schools offer scholarships to candidates, awarded on a merit basis.
At IE Business School in Spain, candidates can apply for a broad range of scholarships based on their profile, for example geographic location, gender, experience, or alumni status with IE and other partner universities.
Whatever combination of finance options you eventually take to see your MBA goals come to fruition, it’s important to be prepared.
Weighing up the costs, the risks, and the rewards of embarking on this degree will ensure your time spent in the classroom is time dedicated to all that the MBA has to offer.
Instead of worrying about your finances, shrewd preparation beforehand will enable you to get the most out of your business school experience.
You can meet over 50 of the world’s top business schools – including IE, INSEAD, York-Schulich, HKUST, Nanyang, SMU, Thunderbird, SUNY-Buffalo – at the QS World MBA Tour this Fall (December 1-9).
You can meet the admissions directors at these top schools, receive expert insight on your scholarship options, and make your dream of an MBA come true. Click on the link below to find out more and register.
– What is the RoI of an MBA from USA?