22 Views

Funding Your MBA Is A Mission Possible! Here Is How!!!

 

Facing the question of how to finance your desired MBA might make you feel as though you’ve reached a deadlock. It might seem like “mission impossible”, as most people don’t have the option of going to the bank to order a bank transaction for thousands of dollars to pay for the course.

Funding Economy FInancial Collection Fund Concept

Indeed, finding money to pay for all the expenses that go with an MBA – tuition fees, health insurance, living, travel and costs on books and educational materials, is one of the biggest challenges facing many MBA students. However, as with everything, there is also a good news. Funding your MBA is possible! It is important to be well informed about the numerous options available and finding the best one depends on the personal efforts of every would-be MBA. That’s why a thorough research of all available funding resources is a must.

Savings                                       

Naturally, at the start of your research, the first question would be how much do you have in your personal bank accounts? Can you rely on your parents to support you or would their savings go on a new house or a series of cruise trips for the next 10-20 years?

As a matter of fact, it’s the exception rather than the rule to pay for the whole MBA bill from your own and your parents’ financial resources. However, if not paying for all MBA costs, many students use savings to contribute to part of them.
The luxury of having the cash in a bank account is a privilege for only a few. The rest rely on the other funding options available on the market.

Scholarships  

Most of the business schools have institutionalised scholarship programmes providing scholarships to a limited number of students who meet certain criteria. Schools’ criteria range is very wide – merit, experience, nationality, entrepreneurship, gender, financial need, etc. In general, scholarships are awarded to exceptionally able, talented and high-potential candidates.

Some schools extend scholarships to a limited number of students – three to ten, while at some schools their number is bigger. At some schools, the number of MBA students receiving scholarships can reach up to 80% of all students. There are fixed-amount scholarships, full scholarships or partial scholarships that cover between 10% and 90% of the tuition fees. Apart from the scholarship, some schools provide even for the costs of living.

According to findings of the Financial Times in its 2016 Global MBA Ranking, about 45 percent of students have received scholarships, at around $32,000. “More than half of students (56 percent) in North America receive a scholarship worth around $37,000 compared with a third of students in Europe who receive only around $20,000,” reads FT in its “MBA by numbers: inside the $200,000 cost” article.

Grants and fellowships

Governments, private foundations and other type of NGOs are also a significant resource of funding. Like schools and their scholarship programmes, they have developed various educational grant schemes awarding grants to a limited range of students – to students of a certain religion, ethnicity, nationality, or academic interest. The common thing about all grant and scholarships is that they are awarded to students demonstrating exceptional academic and professional record and showing potential for future success.

The list of grant and scholarship awarding organisations is long as each country with a developed business education sector usually has such bodies. But to name few, the list includes the U.S.-based Fulbright Commission, British Council, British Foreign and Commonwealth Office, the German Academic Exchange Service (DAAD), the Netherlands Fellowship Programme (NFP) and MENA Scholarship Programme (MSP), also in the Netherlands, European Union’s Erasmus+ programme, the Ford Foundation International, the Aga Khan Foundation, the American Association of University Women and many others.

2

Sponsorships

Those who work can explore another resource – corporate sponsorship. According to Todd Rhoad, co-author of books for MBA aspirants “The industries that would offer greater opportunity would be the industries that strive to hire top-tier MBAs, such as consulting, private equity, technology (Google and Amazon) and investment firms.”

Those companies have institutionalised tuition assistance programmes under which they provide financing for employees’ MBA study while, in return, the employee commits to the organisation. Each company determines the level of commitment and the return that it wants through a formal retention mechanism. The list of companies that offer tuition reimbursement programmes as part of their customary benefit structure, including high-profile nationals and internationals include also ADP, Deloitte, UPS, Raytheon, Lockheed Martin, AT&T, Intel and Disney

Apart from this, some corporate sponsorships are extended under special deals between business schools and their corporate sponsors which provide a limited number of scholarships to students.

As a matter of fact, getting a sponsorship is not the easiest way to finance your MBA and a Financial Times survey proves it: “Though sponsorship can cover the whole cost of the MBA, only a minority of students receive this,” reads the Financial Times in its “MBA by numbers: inside the $200,000 cost” article. “About 10 per cent of those students that responded to the FT survey [for 2016 Global MBA Ranking] received sponsorship, at an average level of $70,000.”

Loans

And the final option is borrowing money for your MBA. Many banks have special loan programmes for students providing special soft-term student loans. Banks know your credit history and they can best assess your creditworthiness. Loans with competitive interest rates, grace periods and long repayment periods are also available due to collaboration between schools and banks. Chase, Citibank and Sallie Mae are known for their student loans.

Apart from banks, non-banking financial institutions and private organisations offer funding options for prospective MBA students. London-based Prodigy Finance is one of the best-known programmes. It is a platform for alumni and other community stakeholders to offer funding to students while earning a commercial rate of return.

Some loan programmes are subsidised by the government if one can demonstrate financial need or eligibility for government assistance. The Stafford Loans in the U.S. and the Career Development Loans in the UK are widely known as such programs. Similar loan schemes exist also in other countries in the world and finding the best loan depends on the personal research of each would-be MBA.

Well, now at the end of the research, you are surprised how many options there are on the market, aren’t you? Finding the best way to finance the MBA requires a sound plan, demanding a thorough research of all available options.

Are you also interested in applying for an MBA degree?

The Access MBA Tour will return to Lagos on the 17th of September at Eko Hotels & Suites

The event will bring together top international business schools from Europe and North America, as well as prestigious local institutions.

Participating schools include: IE Business School, EU Business School International, IESE Global Executive, Hult International Business School and many more!

Registration is free and places are limited.

Advent Group is an independent media agency specialised in the higher education sector, and the organiser of the Access MBA and Access Masters Tours. Each year the Access MBA and Access Masters Tours introduce 40,000 candidates to 200 top business schools at over 100 events around the globe.

This article is original content produced by Advent Group and included in the 2016-2017 annual Access MBA Guide. The digital guide file will soon be available for download. In the meantime, you may download our 2015-2016 Guide here

 

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

5 Quick And Stunning Facts About The Nigerian That Painted Obama’s Portrait
Best of Nigeria
35 views
Best of Nigeria
35 views

5 Quick And Stunning Facts About The Nigerian That Painted Obama’s Portrait

Mabel - October 21, 2017

The skilled craftsman who is a New York-based representation painter, known for his exceedingly naturalistic depictions of dark individuals in chivalrous postures, will be the main dark…

Eat These Common Foods And Lessen Your Risk Of Colon Cancer
Food and Health
43 views
Food and Health
43 views

Eat These Common Foods And Lessen Your Risk Of Colon Cancer

Mabel - October 21, 2017

You know entire grains are useful for your heart, yet they may have another advantage, as well, as indicated by a new report from the World Cancer Research…

SEE This Nollywood Director’s ‘Birthday Cake’ Everyone Is Talking About – [One Of A Kind]
Entertainment
41 views
Entertainment
41 views

SEE This Nollywood Director’s ‘Birthday Cake’ Everyone Is Talking About – [One Of A Kind]

MT - October 21, 2017

  Nollywood director, Ugezu J. Ugezu who is currently on set with his crew for the making of the movie ‘THRONE OF REVENGE’, celebrated his birthday with…

5 Drugs That Get Nigerians High Far More Than Marijuana
Food and Health
36 views
Food and Health
36 views

5 Drugs That Get Nigerians High Far More Than Marijuana

Mabel - October 21, 2017

  The codeine culture is getting more intensed in north and in urban ranges of Southern Nigeria. It is the most loved medication of decision for some…

Exquisite First Photos From Ex Governor, Mimiko’s Daughter’ Traditional Wedding In Akure
Politics
39 views
Politics
39 views

Exquisite First Photos From Ex Governor, Mimiko’s Daughter’ Traditional Wedding In Akure

MT - October 21, 2017

On Thursday 19th October, 2017, Ondo State’s former Governor Mimiko’s daughter, Bibitayo tied the knot with his sweet heart, Adetola Aderemi in the State’s capital, Akure. Dignitaries…

How Actor Mofe Duncan’s Sister Was Chased To The Point Of Death By FRSC Officials – Friend
Entertainment
27 views
Entertainment
27 views

How Actor Mofe Duncan’s Sister Was Chased To The Point Of Death By FRSC Officials – Friend

MT - October 21, 2017

  Nollywood actor, Mofe Duncan took to Instagram moments ago to narrate how his sister Matilda sustained injuries in an auto accident in Abuja. The accident, according…

Nigeria’s First Lady, Aisha Buhari Relaxes On A Yacht With Wives Of Other Leaders In Turkey (Photos)
Politics
35 views
Politics
35 views

Nigeria’s First Lady, Aisha Buhari Relaxes On A Yacht With Wives Of Other Leaders In Turkey (Photos)

MT - October 21, 2017

Nigeria’s First Lady, Mrs Aisha Buhari was seen with wives of other world leaders relaxing on a yacht in Instanbul while being hosted by the First Lady…

Quick Reminder Facts About ‘Legendary DaGrin’ As Fans Celebrate His 30th Posthumous Birthday
Buzz & Trends
27 views
Buzz & Trends
27 views

Quick Reminder Facts About ‘Legendary DaGrin’ As Fans Celebrate His 30th Posthumous Birthday

Mabel - October 21, 2017

Oladapo Olaitan Olaonipekun, also known as Dagrin (21 October 1987 – 22 April 2010), was an award-winning Nigerian rapper from Ogun, Nigeria. A film of his life…

Atiku’s Ex Daughter-in-law, Miss Ummi Reveals What Led To The Custody Battle With Ex Hubby Aminu
Politics
35 views
Politics
35 views

Atiku’s Ex Daughter-in-law, Miss Ummi Reveals What Led To The Custody Battle With Ex Hubby Aminu

MT - October 21, 2017

In an interview with Punch, Miss Ummi Bukar Bolori, ex wife of Aminu, one of the sons of the former vice president of Nigeria, Abubakar Atiku, reveals…

Kebbi State’s Accountant-General, Mohammed Dakingari, Sentenced To 70yrs Jail Term For This Reason.
Politics
35 views
Politics
35 views

Kebbi State’s Accountant-General, Mohammed Dakingari, Sentenced To 70yrs Jail Term For This Reason.

MT - October 21, 2017

The Court of Appeal Kebbi Division has upturned the judgment of a Kebbi State High Court which discharged and acquitted Mohammed Arzika Dakingari, Accountant General of Kebbi…

This Is What Governor Amosun Is Saying About The Stories Making Round That A Youth Corper Gave Birth To Twins For Him
Politics
45 views
Politics
45 views

This Is What Governor Amosun Is Saying About The Stories Making Round That A Youth Corper Gave Birth To Twins For Him

MT - October 21, 2017

Mr Ibikunle Amosun, the governor of Ogun State, on Friday morning broke his silence on what he considered as the avalanches of rumours and falsehood being peddled…

Bidemi Kosoko Shares Adorable Birthday Photos With Well Wishers
Buzz & Trends
30 views
Buzz & Trends
30 views

Bidemi Kosoko Shares Adorable Birthday Photos With Well Wishers

Mabel - October 21, 2017

Nollywood performing artist and girl of Veteran on-screen character Jide Kosoko, Bidemi Kosoko is a year more established today and the on-screen character has dropped some lovely…

Bishop Oyedepo Speaks On The Spiritual Attack On His Private Jet That Almost Killed Him Recently
Religion
40 views
Religion
40 views

Bishop Oyedepo Speaks On The Spiritual Attack On His Private Jet That Almost Killed Him Recently

MT - October 21, 2017

It was praise, worship and thanksgiving to God yesterday at Canaanland, Otta, the headquarters of the Living Faith Church Worldwide (LFCWW) . The leadership and members of…

PHOTOS: ‘I Wish My Mum Was Alive To See This’ – Davido Gushes As He Takes Photos With Oba Ewuare Of Benin
Entertainment
56 views
Entertainment
56 views

PHOTOS: ‘I Wish My Mum Was Alive To See This’ – Davido Gushes As He Takes Photos With Oba Ewuare Of Benin

MT - October 21, 2017

Nigerian music star, Davido earlier today was pictured with Edo Crown Prince for the first year anniversary of Oba Ewuare II of Benin Kingdom coronation today. The…

How This Nigerian Lady, Ekprimma Called Out An Uyo Doctor For Molesting Her Will Shock You
Shocking
24 views
Shocking
24 views

How This Nigerian Lady, Ekprimma Called Out An Uyo Doctor For Molesting Her Will Shock You

MT - October 21, 2017

An enraged Nigerian lady, Ekprimma Koko is set to go to Uyo on Sunday to probably show the whole world the man who molested her several times…

MBGN 2017 Winner, Ugochi Ihezue Super Excited As She Receives Her Official Car (Photos)
Entertainment
25 views
Entertainment
25 views

MBGN 2017 Winner, Ugochi Ihezue Super Excited As She Receives Her Official Car (Photos)

MT - October 21, 2017

Newly crowned Most Beautiful Girl in Nigeria, Ugochi Ihezue has received her official Car. The model who beat 35 contestants and walked home with the Crown got…

Former Militant Leader, Asari Dokubo Has This Strong Message For President Buhari (New Video)
Politics
31 views
Politics
31 views

Former Militant Leader, Asari Dokubo Has This Strong Message For President Buhari (New Video)

MT - October 21, 2017

Former Niger Delta militant leader, Asari Dokubo, has come for President Buhari again. In this new video, Dokubo described the President as a ''satan'' for neglecting people…

First Photos From Davido’s Friend, Tagbo Umeike Burial Ceremony. All Happened Amidst High Emotions In Anambra State.
Entertainment
55 views
Entertainment
55 views

First Photos From Davido’s Friend, Tagbo Umeike Burial Ceremony. All Happened Amidst High Emotions In Anambra State.

MT - October 21, 2017

Davido’s friend, Tagbo Ifeatuchukwu Umeike was laid to rest today  20th Oct.2017 at his home town Osumenyi in Nnewi south LGA.Anambra state. Friends and loved ones were…

Loading...