You’ve decided to study an MBA, did the research into different programs and chose the one that’s right for you. Next, it’s time to consider funding options, since the costs usually reflect the complexity of the course.
If you’re already convinced an MBA is worth the time and effort, you know the value of the course is clear and is later shown in your life. The course is frequently associated with increased revenue for alumni (either through salary or income from a start-up), access to senior management positions and personal development. The MBA can be seen as an investment in yourself, on both the professional and personal level.
If you’re not sure whether an MBA is right for you, we’ve written about this previously here.
However, with tuition fees in the region of €15,000 for the full program, you need to put in place a plan to ensure you’re prepared. Here are a few funding options to take into account for your MBA degree:
Company funding
This is a common practice among professionals looking to upgrade their management skills. Their companies support the MBA cost which is usually covered from the L&D or training budget. Usually, there will be an agreement between the organization and the professional that they will continue to work for the company for a specific number of years. Otherwise they can be asked to return the MBA program cost.
Since the MBA prepares students for better leadership and offers superior insight into all aspects and departments of a business, this can open new doors, towards higher management positions. If you’re already a senior manager or C-level executive but think there are areas you can improve on, an MBA can help fill those gaps.
Professionals promoted to leadership positions are frequently great technicians, but they also need proper training in understanding the bigger picture of the company, becoming a good leader, assessing risks and creating opportunities.
What to do: If this is your chosen career path, be prepared to create a business case that will show the value the company can get from you as an MBA graduate.
Check out the curriculum of your chosen program and understand how it will advance your business know-how. Include a list of hard skills and soft skills you expect to improve over the course of the classes. Look for testimonials of other students or try reaching out to them directly and ask about their experience, which can help in shaping a picture for yours as well.
Scholarships
Depending on the business school providing the course you’re interested in, there might be different scholarships available, which can be merit based or incentives for different categories. The important aspect is that you are a fit for the program and that it matches your objectives and plans for the future. After that, you can find solutions together with the school to help you plan the fees schedule and access scholarships. For example, at MsM, we offer several scholarships and financial discounts.
Financial discounts are based on the number of installments you pay the tuition fee in. The full rate, for the 18 months of the course is €18,600 and this can be paid in one or multiple batches. In-full advance payment offers a discount of 8% and 2 installment payments one of 4%. Plus, there is also an Early Bird fee, for students who enroll before a specific date (check our fees and scholarships page for up to date info).
Plus, we offer incentives for merit, for our partners, alumni and to help cover large commutes. The highest scholarships are offered for the public or non-profit sector, with a value of €15,000 discount. This makes the total cost for the 2 year program only €3,600 and is available for only 2 professionals each year.
Then, the next 2 biggest scholarships are for GMAT scores of over 700 and for referrals from our funding partners (a maximum of 4), of €3,000 each. Our alumni also benefit from a €1,000 scholarship they can offer to a colleague or a friend.
What to do: Create a funding plan and consider any scholarships or incentives you may be eligible for. You can see the full list of scholarships and incentives on our fees & scholarships page.
If you’re not sure if you qualify for one, fill in the form at the end of this post to set up a meeting and discuss your options.
Savings
If your company’s L&D budget is too small for an Executive MBA, but you want to study the course sooner rather than later, you can access savings to cover the costs. Specifically, the Executive MBA is aimed at professionals with management experience, which usually involves a salary above average too. This can help you save money for your personal and professional development.
One of the benefits of an EMBA is training on both soft and hard skills for better leadership in this dynamic global business environment. This will upgrade you as a professional and manager, pushing you forward in your company or if you decide to pursue a new career path.
An EMBA is not only of professionals working in large companies. Part of our students are entrepreneurs who have managed to set up a business and are now looking for formal education that will help take their businesses to new levels, like scale up or go international. They understand the value of education and make an investment in themselves, just like they would in a business, to obtain the best outcomes they can.
What to do: Before deciding to invest your savings in an MBA, check your personal finances and future plans. Understand if there are any gaps you need to fill and how will you do this. Will scholarships cover them or do you need extra help? Discuss with your family or significant other if you need to get their support on board.
If you’ve decided the MBA is right for you now, then there is a way for you to study it. Hundreds of students have fulfilled their dreams before you and are rooting for you.
Our next EMBA intake starts on 15 November and we are currently filling up the places for it. If you want to discuss with one of the MsM program managers on funding your MBA, fill in the form below:
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