Financing your MBA
Paying for the course is probably the one thing that turns people off when considering an MBA. Leaving a job, moving country, leaving behind family and friends are manageable. But where will you find the US $ 30-70,000 needed for your education? Different nationalities approach MBA financing in different ways.
Did you know that less than 40% of all MBA students pay their own way?
There are ways of financing your MBA program without paying it out of your own pocket.
Company Investment:
Companies are beginning to realize the potential of the MBA programs for their own company. In order to keep their high flyers they need to offer a "golden handcuff". Choosing their potential management candidates and offering to pay for their executive or part-time MBA program is one way of investing in future Knowledge Management without the expense of seeking the right person from outside. After the MBA, the MBA graduate is obliged to stay with the company for five years so that it can reap the benefits from that manager's newly acquired skills. If you feel that this could apply to you, talk to your boss about this possibility.
Scholarships:
If you have visited one of the World MBA Tours and would like to be considered for one of US $ 2,700,000 exclusive scholarships offered only to the World MBA Tour participants, in partnership with the World GradSchool Tour, please take part in our MBA Applicant survey.
The MBA Fairs have attracted candidates for many years. The Joseph Wharton Fellowship, in association with the World MBA Tour, will reward one candidate who Wharton Business School feels can make a real impact on the Wharton Community.
Dario Consoli at Politecnico Di Milano adds "We are providing these scholarships for Masters in Engineering, Architecture and Management."
IE Instituto de Empresa in Spain has awarded a World MBA Tour women's scholarship worth US $ 36,000. David Standen at IE comments "We want more women on our programme and we meet great candidates through the Tour."
According to the QS scholarship sponsors, Nunzio Quacquarelli and Matt Symonds, "The purpose of the scholarships is to enable seven talented individuals to attend leading business or graduate schools so that they may acquire further skills in leadership, teamwork and corporate governance and thereby be able to change and make a meaningful difference to the world. The selection panel also try to ensure geographic diversity in the mix of scholarship winners."
The MBA and postgraduate applicants that will attend the QS World MBA Tour or the QS World Grad School Tour in Fall 2009 will receive the invitation to apply to the scholarships after the Fairs
The scholarships, available through the World MBA Tour, the largest international programme of b-school information events, include awards from QS for leadership and community involvement and from major institutions such as The Wharton School in the USA, IE-Instituto de Empresa in Spain and MIP Politecnico di Milano in Italy.
Registration is now under way at
www.topmba.com
Self Financing:
So your company doesn't want to invest in you and you failed to get a scholarship, but you are determined to get an MBA what now?
Unlike banks in other parts of the world which have a portfolio for Education Loans, banks in Germany will only give loans on condition that you have a job.
For this reason, the "Bildungsfonds" (Educational Funding) was established in order to give loans on financing you your MBA, Master's, PhD study abroad program. The payback on the loan is due only after you are salaried after your education.
Their motto:
"If someone believes in himself, has a clear aim and great goals, is committed to the well-being of the community, is full of enthusiasm and persistent in his endeavours, his way into a great future should be wide open."
For more information:
www.bildungsfonds.de