Deciding whether and how to take an MBA program is - for many people - also a financial issue. MBA programs are not cheap. The fee is often substantial - and to this must be added living costs, cost of materials, travel, and for full time programs the loss of income for the period of the program. For many people therefore, this is one of their largest financial decisions.
In some countries are there are some tax benefits - e.g. the fees for certain types of program attract tax relief. Some people may be fortunate and get support from their employer - but many must pay for themselves, and many therefore seek out some form of financial aid to relieve some of the burden.
This article provides some information on the type and sources of financial aid that might be available in certain circumstances.
Support from Business Schools
Many Schools offer their own scholarship or bursary schemes. In some cases their support is available on a competitive basis - i.e individuals apply, and are judged in some way. In some cases funds are made available to applicants from particular groups that the school wishes to attract to their program - e.g. people from particular countries, professions, ethnic groups etc. Some Sschools provide earning opportunities - e.g. Research Assistantships, to help offset fees. The best way of getting information is to check out the schools to which you might apply - e.g. look at their prospectus, Web pages etc., and/or ask them. Some schools also offer loans on beneficial conditions.
Support from other sources
Financial support may be available from governments, charities, companies, financial Institutions etc. There are two types - grants/scholarships and bursaries, and loans. The former may be awarded to you to cover some or all of your costs, and you will not be required to repay the funds, although there may be other conditions attached - e.g. that you return to your own country after completing your MBA. The latter will require repayment, but the interest rates will usually be lower, or the conditions of the loan beneficial in some other way - e.g. the repayment period.
NOTE: We have provided all the relevant information that we have. It is as accurate as we can make it - but always check with relevant source/organization before taking any action. Please also check out the links page at the AMBA Web site (www.mbainfo.org.uk) as there may be more information there about other Web sites that provide relevant information.
Often the financial support available will be for study in a particular country - so we have arranged the information below by country, with a general category at the end.
This information is advisory only. We cannot provide assistance in securing funding. Schemes which apply to one school only are not listed below.
Study in the USA
- MEFA Loans (www.mefa.org) For programs in the Massachusetts area
- GATE (www.gateloan.com)
- FAFSA. For US citizens - and in some cases for international students
- GMAC Loans Program (Tel: 1 888 4404MBA, www.gmat.org)
- International Student Loan Programs (www.InternationalStudentLoan.com)
- eStudentloan.com - a comprehensive service for intending MBA students (visit eStudentloan.com).
2. Grants and Scholarships
- AAUW () For women
- DuPont International Scholarships
- Hansel Scholarships
- IRC Asian Scholarships. For Asian students
- GM/Circuit City Scholarships
- Worrel Fellowships. For students from developing countries
- Global Grants. For international students
- BUNAC. Top-up Scholarship for British Graduates for study in USA or Canada
- Kennedy Scholarships. For study at MIT or Harvard (Kennedy Memorial Trust)
- International Student Scholarship Search (www.InternationalScholarships.com)
Study in Europe
- HSBC Bank
- ABN AMRO. For Eastern European students at Rotterdam, IESE, London Business School and INSEAD (contact the schools)
- The Association of MBAs MBA Loan Scheme. Operated with NatWest Bank (tel (in the UK) : 0800 200 400 / tel (outside the UK) : + 44 20 7390 2532) and the Bank of Scotland (tel (in the UK) : 0500 313 111 / tel (outside the UK) : + 44 13 1549 8041) for British residents who have a place on an MBA programme accredited by The Association of MBAs or on selected leading MBA programmes around the world
- Career Development Loans. For UK people studying in the UK. (Freepost, Newcastle upon Tyne, NE85 1BR)
2. Grants and Scholarships
- Sainsbury Management Fellowships. For UK Engineering graduates for study at INSEAD, Rotterdam, Theseus, IMD (www.smf.org.uk)
General (for study in any country)
- GradLoans (www.gradloans.com)
2. Grants and Scholarships
- Rotary Foundation (Rotary Center, 1560 Sherman Av, Evanston, IL 60201, USA. www.rotary.org)
- World Bank, Grad Scholarship Program (1818 H Street NW, Room M4035, Washington, DC 20433, USA. Tel: +1 202 473 6849)
- Inter-American Development Bank. For graduates from one of the 46 member countries for a program abroad. (1300 New York Av NW Stop W0602, Washington, DC 20577, USA)
- Mary Lugard Schorarship. Tennable at 50 leading schools worldwide. (Tel:+44 207 833 0120)
- Charles Bell Fund. For UK citizens engaged in commerce and commercial education. (London Chamber of Commerce)
- International Education Financial Aid (www.IEFA.com)
With thanks to: THE MBA PROGRAM INFORMATION SITE (http://www.mbaworld.com/)
- Why do an MBA, Diverse Opportunities, Demand for Training
- Why do an MBA? - Diverse Opportunities. Recent years have witnessed a rapid growth in the UK and international MBA market. The increasing demand for training in what is now routinely accepted as the graduate management degree is in part due to the MBA's growing reputation with senior executives in the business world.
- Distance Learning MBA, Full Time Programmes at all Levels
- Distance Learning MBA. There are various approaches to learning. Full time programmes at all levels require a career break of some sort. This may be acceptable especially for short courses or where you get leave of absence but you also have to consider access, location, timing, the quality of the group and of the deliverer. Local courses may be of restricted quality and you may not be able to afford overseas courses.
- Online MBA programs, The Continuing Development of Internet Technology
- Online MBA Programs. The online MBA is a relatively new development and as such there are very few business schools that are offering an MBA program entirely online. Many online programs still require students to attend mandatory residential courses as part of their syllabus. The length and frequency of these "contact" sessions vary depending on the school and program.
- MBA Rankings, Are a Great Way for Perspective Students to Select
- MBA Rankings. MBA rankings are a great way for perspective students to select between the best business programs offered at reputable universities. With future students in mind four main sources, The Financial Times, Business Week and The Economist publish a list of universities that offer the best program to earn a Master's in Business Administration. Taking the MBA rankings into account, perspective students will have a general idea of the status and value of their future degree in the business world. When selecting a school students should be aware of these rankings, even though they are debatable since they are seen by so many hiring companies.
- MBA Rankings, Business Week and U.S. News & World Report
- MBA Rankings. The ranking of business schools has been a controversial subject for a number of years. It is only recently, however, that they have become popular with the press, publicized and generally accepted. As a matter of fact, one of the principal reasons for the rankings has been the ability of the articles to boost the circulation of the magazines.
- Full-time MBA
- A global MBA with an Asia Pacific focus. Students can choose an Asia specific track such as China, Japan or Vietnam. Hawaiiâs only AACSB accredited MBA program. The cohort format fosters teamwork and peer learning