Make Your Mba More Affordable

Make Your MBA More Affordable

If you are planning to pursue an  MBA (Master of Business Administration) degree then you should know that it can be life-altering decision. It can transform you on a personal and professional level. However, there are many students that may need to be made conscious of the financial assurance of MBA colleges, mainly those situated out of the country. Working with an MBA consultant, can often prove to be beneficial as they can evaluate your profile along with financial situation to recommend colleges and programs that will do justice to your aspirations and can potentially be a good fit.

Some of the following tips can come handy when planning to undertake your MBA education in a fiscally responsible manner.

I. Research Possible Scholarships and Financial Aid:

Researching  scholarships and other forms of financial help can be a good starting point to planning your financials for the MBA. Several domestic and international business schools offer various merit, need, and diversity-based scholarships. While most of these aids come with certain prerequisite criteria, being mindful about these criteria can go a long way in helping you apply for the scholarships which will fit your profile.

While most Business schools automatically consider you for the available scholarships, there are some that require a separate application. Often the decisions are linked to the merits of your applications and hence strong applications tends to attract the most financial aid, so be mindful of this fact and put in the extra effort on your application. 

While exploring scholarship options, dont rule out external and country focused scholarships that are available to candidates based on their nationalities and their background. These scholarships are not university specific and hence can be quite competitive, however they can be a good option for candidates who have financial constraints.

II. Use Corporate Partnerships and Employer Sponsorships:

If you’re already working, looking into employer funding or corporate collaborations can potentially help save a lot of money on your MBA. Companies often provide financial aid to employees pursuing higher degrees, such as an MBA, since they understand the importance of participating in their employees’ professional growth. While a lot of these corporate sponsorships will typically come with a bond which can range from 2-5 years, the bright side is that you have an assured job at the completion of your program and hence you can expriment a lot more during the course of the program. To take adavantage of this offering, remember to keep your manager and your HR business partner in the loop of your application plans and work with them on possible options for their financial involvement. It is also crucial to get offer in writing and discuss your designation and compensation once you return to the firm after your MBA. In our experience, most large corporates value the MBA and hence can be open to sponsoring your program with some conditions.

III: Executive or Part-Time MBA Programs:

If you have an established career in a role that you like but are looking to pursue an MBA to fasttrack your career growth, an Executive or Part Time MBA maybe a good fit. Typically candidate who dont want to leave their jobs for financial and other career related reasons tend to apply for the Part Time formats as this ensures learning and working in parallel. While the arrangement can get hectic since candidates will be expected to manage their academic, professional and personal lives, this format ensures that they dont loose out on precious experience and their pay checks. 

While chosing a Part Time or Executive MBA one must keep in mind the location and the format of the program since that will be critical for managing the logisitics over a 2 ⁄ 3 year period. Additionally, while some aspects of the Full Time MBA will be missing the Part Time formats, schools ensure an overall engaging experience over the weekend / weekday evening.

V. Graduate Teaching Assistantship / Research Assistantship:

Graduate Teaching Assisstantship consists of serving as an assitant to a professor for his/her respective course and helping them with grading assignments and answering doubts. While the TAs tend to be limited in number and can usually be explored only after the first semester, they can help take care of living expenses while on campus and provide additional exposure to the classroom. We have seen multiple candidates take up TA position for courses they enjoy and have a passion for as this helps them enhance their knowledge base and skillset while also providing some financial incentive for their efforts.

In addition to TAs, Research Assisstanship can also provide financial incentives for candidates to undertake certain research projects under the mentorship of a professor. Again while these tend to be limited to a semester or two, they help candidates engage in their passion while also providing them a small stipend for their work. 

While TAs and RAs are limited in number they can be an effective means to managing personal expenses during the course of the MBA program. Be sure to reach out to your professors to explore these options while on campus.

VI. Long-Term Financial Planning and Budgeting:

Developing a detailed budget is the first step if you want to save money for your MBA. It would help if you considered every possible expense, such as tuition, living costs, books, and other little fees. Think regarding the amount you can make from your savings, employer aid, scholarships, when you are in school. Also, you can manage your money and make good choices as you complete your MBA program with a set budget.

An MBA Consultant In India specialising in financial planning might be invaluable during this phase. They can assist you plan for the coming future by making a tailored budget that accounts for all of your costs, together with any hidden ones, and providing direction on how to keep charges down while you are in school. To plan successfully for your MBA program, it is good to have a clear plan of the monetary investment which will be essential.

Scholarships and other financial help make it possible to pay for college with less out of pocket. At the same time, corporate partnerships and employer sponsorships can be life-changing funding sources. To accommodate work and school obligations, look at MBA programs available part-time, executive, online, or hybrid. Finally, making a well-thought-out budget can guarantee that you tackle your MBA adventure responsibly and with a well-defined plan.