Money, Money, Money
MBA’s are expensive. Very expensive. One of the challenges facing anyone wanting to do an MBA is figuring out how to finance it.
I’ve taken a couple of approaches to this issue. Firstly, accepting that I can’t afford a full-time option with fees in the region of £50,000 plus, it is well outside my price range and decided not to let the price put me off.
Secondly, I thought more seriously about studying aboard as it opens up more avenues to explore in terms of funding. Some MBA schools in the USA provide some really good financial support, both in terms of fees and living costs. Becoming an international student also allows you access to some funding opportunities. I went to the Fulbright Library to do a little research and I’ve found the following scholarships which are worth exploring more:
- Rotary Ambassadorial scholar;
- Fulbright Scholarship for USA study;
- Saint Andrews Society of State of New York Scholarships. (though I’m not sure if I’m Scottish enough for this.)
- Saint Andrews Society of Washington D.C Scholarships (no Scottish parents and not born in Scotland so very unlikely to qualify);
- Entente Cordiale Scholarships for study in France.
- AAUW fellowships
- Jane M. Klausman Women In Business Scholarship
The third option is personal savings. One blogger (MBAJourneyGirl) has taken this option fairly seriously and provides some food for thought. One of my aims to reduce my consumer debt as much as possible. (ie those credit cards I never quite got round to paying off.) I am also aiming to have enough money saved up for the deposit. To accept the place at business school there is generally a requirement to pay a deposit, this can vary from £2000 to £6000.
The Part-time option
My fourth option is actually working full-time and study part-time in the UK. This will hopefully provide me an income, a way of paying fees and able to apply what I learn on the course really quickly at work. The short list of part-time schools is for another post.