Finally, summer has arrived and you are relaxing after a year of hard work. The scent of the sea, the fresh mountain air, romantic sunsets and evenings with friends are a real cure-all for those who need to rest!
And yet, while enjoying a strawberry ice cream and a cold beer with your best friends, there’s a thought that keeps running through your mind. Indeed, it is lying near you, under the sun, and asking you to spread sun cream on him.
Yes, you got it, that thought being: how to fund an MBA to start in September?
While you’re at the pool enjoying the warm temperature, you wonder what to do once the holiday is over, and that’s quite normal. A little less normal is thinking about which sweater you will have to wear on December 24th, especially if your professional career is at stake and it could be enriched attending an MBA.
Although it might seem strange to hear, when you start considering to apply for an MBA, the first hurdle to face is not "which MBA do I choose?", but "How do I finance it?"
Pay for an MBA? No, better get it funded
Attending an MBA is always a good choice as it allows you to enhance your knowledge and career quickly, professionally speaking. Not surprisingly, nowadays there are many companies allowing their employees the opportunity to attend an MBA.
If you are not part of these visionary companies yet and cannot afford an MBA, there’s only one thing left to say: "Houston, we have a problem".
Don’t be discouraged: make up with the little devil in your head that keeps telling you "MBA program". In fact, we are giving you a great news: costs are not the actual issue!
Yes, you got it right, it's just like that!
In this article, we have gathered for you 6 easy tips on how to cover all the costs to fund an MBA. So, you can continue enjoying the ice cream and the vacation, and finally, get off with a good start awaiting you!
Attending an MBA can be a very important choice for your future, and you must not miss this opportunity.
While reading this article, safe from the hot sun rays, and almost being done with your ice cream, you are probably wondering: how hard can it be to find money and get an MBA program funded?
Well, you won't believe it, but to fund an MBA is as easy as it sounds! Just arm yourself with good will and you won’t fail.
Now let’s have a closer look together on how to fund an MBA in 6 easy steps that will melt any doubt and not just the ice cream you are savoring, let's start!
Search for MBAs that offer scholarships for students
You may not know it, but most business schools offer scholarships to their students.
What better way to attract deserving students who can't afford an MBA?
Instead of racking your brains while sunbathing and thinking about how you will never afford an MBA program, start showing them how much you're worth. Don't forget, sometimes the solution is right before your eyes!
In the meantime, start looking for which MBA schools offer scholarships: you can just google it. We know that finding a business school with scholarships can be difficult, but once you find it, the tough part will be history!
If you want to pursue this search with determination, take a look at some of our tips on how to find the best MBA program for your career. And you know, one thing leads to another: once you find the MBA, probably you’ll find the scholarship too!
Low interest bank loan for MBA
You should never overshadow your dreams because you don't have enough money. Especially if it concerns attending an MBA that will bear fruit.
We know that the word “loan” can be frightening because it is naturally followed by the word “interests”. But what if these were lower than usual?
The MBA programs’ supply is growing considerably, because the demand for this title has increased a lot in the job world, especially at the international level, and the banks are adapting, too. Loans for MBA programs are now available in all major banks.
And guess what? They offer lower interest rates than ordinary ones. If you are still turning up your nose, think about the fact that the banks will give you a way to pay off your debt after finishing the MBA, while in the best scenario, you will repay it with the salary of your new job that you probably found thanks to your MBA!
Furthermore, some European banks do not charge upfront charges for student loans, so they require no security nor guarantee from the students.
Not to mention that some business schools offer loan forgiveness programs to students who already work in the non-profit field to clear their debts once they complete their MBA program.
So, don't waste your time, and go further to find your favorite option!
Choose the right internship for you
Having an income from an internship will not completely solve your MBA financing problem, but it will certainly help you cover part of the costs!
Especially if you can do it before the MBA starts, allowing you to save some money. Indeed, in addition to the MBA’s costs, you will also need to consider the money for living expenses, to buy books, and to pay for any insurance and administrative fees.
Spending the money you earned with your internship for a holiday may be more attractive, but consider that if you attend an MBA, you’ll have a high probability to find the doors burst open allowing you to afford (almost all) the holidays you desire!
Moreover, choosing the right internship, you’ll have the possibility to reconcile it with your MBA program. Let’s have a try!
Look for a part-time job
And if you feel particularly inspired or are used to dealing with study and work, why don’t you find a part-time job?
This is definitely one of the most used methods by students to fund their MBA and is considered beneficial by a good portion of those participating in MBA programs.
You could also try a small business venture, like offering services or selling items. For example, if you are good at managing computers, you could put ads on the web and offer services at competitive prices. Likewise, if you are planning an MBA abroad, you might think about giving lessons in your native language. If you plan to find a part-time job, start looking for job ads on social media websites, such as LinkedIn.
If you are well prepared, you will immediately start earning a nice nest egg.
It is very important to establish immediately how much time you’re willing to spend on this job daily or weekly. Your employer needs to know how many hours you're available. Start by identifying your ideal weekly timetable.
As you understood, the only keyword, in this case, is “good fences make good neighbors” with your employer, who will have to prove flexible and come to meet you compatibly with the times of your study commitments and your lessons!
If you fund me, I stay
Another trick is to get your employer's MBA reimbursement, which is certainly an excellent option if you already have a job.
Some large companies have already adapted and provide funding for their employees who want to specialize pursuing an MBA. Others decide to cover a portion of the expenses or are even willing to fund your MBA program altogether.
If this is not the case, you just have to take courage and propose it to your employer, who probably won't have trouble getting into an agreement with you. Don't be afraid to face him and tell what your needs are. In the workplace, sincerity (and not boldness!) is a much-appreciated quality.
In order to consent and finance your training, the employer will want to be reassured by the fact that once you finish your MBA you will not even finish your work with him.
For this reason, we advise you to have clear ideas and to present a valid request to your company.
Don't worry, we can already imagine you panicking, but you can try to follow these quick and simple suggestions on how to ask your company to fund your MBA:
- Find out about the tuition reimbursement policy
- Emphasize the return on investment (ROI) of the MBA
- Contact other MBA graduates who work with you
- Focus on the benefits of the MBA
In any case, it is worth a try, and if the outcome is positive, it will certainly be an added value for the company.
So, roll up your sleeves and good luck!
Crowdfunding, why didn't I think of it before?
As a last tip, we recommend something that you may not have immediately thought of: a crowdfunding campaign. It is accessible to everyone and you just need to create a page on one of the several dedicated websites available on Google, such as Kickstarter, Indiegogo, Rocket hub.
The ability lies in being good at making the goal of the crowdfunding clear, as well as motivating people to fund this project.
In this way, you can already practice what you are going to study in your MBA: promoting, and in this case, it's about promoting your good cause.
As you know, crowdfunding involves asking many people to contribute financially to the costs of a project with small amounts of money. Therefore, the more, the merrier! You can contact friends, relatives, and acquaintances and see your dream being achieved in the blink of an eye!
It sounds simple, but the determination is crucial in this case. You will not be able to feel satisfied just by launching the campaign, but you will have to take into account several aspects. For example, be very creative and be able to sell yourself, in the good sense of the term.
You could also think of opening profiles on Facebook and Instagram in order to advertise your campaign. If you do this, don't forget to plan your content marketing strategy, which will be really useful.
How to fund an MBA in a click of your fingers
In this article, we have revealed six practical tricks on how to fund an MBA. As we explained, finding funds to attend such a course is not so difficult, as long as you are willing to commit yourself with a bit of sacrifice. If you follow one of our tips, you will find yourself with a financed MBA program and much less stress about it!
By attending an MBA program, you will enrich your professional skills, increase your knowledge, and above all, you will find a good employment that will guarantee you a good salary. Should you be able to complete the training you have always wanted this year, next year will be the time to enjoy your dream holiday.