Are you a future MBA student who is trying to figure out how to pay for college? Get tips from this sponsored post from Southern Cross University.
There are many early and mid-career professionals that contemplate studying a Master of Business Administration (MBA), but get put off by the costs. ‘How would I pay for it?’ is the all-too-common refrain. This is a shame because there are a range of funding options out there for graduates and professionals wanting to undertake graduate qualifications in business administration. Rather than dismissing the idea of postgraduate study because of payment, take a look into these options:
The first option is to self-fund. Paying cash isn’t an option for everyone, but taking out a loan can prove to be a good investment. An MBA is highly valued in the global marketplace: its impact on long-term career earnings and opportunities can more than make up for the initial cost (plus interest), so don’t rule out this method. Many universities and some financial institutions offer student loans that come with considerably reduced interest rates attached.
Apply for a scholarship
Another option is to obtain a scholarship. Most universities and business schools offer targeted scholarships to MBA students that are well worth investigating. Depending on the scholarship and location, there may be conditions attached, and sometimes they won’t be enough to cover all living expenses. If you are considering this option, find out about application deadlines early and be prepared.
Seek out workplace support
An increasingly popular alternative if you are in the workforce is to seek support from your current employer. Many employers recognise that upskilling their future leaders with an MBA is a very sound investment: the knowledge and skills will flow back into the business. For this reason, they may be willing to cover some or all the fees of your MBA study – a win-win for both parties.
Another reason to look into this option is that managers are impressed by initiative and ambition: the decision to embark on a Master of Business Administration while working demonstrates these qualities in spades. There are more ways than simply offering a higher salary to retain star employees, and the perk of sponsoring or subsidising postgraduate study – with the understanding of increasing remuneration at a later date – is a compelling one.
Choose flexible study methods
If a scholarship or employer assistance are not viable options, it’s completely feasible to study while you work full-time. Choosing an online MBA program lets you study at a convenient time for you – early mornings, lunch breaks, after dinner, weekends or even during your daily commute.
The benefit of this approach is when you finish, your CV is looking mighty impressive: you will have been in the workforce gaining valuable experience, while gaining one of the most globally respected and valued graduate degrees available. You may also find your study to be more practical than if you were to take time away from work to study – even midway through your course, you can begin applying what you learn to your work and consolidating your skills.
Don’t sweat the fees
So when you are considering whether to MBA or not to MBA, don’t sweat the fees. There are many options to help you pay for your Master of Business Administration.