Once you’ve decided to take the next step in your professional development and obtain a Master’s in Business Administration, your journey has just begun. One of the first obstacles you may consider – before the application or admissions process – involves funding your educational experience. Pursuing an MBA – much like pursuing any other form of higher education – often requires a hefty financial commitment, but there are numerous approaches you can take to financing the experience.
The most desirable route is to get another party to pay for the experience for you. This allows you to dodge debt and makes your return on investment a near definite reality. However, your options are limited.
Scholarships and fellowships
The first choice is to get your prospective school or third-party entity to pay for you. This can be done by securing a scholarship or fellowship. Naturally, this is what most business school applicants attempt to do, so competition may be very high. The best advice is to study your prospective school’s scholarship and fellowship options beforehand. When the time comes, apply for as many scholarships as possible right away. Proper research about opportunities and a proactive approach is the key.
U.S. News & World Report also recommended researching organizations like the Forte Foundation or the Consortium for Graduate Study in Management to see what these groups could possibly offer you.
Will your company pay for it?
Perhaps more effective than applying for a flurry of scholarships, some individuals receive sponsorship from their places of work. However, these agreements often come with other obligations. Candidates frequently have to return to the company for a certain period of time after receiving the degree. If they do not, they may inherit the remaining debt, and this can be risky financially. Consider whether you are willing to work with your company for an extended period of time. If not, there are lenders who issue loans after graduation.