Finance Your MBA
Scholarships and Funding
Opportunities in Europe
There is a lot of good news!
One of the biggest challenges confronting people who wish to pursue an MBA is how to pay for it. MBA programs anywhere in the world are expensive but there is good news. There are many new scholarships and loan schemes available than ever before. Although the research takes time, it will be very rewarding! We are including some examples of scholarship opportunities in this two-part eBulletin.
In addition to bank loans, many business schools now offer their own low-interest loans to accepted candidates. In addition there are many scholarships offered that target specific groups (women, individuals from Latin America, entrepreneurs, etc.)
There are several kinds of financial aid available-grants or scholarships that are money awards given on the basis of different criteria (country of origin, gender, merit or other past accomplishments, etc.), loans that must be repaid after graduation, and fellowships (opportunities to earn money by teaching or assisting with research). What follows are examples of financing opportunities at several b-schools.
Financing Your MBA
by Kirt Wood and Brian Henry
"Be explicit about your financial needs and we will do all that we can to help you find a good strategy to finance your MBA". This is the promise you should expect to hear from a good MBA program in Europe. A substantial number of participants attending European b-schools are awarded scholarships and successfully obtain loans to cover their MBA education-related costs. Admissions directors know that obtaining an MBA represents a considerable investment in time, effort and money and individuals should not be shy about asking for scholarship information.
Many European MBAs offer merit- and need-based scholarships, but few will be in excess of tuition fees. Financing policy for higher education in the EU, remains within each member country. A few scholarship programs exist for study anywhere in Europe, such as Alban www.alban.org that offers financing to Latin Americans.
The HEC MBA offers merit- and need-based scholarships that partially cover tuition. In complement, the French government Eiffel Scholarships designed to attract talented young managers from emerging countries and cover living expenses, round-trip airfare, health insurance and language courses. www.egide.asso.fr
In addition, international students can benefit from the many loans offered by French banks. LCL Bank, for example, offers a loan to HEC MBA participants that covers tuition costs and all living costs with a repayment schedule that extends over seven years post-MBA. Students applying would need the loan to be guaranteed by their local bank that must have a presence in France..
MBA students can also obtain loans in their home countries. USA citizens can apply for a Sallie Mae loan. All international applicants can apply for this loan if they have a co-signer in the USA. More info at www.salliemae.com/loans/private/mbaloans.html.
Although the responsibility for financing an MBA remains with the MBA candidate, a candidate applying to an MBA can reasonably expect their chosen MBA Program to take an active role in explaining financial options. This concern for the candidate's ability to finance their studies may very well constitute a significant criteria for a choice in a quality European MBA.
How can I finance my MBA?
by Alan De Paulo, HEC MBA 2007
How can I finance my MBA? This question popped into my head a million times while other concerns such as deadlines for applications, GMAT and essays were just as imperative, and so was the money issue.
Some people thought I was crazy when I decided to leave my previous job at a multinational company where I had already achieved quite a high status within the organization and with good future prospects. However I wanted more - I wanted to learn more, I wanted to join the elite of international professionals in the business area. The MBA was the way to achieve my goal.
Once I got accepted at HEC, I was extremely happy but worried at the same time, since I did not have all the necessary funds to cover my tuition. Loans for MBA students are almost impossible to get in Brazil. However, from my point of view the most difficult part was over and I was accepted at my top choice university therefore I needed to find a way to address my financial situation. It was through the financial counseling I received at HEC that I came across the HEC Foundation, to which I applied and was awarded the Claude Razel Scholarship. The assistance I received from the HEC staff prior to my arrival in France was vital to my decision, since they provided me full support along the way.
Other than the HEC Foundation, the HEC MBA Program also assisted me in finding additional sources of financing. For instance, the French government provides financial assistance through the CAF, which is a housing subsidy, and the Egide/Eiffel scholarship that provides a monthly stipend for students from developing countries to help cover their monthly expenses while studying in France.
Financing your MBA at London
The majority of the London Business School Full-time MBA class apply for some form of financial assistance to fund their studies.
The London Business School - HSBC Loan Scheme is a specific agreement with a local branch of HSBC to provide loan support for UK citizens and international students. Accepted candidates submit applications via the school for a loan of up to ?0,000 currently offered at an interest rate of 7.25%.
Many US citizens or permanent residents opt to take out the US Federal Stafford and Private Loans. These loans can cover up to the full cost of attendance with the average annual loan being $75,000.
Many students secure funding through external sources such as the British Council, Fulbright and Alban Programme for Latin America.
London Business School has a growing portfolio of scholarships - currently 20% of the class receive an award. We have several awards specifically for women and many nationality based scholarships. Student Clubs, (The Latin America Club and the Private Equity Club, for example) contribute scholarships as well. Our company scholarships include support from Citigroup, Vodafone and Deutsche Bank.
We have new Financial Needs Bursaries awarded to candidates who are unable to secure funding from national schemes, and that take into account income and expenditure prior to joining.
Many of our awards are made by our Scholarships Committee at the time of Admissions Committee decisions without separate application. Some awards require candidates to answer specific essays. A great prospective merit scholarship candidate is someone who exemplifies the qualities that we look for in our student body - drive, passion, strong work experience and academic excellence.
Scholarships at INSEAD
With increased donations to the school, INSEAD has been able to double the amount of financial aid, awarded to its MBA participants during the last two years. Over 2 million euros has been awarded per academic year in 2004/2005 and 2005/2006. Currently 20% of the class benefit from some form of financial aid through INSEAD for an average amount of 10,000 Euros.
Diversity is the cornerstone of the INSEAD MBA Programme and the scholarship programme also reaches out to a broad range of profiles and backgrounds, whether by geographic region or nationality, gender, academic preparation, professional background, sector of activity or by personal attributes such as leadership, entrepreneurship or creativity. INSEAD Scholarships are either based on merit or need, or a combination of both, whereas Financial Aid awards are mainly need-based.
Applications are generally submitted once candidates have been admitted to the programme. Some scholarships are awarded on admission such as the INSEAD Asia Entreprise Fund scholarships, some IAF Women's Scholarships and the INSEAD Louis Franck Excellence Award. However, for the most part, the awards are announced 6 to 8 weeks before the start of the programme.
|To find out more about the INSEAD scholarships and other means of financial aid available for the full-time MBA Programme, visit www.insead.edu/mba/schlmgmt
Special Scholarships Available for Students from Different Regions at IMD
All of our scholarships are merit based and require the applicant to write an essay. Those who receive the scholarship will be the ones who take the time to submit an essay that addresses the specified criteria and answers the question in a comprehensive and professional way.
Many of our scholarships are need based. Many sponsors target geographic locations where finding alternative sources of funding is difficult. For these scholarships, in addition to the essay, each applicant needs to complete a detailed Financial Aid form and provide supporting documentation.
Scholarship winners are those who demonstrate merit, write a quality essay and demonstrate financial need.
Current Country-Specific IMD MBA Scholarships:
Sfr 30,000: Shell and IMD MBA Africa Alumni Scholarship
Sfr 30,000: Shell and IMD MBA Asia Alumni Scholarship
Sfr 30,000: Shell and IMD MBA Eastern Europe Alumni Scholarship
Sfr 30,000: Shell and IMD MBA Latin America Alumni Scholarship
Sfr 30,000: MBA4 Association Scholarship
(students from developing countries)
Sfr 25,000: The Von-Muralt-Lo Scholarship
(students from China, Hong Kong, Bulgaria, Czech Republic, Estonia, Romania, Slovenia and Switzerland)
$50,000: The Staton Scholarship
(students from South America)
Corporate Scholarships at ESMT- MBA Financing with Career Networking
Choosing how to finance your MBA can be just as tough a decision as selecting the MBA which best fits your needs. There are many ways to finance an MBA. Some MBA participants can afford to pay the total sum through their savings or have strong family support, but this makes up only a small minority. Most have to research and find financial support. The individual decision to apply for a scholarship, to sign a loan scheme, to negotiate a special contract with an employer or to undertake a combination of these alternatives follows a long and tough decision-making process.
Corporate scholarships offer MBA participants an opportunity to finance their studies while, at the same time, opening doors to global companies from the very beginning. Companies learn about students and review their profiles even before the program begins.
A corporate scholarship plan is offered by esmt European School of Management and Technology. esmt's founders and supporters—25 global corporations and institutions—offer a large number of scholarships to fulfill esmt's mission. The base scholarship is 20,000 Euros, and it is anticipated that qualified candidates applying for a scholarship will receive this minimum award. Additionally, on the basis of exceptional merit, the scholarship amount awarded may be increased substantially.
Each applicant to the esmt MBA program is reviewed individually for who he or she is, not whether he or she can afford the program. esmt's MBA Admissions Committee does not review students' ability to pay for the program as part of the admission process. Applicants interested in competing for an esmt scholarship are asked to explain why they believe that they would qualify for a scholarship.
|More information about the esmt MBA and its scholarship program can be accessed at www.esmt.org or via email: firstname.lastname@example.org
You can also find more information about scholarship and financial aid on our website, www.thembatour.com.