Prospects 2008 MBA Guide

MBA FUNDING MONEY TALKS If you want to study an MBA you may need to address your financial situation first. With a price tag on programmes of anywhere between £8,000 and £60,000, your ability to budget will most definitely be required. NUNO BAPTISTA The price of an MBA varies according to programme and institution. At Bangor University, for example, an MBA will cost you £8,817, whereas at the University of Manchester it will set you back £27,160. Figures for international students can be higher. Unless you have a generous employer or a stash of savings, it is likely that you will need to borrow some money, probably from a bank. LOANS The most common loan scheme is the NatWest MBA Loan Scheme. Students who have secured places on MBA programmes accredited by the Association of MBAs (AMBA) can apply for this scheme. Aimed at students paying their own fees or partfees, the scheme allows you to borrow up to two thirds of your pre-course gross annual salary plus tuition fees for each year of full-time study. Part-time students and distance learners can apply for a loan to cover fees and study equipment. The repayment period differs depending on whether or not you are a full or part-time student. Taking on a loan, possibly on top of existing undergraduate debt, is a big decision to make, however, and whilst this method of payment is popular for those who are self-financing, you must make sure you understand the terms and conditions clearly before you sign up. Alternatively, you could seek out another way to pay. INSTITUTIONAL FUNDING A more attractive source of funding, if you can get it, is a scholarship or bursary. Most MBA providers offer some form of scholarship or award. Some institutions offer full-fee studentships, others provide smaller bursaries to alleviate financial hardship. 10 PROSPECTS MBA GUIDE Cranfield University has a number of scholarships on offer for MBA students. ‘We have three types of support,’ explains Sean Rickard, Director of Admissions and Director of the Full-time MBA Programme. ‘We have scholarships that are awarded to the best students - students who have a high GMAT score and impress at interview. Awards for these students can be anything from about £1,000 to £14,000. ‘Then we have a Director’s Bursary, which is aimed at students from poorer countries in Eastern Europe, Belarus, or Georgia, for example. These students can get up to about £10,000, depending on their income prior to joining the course. ‘And then we have the European Leadership/Travel awards to encourage people from Europe to come and study here. These are much lower and would probably reach about £6,000.’ Nuno Baptista received a European Leadership Award scholarship from Cranfield Business School. ‘I received £10,000 towards the cost of my MBA programme, which was a big help, as the MBA costs £26,500,’ says Nuno. Nuno says that despite the cost, his MBA has proven to be valuable. ‘I decided to take up an MBA because it was the right time both personally and professionally for me,’ he explains.

Table of Contents Feed for the Digital Edition of Prospects 2008 MBA Guide

Added Value - The Benefits of an MBA MBA Success at Bath The World MBA Tour The Right Fit - Finding the Best Programme MBA Funding - Money Talks MBA Diary University of Nottingham Business School MBA Brunel Business School MBA University of Leicester School of Management MBA Derbyshire Business School MBA Bournemouth University Business School MBA Loughborough University Business School MBA Search for a MBA to suit you

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.