P72-73 MBAS8 Financing MBA.qxd 19/2/08 12:39 Page 69
Editorial
MBA
there are in the US, which can help to reduce the
“On the QS website
overall cost of study. Many US business schools
www.topmba.com, we offer
still have very large alumni endowments, which
help fund full, merit-based, scholarships or
a searchable database with
scholarships offered under special criteria.
scholarships offered by almost
TopMBA.com features far fewer scholarships
from Asian programs where they are less common.
200 business schools.
However, Education Singapore has a number of
There are many more partial
attractive schemes to encourage overseas students
at university and MBA level. QS, in partnership
scholarships in Europe
with Times Higher Education, publishes
than there are in the US,
Top Universities Guide, a 520 page book which
also includes a detailed review of scholarships
which can help to reduce
offered through government agencies in countries
the overall cost of study.”
around the world (the book is available at
Nunzio Quacquarelli Managing Director QS,
www.topuniversities.com), in addition to
MBA The Wharton School
featuring the top 500 universities worldwide
according to the THE-QS World University
What are the most popular MBA financing Rankings.
options in the US, Europe and Asia?
In our low interest global economy of today, loan What are some less well-known channels
financing seems a sensible option for MBA of financing an MBA program? Are there
students, denominated in a local currency. any common misconceptions about how
Although most MBA applicants will try to seek out MBA programs can be paid for?
scholarships, the reality is that the majority will Company sponsorship is the least common route
resort to loan financing, supplemented by personal to funding an MBA. Less then five per cent of
savings or family savings. In the US, approximately full-time MBA students receive company funding
80% of MBA applicants take some form of loan for their studies, while approximately 50 per cent
financing to fund their MBA studies, while many of Executive MBA students receive company
also use personal savings. funding. Most people take an MBA to achieve
In Europe, there are large variations between significant career progression or to completely
countries. In the UK loan financing is readily change career. This often involves changing
available and as popular as in the US. In Italy or employer and as a result, employers are loath to
Germany, the majority of MBAs rely on family and provide funding. If they do, it is on condition that
friends, or personal savings. Only 40% of Germans the student returns to work for them for a certain
Lausanne lasts 11 months. INSEAD's MBA pro- take a loan to fund their studies. period of time.
gram lasts ten and a half months. Leading In Asia, there is also great variation in the A further misconception is that all the
programs in other European countries are one availability of loan financing. In India it is very funding has to be in place before a student can
year, 15 months or 18 months. At INSEAD, prevalent. In China it remains less popular, but is embark on an MBA. Certainly it is better to have all
located outside Paris, you will pay €48,800. To this likely to grow in importance. Although there is the funding in place, but there are many opportu-
should be added another €7,000 for accommoda- some exchange rate risk, high growth/emerging nities to work and earn money while studying for an
tion and expenses. IMD charges €61,200 in fees. market currencies like the Renminbi are only MBA. In the US, there are many jobs on campus,
These two flagship programs are among Europe's likely to strengthen against the dollar or Euro in like teaching assistantships. My alma mater,
most expensive, but cheaper courses exist. The 100 the near term. Wharton, encourages many students to become
or so MBAs available in the UK provide a wide Is it correct to say scholarships are more teaching assistants. In addition, on two-year
price range. A full-time course at Aberystwyth common in North American and European programs, internships in the summer break can be
University School of Management and Business programs? Is it more difficult to get scholarships an important source of funds. And, as mentioned,
costs just £9,950, at Strathclyde Business School and financial aid to study on Asian programs? many employers pay start bonuses to help pay back
£19,000, at Warwick Business School £19,500, at On the QS website
www.topmba.com, we school fees.
Cranfield School of Management £26,500 and offer a searchable database with scholarships
Manchester Business School £30,500. Financial aid offered by almost 200 business schools. There are
can make the most expensive programs affordable. many more partial scholarships in Europe than
TopMBA CAREER GUIDE
www.topmba.com 73
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