Features: How to fund your MBA

Written by Luke Berté, Editor, Graduate Prospects, March 2013

Funding an MBA can be expensive but there is financial support available when choosing to study

According to the Association of MBAs  (AMBA), institutions in the UK offer around 500 students the chance of financial support, which ranges from £1,000 to full course fees and living costs.

 

Overall, AMBA-accredited business schools provide scholarships in the region of £4million.

It's easy to see why students require financial support to study an MBA. The full-time, 12-month course at Warwick Business School (WBS) for the 2012-13 academic year, costs £30,000. To undertake the full-time programme at London Business School (LBS) it costs £57,500 for 15-21 months of study.

Attracting candidates for MBAs

Scholarships are crucial in the world of MBAs as they go some way to ensuring candidates continue to apply. Schools that offer funding can attract the best and most aspiring managers and funding also remains an attractive incentive for potential candidates.

Take Manchester Business School (MBS), for example. The MBS awards admission scholarships from its annual fund of between £5,000 and £20,000 to the most talented business students from around the world. In addition, it offers the Manchester Excellence Scholarship to one student, which is worth £37,400 (the cost of full tuition fees).

Industry-specific scholarships are common in business schools and they are in place to acknowledge those with unique skill-sets, by rewarding them with financial support. For example, WBS offers full-time scholarships to students who are likely to be in the top 20% of the class.

These individuals will bring outstanding experience and diversity to the course. In 2011 WBS awarded more than 60 scholarships to the total amount of nearly £500,000. In 2012 it has made £2million available for scholarships across all Masters programmes with eligible applicants automatically considered for scholarships.

'Some scholarships for our full-time MBA are available to Warwick graduates in subjects taken outside WBS, so long as applicants meet our eligibility criteria. In addition, the University of Warwick Graduate School provides information on many other external scholarships and funding assistance,' says Dr Michael Shulver, assistant dean of the generalist Masters programmes at WBS.

Candidates who achieve highly, demonstrate academic excellence and pass the Graduate Management Admissions Test (GMAT) , will also be considered for scholarships. 

Alternative MBA funding

If you don't manage to secure funding via a scholarship, there are alternative methods to paying for your MBA.

Bank loans, personal savings and arranging for your employer to help are all feasible options. Organisations such as local employers are known to sponsor scholarships through business schools, (students are eligible for this funding after they have been accepted on to courses).

The Foreign and Commonwealth Office (FCO)  awards substantial funding through its Chevening Scholarships. There are over 700 Chevening scholars at universities across the UK. Awards are handed out to people who are identified as potential future business leaders. Candidates must show evidence of leadership experience and potential.