Getting an MBA does not come cheap. And when it comes to figuring out how much this prestigious degree course is going to cost you, there is more to think about than simply the cost of tuition. Many of the best MBA courses are offered by universities that are located in cities that have a high cost of living. Also, you will also need to think about the opportunity cost of getting an MBA – namely, the amount of money that you are going to lose if you need to take time off work or cut down on your working hours for two years in order to get this qualification.
Anybody who has an MBA will tell you that it can all get quite expensive. But the good news is that there are several things that you can do to keep the cost down and successfully get your MBA on a tighter budget. For some, this could mean getting a postgraduate loan while for others it involves looking for scholarships that they are eligible for or even asking their employer for help with the cost. Keep reading to find out more about the different ways to save money on the cost of getting your MBA.
Shop Around
Getting an MBA does not always mean that you need to fork out to study at one of the most prestigious universities. In fact, there is an increasing number of options on offer from cheaper universities that offer excellent courses that are well-respected in the business world. Before deciding on the right MBA course for you, it is definitely worth taking the time to shop around and look at the different courses that are on offer to see which ones suit you best not only in terms of what you want to learn but also in terms of your overall budget.
Consider an Accelerated Course
Many full-time MBA programmes that are available will last for the typical two years. However, recently, there has also been an increase in accelerated courses that allow you to get your MBA in a year. While these courses are likely to be more intense for the duration and you are probably not going to be able to work for the year that you are a student, they can reduce the cost drastically as you will only need to pay for one year of tuition rather than two, and you can get back to working full-time faster which will ultimately reduce the opportunity cost of getting your MBA degree.
Study Online
Online study has become a very popular option for MBA students in recent times with options like this MBA online available from Aston University. While getting your MBA online is unlikely to make you massive savings in terms of tuition costs, you can save a lot of money on all the other costs that are associated with getting this degree. For example, most online MBA degree programmes are very flexible, giving you the chance to study from home at times that are best suited to you. As a result of this, they are much easier to work around working full-time compared to studying on-campus, which can give you the chance to completely eliminate the opportunity cost of getting the MBA. Along with this, you can also save a lot of money over time on other costs that would add up easily when studying on-campus, such as the cost of commuting. It also gives you the chance to study at more universities without the need to relocate if you live in a different city to the campus.
Study Abroad
If you are more flexible and do not have commitments at home to uphold while you are getting your MBA course, then you may want to think about the possibility of studying abroad. Choosing a university that is located in a city where the living costs are lower compared to London and other major UK cities can be an ideal way to get your MBA on a lower budget. Along with this, it can also be a great choice for anybody who is interested in learning more about a different country and culture, especially if international business is in your career sights for the future.
Get a Postgraduate Loan
If you are a student in the UK, then you can now apply for funding for postgraduate study with a student loan. If your course starts on or after 1 August 2021, you can get up to £11,570 to help with both tuition fees and living costs. The payment will be made directly to yourself once your registration has been confirmed by the university and is paid in three instalments each year. To be eligible for the loan, you must not already have a master’s degree or equivalent, not be in receipt of any payments from Student Finance England for another course and be up to date in repayments for any previous Student Loans you have had. You must be studying for a full master’s course rather than a top-up course, and it must be worth at least 180 credits.
Employer Support
Another way to reduce the personal cost of getting your MBA is by asking your employer to financially support you. This might be in the best interests of your employer to do if you getting an MBA is going to benefit them as well as yourself. Many employers today understand the financial burden of getting a postgraduate degree such as the MBA and are willing to offer financial help to students who want to better themselves and ultimately become more valuable to the company. It is always worth having a conversation with your employer regarding what they might be willing to offer, and you can usually combine employer support with other types of support such as getting a postgraduate loan to cover the remaining cost.
Getting an MBA can be an expensive career move, but many who make this investment say it is worthwhile. The good news is that there are several things that you can do to reduce the cost of getting this degree.
