The Real Cost of an MBA: Financial Tips and Scholarships
Deciding to pursue an online MBA degree is a great decision but with it comes a huge investment. While it can pay off in the long run, the initial cost of the degree is still very high and truly intimidating to many students. And considering the cost of living alongside the degree, the numbers quickly add up. This brings up a big question mark among students on whether choosing an MBA is even the right choice.
The good news is, there are several ways to manage the financial burden without hurting your wallet too much. 360 degree minds focuses on delivering you the perfect MBA course from some of the best universities in India for example SRM university, Sikkim Manipal university, Jain university, Bharathidasan university etc., Let’s take a brief look into the real cost of an MBA and explore some financial tips and scholarships that can help ease the load on your shoulders.
Understanding the Costs
The first step to managing the costs of an MBA is to curate exactly what type of university a student is choosing. Tuition fees can vary enormously, depending on the university, the type of program you’re choosing (full-time, part-time, on-campus, or online), and the country where you are studying. For example, a top-tier business school in the US could charge anywhere between $60,000 to $100,000 and a range of 16.28 to 41 lakhs in India per year. Online MBA programs saves you money and time as the cost of MBA in universities like SRM, Sharda, and Manipal costs less than INR 200,000 compared to an offline MBA. Then comes the important factors to consider along with the degree, the cost of textbooks, accommodation, transportation, and other living expenses.
And we can’t forget the important factor when it comes to choosing an MBA, especially for working professionals which is the opportunity cost. If you decide to pursue a full-time MBA, you will likely take a break from your job, meaning there would be no means of income during your studies. While deciding whether to choose an MBA or not, students must weigh this factor into their calculation before concluding.
Financial Tips to Manage MBA Costs
Considering there may be some financial challenges when it comes to choosing an MBA, making the right choices will make your decision very easy because you can never go wrong with pursuing an MBA.
Plan Your Budget Early
Researching your degree choices is very important. The first and foremost thing you can do before diving headfirst into making a decision is to research the financial commitment that comes along with the degree. Make a list of all the potential expenses, including tuition, living costs, and any additional fees based on the universities you’ve selected. Now compare the costs and then choose the right university. This will give you a realistic picture of what to expect in the foreseeable future and help you avoid any surprises. We have trained and experienced counselors at 360 degree minds who can guide you on this distance learning journey.
Consider Online or Part-Time Programs
The essential cost of a degree to a full-time MBA student is usually higher than the cost of a part-time MBA student which makes the part-time option a more affordable one to the students who want to continue working while studying. And the students who choose online learning over offline learning have a bigger advantage in this. The cost of an online MBA from SRM costs only Rs 22,000 per semester making online learning affordable and cost-effective.
Employer Sponsorship
Many companies offer tuition reimbursement or sponsorship programs for employees pursuing further education. If a person working in a company wants to use this opportunity, they can check if their current employer has such a program. In exchange for financial support, the person wanting to study may need to commit to staying with the company for a certain period after completing their MBA.
Scholarships and Grants
Scholarships and grants are solid ways to reduce the financial burden of an MBA student. While loans are helpful when it comes to students who need financial aid, they come with an extra baggage that needs to be repaid. But unlike loans, scholarships and grants don’t need to be repaid. Given below are some of the types of scholarships to keep an eye on :
Merit-Based Scholarships
Many business schools offer merit-based scholarships to students who excel in academic excellence, leadership, or outstanding achievements in their professional careers. These scholarships can cover a portion or in some cases even the full cost of a student’s tuition.
Need-Based Scholarships
Many universities and external NGO organizations offer scholarships to students who need them, based on their economic situation. These scholarships consider the student’s financial background and support the ones who may not otherwise be able to afford an MBA.
Industry-Specific Scholarships
Industry-specific scholarships target students in specific industries or career paths. This may include healthcare, technology, or non-profit work. Some of the scholarships that are issued based on a student’s career path are Full bright scholarships, Commonwealth scholarships, etc., If you are pursuing an MBA with a focus on a particular sector, look for scholarships like the Adithya Birla Scholarship, ONGC Scholarship, McKinsey Emerging Scholars Program, Orbis Investment Management MBA Fellowship, etc., that align with your particularly chosen career goals.
Diversity Scholarships
Many institutions and organizations offer scholarships to underrepresented groups, such as women, minorities, and international students. These scholarships promote diversity not only within the MBA student body but also create a diverse harmony among the students in general. It provides an academic landscape, creating more equal opportunities for underrepresented people.
Conclusion
If you’re someone who wants to pursue an MBA degree, you don’t have to worry about draining all your savings. By skillfully researching your plans, with strategic financial commitment, and a little research into scholarships and grants, you can reduce the overall cost of your degree. That being said, if you are ready to take the next step and explore affordable online MBA programs that offer some exciting opportunities, check out the video below.