Solving the MBA riddle
Want to do a MBA but don’t know where to start? Read on to find outBlayne Pereira
With tuition fees that dwarf the £9,000 per annum inflicted upon undergraduate students and no comparable student loans available, just getting started on – let alone through – an MBA course demonstrates that you have excellent problem-solving skills.
But there are steps you can take to ease your path.
How to pay for it
Post-MBA salaries are usually extremely lucrative – which is just as well given the course outlay.
Unfortunately, the UK government will only offer candidates a maximum of £10,000 towards the course (a Professional and Career Development Loan) and banks can also be unwilling to part with their cash due to the propensity of MBA graduates to move around internationally.
Want to get that management training and experience without the expense of an MBA? Take a look at CMI’s management courses to find out how you could benefit from their expert training schemes and courses.
Your current employer may be willing to support you but it will likely require a commitment to stay with the company for a certain period thereafter and they will expect a return on their investment. Investigate whether there have been any precedents.
There has also been a rise in venture capital-influenced loans. This might be from a VC directly loaning you the money, having become acquainted with you on quite a deep level so they know you are a trustworthy candidate; or through an alumni-based programme, whereby former graduates help fund the next generation of MBA students.
How to schedule it
It can be easier to find the time to do an MBA when you can work away from a classroom. It used to be that people considered online university degrees as almost meaningless. However, during the past few years, this stigma has gradually been erased – and even the top campus-based options use significant amounts of online resources.
Do your homework before you apply for the course and make sure your chosen institution is fully accredited. Research and check how prestigious the course is; just phone up a future employer to validate the provider. While you’re at it, ensure you’re doing the appropriate MBA course – if you’re keen to specialise in a certain field, there might be a more specific option for you to study.
Global support network
One of the major benefits of the online classroom is that – especially for MBA courses – there will likely be a global student population, meaning that even if you’re burning the midnight oil studying, someone across the other side of the world might be logged on in the middle of the afternoon, ready to offer a helping hand.
Crucially, the online classroom is available to all MBA students, whether you are a full-time, part-time or blended learner, based on a campus or digital-only. Many courses also provide links to alumni, who can assist you when you hit any stumbling blocks.
Find out more about CMI courses and qualifications here.