Oxford Brookes University Business School

MBA, Full Time (1 year)

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Tips for Financing an MBA

Studying an MBA or master can be very cost-intensive - especially if you want to complete the training in the USA, for example. In Europe, the tuition fees are not quite as high, but if you want to graduate from a renowned school, you also have to factor in a few tens of thousands of euros. Many students of MBA and master's degree programs are therefore wondering how best to cope with student funding. We will introduce you to a few possible variants below.

Check with your employer

It pays off to ask the employer about financing an MBA or Master’s degree and to be helped by him. For example, a survey by the Staufenbiel Institute showed that over 90 percent of survey participants studying in Germany receive financial support from their employer. This statement came primarily from employees who study the MBA or Master part-time and can thus immediately apply their acquired knowledge in practice. It has also been shown that management consultants are particularly fond of promoting their employees. In many cases, however, the financial aid is linked to the obligation to repay the grant or a contractual commitment to the company.

Family support

If you want to avoid dependency on a loan or do not see great opportunities for receiving a scholarship, you can ask, for example, in your own family. Often the parents and / or grandparents are ready to support the offspring in the pursuit of an expanded education. The fact that asking in the family pays off was demonstrated in the Staufenbiel survey - after all, over 50 percent of students in Germany stated that they could finance their studies in this way.

Application for a scholarship or for state support

If the employer does not promise financial support and the family's wallet is not too full, it is advisable to apply for a scholarship or to apply for state support. More than 50 percent of MBA and master graduates studying in Germany also opt for such a financing option. The majority of German business schools have an “Office for Financial Aid” and inform prospective students there about the various funding options. Even if in many cases these funds are only made available to local students, it is definitely worth asking in these offices.

Finance your MBA or master’s degree with a loan

If the aforementioned types of financing cannot be implemented, a loan may enable the desired MBA or master's degree. With the introduction of tuition fees, a wide range of student and educational loans was created in Germany, the repayment of which is generally not necessary until after starting your career. Prodigy MBA Finance may be of interest to international students . It was founded in 2007 by three MBA alumni and specializes in the granting of loans to students.

Education fund as an alternative

The so-called education funds represent a hitherto not so well-known form of financing. You can complete your MBA or master's degree with no worries, because your tuition and living expenses are covered by various investors with this financing option. In contrast to taking out a loan, there are no fixed repayments and interest payments after graduation - the amount of the individual repayments is based on the later individual income of the graduates. If you do not have a high salary, you will pay little money back - if the annual income is less than 30,000 euros, then nothing has to be paid back. Vice versa, however, higher repayments are due for a larger income. If you want to take your MBA or Master abroad, Point out brain capital. It is a student initiative that awards education funds to international students.

Last but not least: use your own savings

Of course it is difficult to start with the emergency cent, which may have been hard saved for years. And yet most of the MBA and Master's students choose to choose this type of financing - usually in addition to another variant. The comforting thing, however, is that this investment pays off in your personal future. After all, graduates with a successful degree in most cases expect attractive career prospects.