My husband wants to do a regonized and accredited MBA.
Now all the local MBA start from 20.000 Euro (goes till 35.000 Euro, with such money just to give you an idea, one can buy a new car, put in few thousands more you may get a Audi or VW Golf or pay the downpayment of a flat ect..
Well I didnt know until now that its that much money. Well his motivation is that he is eager to learn and to have something in his hands if a career chance comes along, so that he then can concentrate on his career and be content with what he studied before.
Now the question of is financing, well we dont want a loan from a bank, on thing is to pay the half in one amount and then pay the rest in insallaments.
There isn’t any scolarship that we know of, for females its 50% off in some cases.
The good universities are till 30.000 Euros!
So if you have done a MBA in the west, can u tell me how you finance this!
Student Loans. In the US, you'll pay more than that but the kick is that you should go to a top 20 school, MBAs aren't worth as much without the prestige of the school, the subject matter is essentially the same.
the best thing is for him to have his employer pay for it.
TUMS.. the top 20 suff is simply not valid, are you saying that someone from a university ranked 30 will not make any money? yeh top 20 have prestige and give you a great start and network, but it simply does not mean they are not worth it.
^ I agree with Fraudz... the whole prestige thing can sometimes be blown out of proportion - having worked in HR depts. for two Fortune 100 companies, I have seen how the companies sometimes even prefer not to approach candidates out of the top schools since they're perceived to have an attitude problem.
There are various KPIs to measure the worth of an MBA... ROI being one and in Canada at least, a lot of schools that don't make it to other rankings in the top 10 are still in the top 10 on ROI measures.
Khair, coming back to the topic at hand... like Fraudz said, a lot of MBAs are financed through the employer, and in Canada, student loans are also available. Another option that some of my colleagues used was a student line of credit which has lower interest rates than a traditional loan - and some banks are more inclined to giving loans to professional degree seeking students including the MBA.
In my own case, I self-financed my MBA while working full-time and Alhamdullilah still managed to make it out in two and a half years (as opposed to two). There certainly was a lot of stress and I wouldn't recommend it to anyone if they can help it.
I can imagine that you are quite surprised to see how expensive private education can be, especially because you and me are used to free education of excellent quality upto university level. But let me tell you: Austria is definitely an education heaven compared to the rest of the world.
Tums, no loan, either wait till we have saved the money or pay in installements. Well here in Austria, some of the good MBA are linked with American/Canadian universities so some grant 2 degrees.
So there is no worry of top 10 or 20 and I believe that if you choose a good unversity with a good programm then its a win anyway.
Fraudz, the employer paying is out of the questions as hes in the financial dept of the companies headquator, thats a small group and when he applied he did mentioned that he wants to do a MBA but they didnt show any interest in financing it anyways.
Umer, you are right but hum qadar nahi karkain !
Thanks all, I think in the end I come to conculusion, self finance is the best option, just wait a year more and then pay in whole.
In my own case, I self-financed my MBA while working full-time and Alhamdullilah still managed to make it out in two and a half years (as opposed to two). There certainly was a lot of stress and I wouldn't recommend it to anyone if they can help it.
Umar, you have a point about "prestige being blown out of proportion" but I do not agree with you on this for an MBA. An extensive search of different business schools around the globe has evealed to me that the choice among most ultra-elite (HBS, Stanford, Wharton, Kellogg, Sloan, Columbia and Chicago and INSEAD) and elite MBA programs will not likely yield a measurable difference in the mastery of technical and analytical skills. These skills are the hallmark of virtually every accredited program.
In contrast, the concurrent mastery of people-management, leadership, and teaming skills is a greater variable in choosing among competing programs. Furthermore, based on feedback that I have received from some of my seniors who are five, ten and more years removed from their MBA studies, I have concluded that the quality and quantity of lasting personal relationships are the ultimate enduring values of an MBA experience. That is what I demand from an MBA program and that is what, I believe an ultra-elite school for sure and an elite school most probably will provide you. Again, these are only my views as I am going through the application process right now and one does not have to agree with them.
building reltionships is not just up to the program but also up to the person. these universities have done a good job with their alumni networks, but these are not the only unis with alumni loyalty and networks.
example of strong alumni networks can be seen in unis like notre dame, texas a&m, etc.
being in a top 10 uni gives you an edge, no doubt about it, but to say that not being in a top 10 program means your degree is worthless as some einsteins have stated is an absolute fallacy.
I agree that building relationships is not just up to the program but also up to the person. Top 15 business programs, however, provide you with a better pool of alumni to build relationships. Having said that, I am the first one to admit that there are many who excelled in their professional careers without having a business degree from top 20 businesses schools, though more often not, those examples are mere exceptions. If you really look into profiles of investment bankers, Mckinsey-type guys or people who work for international organizations such World Bank, IFC etc, you will definitely see ninety percent of them from top 15. However, if one is going to pursue an entrepreneurial career, his/her innovative vision, will-power and determination would be the most critical elements regardless of his/her institution.
On a side note, it is interesting to observe the impact on one’s professional career in the business field of having a business degree from a top 15 B-school. Why is that? We don’t see such impact in other professions. I think that unlike medicine, law or engineering, there is no governing body in the business field that regulates who can and who can’t practice business.
So to a certain extent, for doctors, lawyers or engineers; it doesn’t matter quite as much where you go to school. In USA , a lawyer, doctor or an engineer cannot establish his/her private practice, unless, he/she has successfully passed a series of exams administered by strict regulating agencies. Therefore, you may have a medical degree from Harvard but if you fail to pass your USMLE and many other exams, you cannot open your practice. Same applies to the law. Your bar exam is your ultimate qualification irrespective of the institution you go to. Remember, John Kennedy Jr. who went to NYU for his Law degree but then ended up making a total mockery of himself after failing his bar exam twice in a row!
But since there is no sort of certification for practicing businesses, the place where you get your MBA is all that people/recruiters have to go on to judge the adequacy of your education. Though, totally unfair and often grossly exaggerated, the reputation becomes the king in the business field….. anyway, these were my two cents…
...agree with all but just getting the degree from a top 20 school does not mean one will become a CEO :) and mckinsey, bain, bcg etc as well as investment banks and blue chip companies all recruit from unis other than those on the top 20 list
Absolutely Pir Sahib. Not everyone reaches to the top position just because he is from a top school. Every year almost 6500 students graduate from top 15 MBA schools and hardly 5% of them reach to the top positions such as CFO, CEO etc (source: businessweek.com). All I am saying that on a probabilistic scale, you have better odds to reach to a top position if you have an MBA from top 15 in comparison to other business schools.
While we’re on the subject of comparisons, an MBA degree shouldn’t really be compared with other professional degrees including Law, Medicine and Engineering which by definition are all classified as undergraduate professional degrees. On the other hand, as a graduate degree, for an MBA, its almost always a requisite with most reputable (not necessarily tier-1) schools that a person have significant work experience before admission into the program. In my own experience, this work experience accounts for the major disproportion in the type of opportunities that an MBA graduate gets, as opposed to what school they went to.
Putting my geek hat on for a moment, if one were to regress the opportunities after MBA against factors like MBA School, Prior Work Experience, MBA grades, Alumni Network etc., then MBA School may even be one of the lowest correlated factors.
With an MBA degree, its typically implied that you’d have gone through training and development in some type of corporate setting and there isn’t an acute need to govern candidates, whereas with the other professional degrees including Law, Medicine and Engineering, a lot of people may not have had any real world experience before graduating, so governance takes a more important role.
With an MBA degree, its typically implied that you’d have gone through training and development in some type of corporate setting and there isn’t an acute need to govern candidates, whereas with the other professional degrees including Law, Medicine and Engineering, a lot of people may not have had any real world experience before graduating, so governance takes a more important role.
May sound like a long shot, did to me. I applied for one at one of the UK's best university. Expecting a big Sorry not this time I was offered a fully funded scholarship. My university marks where not exemplanory (2:1), no relivant expereince but based on bits of my degree such as networking where I scored very high at 87% and dissertation was simillar they decided to award me a very generous scholarship. On the basis they see potential.
I was prepairing to work part time in any spare moment to fund myself at a university close to home. You never know what is around the corener, life holds many suprises.
risc, you are very lucky to have been offered a generous scholarship. :k:
Two days ago, we went to a MBA fair organized by the American Embassy, where national and Amercian Insitituts were present. Well we spoke to some of the Uni and well most of them said that they dont give any scholarship, if they do, they will advertise it on the career site of the daily newspapers, just one institut showed some interest of maybe 50% scholarship, but that university is not at the high level here nationaly. The one that my husband was interest in doesnt give any scholarships.
Well another thing they thought that my husband is too young for a MBA and 2 years of work experience is not enough.
Well we will look inti this Institut, if they offer a generous offer as 50% then I told him to go for it, even if its not the best one. He can allways do another one later on.
SaadiaB, trust me, once he goes through one MBA, he won't do a second one...It is a lot of effort, time and money and most perspective employers would consider a second MBA as pointless and odd.
Many on the forum have suggested the US. Be aware that even though US MBAs are great, they typically last 2 years instead of 1, and they usually cost between $60K and $100K.
The UK has a listing of top 50 MBA schools in the world....that may be a good place to check out to give you an idea of the rankings etc, so you may want to take a look...just Google "UK MBA provision".
A financial aid resource that is typically an option is being a TA (Teacher Assistant). That will typically pay for some of your tuition, and it's a good way of creating a lasting impression on the faculty. Other part time employment opportunities at universities are usually also available, and they include being a grader, working at the school library, or other academic office.
One last word of advice. Some schools may say that they don't give financial aid when you first ask them. However, u should wait until you get accepted and then ask again. Once you are accepted you should visit the school, make an appointment with a counselor and schedule a visit. When you are there you can tell them that you have other options but that you are really thinking of going to their school and that you may need a financial aid package. Schools are a business like any other and they are usually a bit flexible, so show off your negotiation skills!
My previous university, University of Bradford have a very good MBA at a special site about 3 miles away from the main campus. Charge £16k same for foreign or local applicants. This is a well respected MBA program. Many applicants here are funded by their employer hence compared to other postgraduate courses rather expensive.
Many on the forum have suggested the US. Be aware that even though US MBAs are great, they typically last 2 years instead of 1, and they usually cost between $60K and $100K.
The UK has a listing of top 50 MBA schools in the world....that may be a good place to check out to give you an idea of the rankings etc, so you may want to take a look...just Google "UK MBA provision".
A financial aid resource that is typically an option is being a TA (Teacher Assistant). That will typically pay for some of your tuition, and it's a good way of creating a lasting impression on the faculty. Other part time employment opportunities at universities are usually also available, and they include being a grader, working at the school library, or other academic office.
One last word of advice. Some schools may say that they don't give financial aid when you first ask them. However, u should wait until you get accepted and then ask again. Once you are accepted you should visit the school, make an appointment with a counselor and schedule a visit. When you are there you can tell them that you have other options but that you are really thinking of going to their school and that you may need a financial aid package. Schools are a business like any other and they are usually a bit flexible, so show off your negotiation skills!
Good Luck!!! :)
Shaulabar, thanks for the input!
Yeah doing a MBA twice is not a good idea.
Well we think that he needs some more work experience before going for a MBA .. as for working as TA, he already has a full time job and we are in Europe, the system is different here.
Well he first has to complete his masters, we will see later what to do.