If you have decided that a part-time MBA is the best way forward for you, it’s not a bad decision! There are many benefits of doing a part-time MBA, and a lot of times a part-time MBA is all one can manage because going from full-time work to full-time education is not an option for many people.
And most of the top full-time MBA programs are quite expensive as well!
But, it’s not as easy to get financial aid for a part time MBA as it is for a regular MBA program. However, when it comes to financial aid from an institute, the usual case is that the bigger the B-school the more financial aid they will be willing to provide.
Just take a look at the amount of financial aid and scholarships these top B-schools allocate for their MBA batches –
|School||Total Scholarships||Average Grant||% of MBAs on Scholarship|
|Harvard Business School||$31.5 million||$32,000||50%|
|Chicago (Booth)||$16.3 million||$30,000||60%|
|Stanford GSB||$15.7 million||$35,830||52%|
|Michigan (Ross)||$15.4 million||$22,360||48%|
|New York (Stern)||$12.8 million||$26,400||62%|
|UCLA (Anderson)||$12.1 million||$25,860||65%|
|Northwestern (Kellogg)||$11.8 million||$22,800||35%|
|Columbia Business School||$10.1 million||$20,500||46%|
|Virginia (Darden)||$8.4 million||$30,800||43%|
|MIT (Sloan)||$8.1 million||$28,220||35%|
|Duke (Fuqua)||$7.1 million||$20,950||33%|
|Rice (Jones)||$6.7 million||$33,320||94%|
|Yale School of Management||$6.2 million||$23,028||31%|
|UC-Berkeley (Haas)||$5.8 million||$29,060||50%|
|Cornell (Johnson)||$5.7 million||$12,000||33%|
|Dartmouth (Tuck)||$5.4 million||$27,550||35%|
|Carnegie Mellon (Tepper)||$5.3 million||$21,853||57%|
|Emory (Goizueta)||$5.0 million||$24,905||57%|
|Georgetown (McDonough)||$3.3 million||$30,000||27%|
So, if you are aiming for a top B-school’s part-time MBA program chances are that you will be able to secure some amount of financial aid!
When it comes to part-time MBA programs the scholarship amount will definitely not be as high as the ones on this list, but this just to show you that MBA scholarships are widely available. And here are some great tips on how you can make sure that you are not depending only on luck to get them!
There are quite a few B-school websites where you can find financial aid information regarding part-time MBA courses. For example, Berkley provides some form of financial aid to almost 70% of their part-time MBA candidates. Both Kellog’s evening MBA program and Chicago Booth also have financial aid information available on their website.
But, you also need to go beyond this. Find blogs, chat threads, and even reach out to the AdComs if you can to find out more about financial aid available from the B-school. Also, make sure to research well about the requirements for applying for these scholarships. And finally, start the process much ahead of time so that you don’t miss out on any information or application deadlines.
Consider tax deductions
The tax laws vary from country to country and this is something you need to take note of. You can study in the USA where tax is pretty steep, or you can consider a country such as Austria where certain B-schools will also allow you to get tax deductions up to 50%!
This is something a lot of MBA applicants miss out on. You not only need to be calculating tax payments, but also the laws that can help you reduce those payments. If you are able to bag a scholarship as well as get tax deductions you will be able to finance your MBA with a sure footing.
Ask for funding from your company
If you are taking up a part-time MBA then you are not going to quit your current job, and most likely get an executive position in the same company once you finish. So, the skills you will learn in your MBA will ultimately help your company, and thus they should consider your MBA as an investment.
This is not an easy process and will depend a lot on your relationship with your superiors. If you are able to pitch it right, your company might cover a part of your MBA fee. Try to find pointers from the B-schools that you can present to your employer and explain why they should consider you as an investment. However, if you plan to change your job after the MBA then you should probably not try this method.
Try to find aid that suit you specifically
There is a lot of competition for securing MBA financial aid and scholarships. If you are planning to apply only for the general scholarships then your chances are likely to be moderate to low. This is when you need to start searching for specific scholarships that have lower applicants.
For example, the HHL Leipzig Graduate School of Management in Germany provides a special scholarship for women candidates in their part-time MBA program. The ‘Scholarship for Women in Business’ provides financial aid that covers 25% of the tuition fee. You need to think about how your candidature is unique and find financial aid specific to you.
The funds allocated by the B-school towards financing part-time MBAs are most likely to get diminished after the first round of admissions are closed. In a part-time MBA program, the latter rounds do not see a huge uptick in applicants, and it is the first round when the most number of candidates apply.
You need to make sure that you do not miss the application deadline and also apply for the financial aid as soon as you receive your admit. Any delay will affect your chances of getting the scholarships and someone with a similar candidature will get it just because they beat you to it even by a day or two. So, once again, start the research process much ahead of time and have all your documents ready.
Keep note of renewal dates
Most MBA scholarships need to be renewed each term. And thinking that since you already have the scholarship you will automatically get it the next term as well is quite wrong. A lot of applicants apply late in their second term and lose the scholarship to a competitor. It’s your job to make sure that you are always applying as soon as possible, every time.
Once the MBA classes begin you will be swamped between your curriculum and your regular job. It is quite easy to miss out on the dates. Always set a reminder for the application date and ensure you are not lacking in any of the aspects. If your grades are not good you might get dropped from a scholarship – don’t let that happen!
Scholarships for part-time MBA programs definitely do exist but it’s going to require you to put in some hard work. But, at the same time make sure that you are not signing up for any MBA program on the basis of scholarship alone. Always have some savings to fall back on.
Another option to consider is student loans. If you are thinking about taking a government loan then always reach out to the AdCom first and discuss your case. Chances are they will offer you a scholarship so that your debt reduces.
But, when you are applying for scholarships keep one crucial thing in mind – your entire application will matter. So, you will need to build an application that shows how your candidature is unique and also have the relevant experience to prove it. Getting a good GMAT score on the side is also helpful.
Make sure to follow all the above tips and you will definitely be able to find at least a partial financial aid to ease the burden of your MBA. If you want to know how you can build an application that will improve your chances of getting financial aid watch the video below!