Funding Your UK MBA

The current financial climate has made funding an MBA particularly daunting, with fewer companies willing or able to sponsor executive education for employees, and individuals wondering whether now is the time to pony up for a program with personal loans.

Earlier this week, The Independent posted an article with helpful loan and scholarship tips for prospective MBA students–both British and international. Here are just a few of the options mentioned in the piece:

  • The Graduate Management Admission Council‘s (GMAC) pilot lending program to help international students attend business schools. The pilot involves a lending base of at least $500m (£303m) to help students attend 40 business schools in the US and Europe in the 2009/10 academic year.
  • Many institutions now offer discounts for returning alumni, a useful way to update skills that shows your commitment to develop yourself.
  • An increasing array of scholarships exist in the UK for those self-funding their executive MBA. Ashridge Business School, Lancaster University Management School and Aston Business School are three which offer such support.

In fact, a little homework could pay dividends by unearthing hidden pots of gold, reporter Amy McLellan writes. Prospective B-school applicants should do some thorough research and number-crunching to find out exactly what they can afford to do, both in terms of time and money.

Balancing a job, postgraduate study and any kind of family life isn’t easy, but for many, its an investment worth making to ensure your career is well positioned when the economy rebounds.

(image courtesy of Flickr user Poolie, CC 2.0)

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