MBA Scholarships - Types and Selection Criteria

MBA Scholarship TypesAn MBA scholarship requires candidates to start preparing early and to prove in the application they are serious about their career prospects and future. A prestigious scholarship not only helps you to sustain yourself during your studies; it represents an important testimony to your ambition, dedication and progress in academia and business. Including it on your CV is highly beneficial in presenting yourself to potential employers and partners.

MBA Scholarships can be full or partial.
A full scholarship covers the whole university tuition fee but not usually the living expenses. A partial scholarship is usually easier to obtain, but some requirements must nevertheless be fulfilled. This may mean that the student has to show progress, a good grade point average, etc.  Extending scholarships for the second or third year (in the case of part-time MBA students) is also conditional in most cases. It is possible to receive a deferred scholarship for the second year of study, again on the basis of good academic performance.

Merit vs Need Based: Some scholarships are based on the merits of the candidates, while others are based on their needs. In 2010, the London Business School (LBS) funded 30 scholarships of up to ?20 000. The suitability of the students was determined according to their academic and professional merits. MBA students from the LBS who receive an offer for study during 2013 can also benefit from seven needs-based bursaries. All of them are designed for people earning less...

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Choosing the Right MBA - Location/Format/Rankings/ROI

Location is a factor: A university may have top-notch facilities and highly renowned academic staff and still be the wrong choice for you. Research shows that location is a prime factor when it comes down to picking a business school. Make sure that you are comfortable with the geographic area in which the university is located. For example, if you are bound by family or otherwise you may opt for a school that is closer to home. If, on the other hand, you are looking for an international and diverse milieu as well as new cultural experiences, an overseas MBA may be a good option.

The industry you want to work for may also determine your choice of university location. If finance and investments are your prime interests, then you’ll be advised to choose a university in one of the cities where the markets are based – New York, London, Frankfurt, Paris and Tokyo. It is important that you pick the geographic area that best fits your needs as you are likely to spend longer than two years there – a large number of MBA graduates decide to stay and pursue their career within the area of their alma mater.

Format: If you have decided to cross ‘the point of no return’ and change your career completely or if you want to stay within the same industry but change the location, a full time MBA programme may be the best choice for you. This kind of format requires full commitment, but returns on the investment are also guaranteed. The part-time MBA is for those who want to advance their careers (without changing their professional venue and starting from scratch) but cannot afford to take ‘leave of absence’. To sum up – a full-time programme is designed for career...

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Choosing the Right MBA - Post MBA Goals/ Faculty / Networking

Your reasons for pursuing an MBA may differ – a change of professional venue, gaining an advantage in a rather tough market, a bigger salary or a better job placement. Yet, before you get down to filling out those applications, there is one important question that you should ask yourself. What qualifications do you want to acquire? Making a realistic and a clear-sighted assessment of the professional skills that you want to develop or improve will help you gain a clearer vision of your future career track.

The majority of MBA candidates have 5 to 10 years of professional experience on their CV and career plans do come foremost when they get down to choosing a business school. Some, for example, are happy with their job but still want to add value to their services by moving up the career chain and a part-time MBA often proves to be the best route for them. Others have already reached a managerial level and are good at what they do, yet the fact that they can juggle tasks blindfolded has turned into a demotivating factor. They have lost interest in their job and they see a change of career functions as a way out of the impasse. For them, a local full time MBA with their company endorsement may be the best option. Finally, there are those that fall into the ‘total makeover’ category. They aspire to a clean start, a new professional venue, a complete change of company or sector. They want to move out and move on with their career and the best choice for them could be a well-known full time MBA programme with an active network of alumni in an international environment.

Faculty matters

Once you’ve decided on an MBA programme...

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How should MBA ROI Be Calculated?

The importance of the ROI in an MBA cannot be overemphasized. A business degree is a major investment and many students incur debts to pay for their one or two year course. The questions of when the debt can be paid back and when the investment will begin to yield a profit are crucial to the choice of your business school.

How is the ROI calculated?

Say you have paid 38000 Euros for the entire Master of Business Administration degree course and your salary before starting the course was 40 000 Euros. By going back to education, you will miss two years’ salary, i.e. 80 000 Euros (this is a conservative estimate as no change in remuneration is taken into account). This is the so-called opportunity cost. Even if you did not have a job before starting your business degree, you would still incur expenses during your studies, such as rent, food, books, etc., which also have to be put into the equation. After 2 years of study you receive an offer from a company.

You decide to take the job for a salary of 70000 Euros.

How do you determine the return on your investment in the MBA degree?

Firstly, add the opportunity cost and the course tuition fees: 38 000 + 80 000 = 118 000
Then subtract your previous salary from your post-MBA salary: 70 000 - 40 000 = 30 000
Now divide 118 000 by 30 000: 118 000 ÷ 30 000 = 3.93

This calculation suggests that it would take you 3.93 years to earn back what you paid for your degree. The amount you earn after this period is the return on your...

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True Value of an MBA

Boosting your Career with an MBA: The MBA is a gateway even during a gritty recession when the bursting of the mortgage bubble and the bank collapse in the US, for example, tipped the scale of the work/life balance. In the business world, obtaining an MBA degree still gives you a chance to move to a higher job position as you acquire a different level of management skills.

Prospective MBA students have indeed been knocking on the doors of international business schools, continuing a trend that started in 2008. The pay-off has been quite tangible.“Recent MBA participants have gone on to work for over 300 companies in more than 60 countries,” says Jake Cohen, Dean of the MBA programme at INSEAD, while 10% of the students at IE Business School (ranked 3rd in Europe and 8th worldwide by the Financial Times) start a new venture after graduation.

“I personally decided to go to IE Business School because it was always a dream of mine to found my own company, and as IE has a very strong focus on entrepreneurship, it was the ideal choice for me,” says 2007 MBA graduate Bernard Niener.

Having a clear idea about how you are going to use  your MBA to advance your career is crucial. Not all MBA graduates are as forward-thinking as Niener. Yet if you want to avoid a struggle to find a job in a shrinking market, you should draw up an action plan. Here are some tips to help you speed up your professional launch.

Broaden your knowledge, sharpen your skills: Honing your skills, identifying your weaknesses and overcoming them is the way to achieve the goals you set for...

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