If you’re thinking of pursuing an MBA abroad, one of the first things that will come to mind is finance.
European MBAs are shorter and they are cheaper as well, so the funds needed for the course of your study will be less.
MBAs from US b-schools are expensive and usually span 2 years. You get better career opportunities in the US after your MBA. There are many more good b-schools in the US as compared to Europe. The US b-schools also have a slight edge in terms of brand recognition.
Here are a few pointers to keep in mind:
1. Different B-Schools all over Europe offer MBAs at different prices. The London Business School (LBS) offers a two-year programme that costs around £45,500. In Lausanne, Switzerland, the International Institute of Management Development (IMD) offers an 11-month programme that costs around US$ 60,450. INSEAD has a 10-and-a-half month MBA that would be around €51,000 and so on.
2. You will need to do a little research on what programme you want to take up and where. And once you know the answer to this, you will automatically know what your particular programme’s duration will be and what it is going to cost you.
3. The most popular source of funding your MBA is via a loan which can be supplemented by personal savings/family savings. Loans can be used to cover the cost of fees, travel to an overseas school, the cost of books, computers, etc. and living expenses.
4. Most nationalised banks give student loans, for education abroad. These loans range from 4 lakh to 7.5 lakh and upwards. Other banks have slightly varying policies. At HDFC bank, for example you could get a loan for up to Rs 20 lakh with no collateral required, if your loan is less than 7.5 lakh. Repayments begin a year after you finish your course or six months after you get a job (whichever one is earlier).
5. In a nutshell — zero in on which B-School you want to attend in Europe then
- Check their website for scholarships or partial grants on offer
- Check the cost of the MBA you want to do and
- Log into a comprehensive website in loans and figure out which loan suits you best
6. An internship is yet another way of helping you fund your study. Actually an internship has a lot of benefits apart from giving you the chance to earn money while you learn. An internship helps you test the skills you learned in the classroom by applying them in the real world of business.
7. Finally, you could also earn a little extra money by taking up a part-time job. In most countries in the West, you will be allowed to work a maximum of 20 hours a week. However, it is best to treat this money as a sort of bonus. Working to earn actually puts a strain on you and your studies could suffer as a result.
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You may also want to check out our article on Mastering MBA Interview
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