AN INVESTMENT RATHER THAN A COST: HOW TO FINANCE AN MBA
At some point, usually early on in the application exercise, most candidates will wonder how to finance an MBA program.
If you’re already wealthy enough not to have to worry about financing your MBA program then you could ask yourself if business school is necessary for you at all. And if you haven’t asked yourself that question yet, perhaps your lack of business acumen isn’t right for business school in the first place.
When MBA candidates initially look at the business school fees at most of their preferred programs, it can cause a degree of shock. After all, MBA fees at the top schools can figure in the high tens of thousands of dollars.
When one factors into this the year or two out of earnings, depending on the length of the full-time MBA program, as well as living expenses, study expenses, travel and so on it is hardly surprising that, for a percentage of candidates, the business school trail ends right there.
However, while MBA programs are not for everyone, successful MBA students are those who perceive business school not to be a cost at all but an investment.
Whether you are a ‘career- developer’ staying within your chosen career or an MBA ‘career-
changer’, most MBA programs are designed to help you progress financially after you graduate.
Return on Investment
You probably will not earn mega- bucks immediately after you leave business school. Regardless, MBA graduates earn, on average, more than any other graduate and, with perhaps 30-40 years of work ahead of you, the return on investment of most MBA programs is extremely high.
Return on investment (ROI) can be calculated by the increase in salary over a career lifetime after graduating. An easier way to look at it is to calculate how quickly your course will pay for itself.
There are no strict rules for this as there are too many variables, such
as what your current earnings are, what your expected earnings will be and so on. However, if it will take more than ten years to get a return on your investment, something in the equation needs to be looked at closely before you sign the check for those course fees.
Business School Funding
Paul Danos, dean of Tuck School of Business at Dartmouth, says: “We look all around the world for the best talent. A lack of money never stopped the right candidate coming to Tuck.”
This is a reference to most business schools’ internal departments, which are designed to facilitate MBA students’ passage through the course; helping them finance their MBA programs.
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