The MBA is a massive financial investment. Just think about the cost of the course, which could be anything from about £10,000 up to near to £30,000 a year. Then there is the cost of living, which in reality is the same as the cost of going to work – what with your food and your travel and your mortgage or rent if you do not own a home in the city where you are studying. Then you have the cost of books, which can add up to near to £1,000 in the year or two that you are studying. You also have the cost of a laptop, which will make your life easier as you won’t be reliant on the computer systems at your business school, and there is software to get as well.
If you are taking a full-time course then you should also remember that you are foregoing your salary, which could be any amount after tax and is an opportunity cost of doing your degree. Even if you are taking a part-time course you still need to be able to pay for the course. You need to be able to fund all of this – and unless you have a lot of savings, can take out a good value loan, or have generous parents, then it will be difficult. This is why it’s very important to apply for scholarships.
Scholarships are basically awarded to those who are believed to be worthy of them. This is important to realize. Organizations who offer scholarships try their best to do so on merit. What they regard as merit can differ between organizations so it’s important for you to find out what the organization that you are applying to require in a “scholar”.
The first place to go for a scholarship is the business school that you are applying to. Normally you will need to apply by a certain date and according to criteria such as your professional experience, academic achievement, GMAT score and other personal qualities they may award you a sum which covers part of your tuition fee. This will normally be available to a number of students and can be offered monthly so its worth applying as early as you can.
The British Chevening Scholarship is funded by the FCO (www.fco.org.uk) which is the Foreign and Commonwealth Office and the British Council (www.britishcouncil.org) administers it. Overseas students who are going to study in the UK can apply.
The Fulbright Scholarship awards citizens of the US who want to lecture, study or carry out research in the UK . It was set up as part of a program to foster relationships between the UK and the USA .
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