Education is expensive, and an MBA degree can be especially expensive. Not only do you have to pay tuition, textbooks and living expenses while you are in school, you also have to give up the salary you could use using an existing bachelor’s degree. This article discusses some of the ways that can help you access the financial aspects of studying for an MBA degree.
With an MBA program cost from about $ 50,000 to over $ 100,000, many potential students may ask themselves if the financial sacrifice is justified. Some studies state that studying an MBA degree is of financial value only if it is obtained at a university of the highest level, and in any other school this leads to financial losses. Therefore, before we proceed to the methods of financing a degree, it is worth looking at its monetary value.
The recent statistics on the initial salaries of graduates in four undergraduate degrees who pay well can be compared with the starting salaries of graduates in MBA. The numbers are interesting:
* BS in Business – initial salary, $ 41,400; mid-career earnings – $ 70,600
* Bachelor in Accounting – starting salary of $ 46,500; mid-career earnings – $ 77,500
* BS in Paralegal – an initial salary of $ 50,000; average age – $ 75,700
* Bachelor of Nursing – initial salary, $ 52,700; mid-career – $ 68,700
A recent article in the Wall Street Journal reported on the study of the initial salaries of graduates of the 2010 MBA in the United States. Their average initial salary was just over $ 79,000, not counting the sign-up bonus, with an average of about $ 13,000. Median is average. This means that half of the graduates earned less than $ 79,000, and half earned more. We know that graduates of some of the best MBA programs in the United States easily receive offers of a salary of $ 100,000 or more. You can see that the initial salary of MBA graduates easily exceeds the average salary of senior students in the most profitable areas. Therefore, we can assume that the degree of MBA is worth getting. Then the question arises: “How can I pay for it?” Here are a few approaches.
Most MBA programs accept students who have a bachelor's degree in any field and have worked important jobs for two to four years after graduation. People thinking about an MBA in the future should do everything possible to save as much as possible for many years, gaining the work experience that an MBA program wants. Personal savings are an important part of financing your MBA.
Another machine is the work itself. Many companies encourage their employees to pursue further education and support this by providing all or part of the costs. If you work for a company that helps pay for your MBA program or other expenses, it is wise to use such help. Often, such financial support requires that you continue working for the same employer after receiving a degree, at least for a certain period of time. Financial assistance from an employer usually means participating in a part-time local or distance learning MBA program.
Incomplete learning can also be promoted by continuing to work as a means of paying for education. This often causes a stretching degree over a longer period of time. No wonder so many schools offer part-time evening MBA programs. They are filled with full-time students, regardless of whether the employer provides any financial support.
For students who want to study full-time, an obvious source of financial assistance is scholarship or assistance. Many MBA programs offer financial assistance to qualified students, usually based on merit, in the form of abbreviated training, an assistant who requires the student to do some work while studying. Work may consist of helping the professor with research or clerk tasks. Assistance itself can be an important part of the educational process.
The last means of financing consists of debt. Many students depend on loans from family members, family businesses, private sources, government loans, or student loans from lenders provided by an educational institution. It is assumed that the MBA will lead to a well-paid job, which will allow to repay loans.
The latest source of education funding, which will soon be available in the United States, is the auction in Kirano. Kyrano auction is different from any other auction in that the price of the product sold decreases with each bid. Another unique aspect of Kyrano auctions is that they offer college tuition discounts, student loans, credit card debts, and similar financial obligations. In the case of training, students pay a fee for participation in the auction, while fees create a discount. When bidding starts, each bid increases the discount, effectively giving the winner a discount on the next tuition fee. The winner’s discount is paid directly to the student’s school, and the student must replenish the remaining balance. More on Kyrano auctions will be available in future articles.