The 4 ways postgraduate students can fund an MBA degree

Borrowing from the originally crowdfunded startup, Prodigy Finance , could be the way to fund your MBA at business school

Aftab Ali
Thursday 17 September 2015 12:02

According to the Association of MBAs (AMBA), a Master’s in Business Administration (MBA) qualification is one of the best investments a prospective student can make as entrepreneurial-ship continues to see a rise.

However, funding one isn’t a task which comes easily, with fees at some business schools, like London Business School, coming to a total over just over £67,000.

So, if you’re a graduate looking to progress or even kick-start your career within the world of business, here are four of the funding options available to you:

1) Loan

With an innovative platform, Prodigy Finance – a leading international postgraduate student lender – offers loans to international postgraduate students attending leading business schools. Through its community platform alumni, institutional investors and qualified private investors earn competitive financial returns, while students gain access to higher education they otherwise may not have been able to finance.

Since 2007, Prodigy Finance has processed over $130m (£84.6m) to fund over 2,000 students from 92 nationalities, with a repayment rate in excess of 99 per cent. It has also funded degrees at more than 60 of the of FT Top 100 ranked business schools, including INSEAD, Wharton, Chicago Booth, Columbia Business School, London Business School, NUS, Saïd Business School (Oxford University), and Stanford.

More recently, the lender raised over $100m (£65m) to help students fund their attendance at some of the world’s top business schools which CEO and co-founder, Cameron Stevens, described as ‘very significant’.

Click here to find out more about the terms and conditions and to apply for a loan from Prodigy Finance Ltd.

2) Scholarship

Business programmes themselves tend to offer scholarship funding and, sometimes, they can be awarded across different categories.

Most are awarded on a first come, first served basis, meaning candidates who apply early on in the admissions process may have a stronger opportunity to receive an award. Scholarships are given as part of the admissions process, usually at the same time as an offer is made.

Very competitive to get, they are known to be given to the strongest candidates, with criteria including: being able to demonstrate a strong fit with the school’s overall admissions strategy, showing the potential to become a strong future alumni, and showing strong values and ethics.

Refer to your school’s course programme to find out more.

3) Crowdfunding

Crowdfunding in general has taken off in recent years, and gaining investment to help fund an MBA looks set to gain interest and support in your degree in the form of investment looks set to be just as popular.

Setting up a crowdfunding page takes just minutes which can be tempting for prospective students to jump right in. However, good planning is key to ensure your campaign for funding is successful. Therefore, it is crucial to properly lay out any business development strategies if you want investors to take you seriously.

Fact: Prodigy Finance itself began as a crowdfunded venture after three business school graduates became concerned over the number of prospective business students who were being refused financial assistance because they lacked US credit records. Proof that crowdfunding right can really pay off in the long-run.

4) Sponsorship from employer

Finally, some employers may contribute towards the cost of an MBA, on the condition you return back to work following your studies.

So, how do you go about getting this? Firstly, it’s crucial you really justify your worth for the investment. To do this, keep records of your performance within the company and also make sure your CV stays strong.

Other ways include: proving how any new skills you obtain will be used within the company upon your return, approaching any senior members in the company to act as your mentor, and ensure you keep reflecting on feedback on how you’ve done in your role to ensure you keep on improving and moving up.

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