5 Ways to Cover the Cost of Business School
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While studying a business degree reaps big rewards, there is still a significant cost associated with pursuing an MBA or business master’s. Cost remains one of the main factors impacting the decisions of business school applicants.
Even in Europe, where programs are generally more affordable, tuition fees can range from around €25k for a Master in Management to over €80k for some MBA programs. The average total cost of studying a top-ranked MBA in Europe is around €100k, according to the BusinessBecause Cost of MBA Report.
If you are considering studying in Europe, here are five ways you can finance your degree.
1. Explore scholarship options
Schools offer a vast range of scholarships in all shapes and sizes to help subsidize the significant costs of going to business school. HEC Paris in France offers around $1 million (€840k) a year in scholarships.
Merit-based scholarships are offered based on academic performance, usually based on a combination of GMAT score, grade point average, as well as your resume and job profile. If you’re a high performing candidate, you can expect to save up to 100 percent of tuition costs.
Needs-based scholarships, meanwhile, are targeted towards students with lower income who rely on financial support to undertake their studies.
It’s also worth looking into scholarships for specific scenarios. Some European schools offer ‘Second Degree’ tuition discounts, for students who have already graduated from one degree at the same institution. Bocconi University in Milan offers a 40 percent discount to master’s students enrolling in their second degree there.
2. Make the most of student loans and grants
If you’re applying to a business school in Europe, there’s a good chance you’ll be able to apply for some sort of student loan to fund your MBA or master’s.
Government student loans are fairly common in Europe. Erasmus+ Master’s Degree loans offer support to students from Spain, Italy, Croatia, Romania, and Turkey, looking to study their master’s degree in another country in Europe. Institutions must hold the Erasmus+ Charter of Higher Education.
Erasmus+ loans can be worth up to €12,000 for a one-year program, and up to €18,000 for a two-year program.
If you’re hoping to study in a country that doesn’t offer great government loans, organizations like Prodigy Finance and Brain Capital can help out. These organizations offer international loans for MBA or master’s programs, with flexible long-term repayment plans.
Depending on which country you choose, you may receive additional government benefits. Students in France are eligible for a housing allowance from the French government, depending on rent and income.
3. Consider what distinguishes you
As part of an effort to encourage diversity in their cohorts, business schools offer scholarships or fellowships for students from particular backgrounds.
Gender diversity is one of the main drivers. Schools offer scholarships for women to attract more female candidates. Bocconi’s Master of Finance program offers a full tuition waiver as part of its Women Awards.
The Forte Foundation offers its MBA Fellowship for women looking to study an MBA at its partner institutions: as well as tuition bursaries, the fellowship provides access to mentoring and networking opportunities.
Other scholarships may reward students looking to explore socially-impactful careers. EDHEC Business School’s Make an Impact scholarship is available to Master of Science graduates with plans to pursue a socially or environmentally impactful career.
4. Teach or become a research assistant
If you’re enrolling in a full-time degree, there may still be an opportunity to work alongside your studies. Many European business schools offer master’s or MBA students opportunities to teach bachelor’s students, or to assist professors or PhD students in their research.
EDHEC Business School, for example, offers administrative assistantships to master’s students, which require you to work for a few hours each week. ESMT Berlin offers various positions, including grading assistantships, to students studying master’s degrees or higher.
This can have dual benefits: helping you gain experience in an academic context, while also helping offset some of the cost of your degree. MBA and master’s programs are time-consuming, however, so you may be stretched to fit in a job alongside your studies.
5. Study closer to home
While for many the prospect of studying abroad is one of the main appeals of business school, if you’re a European business school candidate staying in your home country to study can be a good way to limit your costs.
For one, some business schools offer lower tuition fees to domestic students. In the UK, British students often pay half the cost of international students for some programs. For Birmingham Business School’s Master in Management, domestic students pay £12,420 (€14.2k), while international students pay around £24,480 (€28.4k).
Other schools offer specific scholarships to domestic students. At London Business School, the Borrows Scholarship contributes towards MBA tuition for UK students.
You also may have special access for certain student loans. German students studying domestically can apply for loans from banks such as Bildungsfonds, Deutsche Bildung, and KfW-Studienkredite, which offer special interest rates and repayment terms.
Staying to study in your home country can have additional cost-cutting benefits. Relocation costs will be limited, and if you’re staying in the same city, you may already have accommodation sorted. You’ll also save on not having to travel back to visit family and friends.
You might be initially concerned by the cost of business school. But given the number of scholarships and funding opportunities available, cost need not be the determining factor when it comes to financing your MBA or master’s degree.
Interested in other advice on how best to finance your degree? Check out our other resources on scholarships, loans, and other financing options.