Like many candidates who have made the decision to commit to a graduate management degree, but are still worried about financing, you may feel lost and unsure of how to begin the process of figuring out how to pay for your studies. Here are some aspects summarized from GMAC’s article to keep in mind before you begin researching the financial support each school offers and apply for tuition assistance.
Helpful for: MBA, Master’s Applicants
Read Time: 5 minutes
- Depending on the program you apply to, there will be different requirements set for receiving financial support, including your citizenship or where you live. One scenario might require you to work on campus or help a professor through an assistantship. Another situation, in which you would be awarded a scholarship, would have you evaluated based on your cumulative GPA and previous extracurricular involvement. Make sure you understand the necessary conditions that need to be met in order to avoid any stress or disappointment in your application.
- A survey conducted last year showed that out of 11,000 alumni, 82% agreed that their postgrad management degree increased their earning power. 77% of alumni felt prepared for their chosen career and 86% agreed that their skill development propelled their career. Even though the cost might seem like an overbearing obstacle right now, in ten years’ time it will most probably have paid off. Looking at earning a degree as a valued investment will reassure you that you are on the right path and reward your effort and financial commitment.
- In order to benefit most from your research, it’s important to first realize the amount of personal finance you will have to set aside for your degree. Afterwards, you will have the ability to create a clear plan of action towards assessing each school’s options to cover the remaining tuition balance. GMAC reminds us:
Keep in mind that tuition assistance programs typically cover only a part of your costs, meaning you’ll still need to account for your remaining tuition balance. Is it worth it? An excellent group of people to ask are b-school alumni, who once faced the same choices you do.
Good luck in your academic journey, and make sure you register on PrepAdviser to stay updated about the latest information on preparing and applying to international MBA and Master’s programs!