Articles

Lowering The Cost Of Getting An MBA

2010-03-23

Going back to school for your MBA is becoming more a necessity than a luxury in this competitive job market, but the cost of going to MBA schools can be prohibitive. How can you qualify for MBA jobs without breaking the bank?

The first step in alleviating the cost is applying for the Free Application for Federal Student Aid (FAFSA), which qualifies you for government aid in paying for tuition. If your income and wealth is low enough, you will qualify for grants, student loans, and scholarships. Next, you need to apply for other scholarships and grants. Search the Internet for graduate school scholarships and apply for the ones for which you qualify. Be sure to check your graduate school's web site for school specific scholarships. Many programs give qualifying students all or part of the cost of attending their school.

If you are currently employed in the business world, you may be able to get your employer to pay for your graduate education. Many employers pay for their employees to get a Masters degree in their field in order to increase his or her effectiveness as a worker. Be forewarned, however, that when your employer funds your graduate education, you are ethically and often contractually obliged to stay with that employer for some time after your education, even if you are offered a better job elsewhere. Which of the MBA schools you choose to attend also greatly affects the cost of getting your degree. While Harvard Business School may look good on your résumé, the estimated cost of almost $80,000 dollars per year won't look good to your bank account. A degree at the University of Texas, for comparison, has an estimated cost of almost $45,000 a year, nearly half of Harvard's cost. While an MBA from the University of Texas may not have the same appeal as one from an Ivy League college, it is more financially viable to achieve. Even if you have your eyes set on rising high on the corporate ladder, consider this: CEOs from the Fortune 500 companies are as much from non-Ivy League schools as they are from Ivy League programs.

Lastly, try choosing a program that takes less time. The less time you spend in school, the less money you'll have to pay in the long run. Depending on your situation, you may want to be a full-time student, attend night classes, or do some combination of these. It might be worth making some sacrifices to attend more classes in a semester rather than taking more semesters. Qualifying for MBA jobs is the way to more promotions and higher salaries. Paying for it doesn't have to be an insurmountable barrier.