Funding and Scholarships

Studying anywhere can be an expensive business. UK is no exception, but many past MBA students would testify that it is worth every penny.

University fees for an international student on a 12-month MBA course are often around £20,000, though depending on the institution they can vary from £4,000 to over £30,000 . On top of that, the Borders and Immigration Agency requires you to have £5,400 basic living expenses for 9 months if you are living outside of London. On this estimate, living expenses for a full year would be £7,200. If you are in London, the Agency estimates £7,200 living expenses for 9 months, which works out at £9,600 for a full year .
 
If you have only been working a couple of years, this may seem like a lot. However, if you cannot afford to self-fund, there are still many ways of finding the money for an MBA course. Actually, the challenge of finding the money can be helpful in enabling you to get to grips with the significance an MBA course as a life choice. For many students, the process of applying for and receiving a scholarship ends up being a positive part of their MBA experience.

The British Council and UK Council for International Education have produced a general booklet explaining routes to finding funding for studying in Britain. This can be found here .

This article will briefly outline various different funding options available to you, and how to go about researching them.

Work sponsorship
If your current or future employer has suggested that you do an MBA in the first place, why not see if you can discuss with them formal sponsorship arrangements? They might have, or be willing to set up, a system of grants that will enable you to do the course.

Banks and loan bodies
Depending on your country of origin, banks and private loan bodies may be willing to consider low-interest loans for ‘career development’. Many students only consider this as a last option but it is worth bearing in mind.

Scholarships
For many international students, a scholarship is the only way you can practically afford to be studying in Britain. But even if friends, family or work can afford to help you out, many students prefer to try for official scholarships.
If you are awarded a scholarship it really is something to be proud of, and is a great commendation of your potential both as a student and in your future career. A scholarship can be an excellent mark on your CV: many future employers will see it as a big achievement.

Several different types of scholarship are available for MBA studies, from various different sources.

Your university or college of choice may well have scholarship programmes in place. Check before you apply, both on your university’s main postgraduate website, and on the faculty’s specific site. If you cannot find information on the websites, get in touch with the university’s programme coordinator, administrative liaison for your MBA, or international office: they should be happy to hear from you and will be able to guide you through your university’s guidelines and available funding. They are well aware that that, for many students, the availability of funding will be a determinant factor in whether you study at their university.

Other funding bodies provide limited numbers of scholarships specifically for certain subjects, including MBAs. The British Council’s Education UK  website has a helpful search tool that can point you to scholarships specifically relevant to your circumstances and country of origin. This tool also lists individual MBA-specific scholarships from particular universities. Another funding search site with specific information about MBAs can be found here .
Another important scholarship opportunity, run by the British and Commonwealth Office, is the prestigious Chevening Scholarship scheme , available to under-35s who already have especially excelled in their careers.

About different scholarships
Look out for detailed information on any specific scholarship you apply for: see also if you can find out the ratio of applicants to awards.
Some scholarships will cover fees and living expenses and even give additional book and travel grants, whereas others will be only partial, covering perhaps a portion of fees or living expenses. Likewise, some scholarships will allow you to use their financial provision in conjunction with others; others will insist on you only using theirs. Some scholarships will also be more competitive than others.

Hardship grants
Some universities will have limited funds available to support students from difficult financial backgrounds. Unlike scholarships, these are not always based on your previous academic and employment performance. Again, ask the universities you are interested in for further details of what hardship grants they may have available.

How funding bodies choose who will receive awards
Many funding bodies will make their criteria for allocating scholarships public; others might not, but there is no harm in asking if you want to know. Typical criteria that are examined when choosing who will gain a scholarship include:
- Previous academic achievement, even if your first degree was in a subject unrelated to your MBA.
- Employment experience.
- References from employers and previous academic supervisors.
- Your personal statement, reasons for applying, and potential as a candidate.

Tips for applying to scholarships
- Read all the small print beforehand. Some scholarships have quite specific entry requirements. It would be a shame to enter and find out afterwards that you have wasted your time and were ineligible in the first place.

[1] http://www.chevening.com/