Among the long list of Masters programs, MBA counts as one of the most sought after. This is primarily because a professional armed with an MBA is known to adopt a scientific approach to management, resulting in better business outcomes. It is this proven benefit that has resulted in a higher fee structure. The general duration of two years for the program fully equips participants to succeed at the workplace. The advantage of MBAs over most other Masters programs is the specificity, where the participants get exposure to a broad category of problems, and situations. Check out multiple options for funding your MBA program.
Benefits Through Manifold Increase In Remuneration
It is true that the outlay for pursuing an MBA is quite expensive and much beyond the regular masters program. The foremost question in the minds of students are can I afford an MBA? It needs to be remembered that during the duration of the course, there is likely to be loss of income generation, and therefore students need to factor in that requirement as well. However, the pot of gold at the end of the rainbow is the fact that the earning potential after completion of the MBA is unmatched. The growth can be as much as thrice the employing potential, with the first year gains alone being as much as double the existing earnings.
Simple Methods To Raise Funds For Pursuing MBA
There are multiple options to raise funds for pursuing your Master of Business Administration. Here is a look at some of the more common options.
•Loans – It is easy to avail loans from the Government under various plans, subject to fulfilling certain criteria. For instance, if you intend to pursue your MBA in Australia, you need to belong to one of four different categories of individuals – citizenship, special category status, humanitarian visa holder, and permanent resident. There are eligibility criteria, which include – enrollment at an approved institution, and subject to the credit limit of the government loan towards education. There is an upper limit to the loan amount that can be availed for this program and it is important to ensure that the institution and the program are approved under the loan scheme.
•Scholarships – There are many options for students to avail scholarships while pursuing MBA. In addition to the general category of scholarships, there are need based scholarships and specific scholarships. There are eligibility criteria for availing scholarships and on a comparative scale, scholarships benefit a smaller section of aspirants to the course because of the criteria which may include merit.
•Employer Support – Employers are known to support employees who intend to pursue higher education and specialization which will help them to perform better in the organization. Support may either be in the form of an extended break from employment, with the position remaining open for the employee to resume duties, and in a limited number of cases, the employers fund the program. However, this would entail entering into some kind of a contract as the employer invests a significant amount towards the Masters program.
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