help and advice needed. Funding/scholarships etc.

saver2013_2

Hi,

I have actually been an avid reader of MSE for a few years now but first time posting. I am basically stumped on the funding options of my MBA. Situation is this -

1) I recently applied and accepted for an execMBA program at top 5 business school in the world...The cost is $150 K approx.

2) I'm not currently employed so can't ask an employer to contribute to this...

3) My savings are limited and basically I would need to live off them during the duration of the course anyway - 2 years long...

4) I'm 26 years old and am not from a developing country (i.e. born in uk) and neither a poor family though we don't have the capacity to fund it.

5) The university doesn't offer scholarships for the program nor reduced rates. I got in because I said I was self-sponsored...

I've been searching all week for ways to fund this...some say there are charity trusts (though I can't find a comprehensive list) or grants or scholarships out there...but I can't find much.

Any ideas here please...?:A

dizzyrascal

No, there is no funding for this.
If you really want to do this you will find a way but an exec MBA is usually something undertaken by someone in senior management already and therefore funded by an employer or possibly self funded with a bank loan.

agrinnall

saver2013 wrote: »

I got in because I said I was self-sponsored...

So you got in (at the expense of someone else who missed out on a place) by lying, or at least being economical with the truth. I predict a great business career for you, you have the key attribute...:D

dizzyrascal

Sadly it is very common, especially with post grads. They get on a course, say they will self sponsor and even start the course sometimes, then start wondering how they will pay for it.
That's when they start looking for funding.

amiehall

Honestly, this course is not likely to be that helpful to you if it's not accompanied by a strong track record in management. You'd be best to focus on finding relevant work. You can then save up for the course, persuade your employer to sponsor you, or study part time while you're working.

laurylaury

One website where you can get an idea of some funding available is: http://www.postgraduatestudentships.co.uk/subject/141/pgt

I have some experience in applying for bursaries and to charitable trusts as I started a part-time Masters this year. I applied to around 20 organisations and eventually got a cheque for £500 from one of them around 4 months after I initially wrote to them. This charitable trust has also said that if I perform well this year they will also fund me with a similar amount next year. I'm on a low income but am using my savings to pay for my course and looked at bursaries/grants as a bonus as I realised the likelihood of getting one was very slim.
They generally have very specific requirements eg, you must be from a particular geographical region and be studying for a specific qualification etc.
They also require usually two written academic references and possibly a character reference.

All in all, they are definitely worth applying for, but don't get your hopes up - just see any grant (which will more than likely be for a small amount) as a bonus. I'd say that trying to cover the cost of your fees in this way is next to impossible given how extortionate your fees are.

If I was in your position I would get in touch with the university and explain that you had hoped to fund yourself but this is now not possible and find out if you would qualify for any bursaries that they offer. Alternatively, you could ask to defer for a year and come back when you have more savings to sustain yourself...

dizzyrascal

The link posted in the post above mostly relates to PhD's and not for taught post grad courses. Studentships are usually PhD's who take on some teaching and so qualify for a small salary.
I cannot honestly see any charity helping fund such an expensive course, mostly charities fund a few hundred pounds and usually for help with living costs not fees.

fishybusiness

I'm afraid it is the way of the world at the moment, if you don't have the cash, you can't do the course.

That is the reality.

If you have enough in savings you could pay for the course, try for grants and bursaries, and live hand to mouth until you have completed it.

Maybe even go to work?

dizzyrascal

In case people haven't noticed this course is going to cost about £94,000 and the OP is unemployed.
Even the Oxford Executive MBA comes in at just under £60,000 but it does stress that it is for senior business people http://www.sbs.ox.ac.uk/degrees/emba/Pages/fees.aspx
MBA's are very popular in the US but here in the UK, the jury is still out.
I would still like to hear from the OP why they want to do this course because I can't see any benefit unless they are genuinely a senior manager?

fishybusiness

In case people haven't noticed this course is going to cost about £94,000 and the OP is unemployed.

:rotfl::rotfl::rotfl: