Tag Archives: scholarships

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How to Fund My MBA?

MBA Scholarship photo

The decision to embark on an MBA is one of the most important of your career. The experience will sharpen your business skills and will open the door to new and exciting career opportunities in the future, but at what cost?

An MBA is a big investment, with tuition fees varying considerably (depending on the business school’s pedigrees) from £7,500 at the University of Wales Trinity St David to £87,900 at London Business School.  Of course, there are also living expenses to consider as well.

With these costs in mind, most people looking to study for an MBA will be faced with two crucial questions:  ‘How do I fund it?’ and ‘am I willing to take on the risk of doing an MBA given the financial commitments?’

The funding dilemma
This is one of the most important parts of the whole MBA process. The consideration of these questions and then coming up with the answer, ‘Yes, I can find a way’, and ‘Yes I am willing to take the risk’, is all part of the self-development process of getting into a business school and having a successful outcome.

There are risks involved but finding a way around these challenges is an excellent introduction to what you will be doing for the next 20 to 30 years of your career.  People who take on personal debt to do the MBA are indeed taking a big risk.  For example, one never knows what the economic climate and job market will be like at the end of their MBA – COVID being a prime example of how things can change dramatically.  Yet the ability to take on and manage big risks is one of the attributes that top business schools, future employers and indeed Engineers in Business Fellowship, is looking for in candidates.

To cover the cost of an MBA – particularly in the absence of full-time employment, savings or help from family members – it is critical that prospective students thoroughly research the potential sources of funding available.

Research what help is available
The key to resolving the question, ‘can I fund an MBA?’, relies on extensive research.  There are many different options and opportunities, so it is essential to find out which is best for you.  Unearthing this information involves intensive desk research, not a one-hour Google search.  The process could take as much as eight hours of exploration over several days, weeks or even months. 

What can you offer?
Competition is stiff for MBA scholarships so you will need to demonstrate in your application that you have the skills and experience needed to succeed on a demanding MBA programme, that you have clear goals post-graduation and how you intend to contribute to society. 

As part of your research and planning, you should go through a period of introspection and ask yourself the questions that a grant-giving or financial institution will want to know.  The typical questions you could ask yourself are ‘who am I?’ and ‘what do I have to offer?’, ‘What makes me special?’, ‘What traits, attributes and experiences do I have that make me different or stand out?’,  ‘What have I done in the past that makes me special?’,   ‘What will I do in the future that will make a difference in society?’.  In essence, what will impress and convince a grant or loan giving body that you are worthy of the investment?

Some of the main characteristics that universities and funding bodies will be looking out for when assessing scholarship applicants include leadership potential, evidence of entrepreneurship/intrapreneurship, track record of innovation and a proven commitment to a particular sector.

Once you have an idea of what differentiates you from others, you can start thinking about who can help you achieve your potential.  There are many grant-giving bodies, so it is essential to research them all and understand their perspectives.  However, there is no point tracking down these funds unless you can answer the questions about why they should award you a grant (or a loan from a financial institution).  You must match what they are looking for with what makes you stand out.

Choose the right funding or mix of funding
The funding options have different terms, conditions and requirements and they can be quite complex.  Below are a few categories of funding sources; for more information, these articles are a good starting point – Findamasters and Figmat.

Part-time study while working
Part-time study is a relatively common option for MBA degrees.  Many programmes are intended to be completed by practising management professionals and some courses set tasks for students to apply within their workplace.  A part-time MBA could therefore be a great way to study while continuing to earn a salary. The UK Government’s postgraduate loans are available for part-time masters.  The amount you borrow will be divided evenly across the duration of your MBA programme.

Banks
Before the 2008 financial crisis, several banks in Europe and the US offered loans tailored to MBA students.  Following the withdrawal of many banks from the MBA lending market, choice has been limited, particularly for international students.  In the UK, there are few tailored MBA study loans offered by high street banks, leaving higher interest personal loans as the predominant option for bank borrowing (see Figmat).

Employer sponsorship
An MBA could represent an attractive investment for your employer. After all, these programmes are aimed at enhancing the skills of experienced business professionals and developing advanced leadership skills that could prove invaluable in a current employer.  You will need to persuade your employer that sponsoring your MBA would be worthwhile for the company as well as your continuing professional development. Some employers may contribute towards the cost of an MBA, providing that you are willing to commit to returning after graduation. 

Scholarships and bursaries
There are many different scholarships and bursaries aimed at helping talented prospective MBA students get their dream qualifications.  Most universities and business schools run funding schemes to attract the brightest and best applicants from all backgrounds.  According to the Financial Times, 54% of students who graduated from a ranked USA MBA programme in 2010 received some form of financial assistance from their school or an external source.  Among their peers who studied in Europe, 31% received such assistance.

Scholarships are also offered by various organisations and institutions from across the world. For example, Chevening scholarships are offered by the UK Government to help talented international postgraduates study in the UK and our own Sainsbury Management Fellows £50,000 scholarships are available for engineering graduates from the UK, EU, and EEA to study an MBA at 14 of the top international business schools.

It is worth noting that institutions that offer money only have a limited pot each year.  Some of these schemes waive a portion of the fees, while others are cash positive, helping with living expenses as well.  Some schools have specific grants for certain demographics, for example, widening participation schemes.   You will need to know which demographic you fit into, whether you are part of a minority that can gain additional support. So, you need to look at both the macro and micro levels when researching. Remember that it is possible to apply for multiple grants from different institutions.  Some grant authorities may well be inclined to support an applicant because having one grant already shows that their decision to support a candidate is a good one because another body is already investing in that person.

Thankfully, there are many grants, loan schemes, fee waivers and other forms of assistance to help people to fund their MBA. The most important thing is to find what is right for you.  Once you have done your research, look at the big picture, consider how you fit into the offerings by defining your special qualities and then leverage that to come up with what works best for you. Most of all, invest as much time as you possibly can to track down the many sources of funding.  The time may pay off in the end and help you to achieve your ultimate goal.

About the author: SMF David Falzani MBE is President of Engineers in Business Fellowship and a Professor of Practice in Sustainable Wealth Creation at Nottingham University.

 

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The Unlauded Benefits of Soft Skills

Too often, graduates from higher education and business schools are not taught to acquire soft skills before going into the workplace. Their focus is typically on training and education, alongside job preparation and technical skills.  However, without the appropriate soft skills, their work is an uphill challenge that comes with a steep learning curve. In this post, we take a look at the soft skills graduates need to begin learning, and why.

Communication
Writing for Salesforce, Stuart Leung explains the problem:  “Despite the supposed ‘disconnect’ of the digital age, humanity is still a very social species, and unless we as individuals understand how to communicate, cooperate, and coordinate with others, we are at a significant disadvantage – especially in the workplace.  In fact, according to Mark Murphy (author of Hire for Attitude), 46% of new hires fail in the first 18 months, and of those new hires, 89% fail for reasons associated with attitude.”

Clearly, employers are going to be looking for candidates with soft skills like communication, especially if it curbs an alarming 46% fail rate.  Attitude problems are perhaps harder to predict in a new graduate, but a good communicator is likely not going to suffer from these as severely.  Conversely, companies that have a glut of effective communicators are far less likely to lose key employees.

Learning the intangible
Rosemary Haefner of CareerBuilder (@haefner_r) says: “Saying that you’re a team player is not enough; you have to show it.  Provide an example of how you worked on a team to accomplish a particular goal.  Provide an example of a high-pressure situation that you handled with ease.”

Teamwork is just one of several soft skills that employers are looking for.  They’re also after responsibility, leadership, problem-solving skills, decisiveness and adaptability.  The truth is that many of the desired qualities in candidates are intangibles, unknown before introducing an employee to the working environment.  And the problem with these intangible skills is that they are notoriously difficult to teach.  Attributes like decisiveness, cultural awareness and emotional intelligence are hard to acquire; they are often innate talents, rather than learned ones.

In most instances, it is a challenge to develop soft skills through study alone – it is something that progresses over time, with experiences of both success and failure.  The Director of HR at the Lawn Tennis Association, Vicky Williams, argues: “Most things can be taught, other than passion – people are either born being passionate or they’re not.  That’s an innate skill. But if you take teamwork as a leadership competency, while somebody cannot go from completely unskilled to being A-starred, their leadership journey equips them to be better than when they started out.”

Value
There is no question that employers value soft skills.  In surveys, qualities like “team player” and “good communicator” are always high on the list.  However, soft skills are terribly difficult to teach directly.  The best thing employers can do is create an environment that facilitates the learning of soft skills, and giving their employees a firm grounding in what competency in these skills should look like.

MBA Tips

Eight Interviews with MBA Scholarship Winners

Choosing MBA Master of Business Administration program for outstanding career

Welcome to the Q&A interviews with six young engineers who have each won a £30,000  Sainsbury Management Fellows scholarship to study for an MBA at a leading business school.

Over the next few days, we are publishing a new Q&A from an  awardee who will share why they decided to take an MBA and how a business education will help them achieve their goals.

Each year Sainsbury Management Fellows supports engineers with business leadership ambitions by awarding  up to 10 applicants a scholarship to help offset study costs.

Equally important, the scholarship awardees become part of the SMF network , a diverse, dynamic and experienced group of professional engineers who provide the MBA candidates with mentoring and support as they advance their careers.

If you’re a young engineer with ambitions to start a business or gain a leadership role in a blue chip company, gaining an MBA degree will augment your engineering qualifications and experience with strategy, marketing and finance skills.  These combined skills-sets will enable you to push your career in an exciting new direction.

We hope the interviews  inspire you to consider applying for a scholarship.  Learn more about how to apply.

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Cathy Breeze – Steering SMF Communications for 20 Years

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Cathy Breeze took up the role of Director of Communications at Sainsbury Management Fellows (SMF) around the time that email started to take off in business! 20 years on Cathy is managing a wide ranging campaign that embraces everything from the Annual Dinner and the Annual Report through to social media communications; running an active LinkedIn Group, Engineers in Business; an e-newsletter for Fellows, publications, research projects and a university business competition.

The communications channels may have changed, but the mission of Sainsbury Management Fellows remains the same – to help ambitious young engineers gain the skills and experience that enables them to become business leaders, either in their own start-ups or in blue-chip companies.

Cathy has spearheaded the external communications campaign to raise awareness of the scholarship scheme and attract high calibre candidates to apply for an award, as well as working with SMFs’ Trustees to build relationships with leading institutions such as the Royal Academy of Engineering and EngineeringUK. Cathy has helped to foster many mentoring relationships between Fellows and young engineers and helped the Trustees in the organisation’s transition to a registered charity.

At a dinner to celebrate her 20th anniversary as SMFs’ Director of Communications, Cathy said: “This has been the most rewarding job of my career, and I’ve had some interesting posts. I am fortunate to work with Trustees who have a strong vision for the charity and a commitment to deliver great results. They have inspired my work on the communications front. I very much look forward to our next challenge – raising £10 million to continue the charity’s work. We have already raised over £1.7million, which is a great start.”