The most influential factor while searching for the right MBA programme to study abroad is the cost of the programme. A particular programme provided by a specific university may interest us very much, but due to lack of finance, we are forced to look the other way. We often lack knowledge about various methods that are available for us to fund our overseas MBA studies.
Here is a list of options that we can utilise to generate the required fund.
Community funded loans: Also known as prodigy finance loans, these are collectively provided by a community of alumni, institutional investors, and other qualified private investors. Through the website, 'prodigyfinance.com' one can apply for the loan online. Benefits include fast application, competitive interest rates, zero co-signer or collateral requirement and freedom to commence repayment six months after graduation.
Employer sponsorship: Some employers may agree to bear the cost of the MBA programme, on the condition that the borrower must return to work after completion of the studies. This requires good performance record and connection within the company and proving how any new skill obtained from the studies will benefit the company.
Scholarships and grants: There is a wide range of scholarships and grant options available for MBA students. Some are provided by the universities themselves, listed on the university websites. Merit-based scholarships are offered to students with outstanding achievements but lack resources to cover the full cost of tuition. Popular scholarships provided by foreign governments include Fulbright Foreign Student Programme (USA), Chevening Scholarships (UK), Endeavour Postgraduate Awards (Australia), Vanier Canada Graduate Scholarships (Canada) and so on. Many global universities also provide merit-based scholarships.
Bank Loans: Certain banks in Bangladesh provide student loans based on merit to facilitate further studies. Examples include Dutch-Bangla Bank, Mercantile Bank and IFIC bank. Loans ranging from around Tk 10 lac to Tk 20 lac can be obtained from these banks to facilitate international studies.
Crowdfunding: On platforms such as Indiegogo and GoFundMe, students can convince the broader community through creative ways to fund their MBA programme expenses.
With a range of options available, the top priority of students should carry research beforehand to identify the sources of finance most suitable to them and prepare them accordingly.
The writer is currently studying Economics at BRAC University.
She can be reached at [email protected]
