When you’re working full time, perhaps balancing that with a family and other commitments, how you choose to finance your Executive MBA needs careful consideration. Here we look at what options are available to you and how best to take advantage of them.
Employer sponsorship for EMBA
As the FT reported earlier this month, as the rise of millennials sees a fall in employee loyalty, with most moving on in one or two years, employers are less willing to invest in the career development of their staff. However, many students on our Executive MBA program do receive sponsorship from the companies they work for.
The best way to secure sponsorship from your employer for an Executive MBA is to make a strong business case that will get their buy-in and support your request for funding by highlighting the benefits to the business.
You can get tips on how best to do this in our guide to how to approach your employer for sponsorship which includes:
- Who you should submit your proposal to
- Writing your proposal, along with lots of examples
- How the Executive MBA can benefit your employer
Most business schools offer merit-based scholarships for high-potential candidates to contribute towards program fees. The percentage off the fees will depend on the school and the scholarship, and in some cases, how exceptional the candidate is.
At Hult, we have a range of scholarships for EMBA students that are awarded to students that demonstrate the highest potential, be it through their professional background, academic excellence, or personal achievements. Hult scholarships include:
- Social Impact
- Entrepreneurial Impact
- Senior Leaders
- Global Professional
- Women in Business
Financial aid for executive students
Needs-based financial aid packages are sometimes awarded by schools to students who fulfill all the programs criteria, have explored other avenues of funding, but don’t have the finances to cover the program fees. The amount awarded will depend solely on the financial situation of the candidate.
Hult offers needs-based financial aid on a case-by-case basis. The financial aid committee looks at the situation of each accepted student and, depending on each candidate’s personal circumstances, decides if financial aid will be awarded and at what level.
Most business school students, including those on part-time Executive MBA programs, utilize some form of loan. Some business schools operate a loan service themselves, lending directly to students. Others, like Hult, may have partnerships with third party loan companies.
Hult, for example, has established an exclusive partnership with GoEd Student Financing to offer loans to international EMBA students at competitive interest rates. Loans are typically offered over five years, with a repayment schedule that starts six months after graduation.
Even if the business school you’re applying to doesn’t have a loan service, banks in many countries will offer loans specifically for higher education. Many governments offer financial loan schemes for higher education too. Terms vary widely from country to country so make sure you research the help your local institutions can offer you. It can be difficult to know where to start which is why, at Hult, we work with candidates to help them identify suitable financial institutions and government programs.
Savings and assets
Before you apply for any loans or financial aid, be it through the school, bank, government, or private loan company, you’ll need to show that you’ve liquidated any assets you have available and are prepared to use your savings to finance your education.
An Executive MBA is a significant, long-term investment but there are many ways to finance your program. We are always happy to talk to candidates to our Global Executive MBA about the different options available to them and which ones make the most sense for that individual.
Remember, the best strategy when asking your employer for sponsorship is to make a business case for how the EMBA will benefit them.