How to Save Money on Getting Your MBA

Earning an MBA certainly does not come cheap. This qualification is very prestigious and can seriously enhance your professional career, so it’s no surprise that it’s likely going to be one of the biggest investments of your life. When it comes to the cost of an MBA, there are not only tuition fees to consider. Think about the opportunity cost, which is the amount of money that you may lose by working less while studying, and the associated cost, which might be higher if you move to a different state for college or commute a long way to classes while getting your MBA.

Thankfully, while there may be nothing that anybody can do about tuition, there are several things that you can do to drive the overall cost of getting your MBA down. If you’re serious about improving your future career with this qualification, here are some savvy ways to ensure that you’re making your investment stretch as far as possible.

Consider Studying Online

Today, online degrees have taken the world by storm thanks to the COVID-19 pandemic. And while studying online has been around for a lot longer than the coronavirus, today it seems that most students are learning this way in order to keep themselves and others around them safe. For MBA students, the option to study online really is a great way to save money. By studying online, you could end up going to your dream business school without the need to set foot on the campus. Meaning, that even if the school is hundreds of miles away, you won’t need to worry about the cost of relocating or commuting – you can access classes from the comfort of your own home.

Shop Around

While an MBA from one of the more prestigious business schools might look impressive on your resume, the truth is that you don’t have to pay more for a respected school name for an MBA to give your career a boost. These programs often tend to be even more expensive, so it’s definitely worth shopping around and giving other less famous schools a shot. What matters the most is choosing a school that has a good reputation for MBA education and a program where a lot of the graduates go on to do great things. Spend some time researching different schools that offer MBA programs and compare the features and learning options to find one that is right for you based on what’s offered rather than how well-known the school name is.

Financial Aid Options

There are several options available for MBA students who could use some financial aid. This will depend on a number of factors including any student loans that you are currently repaying, your personal financial situation, and whether you are eligible to apply for any scholarships. If you are currently repaying a student loan from your bachelor’s degree, refinancing the loan can be a smart option if you are in need of additional funding to pay for your MBA tuition. It’s also worth looking into scholarship options that are often offered by business schools, companies, and other organizations to help get certain people into this field of work.

Ask Your Employer to Pay

Getting an MBA is not only going to benefit you if you’re currently working and plan to stay on with your employer. By improving your qualifications, you will boost your own career outlook and become a more valuable asset at your place of work. For this reason, you might want to consider asking your employer if they are able to offer any financial assistance when it comes to getting your MBA qualification. Many employers today offer tuition relief programs or will even pay all or some of your tuition fees upfront as long as you are willing to continue working with them afterward for a certain amount of time. There is certainly no harm in letting your employer know about your plans as this gives you a chance to work together with them to help your career goals and find out what they actually require from you in order to get the position that you want at work.

Continue Working While Studying

Traditionally, MBA students would take the time off work while getting their qualification – but for many individuals today, this is no longer a viable option. Whether you’ve got a mortgage that you need to continue paying or kids to feed, it’s often unrealistic to expect somebody to be a full-time student as an adult for a year or more. The good news is that in response to this, MBA programs have changed a lot. You can now find both online and on-campus MBA degree programs designed to be more flexible and to allow students to continue with their jobs as normal while studying.

Try an Accelerated Program

Those who study online often have the option to take an accelerated program, which can be very intense but also offers you the option to get your MBA even faster. If you are able to take some time off work to focus on getting your MBA then this option might be worth looking into, as not only does it mean that you’re able to meet your career goals sooner in life but, ultimately, it could also mean that you pay less in terms of tuition fees.

Take Advantage of Other Financial Perks

As an MBA student, there are so many things that an MBA can do for you – just click here to find out more. While you are studying, however, it’s a good idea to take advantage of your student status to save as much money as possible. You can find student discounts on everything from clothing to tech. Whether you need a new computer to study from or are looking for a smart outfit to wear for an interview, make sure that you know where the best student discounts are offered so that you can take advantage of savings that will add up over time.

Today, getting an MBA is still as relevant as ever – and it doesn’t have to be as expensive as it sounds.