Are you ready to invest your time and energy in a graduate management degree, but have hesitations about the cost? You’re hardly alone.
Among mba.com registrants worldwide, far and away the two greatest reservations they have about pursuing a graduate business degree are that it requires more money than available (51% of respondents) and that it requires a large financial debt (46%).
The cost of attending business school is an investment you make in your future success. To help you make the investment, business schools around the world offer a variety of tuition assistance programs.
Tuition Assistance Varies by Program Type and Region
Defined broadly, tuition assistance programs include any kind of initiative undertaken by a graduate business school to help students cover the cost of tuition. Some kinds of tuition assistance have a work requirement (e.g., assistantships and on-campus work study), while others are awarded based on merit or need and have no work requirement, such as scholarships. Read more about the different kinds of tuition assistance programs available at business schools here.
In a recent GMAC survey of business schools worldwide, 778 graduate business programs provided data about the types of tuition assistance they make available to incoming students. Using this interactive tool, you can explore and compare findings by program type and world region and learn what types of tuition aid are typically offered by different programs.
For example, using the tool you’ll discover that among the 120 US-based full-time two-year MBA programs that participated in the survey, 88 percent offer merit scholarships, 36 percent offer assistantships, and 30 percent offer fellowships.
Consider Tuition Assistance in Your Decision Making
Armed with this information, you can begin planning how you’ll pay for school and make sure you’re exploring all your options as you do your research. For each school you’re interested in, determine what forms of tuition assistance are available, what you need to do to qualify, and determine whether the responsibilities required fit into your larger business school plan.
Keep in mind that tuition assistance programs typically cover only a part of your costs, meaning you’ll still need to account for your remaining tuition balance. Is it worth it? An excellent group of people to ask are b-school alumni, who once faced the same choices you do.
Alumni Say Their Investment in B-School Degree Pays Off
The vast majority of b-school alumni report their decision to go to business school was a good one. Of nearly 11,000 alumni surveyed last year, 82 percent agree that their graduate management education increased their earnings power. So while the price of tuition may give you pause today, in 5, 10, or 20 years from now, you’ll likely have made up the cost of your initial investment with considerable interest.
But the payoff isn’t limited to the financial. The same survey found that 77 percent of alumni agree that their business school experience prepared them for their chosen career and 86 percent agree that the skills they developed in business school moved them further along in their career.
Find out more about what business schools have to offer by using the School Finder tool! A great way to get started thinking about your tuition plan is to read more mba.com articles on financing your degree and exploring what tuition assistance is available at the schools and programs you’re interested in.