MBA scholarships that aren't based on financial needs?
I'm currently considering top MBA programs but I'm not sure I'd like to do one even if I was accepted, because of the total cost (tuition + opportunity cost mostly). I'm a software engineer and am not sure the NPV makes sense for me.
I know that some top MBA programs offer financial aid based on needs, but I worked hard and was frugal enough since high school that I have enough assets to cover for two years of MBA expenses (I'm 27). I therefore do not think that I would be eligible for any need-based scholarship.
Do you guys know if there are scholarships that are available at top MBA programs that are not based on financial needs? These could help make the NPV more interesting, but I'm not sure they exist.
I'm talking about Top 10 mostly - I know I got a letter from Notre-Dame saying that I should apply and would have good chances to get a full ride after getting 770 on my GMAT, but if I were to do a MBA in the States, I'd like to focus on the top 10.
Thanks!
Nearly every program has merit based scholarship money. I don't know specifically about HWS (and I think Wharton does give some money), but the other top 10 programs do give out merit based scholarships.
You need to go to a Top School. Notre Dame's MBA program is along the lines of McCombs and Emory but it is not considered elite.
This has been mentioned before on this site, but it is probably worth mentioning again: Top Tier MBA Programs will give you significant return on investment. A $150 thousand up-front cost for one of these schools DEFIN has a positive NPV.
I'm going into the dark debt-hole for my M7 MBA and consider it worth it. The short-sighted focus on the cost is just that, short-sighted. The 150K or so is a trivial amount of money if you consider you will work 25-30 years after you graduate and your lifetime earnings will pay that off in dividends. This assumes you are not already in banking and staying that route (ie, mba no relevance to your career progress).
Thanks a lot for your answers. I guess the best way to find out would be to actually spend some time on applications this fall or next year and see what the outcome is.
I'm still unsure that the NPV is great given that I can earn about 100k/yr now and increase that to maybe 150-180k within 10 years without a MBA by staying in software engineering, doing 40-50 hr weeks, but I'll think more about it and take your feedback into account. Thanks!
Being a minority (both race and gender) helps more than you will ever know.
I'm sure it does, but despite being a native French speaker (as I'm pretty sure you guys could tell), I'm a Caucasian male, so I doubt I'd qualify as a minority.
What do you want to do long term? I think that is the first Decision Point. If you aren't planning on pursuing a position that has a much higher income potential, you may be wasting your money. It doesn't seem that an MBA would be beneficial for a software engineer but maybe you, or others, have a better idea of what careers/positions you could move into with said credentials. Point being, if you plan to stay in the same job and your salary isn't going to increase for simply having the degree, then it probably is a waste of time/money.
Next would be applying to schools and finding out what the actual cost would be based on the aid they would give you. Maybe going to ND or Emory or UNC with a full ride, or near full ride, might be a really cheap vacation for you. I know this will seem like blasphemy here on WSO, but not everyone needs to go to a top 10 program, especially if you take into consideration the cost differential of a full ride vs. little aid and your intended career path. Most top 20 schools will give you access to similar jobs in similar industries, but the top 10 or so will just give you a better chance/probability of landing those jobs.
Also consider that the additional debt you take on going to a "top" program (assuming a full ride or near full ride from a decent school) will limit your options on the back end...that is to say, you will be 'forced' into certain fields for varying lengths of time in order to pay off that debt...whereas coming out of school with no debt will allow you to pursue whatever you want to do. Admittedly, for most of the folks here on WSO, that isn't a problem, because they plan on being in finance, but where you need to truly consider that aspect is if you have entrepreneurial aspirations. In my opinion, you don't have to go to Harvard or Duke to run a successful business and if you want an MBA to help in that aspect, ND or UNC or Emory is probably going to be just as beneficial in terms of knowledge but better in the long run because of cost.
Just some things to ponder.
Regards
Thanks a lot for your well thought answer. I certainly need to reflect more on that and determine whether I want to keep doing software engineering, want to become an entrepreneur, or dabble with management consulting to determine the potential value of a MBA for me. As you wrote, even if a Top 10 MBA program looks more attractive at first sight, a Top 20 program with nearly full ride may very well be worth it.
montrealer, I'm in similar shoes. Have you considered MIT's LGO program? Some of the science degrees will give you a full ride.
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