Financing a £45k MSc in London. How did you make it work?
Currently an AN1 in a BB (JPM/GS/MS) in a FO/MO (Risk/Payments/Securities Services) role, with six months of experience. My goal is a lateral move to IBD within 2-3 years, though I understand this transition may come with challenges.
As a backup, I’m considering pursuing an MSc at LBS/LSE/HEC and re-entering through the internship route. However, with tuition costs around £45k and an additional £45k for living expenses over 12 months, I’m curious about how people from less privileged backgrounds manage to finance such a significant investment.
Could anyone share their experiences on how they financed an MSc program that totals over £80k in a year?
Thanks in advance!
Based on the most helpful WSO content, here are some insights on how people manage to finance significant investments like an MSc program:
Savings:
Scholarships:
Loans:
Parental Support:
Part-time Work and Internships:
Financial Aid and Need-Based Scholarships:
Company Sponsorship:
Investment Income:
These strategies can be combined to create a comprehensive plan to finance an MSc program. It's essential to explore all available options and plan accordingly to manage the financial commitment effectively.
Sources: How do people actually pay for MBAs?, Why is it so difficult to get into finance as a middle-class kid, Is it possible to get accepted into an M7 MBA program when you don't have enough money to afford it?, European Master in Finance programmes (pre-experience), MSF Class of 2019
Ask your parents to do it
Additional £45k in living expenses? This number seems too high imo, could do with around £20k, +/-£5k unless you plan on living in a 2 bed apartment in Zones 1/2.
The only MSc program I know that comes close to £80k is the Oxford MFE as the tuition fee is just under £60k + another £15-20k for living expenses.
Most people from less privileged backgrounds either use at least one of the following — scholarships/financial aid, loans (probably private as Postgraduate Loan from the government isn’t enough), savings of some kind, money they get from internships and other jobs or parental support (partial funding). What I’ve heard some do is combine some of the above resources available to help lighten the financial burden.
The scholarship one is kinda tricky as it depends on you getting an offer first, if it’s an internal award (from the uni themselves), not too sure how it works with external scholarships but could be the same too. Those with valuable insights can chime in too as I’m in a similar situation.
Agree with others, adjust your lifestyle. Should be 20-25k per year as a student.
look into LSE’s PT Msc Finance. same rep same degree just allows u to work and pay it off
Why did you mix Risk in with Payments & SS?
Risk is most definitely not FO, payments/SS are.
Especially if you’re on a grad programme, you’ll be placed on specific sales/ RM teams
Just threw Risk in because it was the only other division that half met the criteria within a CIB. Can confirm it is payments/SS.
Can’t you lateral from there? I’d suggest lateraling now, at the end of Y1 instead of waiting long. You almost started the scheme so start cold applying to other banks whenever you see an opening, also you can be eligible for grad roles. I’d say even take a MM to start in IB, and then lateral up. Imho that’s a better approach. My friend took the route you described and given the chance again, would lateral much quicker instead of waiting for a good moment and then eventually doing Masters. Too much effort imho
20k living expenses is crazy lol rent will be at least 14-15
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