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November 29, 2017

How to Afford an MBA

A Master of Business Administration is still among the most popular graduate degrees on the market today. The available programs allow you to master the necessary skills to become the leaders of tomorrow. Employers love those with an MBA degree when seeking candidates for mid- to top-level management positions. The career opportunities waiting for you at the end of the course are just too good to miss.

There are plenty of opportunities to study for an MBA too. You can now enroll in the best programs and select fields such as cybersecurity management and marketing as your focus. The biggest challenge is affording the MBA degree in the first place, but we have just the tips to help you cover the costs of your MBA degree with ease in this article.

Opt for an Online MBA

It is not a secret that online MBA programs are substantially more affordable than their equivalent offline courses. Since universities can run their online MBA programs with minimum overhead costs, they can offer the courses at lower fees in return.

We’re not talking about low-quality graduate courses either. Top universities are now making accredited MBA programs that follow their strict standards available to online students. You can enroll in a no GMAT MBA program just as easily.

Expect to save anywhere between 30% to 50% on tuition and other fees when you pursue your MBA degree online. You can also manage your time and complete the course while working a full-time job and maintaining your current career path.

Teaching and Research Assistant Jobs

Another great way to pay for the MBA degree is by working as a teacher or a research assistant. Many courses offer the opportunity for students to get involved in the university’s research programs. In return, the university will substantially reduce tuition and other fees associated with the MBA course.

There are two benefits of going this route to afford an MBA degree. First of all, you will be working with the same university, so managing both the research job and your MBA course is certainly a lot easier to do. On top of that, you also get direct access to more resources that will help you study for the course.

Ask Your Employer

Don’t discount your current employer just yet. For companies, investing in their existing employees is much more effective than trying to search for new candidates to hire. This is why more and more corporations are now encouraging their best employees to go back to school and pursue a master’s degree, including an MBA.

You can get the support you need; that support goes beyond a financial aid that covers your tuition. Some companies, for example, allow employees who are pursuing their master’s degrees to take time off of their weekly schedule for studying and dealing with course assignments.

Don’t let the cost of getting an MBA degree put you off. There are many ways you can afford the master’s degree and push your career forward. The tips we covered in this article will help you get started without a problem.

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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