A degree from the world’s most prestigious business schools doesn’t come cheap. Tuition and fees can easily run into the tens of thousands of dollars, which many prospective students cannot afford. For those people, there’s a way to get a top MBA education without spending a fortune. You can reduce your cost by taking the right courses at the right schools, and you can even make it free. Here is how to get the most inexpensive MBA education from leading universities for S$1,000 or less.
The application process for any MBA program is riddled with stress, and it’s not hard to see why: only 12,000 seats are available in the United States each year to applicants from the top 26 US Business Schools. While these programs can be wildly expensive, the amount of money you need to spend to attend one is highly variable. This is where scholarship programs come in: they can offer the same experience as an expensive MBA program without the need to borrow massive amounts of money from your parents. Below are some tips to show you how you can get a full scholarship for your MBA degree:
1. Improve GMAT Score – GMAT (Graduate Management Admission Test) is the standardized test used by most business schools to evaluate applicants. The higher your GMAT score, the higher chance you can get the MBA Scholarship. Most successful applicants have an average score of 700. It will take about 6 months to 12 months to have good preparation for the GMAT exam.
2. Make a professional resume that will help you stand out – highlight your strengths and explain how you will be different from the other applicants who are competing for the same spots, and what you hope to gain from the program.
3. Get a recommendation letter – Getting letters of recommendation from teachers, professors, and bosses can improve your chances of success.
4. Focus on a few schools you want to apply to – When applying for scholarships, you may not have much control over which schools you get accepted to. However, you can control what scholarship you apply to. First, consider the schools that you want to apply to based on what you want to do in life. Then, identify schools that have the highest chances of accepting you. You can then focus your scholarship applications on those schools to reduce the workload and time spent.
5. Get your application in early – applying for a scholarship is a fiercely competitive process, so the earlier you apply the better as the scholarship spots have not been filled up.
6. Networking is your best friend – you will be surprised that you can find scholarships from external sources, such as in community groups or other organizations. You can also establish a professional presence online by having a website with a blog and a presence on social media.
Related Article: 7 Tips How to Mingle with Everyone, Even if you’re an Introvert
Employer Funded Degree
Ever wonder how those people get their MBAs? Do they have top-notch connections to the school they are applying to? Are they the son or daughter of wealthy families? No, no, and no. Most of us have to work hard for what we want, and a lot of us have to do it for the very first time. So, how do we get the funding for our MBA studies? There are several ways to go about it, and one of the most popular is to apply to your employer for funding, and the following factors will determine whether you can make it happen:
1.Find out whether your employer has funded anyone’s MBA before. If not, the chance might be slim.
2. Your performance and employment duration – It’s without a doubt that you have to be a top performer in your company for the management to consider investing in you. If you are not a top performer, work towards becoming one. Employment duration also matters. Nobody wants to invest in an employee who has just joined not long ago, or to invest in someone who they know will not stay long with the company. Aside from being a top performer, you also must have worked at the current company for a time being, say at least 2 years and showcase your loyalty to your employer.
3. Your relationship with top management – Office life is full of politics. Accept it or not, it is still happening. It may be the case that you are the top performer, but no one in management seems to support you. This makes your proposal even harder. If your direct boss is one of them, that’s great. Nobody knows you better than your boss. It is important to establish a good rapport with someone in top management so that the person will support you and speak highly of your proposal.
Get MBA Education through MOOCs
For most folks, attending graduate school means attending classes in a classroom, taking a deep dive into academic research, and memorizing a bunch of facts. But what if you could avoid that? What if you could get a top-notch education without spending two years of your life sitting in a classroom taking notes and trying to memorize everything? There is a way for you to learn at your own pace, and with the help of the internet, making it is possible to learn just about anything online. It’s called Massive Open Online Courses (MOOCs).
What are MOOCs?
Massive Open Online Courses, or MOOCs, have been rapidly gaining in popularity over the past several years. MOOCs, or “Massive Open Online Courses” are online learning platforms that provide free or low-cost access to educational courses. Sometimes referred to as “courses on demand” or “blended learning”, these events are often offered at no cost to the student and are often open to anyone, regardless of where they live.
Many universities around the world offer Massive Open Online Courses (MOOCs). They are free to anyone with an internet connection, and often they are available at a surprisingly high-quality level. There is no registration process and no English requirements. The courses are taught by experts from top universities, and students get the kind of education they would receive in a full-time class.
How to find the right MOOCs?
Massive Open Online Courses (MOOCs) have been around for a while, but finding a good one is still extremely difficult. This is a guide designed for people who want to take a MOOC, but don’t know where to start.
Class Central is a learning platform that connects thousands of students with thousands of courses, so you can easily connect with classes that fit your personal or professional needs.
It’s useful for:
1. You can find online courses and MOOCs from all over the world.
2. Keep track of your favorite courses by “save in your wishlist”, “track learning progress”, “aggregate into a customized list”, “write some notes or give a rating & review”.
3. Get notified of upcoming courses you’ve tracked.
4. Keep up to date with MOOCs and online courses/resources by reading their MOOC Report, which includes news, trends, and analysis.
How to pick the winning MOOCs?
You may have wondered exactly what goes into deciding which MOOCs are the best. This is a critical process that is not always easy to determine. You have to keep in mind that the choice of a MOOC is not simply a matter of picking the course that looks the most interesting. If you want to take a MOOC that will help you get a job or get promoted, you need to take into account the credentials that the course will give you. And, you have to compare the cost of a MOOC and the credentials it will give you to other alternatives.
Compare the programs: Not all MOOCs are created equal, so you might want to find one that is going to be a good fit for your needs. Some are designed to provide you with just a course outline, while others will go into more detail about the content and structure of the course.
The best way is to search for the courses you are interested in, read course reviews and ratings to see what other people say about the course before you enroll.
How do employers view MOOCs?
MOOCs are a recent innovation that is getting a lot of attention from universities across the globe, but they have also received a mixed reaction from employers when it comes to their relevance to the workplace.
Many employers are watching the growth of MOOCs carefully since they are a key source of information for employees to learn new skills.
As MOOCs continue to grow in popularity, many employers and HR departments want to understand the advantages and disadvantages of these new educational offerings. Many companies are already experimenting with the concept of MOOCs, providing their employees the opportunity to earn a certificate of completion by taking a MOOC.
How to List MOOCs on Your Resume?
You’ve probably heard of Massive Open Online Courses (MOOCs) by now, but are you aware that they can be a great addition to your resume?
According to Laurie Pickard from No-Pay MBA, there are 4 places to showcase your MOOCs on your resume:
- Your Professional Summary
According to Laurie, besides your professional history and goals, you also can add a line, say “Self-directed, quick learner with experience using online tools for professional development”.
2. Your Experience Section
If any online course helps you achieve real outcomes in your job, don’t hesitate to brag about that in your resume. To many recruiters, that experience is more valuable than education.
3. Your Education and Training Section
Here you can list out all the MOOCs that you have taken with the name of the course, the name of universities, and the date you completed. If you have taken many individual courses, only list out those that are relevant to your industry. And don’t include lots of intro-level courses, you need to include more advanced courses that are specific to your career goals.
4. Your Skills Section
This is the place where you can list out the skills that you acquired from online courses. However, don’t simply repeat information from earlier sections in the resume.
How to avoid quitting online courses?
A lot of people who work full-time jobs have to spend some of their evenings and weekends working on their passion projects. But what if you’re putting in all this effort and still aren’t having the success you want?
Quitting an online course is a common complaint among students. You may have spent months studying for an online class, but when you get to the final few weeks you discover you’ve lost motivation. Maybe you’ve come to believe the course promises too much, or you’re not sure how long you’ll stay enrolled once the course is over.
While online degree programs are a great way to study, they can also be stressful to complete.
Quitting is easy, but what if you could avoid it? Here is a list of some advice to help you stick to it:
1. Take classes that are relevant to your goals – Many people enroll in courses that have the highest ratings or highest number of students without considering whether those courses are relevant to them. I also made that mistake and ended up enrolling in a bunch of courses that now are sitting under my “Uncompleted Courses”. There is no intention for me to complete those courses since they are irrelevant to my job and goals.
2. Find a study group – When it comes to online classes, there are multiple options for finding a study group. If you’re looking for a casual environment, you can look for one on a blog or forum like MoocLab. Alternatively, you can go through the hassle of creating a Google group, or even a private Facebook group. In any case, the biggest challenge will likely be deciding what to discuss.
3. Get a tutor if necessary – If you just started with MOOCs, you may feel a bit lost and don’t know what to learn, how to keep yourself motivated throughout the course. If you encounter these problems, then you may need help from a MOOCs tutor. Jean-François Colas from Tutor MOOC said that tutor will guide you through the course, provide tools and strategies to help you make the most out of the course, and can teach you how to connect with relevant people on social media and achieve your learning goals.
4. Manage your time – if you have many commitments, it is hard to carve out some time for online study. Any achievement requires sacrifice. You may want to cut down some of the time for work, or family, or your sleep to make time for study. Remember, success doesn’t come easy. Want to learn more about time management? This Ted Talk will help you.
5. Maintain a healthy balance between lectures and your current job – If you always feel burnt out after a long day at work, you may want to wake up a bit earlier and study for 30 mins before starting your work. I think studying before work helps me get the most out of the course as my mind is still fresh and active.
6. Avoid distraction – Studying for 15 mins with extreme focus is 10 times better than studying for 1 hour with distraction. Our mind tends to waver after 20 to 30 minutes, depending on our age. Therefore, you need to know how long you can focus without any break and concentrate on studying for that time without any distraction.
7. Set your goals before starting every course – Many studies have shown that writing down your goals will increase the chance of achieving your goals by 1.2 to 1.4 times.
How can you build a business school network without actually attending an MBA program?
In the same way you don’t need an MBA to build a successful career, you don’t need to attend a prestigious university to build a prestigious network.
Here are some tips to build a prestigious network without attending a prestigious university:
- Speaking at events or doing talks about your experiences – speaking about your experiences is a great way to build a great network. There is definitely someone who can benefit from your experience and wishes to get to know you better. Also, they may have different experiences that can be helpful to you. However, be aware that you should be sharing about your experience, not about yourself, otherwise, you may come across as self-promotion.
- Interview with someone who works at your dream company or in your dream field, or even someone with a lot of experience in your company. It is human nature to help others, so don’t be afraid to ask for advice from someone more senior than you. If you don’t know that person at all, you can search them on Linkedin and send them a message. The worst? They just ignore you. Nothing to lose here.
- Join local networking events – Find good networking events in your town or your city where professionals or business people are gathering and join them. Remember that you are not the only person looking for a good connection, so don’t be shy. It’s good that you can bring something valuable to the event such as offering to help the host out or offering to help others with your expertise. Don’t be afraid to offer your time in exchange for something of value.
We hope this article gave you some ideas on how to get an MBA education at a low cost. If you have any other ideas, feel free to put them in the comment below.