MBA studies or Masters in Business Administration are the most demanded among students who wish to undertake studies abroad. It is because of its multiple applications in the labor field that these programs represent an added value in the curriculum of a professional, regardless of the area of knowledge in which he works.
One of the main issues that students raise when it comes to continuing their studies is undoubtedly financing. Once you have made the decision to take an MBA through all the doors that can open, you should bear in mind that they are usually very expensive, that is why we offer some tips that will guide to students of Latin American origin when it comes to financing your post-university education. An online MBA for Canadians facilities are also available in very cheap and organized way.
Here are 8 tips you should keep in mind:
– Save before. The process of deciding to study an MBA and specifying which one is best suited to your needs is usually long, especially in those programs that require several years of experience such as the Executive MBA. Take advantage of this period to start saving a monthly amount (and even if you can, start allocating even a small amount since you study your undergraduate).
– Save in local currency. By deciding in which country you will study your MBA program, you can save directly in the currency of the destination, this way your savings will generate some interests that will be added to your account and you will avoid the possible currency fluctuations. Handling this type of accounts will test your ability to save and could help you when applying for a scholarship or financial loan.
– Apply for a Scholarship. Costing a postgraduate study can be an expense that is difficult for some students to solve. For this reason scholarships become the really important alternative. There are multiple options and modalities of partial or total scholarships to perform an MBA, both in person and online that can be managed through international, national, private foundations, the government or by the same universities.
– Deduce taxes. To study an MBA either online or in person, some countries offer tax deductions when paying taxes. Keep this information in mind and advise yourself about it.
– Business support. If you currently work, look for information about financial support in your company. Many companies (especially the largest), offer their employees grants or financing for an MBA, especially middle and senior managers, in exchange for signing a commitment to permanence in the company for some years. These supports, although they are usually partial in most cases, represent a great help when paying for a study of this level.
– Bank loans. Every day more banks offer loans with advantageous conditions (like low interest). If they are destined to study abroad, this could represent a great help, since your salary can increase considerably during the years of your return.
– School aid fund. Generally the best university institutions at the international level offer partial grants, in order to attract the best talent to their campuses. If you have a high performance profile, we invite you to look for information about it.
To obtain information about these partial aids it is important that you also enter the web portals of the universities; there you will find information about the requirements to apply, the dates to do it and some other information of interest.
– Combine the previous tips. In order for an MBA to have a lesser impact on your finances, it is ideal that you save previously, apply for scholarships from organizations or institutions, and report on tax deductions in your country. And if in addition to the above the company where you work can afford part of your registration, well much better.