Search results for :
Value Without the Price Tag: How MIT Sloan Assists Low-Income MBA Students
It’s no secret that attending an MBA program can often come with a hefty price tag—and when it comes to one of the top MBA programs in the country, you can guarantee you’ll be paying a lot for the high value of that program. At the Sloan School of Management at MIT, rated as the fourth best business school in the country by the U.S. News and World Report, one year of tuition will set you back $68,250. Factoring in additional fees, such as insurance, food and supplies, the cost is upward of $100,000.
For ambitious students with the skills to attend the best-of-the-best MBA programs, it’s a shame that money should be a determining factor in what program they can attend. Thankfully, most business programs work to ensure that all students—regardless of income—are able to attend the program that fits their qualifications. At MIT Sloan, there are a variety of ways for low-income students to qualify for financial aid based entirely on their financial need.
Below are just a few of the opportunities the school provides for low-income students to pay for their MBA, ensuring that the most talented business students can attend their school regardless of finances.
Loans
Once a student is accepted to MIT Sloan, they will begin a three-tiered financial aid process to determine financial need and the best way it can be addressed. The admissions process itself is needs-blind, ensuring that financial circumstance will not be a factor in whether or not a student is admitted to the program.
After admittance, students should file a Free Application for Federal Student Aid (FAFSA) and Graduate Loan Application, which will help determine their eligibility for federal and private loans by working alongside the MIT Student Financial Services.
Assistantships
A number of MBA students each year may also have the opportunity to be a teaching or research assistant. These roles, which may include grading assignments/exams, working directly with students or assisting with research both help students pay for school as well as provide important experience and exposure to the research and education programs at Sloan.
Starting in the second semester, students will also have access to TA and RA positions as well.
Fellowships
Each year, MIT Sloan offers a number of competitive fellowships/scholarship to incoming and second-year MBA students. Although these scholarships are merit-based rather than need, they provide low-income students another excellent opportunity to subsidize their education and often include additional ways to gain experience and improve one’s career.
Aside from the Legatum Fellowship and the MIT Public Service Center Fellowships, which have their own application process, all admitted students to MIT will be considered for fellowships that they are eligible for, and do not require a separate application. The fellowships may range in support from $10,000 to full tuition coverage.
You can find more information about the variety of fellowships offered at MIT Sloan here.
Additional Scholarships
A number of other scholarships are available for students at MIT Sloan that may be given out based on a wide variety of factors such as merit, identity, or nationality. These scholarships may range from funding for tuition and coverage of school-related fees to mentorship and the chance to build relationships with industry professionals. For the most part, these scholarships must be applied to separately after admittance to MIT Sloan. More information on these scholarships can be found here.
Even after need-based loans and assistantships, these scholarships may help further bridge the gap in costs for students attending MIT Sloan. These many opportunities for funding ensure that the most talented students can attend the best-fit school for them, allowing MBAs to focus on getting their degree rather than getting their wallets out.
GMAT Prep Courses Taught by Foster MBAs Raise Money for Kids in Paraguay
Non-traditional MBA candidates at the University of Washington Foster School of Business now have a new way to prep for the GMAT. In collaboration with PrepCorps, a test prep company designed for MBA candidates without a business background, several Foster MBA students are teaching GMAT courses to raise funds for to The Superkids Foundation, a nonprofit dedicated to improving education for children in Paraguay. Continue reading…
What Rice Jones MBA Scholarships are Right for You?
With the nation’s overall outstanding student loan debt exceeding $1 trillion, an intimidating price tag may deter talented students from pursuing higher education. Though the cost of business school can seem dispiriting, more and more schools are offering competitive scholarships to allow promising students to go after an MBA.
Rice University’s Jones Graduate School of Business is a leader in offering merit-based scholarships to ambitious students. According to the school, eighty percent of the full-time MBA students from the class of 2018 have received scholarships. In fact, all applicants are automatically considered for merit-based awards upon admission. These merit-based awards are granted only to full-time MBA students, and can range from covering 10 percent to 100 percent of tuition. Rice also offers a variety of flagship scholarships. For those Houston metro-bound b-schoolers, we’ve laid out some of Rice University’s best scholarships for aspiring MBAs.
Rice Jones MBA Scholarships
The Jones Graduate School of Business has a host of endowed scholarship options, which allow donors to aid promising students:
MBA Scholar
This coveted scholarship includes full tuition and a stipend for school materials and living expenses. The selection process for this award includes an interview process, and recipients should hold themselves to a high academic and leadership standard as they pursue their MBA.
Full Named Dean’s Endowed Scholarship
The Full Names Dean’s Endowed Scholarship contributes $2,000,000 to Rice’s scholarship resources, and supports recipients’ full-tuition and fees.
Named Scholarship
A new student is selected for the Named Scholarship each year. Awardees receive a portion of their Rice tuition.
Flagship Scholarships
Rice’s Flagship Scholarship opportunities may be right for students who meet the specific qualifications and require additional funding to obtain their MBAs.
Military Scholars Program (MSP)
At Rice, active or veteran military applicants to the full-time MBA program may be eligible to receive scholarships that cover tuition and other living expenses. Class of 2017 alum Will Lyles said, “The MSP afforded me the chance to be at one of the top schools in the country and be part of something that is continuing to improve and evolve. It’s hard to put into words how grateful I am for that scholarship and this institution.”
Crownover Scholars Program
This scholarship gives students the opportunity to personally connect with the award’s namesake, former Rice Board of Trustees Chair, James Crownover. In addition to providing financial aid, this award creates a link between recipients and the experienced James Crownover, who takes on a mentorship role, introducing students to industry leaders and offering his guidance and insight.
Jones’s Partners’ Leadership Scholarship
Jones Partners is a collaboration of professionals devoted to bridging the gap between Jones Graduate School of Business and the surrounding business community. This network offers a scholarship for full-time MBA candidates with the potential to be outstanding leaders. Students awarded this coveted scholarship have two years of tuition and fees covered.
The McNair Scholars Program
Each year, one Rice MBA applicant is chosen for the McNair Scholars Program, based on scholastic performance, aptitude and leadership skills. The McNair Scholars Program provides opportunities to promising candidates from low-income backgrounds (generally first generation students), covering full-tuition costs for its recipients.
For more information on the Rice Jones MBA scholarships, visit the school website.
Paul Merage Professor Elected Vice President of the American Finance Association
David Hirshleifer, Finance Professor at UCI’s Paul Merage School of Business, was recently elected as Vice President of the American Finance Association (AFA). He was also assigned to the National Bureau of Economic Research (NBER). As AFA Vice President, Hirshleifer will serve a one-year term on a six-person executive committee, in charge of coordinating nominations for prospective members of the board of directors, managing yearly meetings, guiding the content of The Journal of Finance as well as a range of other responsibilities. It is fitting that Hirshleifer should help handle the content for the journal, as he has held an editorial position with the publication, as well as others, in the past.
London Business School Launches More Flexible MBA
An MBA program needs to continuously evolve to stay relevant. That’s why most business schools reevaluate their curricula every few years to ensure that they’re on the cutting edge.
The London Business School recently completed a top to bottom review of its MBA program to determine how it could improve. The school found that while it has a strong employment outlook, conversations with students, alumni and recruiters revealed than an overhaul of the program itself would help to better meet the needs of students and employers.
Why the London Business School Updated Its Curriculum
“There were two drivers,” Gareth Howells, Executive Director of the MBA, MiF and Early Career Programs at LBS, tells us in an interview. “In terms of inputs, we were seeing a diversification in our pipeline of the professional aspirations of our students. Historically, 80-85 percent of our students went into consulting and finance, but what we’ve found is that more candidates are coming to LBS and considering a much more diverse set of companies: tech, not-for-profit, luxury retail, etc.”
The need for this change was also reflected on the employer side. Though LBS still has strong recruiting representation from finance and consulting, Howells reported that Google and Amazon have become two of LBS’ biggest recruiters. In fact, 22 percent of last year’s LBS MBA graduates went into tech-related roles.
These facts made a compelling case for updating the MBA curriculum. “We’re not moving away from finance and consulting, but we feel that there’s a way we could restructure the program to better serve our diverse candidates and recruiters,” Howells explains .
Growing the MBA Program
To start, one of the first things that LBS did to better serve its MBA students was increase the size of its program. In the past, LBS has been considered a relatively small to medium-sized program. Currently, it enrolls about 420 students each year but, starting next year, they’re planning to add about 60 more students.
“Obviously, that will take us into that medium-size,” Howells says. “We felt it was right that the MBA should grow. We want to attract a bigger market share of applications. Since the launch of our updated curriculum, we’ve posted a 12 percent increase in applications, and we’re expecting this class to be our highest quality class yet.”
One Size Doesn’t Fit All
The changes go far deeper than class size. “We wanted to give students the opportunity to customize their learning journey toward the business sector they’re most interested in,” Howells adds. “In addition, we also wanted to make the program more practical. We’re giving our MBA students a wide choice of courses so that they can choose to broaden and deepen their skills how they see fit.”
To keep up with the constantly changing global business environment, LBS reviewed all of its MBA courses, as well as the knowledge and skill sets that they felt were common to all industries—whether working at Google or Goldman Sachs. When they did this, they were able to pare down their core courses to a small set of “sector neutral” topics in areas such as teams, finances, etc. Core coursework now only comprises the first semester of the first year.
Then, by the second half of year one, students can tailor their studies to better fit their sector-specific interests. “This puts students and recruiters in the driver’s seat,” Howells says. “We offer courses on digital transformation, marketing, customer and market insights, value chain management, global economic analysis and more.”
There are also many new courses focused on digital competencies. According to Howells, recruiters said that they needed students who were comfortable with programming, coding and digital transformation. So, LBS developed a suite of courses around this technology—including FinTech—so that LBS MBA graduates are able to navigate the new digitally focused world.
Focusing on Practical Experience
In addition, LBS adjusted its courses to be more practically focused. “Just giving theory isn’t enough,” explains Howells. “Recruiters wanted students to have a more integrated and practical learning experience—pushing the dial from knowing to doing.”
To turn this practical focus into reality, LBS has added an on-the-ground London experience in year one. This new experience capitalizes on the school’s location to allow MBA students to undertake a business project with organizations around the city.
“Leveraging our London location is important,” says Howells. “London is a global finance leader as well as a great location for tech, finance, entrepreneurship and more. A lot of our projects will be drawn from all the sectors and students will be able to target the industry according to what they want to do.”
This experience is followed in year two by the global experiential experience. “Global is in our DNA. Ninety percent of our class is not from the UK,” says Howells. “We have over 70 different nationalities represented in our MBA program.” Recognizing this, LBS takes its MBA students on a global business experience to one of seven different locations around the world to learn in the local environment.
Flexible Scheduling
Flexibility in the length of the program was also important. “We wanted to give students the best possible chance of maximizing their career output,” he says. “So, we decided to offer multiple exit points for the MBA to offer students maximum flexibility.”
Too often, MBA students will complete an internship and be offered an immediate job with the company, and they want to start work sooner. Or, they find a job halfway through their second year and want to get a jump-start. With flexible 15-month, 18-month and 21-month exit points, each MBA student at LBS can choose what works best for them.
And LBS doesn’t make students choose their exit point at the start. They can change their schedule at any time and work with a counselor to determine what classes they need to complete to graduate when they want. “We put the student in the driver seat,” Howells notes. “We tell them what they need to do to achieve the exit time frame they want, but they have control over how they accomplish it.”
So far, the new program is being received well. LBS received more applications for their first class under the new design than in previous years, and Howells only expects that trend to continue.
“No one wants to be put in a box,” he says. “We provide opportunities for students to drive their learning journey. We’re giving them control.”
Admissions Tip: Am I Too Young For Business School?
As many of our readers know, it has become increasingly common for younger individuals to apply to MBA programs. Whereas the average age and years of work experience at the leading business schools has traditionally hovered at around 28 and five respectively, many programs are now carefully considering the more youthful end of the applicant pool. Of course, the fact that admissions officers are taking a closer look at younger applicants does not mean that getting accepted to a top program is easy for this group. In fact, it may be difficult for younger applicants to present themselves as fully prepared to contribute to an MBA program because they often lack leadership experience and extended business exposure. This is especially true as they will be compared to their fellow applicants who have more years in the working world (often translating to more leadership experience and professional accomplishments). With this in mind, we’d like to offer a few tips that will help younger MBA candidates leverage the strengths of their candidacies and become increasingly competitive applicants at their choice schools.
Getting Paid: Highest MBA Salaries in New York
As an international media and financial center, New York is teeming with opportunities for both prospective b-schoolers and MBA graduates alike. The New York metro area is a plethora of high-quality MBA programs that cater to any number of business interests, which lead to some well-paid job opportunities.
NYU Stern MBA Scholarship Spotlight
Finding a way to afford your MBA degree shouldn’t be as challenging as the application process, but often it can be. With acceptance to a top MBA program can often come a top cost, which can often be a deterrent for someone pursuing their graduate degree. Through funding and scholarship opportunities, however, students may have the opportunity to reduce the cost of their degree, helping more up-and-coming business professionals have a shot at the quality education they deserve.
Hot MBA Jobs: Becoming a Compliance Officer
For MBA’s looking for a challenging job that is integral to a company’s survival, the role of compliance officer may be a good fit. U.S. News lists this job as one of their five hot jobs for MBA graduates. Compliance officers have the option of working in a range of fields, including healthcare, law, communication and finance. According to efinancial careers, the most successful compliance officers have coveted skills like, “intellectual curiosity, the ability to interpret information quickly, attention to detail, good communication skills and strong project management skills.” If you have these skills, as well as significant experience in a particular industry, you may want to pursue a career in compliance.
Metro Jobs Report: Career Advice, Goldman Troubles and More
Let’s dig into the latest job news …
Wilfrid Laurier Appoints Dr. Mitali De, New MBA Director
The Lazaridis School of Business & Economics at Wilfrid Laurier University offers one of the top MBA programs in Canada. Whether you’re looking for full-time or part-time study, the school has an MBA program that should fit your schedule. Home to more than 120 faculty members, the Lazaridis MBA program is known for distinguished research as well as engaged teaching. Recently, one of those professors, Dr. Mitali De, was appointed as the school’s new MBA Director. Continue reading…
What are the Most Affordable Toronto MBA Programs?
While the benefits of earning an MBA are numerous and well-documented—and typically include a post-degree salary increase—the upfront cost of earning a degree can still be extremely prohibitive. Many top MBA programs in the United States come with price tags of more than $100,000 just for tuition—not to mention additional costs and fees that are required on top of tuition costs. But there are some affordable Toronto MBA options for those who decide graduate school in the U.S. may not be for them.
Admissions Tip: Addressing Unemployment or Gaps in Employment
Given the emphasis that schools place on a candidate’s work experience, it is important to be proactive in addressing unemployment or gaps in employment. When applying to business school, many candidates worry about how the adcom might perceive gaps in employment. We would like to take some time to discuss strategies for addressing this issue.
MBA Job Recruiters: General Motors
General Motors—the Detroit automotive monolith, whose Cadillac and Chevrolet brands are American icons unto themselves—turns 110 next year. 10 years into its second century, GM is poised to shake things up in the boardroom and out on the road due in no small part to growing concerns about self-driving cars.
Texas A&M Mays Business MBA Scholarship Spotlight
Earning an MBA isn’t cheap. At Texas A&M University’s Mays Business School, full-time MBA students can expect to spend $36,079 a year on tuition and fees, and that’s only for residents. For domestic non-residents, the cost increases to $52,471 and for international non-residents it’s $52,598. Then, by the time you add room and board costs, books and supplies, travel, and personal expenses, full-time MBA students at Mays can expect to spend between $60,071 and $77,073 a year.
It’s for that reason that scholarships and financing are so essential for MBA students. Anything that is available to mitigate the cost of tuition and living expenses increase the ROI of the MBA and decreases the burden.
At the Mays School, many full-time MBA students receive scholarships and other financial assistance to negate the cost of the program. The awards vary and range from $3,000 to $35,000. The support is offered in four ways:
- Automatically with Admission: All admitted MBA students will be automatically considered for scholarship support, without needing to submit additional information. However, to be considered, MBA students should apply no later than Round 3.
- Merit-Based: Based on the strength of an MBA student’s application, they may be considered to receive a merit-based scholarship, which can include academic achievements, professional accomplishments, or potential for success.
- Resident Tuition: For non-residents (domestic and international), there’s an opportunity to receive resident tuition status based on the merit of their application. This results in a savings of around $20,000.
- Activity Scholarships: These scholarships are only available for those MBA students who participate in specific programs, and are typically awarded after enrollment.
Scholarships and fellowships from the Mays School may be paid in a lump sum (one payment) or monthly during a semester. It is up to the Mays School to determine how each award will be paid to the student. The award is distributed based on the academic calendar and cannot be changed.
One sample scholarship is the Texas Business Hall of Fame (TBHF) award. According to the guidelines, candidates eligible for the scholarship must exhibit entrepreneurial aspirations as well as leadership in academic and campus activities. Recipients are chosen after a round of nominations and an interview process. The scholarship award can be as much as $15,000.
Mays Fellowships
Beyond scholarships, the Mays Business School also offers fellowships for incoming graduate students. These fellowships are only available to domestic candidates and require an application to be considered.
One such fellowship is the Graduate Diversity Fellowship. This fellowship is awarded to students who have a history of success in a diverse environment. The fellowship provides MBA students with a $13,000 annual stipend, $5,000 annually for tuition and fees and a graduate assistantship position that pays $7,000 per year, including health insurance. The total award package for two years is $50,000.
Graduate Assistantships
For those MBA students who do not receive a scholarship, there is still an opportunity to mitigate the cost of their tuition with a Graduate Assistantship. MBA students may be hired as teaching, research, or non-teaching assistants, working on average twenty hours per week. Interested students should contact their graduate advisor for help or can look for open positions on Jobs for Aggies.
Texas Aggie Graduate Grant (TAGG)
Texas A&M also offers need-based awards. Determined by the Scholarships & Financial Aid Office, Texas residents can receive a tuition stipend up to $1,500 per semester, for a maximum of $3,000 per year. This need-based grant is only eligible for those students who have not received another major scholarship or fellowship and requires a TAGG application to be eligible.
Additional Scholarships
Finally, Texas A&M offers a few unique scholarship opportunities for minority students and students willing to submit a separate application. Some of these scholarships include:
- Hispanic Scholarship Fund: This scholarship is designed for students of Hispanic heritage and offers awards from $500 to $5,000.
- AIGC American Indian Graduate Center Scholarship: Scholarship awards vary and can be for as much as $30,000.
- Congressional Black Caucus Foundation Scholarships: These scholarships are awarded to deserving students and vary in amount and type each year.
- Allen Roth Marketing Scholarship: This award requires a 250-word essay on “Why a home is important.” The winner receives $1,000.
For more information on specific MBA scholarships that you will be eligible to receive, students should contact the Scholarships & Financial Aid office. Contact information found here.
The Best York Schulich School of Business Dual MBA Options
Getting a joint degree is a great opportunity, particularly for students who were already planning to pursue higher education in two fields. A dual degree streamlines the process and also saves students’ money and time. Obtaining a dual MBA gives grads the edge of having both business administration experience and extensive industry-specific training when they enter the workforce. This could be of huge benefit to future leaders with management aspirations within a specific field. For those who wish to pursue a dual MBA just half an hour from downtown Toronto, York University’s Schulich School of Business may be just the place. We’ve laid out the dual MBA options for Schulich students.
MBA/JD
Osgoode Hall Law School and Schulich School of Business team up to offer students an opportunity to earn a Master of Business Administration/Juris Doctor. According to U.S. News, getting a JD/MBA may have considerable rewards. The article states that 46 of the Fortune 500 CEOs hold JD degrees. Additionally, having an MBA and a JD affords professionals flexibility should they choose to switch careers. MBA training could also make new lawyers more likely to move up the ladder at their firm, due to leadership and analysis training.
Students with an interest in business law will be pleased by the comprehensive nature of Schulich’s program. This dual degree would shave a year off of the five years it generally takes to earn a JD and an MBA separately. Schulich boasts that this track provides students with the space and resources to, “… learn to manage complexity, ambiguity and change as you examine business and legal issues in a global environment.” B-schoolers who’ve pursued this degree at Schulich have gone on to prestigious careers at companies like Goldman, Sachs & Co. and Stikeman Elliott.
MBA/Financial Engineering
The MBA/Financial Engineering track is an opportunity to earn a concurrent Graduate Diploma in Financial Engineering. Students pursuing this program take courses at Schulich and York University’s Department of Mathematics and Statistics. The combination of an MBA and diploma in Financial Engineering will open doors to fields like derivatives trading and valuation and risk management in banks and investment firms. These degrees will also improve students’ odds of succeeding in financial analysis in brokerage houses, consulting firms and financial institutions. MBA/Financial Engineering students must complete the requirement for the Graduate Diploma within one term of finishing their MBA requirements.
MBA/MFA, MBA/MA
Schulich offers unique joint degrees in either Business Administration and Art. This track is an excellent opportunity for anyone aspiring toward a management career in the culture and arts sectors. Schulich has partnered with the School of the Arts, Media, Performance and Design (AMPD) Graduate Studies to create this noteworthy program, which takes full-time students three years to complete. The MBA/MFA includes education in Visual Arts, Theatre, Film and Dance, whereas the MBA/MA includes Art History, Dance, Music, Film and Theatre Studies. According to Schulich’s website, students with these joint degrees have gone on to achieve titles like Theatre Director, Corporate Communications Manager and VP of Strategy.
New Book from MIT Sloan Researchers Illuminates Cambrian Explosion in Robotics
MIT Sloan recently discussed a new book from Professors Andrew McAfee and Erik Brynjolfsson entitled Machine Platform Crowd: Harnessing Our Digital Future, which considers where “humans fit in the new world of work.”
Graziadio Professor Talks Uber’s Future, Potential For Female CEO
Dr. Bernice Ledbetter, Practitioner Faculty of Organizational Theory and Management at the Pepperdine Graziadio School of Business and Management, recently wrote a Huffington Post article arguing that Uber would benefit from hiring a female CEO to fill the void left by former CEO Travis Kalanick’s resignation. Ledbetter begins by summarizing some of the internal and public image issues the company has faced of late.
