The Secret To Finding An Affordable Washington DC MBA
Washington DC may be a top city for students pursuing their MBAs, but the city’s high cost of living could prove prohibitive for many young Mstudents. Growing rent prices over the past ten years have led DC to be one of the least affordable of the major U.S. metropolitan areas.
Of course, MBA students looking to apply their education to governmental agencies won’t find a better place to do so than in the nation’s capital. And though contending with high rent prices may be unavoidable, many business schools offer students a number of ways to keep the cost of their degree at a minimum.
From scholarships to grants and student work opportunities, business schools in Washington DC ensure that low-income applicants can have equal access to the high quality education their program’s provide. Below are just a few of the opportunities provided to assist low-income applicants at Washington DC MBA programs.
Finding An Affordable Washington DC MBA
McDonough School of Business – Georgetown University
Over $1.5 million in aid is available to MBA applicants through merit based scholarships at Georgetown University’s McDonough School of Business. All students are eligible for these grants, but it is advised to apply for the program early to best position yourself for consideration. International students in need of additional funding may also apply for external scholarships and private loans specifically for international students. The university has compiled a list of common lenders that students may want to consider here.
McDonough also provides scholarship opportunities through the Consortium, a group whose goal it is to reduce the under-representation of blacks, Native Americans, and Hispanic students in business education. As a member school, a number of scholarships are also available at McDonough for students admitted as part of the Consortium.
University of Maryland R.H. Smith School of Business
Roughly 85 percent of MBA students at UMD Smith receive merit based awards to help fund their education. Between scholarships, fellowships need-based awards and assistantship opportunities, students have a number of opportunities to reduce their tuition and keep their MBA affordable. Awards such as the Dean’s Award of Smith award provide two years and one-year of full scholarship and fees. Students may also find additional opportunities for scholarships through the university’s organizational partnerships, such as the Forté Foundation or management Leaders for Tomorrow.
YOU MAY ALSO LIKE: Georgetown McDonough Offers New FinTech Elective
George Mason University School of Business
The George Mason University School of Business provides one of the best values in education, demonstrated through the high success rate of alumni and the fact that Mason alumni have the lowest student loan default rates in Virginia.
Mason offers a number of financial aid opportunities through grants, scholarships, work-study employment, and loans. Every year, the school offers millions of dollars to incoming students, including fellowships for graduate students. The Office of Student Financial Aid is dedicated to assisting each student in finding the financial assistance that is needed for their degree.
George Washington University School of Business
The George Washington University School of Business offers a number of different ways for students to reduce the cost of their MBA degree. Each year, graduate students may apply to a number of different fellowships, available through the university as well as private foundations and agencies. At the Office of Graduate Student Assistantships & Fellowships, students can search through these numerous opportunities and see which scholarships best fit their qualifications.
GWU also offers Financial Aid based on the need of each students. Eligible applicants can apply for need-based aid by filing the Free Application for Federal Student Aid (FAFSA).
Howard University School of Business
MBA students at the Howard University School of Business may be eligible both for federal student aid, based on need, and a variety of scholarships, which are given based on merit and other factors. Scholarships range, and may cover up to full-tuition, while others provide partial funding. Howard MBA students may also pursue loans for tuition through the ACCESS Loan Program, Alternative Education Loans, or other private loan services.
Kogod School of Business – American University
The Kogod School of Business at American University ensures that its high quality education can be affordable for all. Roughly 80 percent of all students receive financial aid of some kind, with almost $85 million awarded just to the undergraduate population. Kogod offers both need-based aid and merit scholarships. Students may contact the Graduate Admission Office at Kogod for more information on the scholarships available to them, but all applicants who demonstrate excellent academic credentials will be considered for these honors—a separate application process is not needed.
Georgetown McDonough MBAs Launch HoyAnalytics Club
A group of Evening MBA students at the Georgetown University McDonough School of Business recently launched HoyAnalytics—a student organization focusing on statistics and data analytics. Though the club is is pending official sponsorship by the MBA Program Office, it has drawn a lot of interest in the McDonough School of Business.
According to the McDonough School, HoyAlytics is the first club organized by Evening MBA students. The organization’s board is made up of both full-time and Evening program students, and was created with unifying the two MBA programs in mind.
But the organization’s two main objectives are to create a community for those interested in statistics and analytics, as well as help those who are not already data-savvy gain quantitative skills. As statistics and analytics have become prevalent in more and more industries, HoyAlytics hopes to prepare MBAs for their careers.
“The club is on the cutting edge,” said Kenny Tan (MBA’19), one of the HoyAlytics founders. “Students are taking it in their own hands to make things happen.”
According to McDonough, the club recently held a free Excel workshop with nearly 40 full-time and Evening MBA students in attendance, and plans to continue holding workshops to teach different skills and software, such as Tableau, SAS, R, and SQL, as well as inviting guest speakers.
Student organizations and clubs generally provide great networking and professional benefits, such as access to industry leaders, professional development opportunities and the ability to make a real impact. A U.S. News & World Report list describes the following as reasons why it’s a good decision to get involved in a club in college:
- It allows students to become connected to their school
- It helps them build community
- It allows them to discover their passions and strengths
- It’s a résumé builder
- Sometimes, busier people do better
- Utilize your school’s resources
Check out some of the coolest MBA clubs and student organization’s in the Washington DC Metro here.
Georgetown McDonough MBA Career Center Releases 2017 Employment Stats
No surprise: Georgetown MBAs are making bank!
According to the most recent employment report from the Georgetown University McDonough School of Business, the average starting salary for graduates was $112,501, which is a 4 percent increase from the previous year.
“Every year, we deepen our commitment to applying a personalized approach to our students’ job searches, and every year, the results exceed our expectations,” Doreen Amorosa, associate dean and managing director of the MBA Career Center, said. “From the expanded and customized approaches to the job search in the MBA Career Center to curricular offerings like our Executive Challenge, our MBA students are prepared to excel in their careers.”
Additionally, the report stated that the average signing bonus of recent McDonough graduates were $28,516, a 13 percent increase from last year. Job offers accepted within three months of graduation also rose from 90 to 92 percent.
The report provide some addition, equally interesting information. For example, the top four industries of choice for Georgetown McDonough MBAs are financial services (33 percent), consulting (28 percent), technology (13 percent), and non-profit/social impact sector (7 percent).
MBA graduates in the consulting industry are the highest earners among recent McDonough alums, pulling in over $124,000 annually, followed closely by those employed in the healthcare industry, which earned nearly $121,000 per year. In all, McDonough MBA grads included in the report earned lucrative positions at well-known companies, like Amazon, Bank of America, Barclays, Citi Group, Credit Suisse, Deloitte, EY, Google, PwC, and Verizon.
As far as internship data goes, 99 percent of first-year students secured an internship, with 85 percent of those paid positions. The average monthly compensation for internships was $6,501. Perhaps most impressive was that 81 percent of these internships were facilitated by the MBA Career Center, which is up 13 percent from 2016.
The Georgetown McDonough MBA Career Center is home to student organizations, Career Days and Treks, and on and off-campus networking events. The center partners with McDonough School of Business alumni to connect the future business leaders of America with today’s movers and shakers.
“We have invested in numerous strategic initiatives in recent years, including customizable search technologies, alumni mentoring tools, and offerings designed to individualize each student’s career outcomes,” Amorosa added in the press release. “Those, combined with our staff of certified career coaches and career curriculum that begins the summer before students arrive on campus, we equip our students with the strategies and experiences to be successful in their search.”
Georgetown McDonough MBAs Head to Mexico to Volunteer
While most MBA students enjoyed some rest and relaxation during their fall breaks, a group of six full-time and Evening MBAs from the Georgetown University McDonough School of Business traveled south of the border.
The students visited the historic city of San Miguel de Allende to volunteer at Centro Infantil de los Angeles, an organization that provides free daycare and preschool to the local community. Founded by Donna Quathamer in 2000 as a safe haven for the children of single mothers who sold their wares at outskirts of town, Casa de los Angeles has come from humble beginnings to serve over 170 children every day.
This marked the second year that McDonough students volunteered at Centro Infantil de los Angeles.
“This is a part of our sustainability efforts to form long-term, meaningful relationships with organizations, which we can pass along (to future MBA classes),” said James Chen, MBA ’18, Vice President of Community and Sustainability.
The MBAs worked alongside the full-time staff at the daycare, playing and coloring with the children, brushing their teeth, changing diapers, feeding them, and cleaning the area.
“I wanted the opportunity to volunteer for a great organization, where I knew I would make a difference. I also was very interested in the international aspect of the trip as I love to experience new countries and cultures,” Clark Britan, MBA ’18, said. “It was a great opportunity to meet other like-minded Georgetown McDonough students.”
The trip was organized through the MBA Student Government Association (SGA). The SGA acts as the primary interface between the student body and the faculty and administration and exists to make students’ time at the McDonough School of Business as enjoyable and rewarding as possible. The organization plans social events, boosts alumni relations, makes major student organization decisions, manages class finances, and implements new and existing policies or initiatives.
“[This trip] provides students an opportunity to dedicate time to volunteer efforts. The trek is more structured and allows for more in-depth and self-reflective volunteer opportunities for MBA students,” Chen said. “Additionally, it aligns with Georgetown’s Jesuit values and emphasis on improvement of the global community.”
McDonough MBAs Strategize for Alfa Romeo at NBMBAA Case Competition
A group of Georgetown McDonough School of Business MBA students competed against 36 other schools at the the recent National Black MBA/Prospanica Case Competition, coming in second place overall. The competition was held at the National Black MBA Association‘s annual conference in Philadelphia. Continue reading…
Finding the Best Return on Investment for Your MBA in Washington DC (Part II)
Washington DC is littered with powerful people and exciting opportunities. You could find yourself sitting next to the Fed Chair at the symphony and then running into a Senator at the bar later that evening. So, what better place to start your business education and career than the true seat of power for the entire Western World?
Before investing in an MBA it’s essential to make sure that the school you choose will give you the tools you need to excel in your industry without breaking the bank.
In our first installment to the Washington DC ROI series, we talked about the metro’s schools that give you the greatest bang for your buck. In part two, we delve into even more schools that have topped our list of programs that offer the best return on investment (ROI) for your MBA in DC.
The Best Washington DC Return on Investment (Part II)
Kogod School of Business—American University
With alumni who’ve gone on to positions such as CEO of Goldman Sachs and Executive VP of Turner Classic Movies, it is no secret that Kogod School of Business prepares its students for a range of highly coveted leadership positions. The average starting salary for MBAs is $78,556, which exceeds the $75,166 cost of tuition. Moreover, an average 88 percent MBAs receive job offers within three months of graduation. The full-time MBA is a 49-credit program that lasts for 21 months. Most of the courses are completed during the first year. Kogod’s program includes weekly Business Leadership Luncheons, wherein students can engage in personal conversations with senior executives from companies like Marriott International, IBM, and PayPal.
George Mason University School of Business
At the George Mason University School of Business, students can hone their leadership and management skills while gaining perspective on the intricacies of the ever-changing world of international business. Business school students at Mason can choose to take their classes at either the Arlington or Fairfax campus, both of which are easily accessible from Washington DC. For aspiring MBAs based in Virginia, Maryland, or the capital, this school’s return on investment is undeniable. Residents of the aforementioned areas pay a full tuition of $45,600, and the average salary for graduates is $86,000. Though the tuition is significantly higher for students from outside of Virginia, Maryland, and DC, at $84,072, the significant average salary still makes stellar choice. The 48-credit program involves an optional week-long global residency, offered once students complete the core curriculum. In the past, global residency locations have included places like Singapore, Buenos Aires, and Prague.
Check Out Part 1: Return on Investment – Getting Your Money’s Worth in Washington DC
McDonough School of Business—Georgetown
There is no denying the prestigious reputation of Georgetown’s McDonough School of Business, which was recently named by Forbes as one of 35 best business schools in the U.S. Students in this program have the opportunity to experience real-world work problems through the Global Business Experience, during which they consult with an international company. At the Global Business Conference in DC, students then present their projects to an audience of their peers. A Georgetown degree carries enormous weight, and in recent years the average starting salary for MBA grads has leapt to a remarkable $108,000. The Georgetown name, combined with rigorous curriculum, a prime location in the nation’s capital, and the undeniable financial success of its alumni make McDonough’s overall return on investment undeniable.
