GIBS gives hints to finance MBA studies

"As a great investment in your future with the potential to unleash immeasurable returns, investing in an MBA will probably be one of the greatest investments you will ever make in your life and it is important to meet all the requirements from commitment to a sound funding plan," says Shireen Chengadu, executive director of academic programmes at the Gordon Institute of Business Science (GIBS).

Whether you want to embark on a full-time, part-time or modular MBA, it is important to choose a finance option that is in line with your resources. Chengadu believes that potential students should consider some of these options when it comes to financing their MBA:

• Do the maths - Not everyone is fortunate enough to get a willing sponsor for education let alone an MBA qualification. On average, completing an MBA qualification can cost between R50 000 to R200 000 in South Africa.
  
• Get your finances in order - This is one of the fundamental decisions a student has to make when considering enrolling for an MBA programme. If your finances are in disarray, clean them up in order to have a stress free financial time during the duration of the course. Develop a budget, cut down on luxuries, reduce your debt and save as much as possible.
  
• Get your boss to pay for it - Many companies have an education policy in place where they do actually pay for employee studies provided it is in line with the job they are doing. State your case and motivate for your company to pay for your studies, showing potential returns that this would yield not only for you but for the company as well. Your human resources manager usually has all the information on policy and procedures on funding.
  
• Student loans are an option - Many financial institutions in the country offer student loans. Qualifying for these is normally dependent your credit rating. If you have a good credit standing you may qualify.
  
• Scholarships/Bursaries - Although these are few and far between, business schools do often offer part or full sponsorship for individuals who qualify. In 2013, GIBS will award two fortunate candidates for the full-time MBA programme scholarships valued at R100 000 each. These scholarships will be used to offset their tuition fees.
  
• Opting for a part-time MBA while you work - This is a pay as you go option. Working students have the choice of completing a modular or part-time programme, while students with more flexible time pressures can study full-time. GIBS currently offers prospective students the choice of a part-time or modular MBA as well as a full-time MBA offering dual tracks in entrepreneurship or general management.

Once you have found the ideal solution, you need to prepare for the steep journey as learning to balance the magnitude of demands that come with the course is not to be underestimated.