Think an international MBA is way beyond your budget? You’re in for a surprise | education | top | Hindustan Times
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Think an international MBA is way beyond your budget? You’re in for a surprise

What happens when young people eager to work in strategic positions, become C-Level executives, or entrepreneurs, are fearful of realising their ambitions because of financial constraints?

education Updated: Nov 23, 2017 19:07 IST
MBA,Management,International MBA
There are many professionals in the country who might have checked out the websites of the top MBA programmes, explored the costs, compared it with their bank balance and other family savings of the family and given up on the dream.(Getty Images/iStockphoto)

Have you ever come across someone who could not take a crucial decision in life because he or she didn’t have the money for it?

Another question: Have you ever come across someone who “ thought” he or she did not have the money to chase a dream and made it an excuse to not do anything to turn things around?

Chances are you are likely to find more people in the second category than the first one.

In this article I’d like to address MBA applicants who have not applied to the best global MBA programmes because they’re afraid they won’t be able to rustle up the finances required. There are many professionals in the country who might have checked out the websites of the top MBA programmes, explored the costs, compared it with their bank balance and other family savings of the family and given up on the dream.

They are eager to work in strategic positions, become C-Level executives, or entrepreneurs, but are fearful of realising their ambitions because of financial constraints.

Well, things have changed.Gone are the days when we had to rely on our personal savings to make ends meet.

It’s all about research. If one takes the ownership of doing comprehensive research one can definitely take steps to fund one’s education.

Now what if you are someone working in an IT company at an annual salary of Rs 7.5 Lakh from a middle class family who wants to go to a school that is way beyond your budget?

Let us see how can we arrange money for you.

Start by assessing your risk appetite. Banks in India will not fund more than 25% to 30% of your education loan requirement. However, if you had the option of getting an international loan that gets approved in five minutes, would you take a Rs 95 lakh loan and go to a top 10 MBA programme?

Or you would rather join a rank 35 programme with a 60% scholarship?

In the first option, chances are that the school will take ownership of arranging for non-collateralised loans for the applicants from an international bank, saving the applicant the bother of looking for an international guarantor. The schools cover loans for tuition and living expenses as they have vested interests - it allows them to select diverse and bright applicants. Without this facility, schools will be limiting themselves to only the ‘bright with the right dads’ category - usually not to be found in large numbers. This diversity will add to the value of the experience the candidates get, the brilliance that the recruiters get, and the ranks that the schools accomplish - The entire machinery is self-sustaining.It’s a win-win situation for all. No matter how huge a loan is, a good hirer will definitely mean a fantastic salary.

In the second category of the rank 35 programme with 60% scholarships, while you do get a waiver of Rs 50 lakh to Rs 60 lakh, you still have to manage the remaining Rs 35 lakh from loans in India and your personal savings. These schools value diversity though they do not find non-collateralised loans for you and have in most cases not been able to build successful partnerships with banks.

If you are an Indian male with five-plus years of work experience and a 720+ score or an Indian female applicant with three-plus years of work experience with again a 720+ score, there are very bright chances that there is a top school waiting for your application.

If you are an Indian female applicant with a GMAT score equal to or greater than 730 or an Indian male applicant with a GMAT score equal to or greater than 740, you can expect a scholarship of more than 60%. Some schools ranked around 40 might give you a full tuition waiver along with a monthly stipend to sustain your living expenses.

The money is available everywhere as long as you are willing to explore the opportunities. Do not pay too much attention to the ‘thought’ of financial constraints.

Explore and take action.

The author is founder and CEO of PythaGURUS Education Pvt Ltd ( www.pythagurus.com), a higher education consulting service.

First Published: Nov 23, 2017 19:05 IST