10/ How much does an MBA programme cost ?
Tuition fees for an MBA programme can range from around 4 000 Euros to around 80 000 Euros. The average for an accredited full-time or part-time programme in Europe is likely to be around 30,000 Euros.
Each academic institution can decide their own fee structure, so, if an institution believes that their programme is of a high quality and reputation, they will set their fees accordingly.
It would be rare to find a reputable full-time or part-time programme for under 12,000 Euros.
Obviously, tuition fees are a factor for most MBA students, but it is essential to enrol on a programme which will maximise your career opportunities. Though no institution can guarantee employment or career progression after graduation, the financial advantages and career benefits of holding an MBA from a particular institution will become clear once you enter the job-market.
11/ How can I pay for an MBA programme ?
Studying on a reputable MBA programme requires a large financial investment. The MBA is not a cheap qualification and in addition to the tuition fees, you will need to consider the cost of study equipment, living costs, travel costs and the opportunity cost.
When seeking financial assistance to study for an MBA, you should first approach the institution where you are planning to study. Many institutions offer bursaries (a partial waiver of tuition fees) to a limited number of students. There is no central register of bursaries, but details can be obtained from each institution.
The majority of full-time students finance their MBA either through personal finances, loans or family assistance (or a mixture of the three).
Full-time students rarely receive sponsorship. Those that do receive sponsorship will probably be either overseas students funded by their government ; employees of a small number of large consultancy firms or employees of a small number of blue-chip companies.
Employer support for part-time and distance learning programmes is more common. Where an organisation does not have a clearly-defined staff development policy, an employee can often secure sponsorship by presenting a proposal, outlining the benefits to the employer. If this is the case, the employee may have to make a concession to the employer (eg committing their short-term future to the organisation after graduation) and the organisation may wish to have some input into the decision of where to study.
12/ How will an MBA benefit my career ?
The career prospects for any MBA graduate will depend on the individual’s CV and the quality and reputation of the institution at which the individual has gained their MBA, which is why it is essential to consider your options thoroughly deciding where to study.
Be realistic about your expectations - though the MBA will almost certainly open new doors, you shouldn’t assume that the immediate premium will be enormous. Ask each business school which industries their graduates commonly enter into and whether they have a dedicated career service for their MBA students.
The rewards for graduates from leading MBA programmes are good in both the short- and long-term - findings from the Association of MBAs’ regular MBA Salary and Career Prospects Survey show that salaries for graduates from accredited MBA programmes have risen consistently over the past decade. Other findings include :
The average salary of an MBA is around 93 000 €
60 % of MBAs are either senior managers or board directors
25 % expect to run their own business in the future
Around 25 % of MBA graduates are female