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The two elements of expenditure concerning Master's degrees are, on the one hand, the tuition fees and, on the other hand, the cost of living (especially if studying abroad). Since working alongside the program is usually impossible due to the intensity of the courses, a regular income is mostly not available.
At the same time, paying for a Master's education is a rather slight problem because one can utilize numerous financing possibilities.
Scholarships:
The most popular way of funding a Master's degree is through scholarships. Usually, these are available, above all, for applicants who wish to study abroad. The following scholarships allow the applicant to choose foreign universities:
Germany
- Scholarships for a postgraduate MBA from the DAAD (Deutscher Akademischer Austauschdienst)
Tuition fees for one academic year and monthly support for ten months – with the possibility of extending it.
Worldwide
- Fulbright Grants for Graduates
Includes the payment of tuition fees and a contribution to the cost of living for an academic year. The Fulbright Commission operates in more than 100 countries through bilateral agreements. Visit the website relating to your home country.
- Rotary Club
Awards scholarships for studies abroad. The application takes place via the local rotary club in the applicant's hometown.
These are the most common international scholarships. However, there is a high number of other scholarships available. Keep in mind to start your research concerning scholarships well in advance, as deadlines and certain requirements have to be met.
Bank Loans:
Banks will finance an MBA program provided it is done at an acknowledged university. The basis for repayment is the high employment contract expected after graduation.
Sponsoring:
Financing an MBA education is nothing new to employers in global firms and the bank industry. The trade-off is that the MBA students must return to the company that sponsored them and work there for a certain amount of time, otherwise the sponsor money must be refunded.
Assistantships:
For the Master's students, assistantships mean at least a partial financing of the education. The initiative can come from the student or the teacher. One either instructs beginner’s courses and corrects work as a "teaching assistant", or one works as a "research assistant" for a university professor. The tuition fees are payed partially or entirely ("tuition waiver") and a small salary is also possible.
Our tips:
- Do not jump into the ˜Master's adventure” without previously reviewing the costs!
- Inform yourself about the financing possibilities before the start of your Master's program.
- Calculate all the costs (not only expenditures!) that emerge (or may emerge) during the duration of the education.
- Compare that to the assured and expected income.
- Create a financial plan.
- Keep in mind that you may confront financial bottlenecks, so build reserves accordingly.
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