Pursuing an MBA Abroad is the dream for most students wanting to uplift their careers, expand their global network, and receive world-class education. Yet, the cost of pursuing education abroad can sometimes feel a little too high. While paying hefty tuition fees and expenses to live somewhere can often raise questions as to how students can make it affordable. The good news, however, is that it is entirely possible to pursue an MBA abroad without breaking the bank if one plans properly and makes smart budgeting. Here’s the guide on how to save both on tuition and on living expenses while studying overseas.
Understanding the Costs of an MBA Abroad
Before jumping into how one can save money, one needs to understand the several costs of an MBA Abroad. Generally, there are three main categories that cover most of the costs involved:
- Tuition Fees: This depends on the university, and the country you pursue your MBA from. Institutions such as Harvard, Wharton, and Stanford are charging relatively higher fees, but there are also some pretty affordable options available.
- Cost of Living: This includes living, food, transport, and personal expenses. Costs of living in large cities or countries with a very high cost of living increase your budget significantly.
- Miscellaneous Costs: Such as books, study material, health insurance, among other incidentals that accrue to the total expense of your MBA abroad.
Tips to Save on Tuition Fees for MBA Abroad
1. Scholarships and Financial Aid
The best way to reduce the cost of tuition is by seeking scholarships, grants, and financial aid. Many universities provide merit-based or need-based scholarships to MBA Abroad students. There are also many other external organizations and foundations offering financial support for international students pursuing higher education.
- Some of the popular scholarship schemes include:
- The Fulbright Program
- The Chevening Scholarships for students going to the UK for studying
- DAAD Scholarship (for pursuing in Germany)
- University specific scholarship for MBA students
2. Choosing the Right MBA Program
Not all MBA Abroad programs are equal in price. Most universities offer high-quality education at a fraction of what the top schools charge for their programs. When considering which MBA program to enter, do not only consider the rank and reputation of the school but also how affordable that program is.
You may also want to explore universities in countries with lower tuition fees, such as Canada, Germany, or Spain, which offer excellent MBA programs at more affordable rates compared to the US or the UK.
3. Leveraging Exchange Rates
You can save significantly if you pursue an MBA Abroad in a country with a favorable exchange rate relative to your home currency. For example, students from India would benefit from the exchange rate advantage if they were studying in the US, UK, or Australia. Track exchange rates and opt to pay your tuition fees at some of these most cost-effective times.
How to Cut Down on Living Expenses While Studying MBA Abroad
Living expenses account for nearly the largest percentages of cost when studying for an MBA abroad; however, many ways in which these could be mitigated without sacrifice to this experience exist.
1. Housing Alternatives
What will save money is affordable accommodation. Instead of opting for private rentals, which are costly, or university dormitories, one can look into shared housing or a room in an apartment in the local neighborhood. Most cities have student-focused neighborhoods that have more affordable housing.
You could also explore options on Airbnb or student housing sites for cheaper alternatives. For example, if you are studying in a place with a high cost of living, staying farther away from campus might save you on rent.
2. Food and Dining
It can be very costly to go out every day; you can prepare your meals at home and shop at local grocery stores or farmer’s markets to cut back on costs. If you reside in a student accommodation with kitchen facilities, prepare meals in bulk to further reduce the cost.
If you must eat out, find student discounts or local eateries offering low prices. Many cities have food markets and street foods that are cheap enough to save on your daily meals.
3. Transportation
Transportation is another significant expense of students who are studying MBA Abroad. While in some cities public transportations are affordable, in other cities it can be costly. In order to save on transportation use student passes for public transport as they offer a huge discount.
If you live close to campus, consider walking or biking to save money. Also, many students take advantage of ridesharing services and carpooling with classmates to split the cost of commuting.
Smart Money-Saving Hacks for Students
1. Part-Time Jobs
While studying for an MBA abroad, a part-time job can be taken to cover living expenses. Most countries permit international students to work for a few hours per week during their studies. Seek opportunities on campus, like working in the library, student services, or even tutoring.
You can also search for jobs off campus that may interest you, like internships or freelance work, and which would contribute to your career. Part-time jobs can also not only improve your financial position but also enhance your resume and provide work experience.
2. Budgeting Tools and Apps
You can record your income and expenses by using budgeting tools or apps to make the best use of your budget. Apps like Mint, YNAB (You Need A Budget), or PocketGuard can help you control your finances and ensure that you follow your savings plan.
3. Networking and Free Events
Use free networking events and workshops, which are usually hosted by universities and local organizations, to save on living expenses. You will be able to connect with people, gain insights, and even find job opportunities without paying for expensive conferences or networking events.
Financial Planning and Budgeting Tips
Proper financial planning should be done in an MBA Abroad. Create a clear financial plan and make a proper estimation of tuition fees and living expenses and then set a realistic savings goal, so you can figure out how much you would save before departure and in your studies.
Both before and during the MBA course, look out for the cost-cutting strategies that can help to save cost. Remember that financial savings and ways of cutting expenses will help one not feel the pressure of increased expense while studying.
Conclusion
Well, it is absolutely within a person’s reach, doing an MBA abroad by proper planning. Applying for scholarship or finding an affordable programme would be the first major part of the strategy as will be managing the expenses over here, and using budgets help to make your fantasy into actuality without going one notch above budget. Begin with early planning and grab the benefits of an MBA from abroad without financial hassle.
