Investing in an Executive MBA is a big call. Because of the massive fees involved, it’s important to plan your finances as soon as possible.
Applying for an EMBA can be a daunting process that demands time, effort – and plenty of anxiety! Actually getting accepted into a program is, then, a cause for HUGE celebration. With only a limited number of places up for grabs, you have to out-muscle the fierce competition. You basically have to show the business school in question that what you’ve got is what no one else has got.
But while successfully applying for an Executive MBA is one thing, actually getting the funding together to pay the fees is another thing all together.
Sometimes it can hit you like a really nasty hangover:
“Oh my gosh. I actually have to pay for this thing now!!”
Although some employers pay most of an employee’s tuition fees, not all do. And if you’re one of the unfortunate ones who is required to stump up the costs yourself, getting the money together isn’t always easy.
And EMBAs certainly don’t come cheap. There are now at least 40 EMBA programs around the world which cost six figures. The program at Wharton Business School costs more than anywhere else in the world, with students expected to pay up to an eye-watering $181,500.
Fortunately, the average cost of an Executive MBA in Europe is cheaper than it is in the U.S. For example, while the cost of studying at Wharton is rising, the cost of studying at IMD Business School in Switzerland is actually decreasing. Today, the EMBA here costs $117,000 – $15,000 less than it cost three years ago.
Naturally, wherever you study – whether it’s in Europe, America or Asia – you will still be expected to fork out a huge amount of money for your extended education. And this is where scholarships can prove to be a life saver for some.
Lots of students rely on some sort of cash handouts (such as from their friends or parents) to prop them up financially during their EMBA. Some, though, would simply not be able to complete an EMBA at all were it not for the financial issues that a scholarship solves.
The demand for EMBA scholarships is high, but the supply is small. The problem is that we ALL want one. Moreover, there are fewer EMBA scholarships available than MBA scholarships. IMD and HEC Paris Business School, for example, do not offer any.
If you’re considering trying to get yourself one, here is a look at some of the best EMBA scholarships in Europe.
London Business School
London Business School is one of the top-ranked business schools in the world, and is consistently placed in The Financial Times’ top ten when it comes to quality.
Each year, a number of scholarships are offered to applicants that are self-sponsored. The scholarships don’t all cover the entirety of the tuition fees, but instead cover a varying amount.
The scholarships offered include:
- The 30% Club Scholarship
- The Gallifrey Scholarship for Social Enterprise
- Dubai Executive Office Scholarship
- The Monica and Navin Valrani Scholarship
You will need to apply for the program first. If accepted, you can then apply for a scholarship.
ESCP Europe Business School
Established in 1819, ESCP Europe Business School was the world’s first business school. They have campuses in some of Europe’s most important cities, including Paris, Berlin and London.
The school offers twelve different EMBA scholarships in total. These include:
- Women Leaders – This scholarship is for women who have shown strong leadership capabilities, and who have not only furthered their own career, but who have also supported the careers of other women. The total amount you’ll receive for this scholarship is €10,000.
- Emerging Markets – This scholarship is for applicants from an emerging market country, such as Indonesia. You also have to be employed by a company who is headquartered in your home country, and you will be eligible to receive funding of up to €10,000 if your application is successful.
- Entrepreneurs – If you are an entrepreneur who has already successfully launched your own business, you can apply for a scholarship that covers €10,000 of your fees.
The University of Cambridge Judge Business School
Cambridge Judge Business School has a limited number of EMBA scholarships available.
There are a few different types. The needs-based scholarship is awarded according to individual circumstances. Like most EMBA scholarships, they cover 10% of your tuition fees. To apply, you need to write an additional 300-word essay explaining why you think you deserve the scholarship.
An EMBA Director’s Bursary is also offered. All successful applicants may apply for this scholarship, and again you will need to write an essay explaining why you feel you deserve the award. This scholarship covers up to 20% of your tuition fees.
Other EMBA scholarships offered by Cambridge include:
- Sainsbury Bursary
- University of Cambridge Employee Scholarship
- Career Development Loans
- Prodigy Finance Loans
As mentioned earlier, if you are planning to apply for an EMBA scholarship, it’s important that you plan early. A scholarship is awarded according to merit, but your application must be strong and convincing. Good luck!