UK MBA Funding: A Guide to Scholarships, Sponsorship & Bursaries

Jun 20, 2011
Carol Finch

Where Can You Find Sources of Funding for Your MBA? - Photo by playboy

Most students will self-fund MBAs, but there are ways to reduce fees. Looking for awards or grants from schools, employers & funding organisations may help.

The costs of studying for an MBA can be high. Although you may expect to see a return on your investment over time in increased earnings and quicker career progression, you may still be left with a large bill to settle before these rewards kick in. You may, however, be able to reduce your fees if you find sponsorship, bursaries or grants. Where should you be looking and what's on offer?

Do Employers Sponsor or Fund MBAs?

In the past it was often possible to have an employer pay business education fees for some employees. Nowadays, you are less likely to find a UK company willing to bear all of these costs, although some still do, so it doesn't do any harm to ask. Even if your employer won't sponsor you directly, they may offer other useful career development initiatives.

Some, for example, will give low cost or interest-free career development loans; others will give paid study leave or grants towards the costs of books and materials. If your employer is big enough to have an HR department, then this may be the place to start. If you work for a smaller company, your best bet will be talking to whoever runs it.

What Kinds of Scholarships and Awards do Business Schools Offer?

Most colleges will offer some form of financial assistance for MBA study. Some will offer a single program; others may have multiple options. The help given can vary from a relatively small discount through to full funding. Examples of programs include:

Flat fee discounts on course costs.
Percentage discounts on fees.
Fully funded bursaries (either sponsored by the school and/or its scholarship body or by a business that has connections with the college/program).
Corporate awards that give a percentage discount to companies that send multiple employees on the same MBA course.

Some colleges will also base some scholarships on certain qualifying criteria. These can include awards based on:

Gender
Industry sector
Nationality
Previous study at the college (i.e. alumni awards)
Work experience/achievement

Even if you don't win an award, you may find other ways to save money. Some colleges will, for example, also discount your course fees by a fixed percentage if you pay them in advance.

You'll need to check with shortlisted colleges to learn exactly what is on offer. Bear in mind that some schools will automatically enter you for financial assistance; others will expect you to apply. You can find relevant information on individual college sites, alternatively The Association of MBAs also has useful links to many programs.

Can You Get MBA Grants and Awards From Charities and Trusts?

Some charities and trusts will give financial assistance on an independent basis. Again, the awards given could vary from a grant of a few hundred pounds up to full fee funding based on various qualifying criteria. Do remember that it can be harder to win these scholarships as you may be competing with a lot more people.

Although many colleges will list a few charities or charitable trusts on their sponsorship pages, you can also use your local library to source relevant programs. Look out for copies of the Educational Grant Directory, the Grants Register, the Directory of Grant Making Trusts and the Charities Digest. The British Council website is also worth a look. This contains details of the Council's own funding and links to other programs.

What if You Can't Get Financial Assistance for an MBA?

If you need to self-fund your study, don't have the cash saved up to cover fees and don't qualify for other types of student finance, then you could look at taking out a Professional and Career Development Loan. This is a government backed scheme run by certain high-street banks willing to loan money to students in certain situations. Your interest payments are covered whilst you study and you won't need to pay anything back until you have finished your course.