Even 15 years ago, MBA wasn’t that popular a course in India. But things started changing soon after the financial depression of 2008. Professionals in cushy jobs working with multinational corporations understood the need to bring managerial skills for the sake of level playing with the tough competition in their organisations.
Soon after we have seen how crucial MBA has become for a young professional to make his existence matter in the organisation. And today, no matter whether you are an engineer, a banker or a content marketer, it’s the degree of MBA that will decide whether you will be paid as per your capability or kept underpaid.
And what if this MBA degree is from USA? Well, you are prioritised amongst your peers when it comes to hiring. But then USA B-schools are far expensive than Dubai or UK. So, how to ensure that the financial burden doesn’t increase with the end of a MBA course in USA?
Here are some valuable suggestions from Muzaffar Ahmad aka Noori Bajwa, director of ASI (Abroad Solutions India), who is also a well known education counselling expert in the industry to understand what it takes to get a good scholarship.
Debunking the myth: “GMAT is not the only factor while preparing for Ivy League or some top notch BSchools. They not only consider your previous education scores but your achievements too. Yes, of course, the work experience with a great deal of responsibility and leadership makes one stand apart,” said Ahmad.
Is it possible to get a 100 per cent scholarship in MBA?: “One can opt for a 100 per cent free education in USA. There is not any specific national scholarship for MBA aspirants but every university or B-School has their own financial-aid programmes. Some consider your educational achievements along with work experience and some go an extra mile. Really having something extra excite BSchools to offer you something financially,” said Ahmad.
Types of scholarship: There are three kinds of financial aids widely seen among almost all B-Schools in the United States of America. There is the full financial aid or scholarship which covers the entire course fee. This is generally offered after a variety of procedures done by the financial aid board within the university. This may be given to someone who has really good academic achievements and work achievements too.
Some students are interviewed in a very casual manner on phone making the procedure a bit informal but very much regulated. Some awards in your work or school or college life may give an extra weightage to your CV. First get offer letter (I-20) and only then you can compete for scholarship. You’re not liable to do anything against this financial-aid.
Assistantship is another way to fund your education. This is a giving back kind of programme wherein one provides support to the professors and other staffs helping students solve some issues related to their studies. Sometimes one may be asked to take a few extra classes within the campus. This is, indeed, a good way of earning something good. Generally this covers almost everything like your tuition fee, accommodation and you’re given some stipend too to cover your other expenses.
So, this is one of the best ways to be funded for one’s education. Administrative Assistantship is one of the ways in which the university provides you with good financial aid cum work. As the name suggests, one has to be involved in the university administrative works, like working with international students department, helping people and students on email. This is one of the best methods to be paid. Because just working for 10 hours a week attracts financial aid.
Fellowship: Besides these, there is another way to achieve scholarship which is fellowship. It is another way of being funded for one’s education. Working on a research project funded by university or some agency or any company may compensate a lot of your expenses while you’re on board. “Remember, there is no written rule for the scholarship but one needs to be fully equipped with anything and everything which requires a great deal of leadership and hard work,” said Ahmad.