MBAs are valuable qualifications, which tends to be reflected in the price. However, there are plenty of methods of funding available depending on your circ*mstances
Tuition fees depend greatly on your chosen university. For instance, you'll pay £8,000 for an MBA at Ulster University, while you can pay as much as £71,540 for an MBA at the University of Oxford: Saïd Business School. Find out more about how much an MBA costs.
Part-time study while working
Self-funding and part-time work are among the most popular funding methods, proving it's possible to work while studying for an MBA. However, juggling the demands of work with an intensive study schedule is no easy task. Learn how to balance work and study.
You'll need the full backing of your employer to allow you time off for exams and study periods.
If you have a job that you love, part-time study means that you won't have to leave it, you'll earn a salary while you study and you'll be able to manage any family commitments you may have. However, the MBA will take longer to complete and it can be difficult to give your full attention to the course.
To see what's available, search part-time MBAs, online or distance learning MBAs.
With most MBAs requiring three years' experience, it's likely you're already in a relevant job when applying for the course. Take advantage of this by asking your employer to pay for some, or all, of your fees.
You'll need to justify the benefits your MBA will bring to the company, as well as how you plan to balance your work and study. You'll usually need to commit to staying with the company for a number of years to ensure that they see a return on their investment.
Sponsorship is unlikely if you're a new employee or hold an entry-level position but it's always worth talking to your employer about your aspirations.
Learn more aboutemployer sponsorship.
Postgraduate loans
Postgraduate funding from the government is exclusive to UK students living in England. No matter how costly the course is, the loan is capped at £12,167 (2023/24) and you should apply as soon as possible. In most cases, this is far from covering the total fees, but it's still a significant sum of money and a good option for funding.
The threshold for paying back the loan is a £21,000 salary upon graduating, and in all probability you'll be earning that or more. Find out about postgraduate loans in England.
There are different rules and eligibility criteria for postgraduate loans in Wales, Scotland and Northern Ireland.
Scholarships and bursaries
Most universities have money to give to students through non-repayable scholarships and bursaries. Eligibility will vary but they can be offered to alumni, those demonstrating academic excellence or to encourage diversity.
Some universities will automatically consider you for their scholarships, bursaries and grants. For others, you will need to apply explaining why you are suitable and should be awarded the money. With high competition and limited funding available, you'll need to make sure your application stands out with well thought out reasons.
One example is Warwick Business School (WBS) that offers a Change Makers' scholarship for those who seek to challenge the norm and status quo. To apply for one of their scholarships you will need to submit a 300 to 500 word essay demonstrating why you possess Warwick's CORE principles of curiosity, openness, restlessness and excellence.
Learn more about scholarships and bursaries.
Find out more
- Read up on funding postgraduate study.
- Explore MBA courses.
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