An MBA is an investment you make in yourself. It delivers a foundation of knowledge, a set of skills, and a network that can play a strong role in your success (even while you're still in the program!), but, like any major investment, it takes careful consideration and planning.
We frequently talk with prospective students about their options for financing part-time MBA studies. Here are some of the most frequently-asked questions we receive about financing an MBA—and our answers:
Sticker shock is not uncommon when people start researching executive MBA programs. But on his first day of class, Greg Durkin, EMBA 14, saw concerns over cost evaporate when his classmates “were no longer abstract, but were interesting and diverse individuals I would gain a lot from being around. From there, other things I hadn’t considered got added into the equation, including negotiation skills, which have a clear financial return, and less tangible things like leadership effectiveness.”
Below, students talk about how they are financing their EMBA studies, and share advice on financing your executive MBA.
At Berkeley-Haas, we know that in today’s economy financing an MBA can be more challenging than ever before, so we’re working to help make it a bit easier for students.
This past fall the Evening & Weekend Berkeley MBA Program awarded more scholarships than ever before. This included a newly established $10,000 Dean's Scholarship given to 7 admitted students. In order to be considered for the Dean's Scholarship students must have met one or more of the following criteria: demonstrate a commitment to ethnic diversity or to shaping the role of women in business; diversify the program by bringing perspective from outside the Bay Area; or come from industries under-represented in the program. To read more about how the Dean's Scholarship brought new perspectives to the Evening & Weekend Berkeley MBA Program, go to the Haas Newsroom.
The Haas School of Business is committed to recruiting a diverse Evening & Weekend MBA student class. Did you know there are 3 scholarships available to first-year EWMBA students? We encourage applicants to submit their application and apply for the scholarships below:
There are three rounds of applications to Haas School of Business' Evening & Weekend Berkeley MBA, which can lead to some confusion among applicants. With our first deadline just one week away, we often get questions from prospective students asking, “Do I have to apply in Round 1 to get an offer of admission?” or “When should I submit my application to have the best chances?”
I recommend that you apply when you are able to submit the best application possible. In other words, if you need more time to revise your essays or retake the GMAT/GRE, you should take that time and apply in a later round.
We do not reserve a set number of places in the class for each application round. Although the number of offers we make in each round varies from year to year, chances of admission are about the same in all three rounds. You can even feel comfortable applying in our final Round 3, as many applicants will receive offers in this round.
With that said, if you are applying for any of our EWMBA scholarships, it is important to note that your chances of receiving a scholarship are much better if you apply in Round 1 or Round 2. Most of our Non-Profit/Public Service, Ronald Shapansky, and Dean's Scholarships will be given to applicants who apply in Rounds 1 and 2, although we may have some scholarship money left to award to Round 3 applicants.
Whether you apply in Round 1 or Round 3, providing a complete and honest picture of your experience, academic preparation, professional and personal goals, and achievements will give you the best chances of success in the application process.
I don’t know how it’s gotten to be the end of June already. Summer solstice, longest day of the year. I love this time of year, not just because of the great weather, but because the long days allow me to feel like I can still accomplish quite a bit after I’ve left the office. Now though, we start the long, inevitable march towards shorter days. It’s a mere two months from the start of school, less for those entering the first year.
With those incoming Class of 2013 in mind, I thought I’d develop a “Top Ten” list of things to do over the summer before classes begin.
10. Accept your offer. I have no idea when the deadline is, it’s probably passed. But if it hasn’t and you haven’t accepted the offer, what are you waiting for?!
9. Keep up with your school emails. They are few and far in between, but each provides critical To Do lists before classes begin. It’s best to keep up rather than miss deadlines for things like updating the Facebook.
8. Consider testing out of core classes. Frankly, this was an option I likely could have chosen for marketing given I am a marketing professional. However, I chose not to for a few reasons, including wanting to take all of the core classes with my fellow gold members. Go GOLD! If you feel your 2 units are best served taking an elective though, by all means do so. 42 Units is not much, and it adds up quickly. If you feel you don’t need one of the core classes that you are able to test out of, and there are other classes of more interest to you, do consider the option.
7. Take care of those pesky math and statistics requirements. Before hearing that I’d passed the Stat waiver exam, there were a few nervous weeks looking through available options. It’s best to take care of this sooner rather than later.
6. Outline your finances. Tuition is expensive. At the new rate of $2,387, you’re going to be writing checks for $19K when July and December roll around. That’s a hefty chunk of change, one that really puts a dent into any pocketbook.
5. Sign up for financial aid. FAFSA… a term I thought I would never have to hear ever again. Yet, I took advantage of student loans, if only to accept the subsidized version.
4. Prepare your work-place for your new commitment to school. It will be the rare employer that will not accommodate your decision to pursue an MBA. If they don’t, they are likely not an employer worth sticking with anyway. Any company should be thrilled to have employees taking the initiative to better themselves. However, part-time school is a massive commitment, and they should know you
3. For the evening students (Gold and Blue), clear your Saturdays for the fall semester, and not just because it’s football season. Many classes hold very helpful Saturday study sessions, others require group work in which you will need to meet in-person. Pretty much assume that you’ll need to be on-campus at least a few Saturdays a month.
2. Prepare your family and friends. Full time work and part-time school is a massive time-commitment. For your family, it will require an understanding that you will not be as available as you once were. There will be times when you just need to study, read, or meet with your group. They need to know to give you that time. For your friends, you will need to know that you can’t go to every event. Given you are not relocating for school, at least most of you are not, you will still see the Evites to many events, you will still be invited out, or invited over for various occasions. Just know that you won’t be able to make as many of those events as you previously were able to.
1. Go on a vacation. Who knows when you’ll have the chance to do so again. Winter break is a mere 2 weeks, and if you take summer classes after your first year, you could be in classes for a long time before you have the opportunity to take significant time off. Take advantage of this summer to go somewhere to relax before embarking on this part-time MBA program.
It’s an exciting time for incoming students! Your Haas experience is going to be awesome, and I can’t wait to meet you all as you join us on campus. Before you do, be sure to enjoy your summer!