Funding Your MBA: Self-Funding

Posted by MMU on 21-Nov-2016 14:53:25

We sat down with Oliver Reeves to discuss how his MBA scholarship discount complemented the self-funding of his studies, and why he thinks everyone should contemplate studying an MBA – through a scholarship if possible – if they want to enhance their business career.

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Self-funding is just one way to pay for your MBA studies, with other options covered in detail in our guide: A Guide to Funding Your MBA, which you can download below.

How did you find out about the Northern Powerhouse Innovator Scholarship?

I found out about the scholarship through my research into MBA courses. Alongside reviewing course content, ratings and future prospects, I also got into the habit of checking different scholarship options at various universities, which is something anyone considering studying for an MBA should do.

The scholarships available from other institutions either had very narrow criteria, or were simple blanket approaches where every application had a chance of a small award.

Manchester Met, however, provided three specific options with very good awards for each. They were advertised on the website initially, but more specific details could also be found through social media (you can find Manchester Met on Twitter, LinkedIn and Facebook).

Was self-funding an easy decision?

The combination of self-funding and winning the scholarship has allowed me to start the MBA earlier than I previously thought. Along with the course discount, it alleviates some of my concerns about taking on the debt of tuition fees.

In terms of the scholarship, the rewards on offer are substantial and more than worth it – I wouldn't hesitate to recommend it to anyone, although self-funding does depend on your financial situation which is why many MBA students I know go through the employee sponsorship route.

Alongside the new access to postgraduate loans, I believe that also applying for a scholarship is an essential part of any MBA application. Not only does it give you the chance to reduce your fees significantly (Oliver was awarded with the maximum prize of £6,000), it makes you think about your application as a whole and gives the university an insight into you as an applicant before the course begins.

Was the application process difficult? How did you apply?

The application process was clearly detailed on the website, however the content of the submission was left fairly open within some key parameters – this meant there was a wide scope in which to bring my own idea to fruition.

The application asked for a 60 second YouTube video clip to present either a new product or business or evolve an existing product or business. I had no specialist technical knowledge in this area, but I was quite easily able to produce a video. The key for me was deciding how I could present the idea within the time limit and with my lack of technical knowledge and skills!

Manchester Met Resource Hub

Take a look at our Resource Hub for more articles that cover everything you need to know about our own MBA, including how you can fit studies around your job and why meeting likeminded people is one of the best things about joining an MBA.

You can also hear more from Oliver in the video below.