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Financing Your INSEAD MBA

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Financing Your INSEAD MBA [#permalink]

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New post 18 Aug 2015, 23:54
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I was lucky enough to get accepted to study at INSEAD 10 years ago. But before the great news I had spent at least 18 months preparing: from doing the GMAT, writing essays, deciding which school to go to, and determining how to finance this unique and life changing experience. I probably spent the least amount of time on the financing point, but in the end it was the most important.

Here are a few recommendations to keep in mind when financing your MBA:

The first recommendation is that whatever you expect to spend on your MBA, you are going to spend at least 30% more on your living expenses, and other expenses that come up. Of course, I wanted to make the most of the experience, and every MBA program, including INSEAD’s, has more activities than anyone can imagine going to. And it’s very tough to say “no” to them due to lack of savings. So tip 1: save at least an extra $5,000 for “travel expenses” per year.

The second recommendation is to evaluate the financial difference between a 1 year and 2 year MBA program. It is not only the opportunity cost of not working and making money, but the 2 year MBA is normally 50%-100% more expensive due to cost of living and 2 years of tuition. Choosing a 1 year MBA like INSEAD was not a conscious decision on my part but I’m glad I decided on it in the end. There is a trend around the world for more 1 year MBAs because of this reason.

The third and most important recommendation is to look for other sources of funding aside from a loan – a few options include:

1. Scholarships (there are a lot more per country than you may think. In Spain, there are at least 8 organizations that give scholarships)

2. Ask family and friends for donations or savings

3. Crowdsource your MBA experience

4. Get a side job for extra money

I started with the 4th option and managed to save a worthwhile extra amount for INSEAD. Three months before starting the program, I got lucky and got an amazing scholarship from Fundacion Rafael del Pino in Spain for my studies.

Finally, I encourage you to look at what others are doing around you, search on blogs and forums, be creative, and most importantly: if you are set on doing an MBA, with a little bit of discipline and structure, you can save for the future.

Ricardo is Prodigy Finance's Head of Business Development. He got his MBA from INSEAD in 2006. After his MBA, he worked in management consulting for 8 years before shifting his focus to consult for startup companies in the Fintech space. He joined the Prodigy Finance team in 2014.

Related Resources:

MBA Admissions A-Z: 26 Terrific Tips [Free Guide]
INSEAD Essay 3: Writing About Cultural Diversity
The Money will Sort Itself Out: IV with a Future INSEAD Student

Accepted.com's experienced admissions consultants can help you create the most impressive application possible with comprehensive packages, or provide targeted assistance from picking perfect programs to designing a dazzling resume, constructing engaging essays, or preparing for intense interviews…and more! Accepted.com has guided thousands of applicants to acceptances at top MBA programs since 1994 – we know what works and what doesn't, so contact us to get started now!

This advice originally app​​eared on the Accepted Admissions Consulting Blog, the official blog of Accepted.com.
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Linda Abraham
Accepted ~ The Premier Admissions Consultancy
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Co-Author of: MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools

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Re: Financing Your INSEAD MBA [#permalink]

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New post 05 Aug 2016, 02:33
Hello Sir/Madam,

I need an expert opinion for my situation. I chose this page because I'm a regular follower of your counselling pages, websites and especially the essay evaluations.

I'm an Indian male applicant to INSEAD sep-2017 intake. Its very ambitious of me to think of applying to INSEAD given my financial background.
My profile goes as follows:
GMAT: 720 (Q49/V40)
I am yet to take language test(s).
Work-Exp: 60 months till July-2016
Sector: Electrical Design Engineering - heavy electricals manufacturing and power sector (54 months at BHEL - a manufacturing sector PSU in India)
Extra-curriculars are good but community service is poor.
Have been part of theatre groups and social cause performances - acting and direction.
Leadership roles are ample within and beyond my profession.
Acads: High School - 91%
12th std - 93%
B. Tech. (Electrical Engineering) - 73.4% (but 4th in class)

Firstly, I'm not even sure how strong my profile is for INSEAD. So please enlighten me in this domain.

Secondly, my major concern is finance. In India, max. loan amount without collateral etc. is INR 30 lacs (approx EUR 40,000).
I have next to nil collateral property.
I'll be able to personally manage not more than approx EUR-15,000. So how am I supposed to fund my studies if I'm not awarded any scholarship. Saying that, may I know the probability of getting a scholarship and if yes, about how much, based on my profile.

Please oblige me with your advice as I really want to apply to INSEAD but for an average Indian with low financial background, it is next to impossible investing that much even if you deserve it. (If I do).

Thanks for reading.

Abhishek

Kudos [?]: 33 [0], given: 77

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MBA Admissions Consultant
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Joined: 20 Apr 2003
Posts: 5757

Kudos [?]: 581 [0], given: 74

Location: Los Angeles CA
Re: Financing Your INSEAD MBA [#permalink]

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New post 14 Aug 2016, 22:33
AA2014 wrote:
Hello Sir/Madam,

I need an expert opinion for my situation. I chose this page because I'm a regular follower of your counselling pages, websites and especially the essay evaluations.

I'm an Indian male applicant to INSEAD sep-2017 intake. Its very ambitious of me to think of applying to INSEAD given my financial background.
My profile goes as follows:
GMAT: 720 (Q49/V40)
I am yet to take language test(s).
Work-Exp: 60 months till July-2016
Sector: Electrical Design Engineering - heavy electricals manufacturing and power sector (54 months at BHEL - a manufacturing sector PSU in India)
Extra-curriculars are good but community service is poor.
Have been part of theatre groups and social cause performances - acting and direction.
Leadership roles are ample within and beyond my profession.
Acads: High School - 91%
12th std - 93%
B. Tech. (Electrical Engineering) - 73.4% (but 4th in class)

Firstly, I'm not even sure how strong my profile is for INSEAD. So please enlighten me in this domain.

Secondly, my major concern is finance. In India, max. loan amount without collateral etc. is INR 30 lacs (approx EUR 40,000).
I have next to nil collateral property.
I'll be able to personally manage not more than approx EUR-15,000. So how am I supposed to fund my studies if I'm not awarded any scholarship. Saying that, may I know the probability of getting a scholarship and if yes, about how much, based on my profile.

Please oblige me with your advice as I really want to apply to INSEAD but for an average Indian with low financial background, it is next to impossible investing that much even if you deserve it. (If I do).

Thanks for reading.

Abhishek


Abhishek,

Your academic stats are strong, but one quality INSEAD truly values is international or at least multi-cultural exposure. You seem to have lived and worked in India all your life. Unless you have international travel or can discuss working in international teams from India, you lack that quality, which INSEAD values highly.

Predicting scholarship is much more difficult for me. In terms of financing I encourage you to look into Prodigy Finance for loans. They do not require collateral. And their mission is to fund international study, specifically MBA study. Listen to the recording of the webinar that we had and then talk to them directly.

Linda
_________________

Linda Abraham
Accepted ~ The Premier Admissions Consultancy
310-815-9553

Co-Author of: MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools

Follow Accepted on Twitter
Friend Accepted on Facebook
Subscribe to Accepted's Blog

Kudos [?]: 581 [0], given: 74

Re: Financing Your INSEAD MBA   [#permalink] 14 Aug 2016, 22:33
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