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16 Apr 2015, 11:06
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Hello everybody! I am a newbie here and I really like this site and found very useful information here. I am planning to study MBA either in Canada or the USA but I need your advice and directions on what to do next. I have good academic records (GPA:3.9) and currently I am preparing for GMAT exam (Manhattan GMAT test 1: 680 (Q44V38). However, I have following problems: 1. I have only 2.5 years of work experience; 2. I don't have enough financial supply to cover my study expenses. Thus, I am afraid that I won't be able to pay for my tuition even if I am admitted to MBA program in the USA. I heard that there are many international students in Canada who receive significant amount of scholarships and financial aid. So, anyone who has experienced the same problems that I had or has any useful information - will be highly appreciated. Thanks in advance! 
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16 Apr 2015, 23:03
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Hi Alisher,
Your profile is pretty good. Work on your GMAT score probably and try and get 720-730 if you are aiming for a scholarship.
With regards to finance, at the outset, let me tell you that you should factor in an investment of atleast 130k or 140k USD wherever you go if you are going for a 2 year MBA. Im saying this because approx. 110-120k would be ur tuition fee and the balance ur living costs. If you do not have funds available for this, you could consider taking a loan against collateral such as property from a bank. For loan against property, banks usually have a 150-180% margin. This means that if you want to take a loan of 140k USD, you will need to provide a collateral of approx. 210k USD. Also if you are aiming for scholarship, apply in the first round. Your chances of getting in with a scholarship are higher.
Lastly, start saving money from your salary. Whatever you are able to save will help you. I ignored this advice and am repenting for it.
Your profile is pretty good. Work on your GMAT score probably and try and get 720-730 if you are aiming for a scholarship.
With regards to finance, at the outset, let me tell you that you should factor in an investment of atleast 130k or 140k USD wherever you go if you are going for a 2 year MBA. Im saying this because approx. 110-120k would be ur tuition fee and the balance ur living costs. If you do not have funds available for this, you could consider taking a loan against collateral such as property from a bank. For loan against property, banks usually have a 150-180% margin. This means that if you want to take a loan of 140k USD, you will need to provide a collateral of approx. 210k USD. Also if you are aiming for scholarship, apply in the first round. Your chances of getting in with a scholarship are higher.
Lastly, start saving money from your salary. Whatever you are able to save will help you. I ignored this advice and am repenting for it.
MutatisMutandis
Joined: 22 Jan 2015
Last visit: 30 Jul 2017
Posts: 55
Own Kudos:
Given Kudos: 40
Status:Waiting
Location: United States
Concentration: Healthcare, Marketing
Schools: Ross Weekend"19 (A) HBS '17 (D) Tuck '17 (D) Boston U '17 (D) Carroll '17 (WL) Carlson '18 (A) Fuqua EMBA"19 (M)
GMAT 1: 660 Q47 V34
GMAT 2: 680 Q48 V35
GPA: 3.37
WE:Engineering (Healthcare/Pharmaceuticals)
Schools: Ross Weekend"19 (A) HBS '17 (D) Tuck '17 (D) Boston U '17 (D) Carroll '17 (WL) Carlson '18 (A) Fuqua EMBA"19 (M)
GMAT 2: 680 Q48 V35
Posts: 55
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17 Apr 2015, 05:33
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alisher91
There are two ways to approach this.
1) Get a high gmat score (>710); apply to programs ranked top 15-50 in the usa, and you will get a full ride. Forums on this website will give you incredible intel on which colleges give away scholarships for what gmat score. you just have to look for it.
2) Get a bank loan and be prepared to bear the costs and choose a program carefully that would provide greater ROI.
Either way, life is all about taking risk. No risk, no reward.
