Financing an MBA

S

smcgiff

Guest
I’ve a choice between doing an MBA for €10K (Oxford Brookes University) or €30k (Manchester Business School). To put it into perspective MBS’s MBA is ranked 22 in the world, whereas Trinity is 70th. Oxford Brookes isn’t ranked in the top 100.

Either way it’s mad money – but it’s quite probably the final education achievement I will be attempting in my life, so why not.

The MBS MBA would require approx €7k to be paid every six months for two years. My wife is starting 2nd year of her college course in a few weeks time. She finishes in 2 years time and will hopefully be a primary teacher.

To maintain our lifestyle while I take the MBS MBA I would ideally like to get a loan account where the bank would allow me to draw down €7k initially and then the balance over the next 2 years as required. I would then start paying the principle back in 2 years time. I wouldn’t mind paying interest in the mean time. This is a part-time/distance learning course and I would continue to work during this time.

Conservatively, assuming my wife gets the job she hopes for and I’m in my current position (i.e. without benefit of having an MBA and a new job) our combined NET income would be 80k+ per annum.

Do you know of any bank that would help finance this? I wouldn’t want to pay a sub-prime interest rate. My credit history is unblemished, and don't have much existing credit o/s except for a €200k mortgage.
 
Squonk said:
Will your company not finance this?
Click to expand...

Almost certainly not and in fairness I wouldn't expect them.

Although, I expect to be moving jobs soon and I might get it part financed through the new company. But, at the moment I'm going on worst case scenario.
 
I personally don't see the need to spend an extra 20k on a course just because it is further up the ladder in ranking order than another. I would think an employer would be more interested in someone who completed the course by attending classes -even part time than distance education. Also it might not matter how many qualifications you have as long as your going to be able to the job and do it well. What about the Michael Smurfit School of Business they do a part time MBA afaik.
Good luck with it anyway as I am embarking on further (expensive time ) education myself.
 
smcgiff said:
and don't have much existing credit o/s except for a €200k mortgage.
Click to expand...
What is the LTV ratio for your mortgage? Would topping up the mortgage for the required amount and ideally paying it back over a few years rather than a few decades be an option?
 
niceoneted said:
I personally don't see the need to spend an extra 20k on a course just because it is further up the ladder in ranking order than another. I would think an employer would be more interested in someone who completed the course by attending classes -even part time than distance education. Also it might not matter how many qualifications you have as long as your going to be able to the job and do it well. What about the Michael Smurfit School of Business they do a part time MBA afaik.
Good luck with it anyway as I am embarking on further (expensive time ) education myself.
Click to expand...

Probably snob factor. The next ranked MBA above it is the Oxford MBA and that costs £40K!!! So, the MBS MBA is cheap really! :)

Yeah, It's kind of mad, but as it's going to be a long slog the extra prestige (even if its only in my own head) could help.


Thanks Clubman, that would normally be good advice, but seeing as INBS are my mortgage provider I'd rather camp out on O'Connell street with a begging bowl than have to do more business with them. One other reason would be that I'd need the funds over a four year period, but could, I suppose pay it all off at once.

Of course, when the INBS sale goes throught it'll all be academic (get it!!! ;-) )
 
smcgiff said:
Thanks Clubman, that would normally be good advice, but seeing as INBS are my mortgage provider I'd rather camp out on O'Connell street with a begging bowl than have to do more business with them.
Click to expand...
Why?
 
Unless you are going to one of the very top MBA scholls (Harvard/MIT etc) then the placing in the rankings is not so important and I find it much less of relevance in Europe than it is in the US anyway. Have you looked at the MBA programme from the Edinburgh Business School at Herriot Watt University. Good programme and financially very achieveable as you only pay as you take your courses.

Good luck with it anyway...the time an MBA takes part-time is enormous but ultimately well worth it
 
Nermal said:
It's not that expensive, check [broken link removed]
Click to expand...

It would have to be the part time one I'm afraid, Nermal, and that's £40k.

[broken link removed]

Clubman,

Past experience - Unbelievably poor to deal with.

Thanks Neil, I had noted the Edinburgh MBA. It does look like good value. Althought charging £100 to spend five seconds to tell someone if they would be exempt is a put off.
 
Smcgiff, As a matter of interest, how much do you think the MBA will benefit you from a career and financial perspective? Do you believe you will get the job of your dreams once you get the MBA?
 
smcgiff said:
Probably snob factor. The next ranked MBA above it is the Oxford MBA and that costs £40K!!! So, the MBS MBA is cheap really! :)

Yeah, It's kind of mad, but as it's going to be a long slog the extra prestige (even if its only in my own head) could help.
Click to expand...

Forget about the rankings. If you plan to work in Ireland, then you are best to go with Trinity or Smurfit. It is well regarded in Irish business circles, and you will develop a fabulous set of contacts, and the stress is less if you are not travelling every weekend! If you want to get the MBA as an intellectual exercise, then go and do it whereever you want, but if you want it to enhance your opportunities in Ireland, I would suggest you stay closer to home.
I did the IE MBA in Smurfit, Friday afternoons/evenings, Saturday mornings. It was a great experience, met lots of really great people and learned a huge amount. The MBA is not rocket science, but it is hard work. I would suggest that adding the stress of traelling over and back to Manchester or Oxford, plus money worries is probably not the best idea.
But it's up to you
 
Squonk said:
Smcgiff, As a matter of interest, how much do you think the MBA will benefit you from a career and financial perspective? Do you believe you will get the job of your dreams once you get the MBA?
Click to expand...

Career wise I do think it will be an extra advantage. Much? Probably not.

Am I doing it purely for career advancement? No - it's more of a personal fulfilment thing.

Amgd2,

It's online - there's very little travelling involved. Actual time spent in Manchester would be approx 12 days in the two years. Exams are held in Ireland and it's 50% exam & 50% course work.

So, it would involve less travelling than the Smurfit MBA.

Thanks for your input guys!
 
You must log in or register to reply here.
Back
Top