Exploring Financing Options for your MBA or Professional Certification Course

Depending on your profession, there may come a time when you must consider scaling up your skills to stay competitive in the field. This could entail pursuing a postgraduate degree like an MBA or obtaining relevant professional certificate courses. 

As an example, for accounting professionals, obtaining certification from the Association of Chartered Certified Accountants (ACCA) can be one of the most valuable investments for advancing your career.

The main challenge is that these additional degrees and certificates can be expensive. 

Obtaining an MBA from a reputable university can involve up to N10 Million or even more expenses. This financial burden can pose a significant obstacle for individuals seeking these degrees or certifications if they are not financially well-off.

In this article, we will share some financing options which you can use to further your MBA or professional certification ambition.

1. Personal Savings

Personal savings is undoubtedly a wise approach to finance your educational and career aspirations. It goes hand-in-hand with careful planning and budgeting, ensuring a smooth journey toward achieving your dreams.

For instance, if you aim to secure a scholarship to study abroad, you might still need to cover expenses like the application fee and other aspects not covered by the scholarship. 

This is where personal income sources like savings become crucial.

By relying on personal savings, you can avoid accumulating debt, benefiting both your financial and mental well-being in the long run. Crafting a savings plan aligned with your academic or professional goals, setting clear targets, and saving intentionally will be a rewarding decision in your pursuit of success. We recommend you kickstart your savings journey with the Zedcrest Wealth app. Begin now by clicking here

2. Scholarships and Grants

Scholarships and grants are perhaps the options that first come to mind when funding postgraduate degrees for lower-income earners. They are great options because they do not require repayment like student loans.

Winning a scholarship or grant can significantly reduce your financial burden.

Every year, countless beneficiaries of scholarships and grants go on to get a world-class education that would have been almost possible based on their financial strength. Various organizations, educational institutions, and governments offer scholarships and grants specifically designed for MBA or professional certification students. 

A good number of scholarships are tied to educational, career, and social excellence so ensure you are a top performer to increase your chances. Start your research early enough so you don’t miss application deadlines and carefully submit each application highlighting your achievements and aspirations. 

3. Loans

Where personal savings and scholarships are not possible, student loans are also a finance option to consider. Unlike scholarships, you must repay loans so it’s essential you plan your finances carefully before taking this route. 

Some countries have well-developed loan facilities from private lenders. In Nigeria, you can access credit facilities from cooperative societies, traditional banks, and authorized lending companies like Zedvance Finance Limited. 

These loans come with requirements some of which we discussed in our previous posts like this one on Emergency Cash: Understanding Salary Loans and Alternatives. 

Call 0700 001000 to learn more about salary loans by Zedvance Finance.

4. Part-Time Work and Internships

Many educational institutions offer work-study programs that allow students to earn a portion of their expenses by working on-campus jobs. These roles range from research assistants, and lecturer assistants to admin or library assistants. 

You can also secure part-time work outside school. Just make sure you’re within the regulations for student work if you’re in a foreign country. Part-time work and internships are a great way to avoid taking on substantial debt for your MBA or certification. 

More so, internships in your chosen field may also provide valuable experience and networking opportunities.

5. Employer Sponsorship

Many employers recognize the value of a skilled and educated workforce and offer sponsorship or tuition assistance programs for their employees’ continued education. If you are already employed, check with your HR department to see if your company provides any educational benefits. 

Employer sponsorship is a win-win scenario as it enables you to advance your skills while providing your employer with a more competent and qualified workforce.

6. Crowdfunding and Fundraising

In recent years, crowdfunding has emerged as an innovative finance option. It’s been used to fund startups, movies, or educational pursuits.

Numerous online platforms allow individuals to create campaigns and seek financial support from friends, family, and even strangers to pursue academic goals. You can also crowdfund your community or extended family.

In conclusion, as you contemplate your options for pursuing an MBA or professional certificate, it is essential to carefully assess the risks in light of your goals to determine the best course for you. There is no rigid rule that states funding options must be used independently – you have the flexibility to combine various sources to achieve your objectives.

While your academic and professional aspirations hold great significance, it is equally crucial to prioritize your financial well-being. Ensure thorough planning before embarking on this journey.