How to Finance an MBA. Even if it’s worth it to earn your MBA degree, you still need a plan to come up with thousands of dollars for tuition, room and board, living expenses, and other fees. When you’re deciding how to pay for your MBA program, you should always exhaust sources of free money first. Graduates with an MBA see a 50% salary increase over their salaries before earning an MBA, according to Forbes. An MBA helps professionals pursue career advancement, improve their job prospects and salary potential, and increase their authority and credibility within their industry. Some students may still wonder if an online MBA makes sense. How to Pay for an Online MBA Most schools have scholarships or other forms of financial aid available to help you cover some of the costs of your degree. For example, Indiana University’s Kelley School of Business has merit aid scholarships, ranging from $10,000 up to the full cost of tuition. For example, base salaries for MBA grads of the Stanford University Graduate School of Business ranged from a low of $35,568 to a high of $400,000 in 2020, while bonuses for those grads went from.

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Wondering how long an MBA program will take to complete?

You may read articles that promise 12 or 14 month programs. In reality, the timeline is a lot more complicated than that. What you really need to know is how long the whole process will take from start to finish—from when you start researching possible schools and programs through to graduation.

That answer can vary based on several scenarios and considerations.

How long will it take you to earn your MBA? Follow this guide to effectively plan your timeline and establish your expectations.

How Long Will It Take To Find an MBA Program

Deciding you want to get your MBA isn’t a decision you make overnight.

There’s a lot to consider—finances, schedules, logistics and life adaptations. Adding to the complexity, no two programs are alike. You’ll want to thoroughly research programs, interview program directors and former students, and potentially visit the campuses of your top schools.

If you don’t have a school in mind, you should give yourself around six months to build your shortlist of programs to which you want to apply. Even If you've been referred to a program by an employer or mentor, it's still a good idea to do some research to ensure you're making the best choice for you.

Here are some key questions to ask during your research

Is the college a regionally accredited institution? The most common type of accreditation is regional. Most credits received previously from any regionally accredited college or university will transfer to another regionally accredited institution. In addition, accreditation is a decisive factor in whether the school is eligible for participation in both federal and state financial aid programs, and corporate tuition assistance plans. For example, Franklin’s MBA is IACBE-accredited (International Accreditation Council for Business Education), and another accreditation to look out for is the AACSB (Association to Advance Collegiate Schools of Business).
What are the program outcomes? What does the institution list as specific program outcomes? Do those align with your personal goals for achieving this degree?
Do they offer student support? In what format? Will the school offer access to academic advisors, library resources, included APA and research assistance, and tutoring?
What is the curriculum advisory board like? Many curriculum advisory boards will be a great resource by offering support in the form of advice and perspective in relation to the MBA program.
Does the school offer any career resources for students and alumni? Is career guidance available? What about resources to nourish career development? Will the school connect you with a professional network to find opportunities?

Once you’ve gathered all your research, take some time to weigh the pros and cons of your potential programs and rule out any options with dealbreakers.

How Long It Takes to Apply to a School

Once you have decided on your top programs, you’ll want to start the application process.

Applying to grad school typically includes a few major components: there’s the physical application form (and fee), the entrance exam (GMAT or GRE), an admission essay, and an interview with the program directors. It’s important to note that some schools (including Franklin) do not require the GMAT or GRE, which would knock some time off your total investment.

This process requires a significant amount of time. If you’re looking at attending a school that requires the GMAT or GRE, all in all, you will likely need to plan for 225 hours of work and hustle. If you’re able to spend 10 hours a week pursuing your MBA dream, that equates to building a five-month timeline. This can sound overwhelming, but remember you’re only spending 10 hours per week. If you have more time to dedicate to applying, you can adjust your timeline accordingly.

https://yellowexotic.amebaownd.com/posts/22964493. And, If you’d like to save even more time, you can look for programs that don’t require the GMAT or GRE. By skipping this step, you can cut the total number of hours down to about 135-145. This means you can fit everything into a 3 month timeline if you need to pace yourself, or less than 4 weeks if you have come concentrated time available.

Here’s a breakdown of each major milestone in the process, and the time budget you should consider for each as you build your timeline.

The Application Forms: Timespan: 1-2 weeks | Budget: 10 hours
You will fill out applications to your top programs. Typically, these applications include some short answer questions—which are opportunities to further differentiate yourself beyond a test score in front of the program directors. You’ll want to reserve about three hours for each application, giving you enough time to fully complete the application and proofread it before submitting to your top programs.

The Admission Essay:Timespan: 3-4 weeks | Budget: 70 hours
The import of the admission essay cannot be understated. In a defined amount of words, you are tasked with wooing over program leaders to accept you into their program. At this stage, you may be writing essays for your top three programs.

Build Your Reference List:Timespan: 1-2 weeks | Budget: 15 hours
Most programs will ask for a reference list when vetting you for their program. This list should be quality individuals (who are not related to you), who validate your character, ambition or drive. This time should be spent compiling your list, contacting them, and prepping them for what to expect when they are contacted.

The Interview (not mandatory for all schools): Timespan: 2-3 weeks | Budget: 15 hours
In schools that conduct interviews during this process, program leaders will call you in for a face-to-face or video conference interview if they are seriously considering you for admission into your program. This time includes prep for the interview, travel when necessary, and the interview itself. If the school of your choice doesn’t include an interview, you can remove this budget from your timeline.

Financial Aid: Timespan: 4-6 weeks | Budget: 25 hours
A critical component of going back to school is determining how you will pay for the program. You’ll want to spend this time understanding the financial options available at your top institutions, applying for scholarships, submitting your FAFSA, and researching additional tuition-supplementing options.

With the above in mind, it’s easy to see why so many students start their MBA planning two years in advance of their target start date.

What matters most when choosing a master’s program? Compare features, benefits and cost to find the right school for you.

What’s Required to Complete Your MBA

Before we talk about how long it will take to earn your MBA, it’s important to understand the key milestones involved in the process.

An MBA degree typically requires 60 credit hours. At Franklin, our MBA curriculum is broken down into the following sequence of 36 hours:

MBA Foundations (4)
Business Environment (4)
Operations Management (4)
Marketing Management (4)
Financial and Ma

How To Earn Money Online As A Mba