Lendwise MBA loan

MBA is the common abbreviation for a Master of Business Administration degree. An MBA is a postgraduate degree that focuses on various areas of business administration such as accounting, management, law, business communication, marketing, human resources etc.

As with all professional degrees, accrediting bodies help to maintain a level of consistency and a high standard of education across all MBA courses. There are different accrediting bodies across the world.In the USA, the main accrediting bodies are:

• Association to Advance Collegiate Schools of Business (AACSB)
• Accreditation Council for Business Schools and Programs (ACBSP)
• International Assembly for Collegiate Business Education (IACBE)

Outside the USA, the London-based Association of MBAs (AMBA), accredits MBA, DBA and MBM programmes worldwide. The Brussels-based European Quality Improvement System (EQUIS) is another key accreditation body popular among business schools in Europe, UK and recently USA and China.

An MBA degree is considered a prestigious qualification and is highly valued by many employers. Completing an MBA often marks a big step in a professional career as it can lead to a promotion, salary increase, or even open the door to new career opportunities in new industries or another country.

An MBA course can also introduce you to whole new network of peers and professionals from different backgrounds. Networking is a big part of the MBA experience. Aside from the professors and other MBA candidates in your programme, business schools also sponsor and host a lot of career and networking events.

While both are Master’s level postgraduate degrees, there are some key differences between the two. For a start, the intention of each degree is different.

An MBA builds on professional experience, with most MBA programmes requiring candidates to have at least 2 years professional experience, whilst a Masters course builds on academic experience.

A Masters degree aims to create a specialist in a specific subject through in-depth academic knowledge. An MBA focuses on developing practical business skills and grooming for leadership and management roles. Having said that, it is not uncommon for a student to pursue an MBA after already completing a Masters degree.

Many MBAs now include specialised concentrations for further study into a particular area of business. There are different specialised MBA programmes to choose from depending on your career goals and professional development. Some of the popular ones include:

• General Management MBA
• Marketing MBA
• Leadership MBA
• Innovation MBA
• Operations Management MBA
• Entrepreneurship MBA
• International Business MBA
• Information Technology (IT) MBA
• Human Resource Management MBA
• Finance MBA
• Sustainability (Green) MBA

EMBA stands for Executive Master of Business Administration. The main difference between an EMBA and an MBA is that the Executive MBA is designed to accommodate working professionals.

EMBA applicants are generally professionals with several years work experience who plan to continue working full-time while studying. Often the majority of the EMBA course cost is covered by the employer.

Read more about the EMBA experience of one of our student borrowers

An International Master’s in Business Administration will typically focus on applying the principles, knowledge, and skills of a regular MBA in a global environment. IMBA courses encourage studying in multiple locations to gain better cultural understanding of international business practices and to develop a wider network.

A green, or sustainable MBA focuses on how to effectively manage a business so as to ensure profitability and customer satisfaction while at the same time following and developing socially and environmentally sustainable policies.

There’s a growing demand on businesses to adopt and further develop environmental policies such as decreasing their environmental footprint as a business. Embracing sustainable policies can benefit the company’s bottom line and reputation.

Online MBAs are ideal for students who are unable to attend a full-time course and who require the flexibility to manage other personal or professional commitments while studying.

It’s been a common misconception that the standard of an online MBA is inferior to other MBAs that are taught in person. With advancements and innovations in technology however, there’s every reason to expect an equally challenging experience with even more opportunities to network with your peers.

Many of the UK’s top universities are now offering an online MBA. As long as your course is accredited, it is no less credible than an in-person course and definitely worth considering.

Traditionally, a full-time, in-person MBA degree is a two-year course. However, MBA courses vary in length as there is now a wide range of course formats and delivery options available to choose from:

• Online MBA
• Part-time MBA
• Executive MBA
• Weekend MBA
• Accelerated MBA

It could take as little as one year or up to three or more years to complete an MBA, depending on the format and delivery of the course.

These options now allow for greater flexibility which enables more students to take on an MBA while taking care of other commitments, such as family or work. This also has also made MBA courses accessible to students across the globe, irrespective of where they are located, resulting in more and more business schools boasting an internationally diverse student body.

If you’re studying at a UK university or business school, you may be able to help finance your MBA through one of the UK Government’s postgraduate loans, which are available to UK nationals.

If you are starting a course between 1st August 2022 and 31st July 2023, you may be eligible to receive a Postgraduate Master’s Loan of up to £11,836. For those planning to apply for a UK postgraduate loan between 1st August 2023 and 31st July 2024, the maximum amount available is £12,167.

MBA tuition fees can vary a lot between business schools. Depending on the type of MBA degree, the specialisation, the mode of study and the business school ranking, MBA courses can cost from under £20,000, to above £100,000.

With so much variation in all aspects of an MBA, it’s important to weigh in all factors before deciding which course is suitable for you, your career path and ultimate career goals.

• Available financial resources
• Current employment status
• Business school ranking
• Future employment opportunities
• In-person vs Online
• Specialisation

Another option is to seek the advice of an MBA consultant to help you narrow down your choices, select the MBA course that fits you best, and support you throughout the application process.

Due to the high cost involved, few students are able to pay their own way through an MBA degree. There are several ways to secure additional funding for your MBA:

• Employer contribution or company sponsorship
  More and more companies are offering options for financial support to employees who undertake an MBA. This support is usually conditional, often requiring the employee to remain in the company for a certain period of time after finishing the MBA, or offering financial support in the form of a reimbursement of tuition fees.
• MBA scholarships grants or fellowships
• Government Postgraduate Master’s Loan
  If your MBA course starts on or after 1st August 2022, you can get up to £11,836.
  If your MBA course starts on or after 1st August 2023, you can get up to £12,167.
• MBA student Loans
  A private postgraduate loan, such as the Lendwise postgraduate loan, is good option to help top up the amount you need to pay for your MBA, after you have exhausted the above options

MBA courses are usually eligible for student finance under the government postgraduate loan scheme. Due to their appeal, competition for places and expected boost in employability and earnings the most prominent attract a high number of applications both from the UK and from overseas students. A global student body is a lot of times a major factor in the decision of the students to select a specific business school or course. As the fees are usually quite high in comparison to other postgraduate courses and some courses are 15 or 24 months in duration the government postgraduate loan is not sufficient to cover the tuition fees and / or living expenses and dedicated student finance platforms like Lendwise offer loans that bridge the funding gap.