At top b-schools, MBA programs can cost up to $60,000. But one way to reap the benefits without the financial burden is to apply for MBA Scholarships.
There many benefits to studying an MBA, not least a considerable average salary increase, greater career opportunities and international exposure, but accessing the rewards is not easy. While many apply to business schools, many also get turned away.
If finance weighs heavily on your decision to apply, you will be pleased to know that many organisations offer scholarships that pay for your entire tuition. It’s a win-win and can be a life changing experience.
Cranfield School of Management is one such institution. This year’s cohort could pay up to £35,000 for the Full-time MBA Programme, but the university offers a raft of scholarships that either reduce or eliminate tuition altogether.
Cranfield graduates have been landing their dream MBA Jobs thanks to Third Sector scholarships for almost ten years. Those who come from charitable backgrounds in Europe can apply for the Cranfield Trust MBA Scholarship, awarded by England’s largest provider of tailored management consultancy support to the voluntary sector.
Working with over 250 charities, the Cranfield Trust (CT) has over 700 volunteer consultants. Two scholarships are awarded each year, for prospective MBAs to study on the part-time, weekend course at Cranfield. The CT also takes talent from some of the best b-schools in the UK for charitable consultancy work.
Last week, BusinessBecause reported that MBAs were in demand in the Third Sector. With economic instability in some regions of Europe, charities are in a higher demand than ever. Those seeking management consultancy experience can use charitable opportunities to develop their leadership skills while working for tremendous causes.
On the eve of the CT’s 25th anniversary, we spoke to four Cranfield MBA graduates, all of whom have used the CT’s scholarship to advance their careers.
Mark Sturge graduated from the part-time EMBA program and has since gone on to a senior role at Christian Aid, an international charity working to bring an end to poverty. They work with over 50 countries and their partners are currently responding to Typhoon Haiyan in the Philippines, a storm that last week left 10,000 people dead.
Mark is Head of London Region, serving 32 boroughs and the City. He started his career as an electrical engineer and wanted to study an MBA to add more credibility to his management roles. “I wanted to work and study so the Executive program was ideal,” he said. “It helped me to test myself against people from business backgrounds to see where I stacked up.
“It added new skills to my toolbox so to speak, so in every way it enhanced me and made me a more rounded person and manager.”
Before Cranfield, Mark was the general director of the Africa and Caribbean Evangelical Alliance. When the opportunity to apply for the CT scholarship came, he grabbed it with both hands. “I’m passionate about the charitable sector because of the social good that it does,” he added.
“I feel the Third Sector has a lot to offer, not just issues with a profit motive but to help those who are on the margins of society. The MBA absolutely helped me get this job.”
For Beth Green, the Cranfield EMBA helped her advance her career in the charitable sector “enormously”. She was managing up to 80 staff in regions across England for The Children’s Society, and was able to continue her work while developing her management skills at one of the UK’s best b-schools.
“I had come into a management role in the Third Sector quite quickly and at a young age, and I felt I didn’t have the rigour of the thought process,” she said. “At that time in particular, there was a real emphasis on charities becoming more business-focused.
“For me, Cranfield was a very holistic program, was accessible from London and was focused on the individual; making them understand their strengths and weaknesses.”
Beth now works for Social Finance and credits the Cranfield EMBA for helping her get the job: “It helped enormously. The knowledge that you gain and the confidence that it builds in you is fantastic.”
Charles Scott studied an EMBA at Cranfield and has gone on to an executive management role at Action for Children, a multi-million pound organization that works with over 250,000 people. Since studying at Cranfield, Charles has gone from strength to strength.
After graduation, he went on to work for Help the Aged, an £80-million-a-year organization, before working on the company’s merger with Age England Concern, the second biggest charity merger on record. He was then Group Finance Director of Age UK for four years.
“The MBA was life-changing,” he said. “At Cranfield, you’re on an upward spiral and everything is a positive experience. Cranfield is a world-class business school and I’m glad I went there.”
Without the Cranfield Trust Scholarship, an MBA simply wasn’t an option. It gave Charles the financial means to advance his career in the Third Sector - at a meteoric pace. “I knew it wasn’t possible financially working in the charity I was at,” he said. “I knew that I really wanted to do an MBA, and if I didn’t get the money from the CT, I wouldn’t have been able to.
“I was in my first finance director job and wanted to continue developing my career. At Cranfield, it was more about the personal development you get. It is renowned for technical skills it gives you, and the team learning. That was what I got out of it.”
Martin Curtis would never have been able to afford to study an MBA without the CT’s scholarship. After getting a recommendation from a friend whom had studied at Cranfield, he went along to a preview day and knew that it was right for him. But working in the Third Sector, without financial help it could never have been on the cards.
Martin has a background in law and before studying the part-time, weekend EMBA at Cranfield, was working for London-based charity Law Works - an organization that provides Pro Bono solicitor services. “I never thought an MBA was for me; I thought it was for financiers or engineers that manage factories,” he said.
“My entry to the MBA was solely down to the Cranfield Trust. I was looking to learn, improve myself and be ready for my next role. I knew I wanted to run an organization and the MBA was the kick-start, an injection of initiative. I knew I wanted to do something more.”
Thanks to the MBA program at Cranfield, Marin was able to move to a role at London Youth, helping to manage a network of youth clubs operating throughout Greater London.
The Third Sector stands up for outstanding causes, yet it is one that more MBAs could get involved in. B-school backgrounds are in demand, and according to these graduates, Cranfield was a fast route to advance their business careers.
Finance often play a part in the decision to attend b-school, but with a scholarship from the Cranfield Trust, you can study an MBA in the UK without worrying about tuition.
The Third Sector gives you the opportunity to use business to do social good. While anybody can get into charity work, those seeking to marry it with management will find an MBA a quicker route to the top.
According to these MBAs, Cranfield was the right decision for them to reach the top - all they had to do was apply.
What’s stopping you?
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