The Affordable MBA – Is It Possible?
The Master of Business Administration (MBA) is not your everyday degree – it takes a great deal of time, commitment and in most cases, financial investment to become a graduate. What many do not understand however, is that there is in fact, an affordable MBA. Whilst it depends on the institution, according to MBA News, an Australian MBA can range from AUD $16,992 to $126,000. What you must consider in making your decision is the return on investment (ROI). There are a number of reasons why students undertake the MBA, but if there is no ROI for a student’s professional situation, then this should be at the forefront of the decision making process. It is also important to do the math; for example, if the programme is $20,000, however if achieving the MBA leads to a pay rise of $10,000 per year, over 5 years you will actually make a $30,000 profit.
Various people question whether one of the more affordable options provides the same quality of education as the more expensive – but what they don’t realise is that in order to offer the MBA, the provider must be accredited. In order to become fully accredited, higher education providers must undertake a rigorous testing and accreditation process which is regulated by TEQSA. The MBA programme itself must meet very strict rules and standards, irrespective of the price point. The cost of the degree is set by the provider, and does not reflect the quality of education – it reflects the profit margin that is set to be made by the institution. Irrespective of whether it is the most or least affordable MBA – both programmes must meet certain criteria in regards to the content delivered throughout the programme. This therefore means that an affordable and accredited MBA will provide a high quality education, like its more expensive counterparts.
Whilst even the most affordable MBA is still a significant investment, there are also a number of payment options available. For example, higher education providers such as the Australian Institute of Business (AIB) offer FEE-HELP to eligible Australian Citizens. FEE-HELP is an Australian government loan scheme which assists students in paying for part, or all, of their tuition fees. Whilst this is a loan not a scholarship, it can contribute greatly to the financial burden of significant upfront fees.
For international students, there are also options available which are relevant to your income and country’s economy. All tuition fees for AIB programmes delivered by its international Teaching Centres are calculated based on the economy of the country in which they are being delivered. This therefore means that you will not be paying the Australian equivalent; you will be paying for an affordable MBA based upon the situation in your own country.
Overall, it is clear that with various payment options and a number of higher education providers offering the degree; an affordable MBA is very much a possibility. Many students look for a cost-effective way to upgrade business skills, with a low risk of accruing debt. Affordable MBAs do just this, and provide a great option for many. I am curious though – what do you think? Would you choose your MBA based on its cost, or do you look for other factors such as accreditation or brand reputation? Comment below to share your views.
This article was written by Laura Hutton on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB. The following sources were used to compile this article: MBA News