MBA degree: Finance

As you have probably seen, an MBA is a high cost. Before this investment in knowledge pays off, you have to go first in advance. We have an overview of the possibilities to finance the MBA study.

An MBA degree pays off. This is the unanimous opinion of the graduates who have written testimonials for us. But first you have to go properly in advance. The average cost of tuition fees for a German MBA alone is around 17,000 euros, with tuition fees ranging from around 8,000 euros to well over 30,000 euros. Our survey showed the following picture of the average total cost (= tuition fees + teaching materials + accommodation / meals, etc.):

How can you finance that?? Below, we have collected all the opportunities and experiences of over 200 MBA graduates.

This is how the financing of the MBA studies succeeds

Financing mix – That’s what the graduates say

In our survey, we asked not only about the total costs, but also about individual financing. In many cases, this consists not only of one but at least two building blocks, for example:

25% scholarship, 25% family, 50% savings
50% by employer with repayment obligation on leaving the company, 50% by savings
10% employer, 50% self-service, 40% credit
40% scholarship, 60% family allowance
25% family, 75% credit
50% scholarship, 45% employer, 5% savings
50% employer, 50% from the current salary
50% employer, 40% savings, 10% family allowance

Overall, the financing mix looked like this:

More about the different possibilities:

Financing through savings and family

The classic student finance. Anyone who already knows in his early professional life that he would like to do an MBA should monthly by a permanent transfer a small amount aside and, for example, also save the Christmas money or money for Christmas. This can save you a lot of worries about MBA financing. Often the parents support with a few euros a month. Even small amounts can help.

Promotion from the employer

From the financing or assumption of tuition fees to additional leave days – Employers have many opportunities to help employees with the MBA. However, the number of companies promoting their high potentials has been declining for several years. Nevertheless, no reason not to ask for support.

Our employer sponsorship article lists all the important things.

scholarship

There are numerous scholarships for MBA programs and you should invest time in finding and applying for suitable scholarships. The chances are not so bad. Many universities offer (partial) scholarships, there is also support for MBA funding of foundations and companies, as we list in the article, including overview of many scholarships.

credit

The difficulties with the MBA financing are not foreign to the universities. Many have therefore entered into cooperations with banks in order to provide their students with the best possible credit.

Other providers of student loans and educational funds are, for example Deutsche Bildung AG, DKB Bildungsfond, KfW Bildungskredit and the education fund of CareerConcept.

Deduct from the tax

Anyone who diligently collects receipts can claim a lot of tax-related expenses at the end of the year in the tax return. Up to 50% of the costs can be repeated on the tax return, as we describe in our guide article. Although this funding opportunity does not help immediately in the first year of study with the required on the account liquidity for tuition and travel expenses & Co., but a possible repayment in the following year facilitates the financing.

All information on how to deduct the costs of the MBA can be found in our guidebook.

Tip: Inform in time and ask explicitly

Anyone who informs themselves early and, more importantly, decides can now even find early bird discounts. Those who finance the MBA themselves sometimes receive self-pay rebates.

Important: The discounts and scholarship options are not always mentioned on the website of the provider. Logically, after all, as many full payers as possible are needed. Therefore, call the student advisory service and just ask.

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