MBA degree: Finance
Table of Contents
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.):
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.
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.
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.
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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