Who will issue the MBA grant? MBA Study Scholarship at Harvard Business School USA MBA Scholarship

The next step is information for applicants planning to receive an MBA in Russia: about grants, scholarships, discounts and educational loans.

General trends

There are two ways to save on training.

The first is to get a scholarship, grant, allowance.
The second is to use employers' funds and student loans.

Both the first and second financing options in Russia, as well as in the CIS market, are underdeveloped. Generally accepted global trends (compensation for the cost of MBA tuition for talented and low-income students) are just beginning to emerge in Russia, and even then in a minimal amount.

Most schools pay grants and scholarships from their own money, so there are few such offers. Sometimes the scholarship fund is formed from the monetary contributions of investors and sponsors, donations from alumni, and receipts from international funds.

Many business schools do not even try to create and offer scholarships, but simply offer students discounts on tuition. The size of the discount is not comparable to the size of a grant or scholarship, but it is a clear signal that the business school is ready to support and invest in promising students.

Tuition discounts

There are two types of discounts offered by schools - corporate and individual.

The first option is provided for corporate contracts, when, for example, 5-10 or more employees of the company enter the MBA program at once.
Individual discounts are provided upon a one-time payment of the full tuition fee, upon preliminary execution of an agreement, for those who have previously received a bachelor's or specialist's degree in a particular educational institution. You can get a discount on recommendations, there are also regional discounts (for listeners living and working in the regions of the Russian Federation). In general, discounts help to reduce the cost of training by 5-25%. Discounts for distance programs can even be as high as 70%.

Discounts are presented as in the top Russian schools business and less well-known educational institutions.

School of Business "Integral" is ready to reduce the cost of MBA training by 25% for people with managerial or economic higher education.
The SUU Graduate School of Business gives a 15% discount for a one-time payment of the cost of the MBA program.
Moscow Business School pricing offers a flexible system of discounts for corporate clients: from 5% to 20% depending on the number of listeners.
AIBEc provides partial funding for students. The decision on this, as well as the amount of compensation, is made on an individual basis.
IBDA RANEPA offers a whole scattering of discounts: applicants on the recommendation of an IBDA graduate (5%), students from the Ural, Siberian, Far Eastern districts and Kazakhstan (5%), subject to full payment for the program (20%). Legal entities who sent at least two employees to training can receive a discount in the range of 5-10%.
A systematic approach to discounts is also used at the MIRBIS business school. They have a reduction in the cost of training for students not from Moscow and the Moscow region, corporate discounts (up to 20%), discounts for MIRBIS graduates (up to 15%), discounts for a one-time payment (10%) and for applicants with minor children (5% ). The school also reduces the cost of education for students with an economic or management education and graduates of the President's program.

“A line of discounts for students of business schools is the best option,” says Fedor Fedorov, director of marketing and development at the MIRBIS business school.

“We speak of the MBA program as educational service; in my opinion, "Black Fridays", "sales" are still not very applicable, because are more suitable for goods sold in retail chains and online stores. MIRBIS closely monitors customer requests, which, as a rule, form a line of discounts, but this does not exclude special promotions. For example, on the occasion of the 30th anniversary of the MIRBIS business school, we launched the “Bring a friend” campaign, and for those applying for MBA in the fall - a “Hot Summer” discount. It is not excluded that we will also offer non-price bonuses for those applying to our MBA program ”.

Grants and scholarships

MBA funding mechanism with scholarships for Russian market poorly developed. But grants are much more developed.

In July 2018, RANEPA announced the second wave of grants for MBA and EMBA programs jointly with Kingston University London. Grants are designed for two-year MBA and EMBA programs for 2018-2020. in the amount of £ 1,500 and £ 3,000, respectively. It was necessary to send the documents and pass the entrance tests before August 20. As a result, in 2018 the business school issued four grants: two for £ 1,500 and two for £ 3,000.
The Moscow School of Management Skolkovo annually holds a grant competition ranging from € 15,000 to € 60,000. In 2018, applications were accepted until September 7. The selection of candidates takes place in three stages. First, a package of documents and an essay is prepared, and the Talent Q test (analogous to GMAT) is passed. The second stage is an interview with a representative of the school, the third is the defense of the author's project and the public decision of the business case. ...
EMAS Business School is presenting 10 grants of $ 1,500 each for the International Executive MBA program. You can choose full-time or part-time education, the school additionally pays for travel and accommodation in Moscow for nonresident students.
The grant competition is periodically held by the Stockholm School of Economics in Russia. Thus, in the fall of 2017, the Executive MBA General Management programs were funded in English and Russian. The school covered up to 75% of the tuition fees. The competition for grants for the 2018-2019 academic year has not yet been announced.

Loans for education

Russian business schools, as a rule, do not promote their own credit programs and rarely cooperate with credit institutions. Therefore, you will have to apply for an educational loan directly to the bank and without the mediation of the school.

Lending conditions depend on the size of the loan, curriculum, work experience and income. Almost all banks offer preferential lending terms, when during their studies the student pays only interest on the amount issued. The body of the loan is paid at the end of the MBA program. Loan rates are higher compared to North America or Europe: 7.5-20% in Russia versus 3-7% in Western Europe and the United States. The loans are designed for 5-15 years.

Post Bank offers a credit program "Knowledge is Power", within the framework of which you can get 400 thousand rubles. for 8.5 years at 14.9% per annum.
Citibank offers a loan for education in the amount of RUB 1 million. for a maximum period of 5 years. Interest rate - from 12.9% to 20%.
Zapsibkombank offers an educational loan that will cover up to 80% of the cost of education. Loan term - up to 5 years, annual interest rate - 11.5%.
Until recently, Sberbank provided educational loans with state support at 7.5% per annum. The loan covered the full cost of the study, and the loan term was equal to the study period + 10 years. At the moment, the program is temporarily suspended.

The package of documents required for obtaining a loan for education differs depending on financial institution... Be sure to provide a passport of a citizen of the Russian Federation, a 2-NDFL certificate, an agreement with an educational institution. If a loan is issued against the security of property (real estate, car), then documents are needed to prove the ownership of such property. Some banks require a life and health insurance contract.

A significant proportion of students abroad study in business schools for free - with grants from companies, investors or the state. In Russian business schools, sponsorship programs are just emerging.

A businessman from St. Petersburg Sergey Stepanov decided to get an MBA degree a year ago. At that time, Stepanov, who had a small IT company, decided that he had reached a ceiling in business and now he needed to "pump" himself, and at the same time acquire useful contacts in the entrepreneurial environment. Choosing between specialized Russian and foreign programs, Sergey settled on the latter. There was an opportunity to study for free. In addition to an educational brand with international fame, a foreign business school provided an opportunity to receive education under special grant programs.

Almost every European or American business school offers scholarships and grants to applicants that fully or partially cover the cost of training, and in some cases also living expenses. Schools participating in The Financial Times' top 20 rating have more than a hundred programs, financial support for which ranges from $ 5,000 to $ 30,000 per year. Students can receive grants for talents and abilities (merit-based) or due to monetary necessity (needs-based). A wide range of opportunities is open to socially vulnerable segments of the population and all kinds of minorities; special scholarships are issued based on gender and ethnicity (for example, grants for immigrants from third world countries or countries with developing economies).

About 60% of business school students in the world, according to the rector of the Moscow School of Management Skolkovo Marat Atnashev, receive financial support. For example, at Harvard College, 55% of all students, including business school, study on a college scholarship. Most often sponsored preferential education act big business, private investors (successful entrepreneurs and graduates educational institution), as well as the educational institutions themselves.

“Western business schools do not skimp on grants, because for them such programs are another full-fledged sales channel. Education of "free" students, as a rule, is paid by sponsors: large companies, private investors or the state, ”comments Andrey Kolyada, Rector of the EMAS Business School.

Russian sponsors are just learning

The cost of training in Russian business schools starts from 360 thousand rubles, but for most programs you will have to pay at least 500-700 thousand rubles. Joint educational projects international schools will be even more expensive, especially after the collapse of the ruble.

At the same time, Russian business education cannot boast of a large number of sponsors. Corporations prefer to train employees at corporate universities. Successful entrepreneurs who are potentially ready to support young talents can be counted on one hand. And the government does not seem to see much value in sponsoring MBA programs. There are a lot of reasons for the lag of the Russian segment of business education from the global trend: here is the immaturity of domestic business, the unformed culture of educating and supporting talents, and the economic crisis.

“Differences with the West are rooted in fundamentally different approaches to charity as an element civil society... The fate of the Russian "Dynasty" with its grants and scholarships is well known to everyone (Dmitry Zimin's family fund for social investments was included in the list of foreign agents in 2015 and stopped its work. - RBK +) ", - complains Sergei Filonovich, dean High school management of the National Research University Higher School of Economics.

Licia Tsarenko is one of 20 Moscow entrepreneurs whose studies under the joint MBA program of RANEPA and Kingston University London in 2014-2016 were sponsored by the Department of Science, Industrial Policy and Entrepreneurship of the city of Moscow. The grant covered 70% of the cost of the program, which included two field internships in the UK and Singapore. “I received a grant from the Moscow government easily: I submitted documents, passed an interview. The program turned out to be mega-useful, it helped me to improve my knowledge in the field international business and go out to a new personal and professional level"- recalls Tsarenko. However, this state initiative was not continued.

Nevertheless, there are opportunities for training under grant programs in the Russian market. One such program is an MBA from Kingston University London and RANEPA with a grant of £ 1,500, funded by an English university. Another example of educational charity in Russia is the program of the Moscow School of Management Skolkovo, sponsored by the school's partners, including the founder of Wimm-Bill-Dann, David Yakobashvili, the head of the board of directors of Sibur, Leonid Mikhelson, as well as NOVATEK, “ M.Video ”, International Paper and B&N Bank. The amount of grants is up to € 30 thousand.

“We strive to contribute to the formation of future business leaders in Russia, to a change in the investment climate, to support the sustainable nature of business,” says Keith Townsend, President of International Paper Russia, which has supported the Skolkovo MSU grant program since 2012.

During the existence of the program, the school received about 2,000 applications and received more than 50 grants, says Marat Atnashev.

“At first I filled out a detailed questionnaire with work experience, hobbies, achievements, a motivation letter, then there were serious tests, within which I had to solve different tasks... Then a test by English language on the knowledge of grammar, listening, reading and speaking. The final stage is an interview with the founders of the school, ”says Vera Pronkina, owner of Studcloud.ru, who received an educational grant in 2016, recalls the stages of admission.

Cumulative effect

“The grant program is an opportunity to improve the quality of the MBA group, saturate it with talented people, which ultimately will have a positive effect on the level of education and the image of the school,” says Andrey Kolyada. However, according to him, in Russia the majority of schools pay grants out of their own money, hence such an insignificant number. Not all business schools can afford it, especially in times of crisis. Since this year, the EMAS business school has also launched a grant program. The amount of financial support is 50% of the cost of Executive MBA training, or a little more than 360 thousand rubles.

Most industry experts see such programs as a good sign. Moreover, many large Russian companies and foreign players have already joined the development of this trend.

“Grants are not charity, but social investments, the effect of which we can see in five to ten to twenty years. Business leaders' support for grant programs is an indicator of their willingness to invest in the creation of a future business elite and the development of the Russian economy, ”notes Marat Atnashev.

Russian business will get stronger and will move from solving immediate problems to long-term strategic planning, an integral part of which will be investments in human capital, the rector of EMAS is sure. “So far, macroeconomic conditions leave no other choice. Therefore, the process when the business goes to finance grants - companies will start to systematically attract talents to themselves, either directly through targeted grants or through the promotion of the company as a grantor - is a matter for the near future, ”says Andrey Kolyada.

Dreaming of a stunning business career? In that case, it's time to think about an MBA degree. And, despite the fact that the cost of studying for MBA programs is often several times more expensive than regular education, many business schools provide opportunities to get a diploma for free or almost free of charge. This includes Harvard.

Why apply for an MBA

Why study for those who are already working? After all, one of the requirements of MBA programs is work experience of at least 3-5 years. In fact, education in this case opens up new career prospects.

An MBA education will help you retrain if you want to change your field or become a specialist in several of them. In addition, there are also narrow specializations for the study of specific industries (for example, finance, marketing, media business, etc.)

Also, an MBA is an excellent base to become a good leader and study the field of business and business administration. For many world-renowned companies, having an MBA is one of the most important criteria when recruiting personnel for management positions.

And, MBA - this is useful contacts and connections, both teachers and other business participants.

And now about how not to spend a fortune on MBA education. Scholarships!

University of Westminster, UK

Westmister Business School provides scholarships that cover 20 to 75% of the tuition fees. Preference is given to specialists working in non-profit organizations... There is also a 50% stipend for women. Program start: January 5, 2015, total tuition fee: £ 11,500. In order to be nominated for a scholarship, you must be enrolled in the university and send an application with a motivation letter by mail.

University of California, USA

UC Haas School of Business 2-Year Scholarships for International Students. Deadline for admission: March 12, 2014, scholarship application deadline: April 8, 2014. Last academic year, the school allocated approximately $ 5.5 million in funding for student education.

HHL Leipzig Graduate School of Management, Germany

Provides scholarships for foreigners for Full-Time and Part-Time MBA Programs, the admission requirements include the result of the GMAT exam (result at least 650 points) and a good level of grades of the first education. The application deadline is April 6, 2014.

ESMT, Germany

Another opportunity to get an MBA degree for free in Berlin. All students who enrolled in full course programs are automatically considered for scholarships. Requirements - good knowledge of English. Scholarship of 58,000 euros: covers flights, insurance, accommodation, tuition. Application deadline is September 2014.

Erasmus University, Netherlands

A scholarship of € 10,000 for a two-year Full-Time Program at the Rotterdam School of Management. The total cost of training is 34,000 euros. Start of training - January 2015. Application deadline - October 1, 2014.

MIB School of Management of Trieste, Italy

Scholarship for foreigners under 27 years of age (as of August 30, 2014), with a minimum of three years of work experience and academic degree, as well as good knowledge of English (it is recommended to provide a TOEFL, IELTS certificate). The scholarship covers 50% of the tuition fees. The application deadline is July 31, 2014.

Harvard Business School, USA

$ 80,000 for a two-year business administration program at Harvard Business School from the Boustany Foundation. The scholarship also covers travel and accommodation costs. The application deadline is May 31, 2015. Tuition fee is $ 95,100. Total: a Harvard MBA will cost $ 15,000, fantastic!

These 7 scholarships for next year are far from the limit of opportunities for free (or significantly cheaper) education in world universities and business schools. You just need to set a goal and find the perfect offer for yourself.

About 60% of business school students in the world, according to the rector of the Moscow School of Management Skolkovo Marat Atnashev, receive financial support. For example, at Harvard College, 55% of all students, including business school, study on a college scholarship. Most often, the sponsors of preferential education are large businesses, private investors (successful entrepreneurs and graduates of an educational institution), as well as educational institutions themselves.

“Western business schools do not skimp on grants, because for them such programs are another full-fledged sales channel. Education of “free” students, as a rule, is paid by sponsors: large companies, private investors or the state, ”comments Andrey Kolyada, rector of the EMAS business school.

Russian sponsors are just learning

The cost of training in Russian business schools starts from 360 thousand rubles, but for most programs you will have to pay at least 500-700 thousand rubles. Joint educational projects with international schools will cost even more, especially after the collapse of the ruble.

At the same time, Russian business education cannot boast of a large number of sponsors. Corporations prefer to train employees at corporate universities. Successful entrepreneurs with the potential to support young talent can be counted on one hand. And the government does not seem to see much value in sponsoring MBA programs. There are a lot of reasons for the lag of the Russian segment of business education from the global trend: here is the immaturity of domestic business, the unformed culture of educating and supporting talents, and the economic crisis.

“Differences with the West are rooted in fundamentally different approaches to charity as an element of civil society. The fate of the Russian "Dynasty" with its grants and scholarships is well known to everyone (Dmitry Zimin's family fund for social investments was included in the list of foreign agents in 2015 and stopped its work. - RBK +) ", - complains Sergey Filonovich, Dean of the Higher School of Management of the National Research University HSE.

Licia Tsarenko is one of 20 Moscow entrepreneurs whose studies under the joint MBA program of RANEPA and Kingston University London in 2014-2016 were sponsored by the Department of Science, Industrial Policy and Entrepreneurship of the city of Moscow. The grant covered 70% of the cost of the program, which included two field internships in the UK and Singapore. “I received a grant from the Moscow government easily: I submitted documents, passed an interview. The program turned out to be mega-useful, it helped me to improve my knowledge in the field of international business and reach a new personal and professional level, ”Tsarenko recalls. However, this state initiative was not continued.

During the existence of the program, the school received about 2,000 applications and received more than 50 grants, says Marat Atnashev.

“First, I filled out a detailed questionnaire with work experience, hobbies, achievements, a motivation letter, then there were serious tests, within which I had to solve various problems. Then a test in English for grammar, listening, reading and speaking. The final stage is an interview with the founders of the school, ”says Vera Pronkina, owner of Studcloud.ru, who received an educational grant in 2016, recalls the stages of admission.

Cumulative effect

Most industry experts see such programs as a good sign. Moreover, many large Russian companies and foreign players have already joined the development of this trend.

Russian business will get stronger and will move from solving immediate problems to long-term strategic planning, an integral part of which will be investments in human capital, the EMAS rector is confident. “So far, macroeconomic conditions leave no other choice. Therefore, the process when the business goes to finance grants - companies will start to systematically attract talent, either directly through targeted grants or through the promotion of the company as a grantor - is a matter for the near future, ”says Andrey Kolyada.

If you lack your own savings for a full-time MBA course, and you do not want to resort to traditional lending, there is at least one alternative source of funds for training. This is a scholarship or grant given by the school itself. Unfortunately, there are not as many scholarships for Russian students as, for example, for Indians, Arabs, Mexicans or African Americans - there are quite a few "national" scholarships for them. But something can still be found for the citizens of our country.

Scholarships are conventionally divided into talent reward (merit-based) and needs-based assistance. If you were denied the first one, you should feel free to apply for the second one. There are special scholarships that are issued to students from countries with developing economies - as a rule, Russia is classified in this category.

After analyzing more than 100 scholarships offered by business schools from the top 20 Financial Times, we have selected the most lucrative options for which Russian students can apply. Links to full list grants and scholarships from these schools are attached.

INSEAD

INSEAD Marguerre Endowed Scholarship for Entrepreneurial Talent

Scholarship amount: € 11,000 (if two scholarships per year) or € 22,000 (if one). The school determines the number of scholarships each year based on the quality of applications.

Awarded to students from Eastern Europe and Russia who, after graduation, want to start a Hi-Tec business. The founder of the award, the owner of the Swiss company Octopharma, Wolfgang Marker, graduated from school in Fontainebleau in 1972 and has been encouraging future startups ever since. To get a scholarship, you need to convince Marker in a 500 word essay that your product or service is needed by humanity, and your business plan can be implemented.

Chicago Booth

Merit-Based Scholarship

Scholarship size: $ 10,000-30,000 per year.

The best students are selected based on test results, essay grades, work experience. Please note that the scholarship is issued for a year - that is, for the next year of study, you can stay without it.

The Harper Fellowships

Scholarship size: $ 25,000 per year (for 2 years of study).

This scholarship is awarded to students of outstanding leadership and academic excellence. GMAT, TOEFL and university grades reveal how well a person is doing, and essays and recommendations reveal whether he is a leader. It should be noted that such vague requirements are common. Schools do this on purpose - in order to select really bright personalities from a larger number of students who fit in general parameters.

The Herman Family Fellowship

Scholarship amount: $ 50,000.

The selection criteria for the fellows is simple - CVs and essays of women entrepreneurs are considered. The most compelling business woman with the most compelling plan and the most entrepreneurial experience "covers" half the cost of studying in Chicago.

The James M. Kilts Marketing Fellowship

Scholarship size: $ 25,000 per year (for 2 years of study)

The scholarship is awarded to promising marketing professionals - those who have chosen the Marketing Management direction and do not plan any relocations from this industry. Marketers are "identified" by their already existing achievements, which are confirmed by a package of documents. Each year, 5–8 students receive such scholarships.

The Zonis Fellowship

Scholarship amount: $ 25,000.

This amount will be received by students from countries with developing economies (including Russia) who have shown excellent leadership qualities, excellent academic performance and high social activity. They are selected based on test results, essays, place of work and position before admission.

The Distinguished Fellows Program

Scholarship size: full-tuition scholarship (that is, a scholarship that fully covers the cost of training) for 2 years + $ 20,000 each year for the entire period of study.

Awarded to the best students with the most outstanding leadership qualities and excellent management skills.

Harvard Business School

HBS Fellowship Program

Scholarship amount: determined individually.

The scholarship is awarded based on the financial needs of the student. Some special merits or talents are not counted. The commission looks at pre-MBA earnings and also examines all financial information the student submits and determines the amount. Every student who enrolls at HBS is eligible to apply for this scholarship. According to the website of the lavish business school, the average scholarship is $ 23,500.

The Robert S. Kaplan Life Sciences Fellowship

Scholarship amount: $ 20,000.

This scholarship has a curious history. It was founded in 1983 by scientist Robert Kaplan, who dreamed of young scientists entering the MBA program at Harvard and turning into first-class managers in science. $ 20,000 goes to students in biology or human sciences (medicine, anthropology, sociology, etc.). Priority will be given to students who have any awards or a compelling list of publications and plan to pursue a career in science-related business (or non-profit organizations). Scholarships are given to freshmen only. Typically, 10 students receive cash aid per year.

Horace W. Goldsmith Fellowship

Scholarship amount: $ 10,000.

Intended for students working in the non-profit sector. If you worked for public organization or led social projects, this scholarship is for you. 7-10 students receive it annually.

Stanford School of Business

Siebel Scholars Program

Scholarship amount: $ 35,000.

At the end of the first year of study, the school selects students based on the following criteria - highest grades, leadership qualities, collaboration with the business school community. Those who best fit the criteria become fellows. There can be no more than five of them per year.

Wharton

Emerging Economy Fellowship

Scholarship amount: $ 20,000.

The scholarship is intended for students from emerging economies, including Russia. The selection takes place on the basis of a variety of information in the submitted documents - as a rule, it is given to the most needy and most vividly shown managers. If you do not receive this scholarship, do not be discouraged - the school's website says that about 30% of students pay for tuition at the expense of sponsors, and it is emphasized that you can apply for several scholarships at once.

Columbia Business School

The Meyer Feldberg Distinguished Fellowship Program

Scholarship size: fully covers the cost of training.

The school selects the best of the best in such areas as entrepreneurship (including social), finance, and military affairs. Selection criterion - place of work, position, professional experience student.

MIT Sloan

The Class of 2004 Diversity Scholarship

Scholarship size: from $ 5000.

A rather exotic scholarship sponsored by the 2004 school alumni. Their course was extremely varied - students from all continents, with different experiences, from different industries studied. After completing their studies, they decided to maintain a diversity of the student body. The scholarship is awarded to students with unique experience, education and even nationality.

The McKinsey Award

Scholarship amount: $ 10,000.

The selection of scholarship holders is simple - you have to study better than anyone else or, if everyone is a good student, be an excellent student. Evil tongues say that this is how McKinsey is recruiting nerds who are perfect for the lower and middle levels of consulting. Four freshmen receive the scholarship.

London Business School

London Business School Annual Fund Scholarships

Scholarship amount: up to £ 20,000.

The most massive and at the same time quite large scholarship at the London Business School. It can be obtained by successful students who have shown academic (determined by GMAT and TOEFL) and professional (by resume and recommendations) success and can not only listen to the MBA program, but also enrich it with their experience. There were 25 such people in 2009.