I've been an avid BusinessWeek reader ever since I started researching on b-schools for my MBA. I've found BusinessWeek to be a great resource for MBA information on schools, rankings, career prospects, the admission process, etc. There are really interesting features every now and then, among them the MBA Journal, which chronicles the MBA journey of a few students from admission to graduation, and the Five Years to B-School series, which I've found very useful when I started planning for my MBA. This is a general guide on what you should have "in the bag" when applying to schools.
Of course, when I read this years ago, I didn't expect to spend five years doing exactly what's written in the guide. I just used this guide to measure myself -- my accomplishments, my to-do's -- to help me decide whether I was ready for the grueling application process. I had intended to apply after two years at my first job, and this guide was one of the factors that convinced me that later on would be a better time to apply. Reflecting on what I've accomplished and how I've grown while waiting, I was really glad that I did.
The Five Years to B-School Series:
The First Year
The Second Year
The Third Year
The Fourth Year
The Fifth Year
Note: I have not been paid by BusinessWeek to write this entry. I wish I was.
Tuesday, May 29, 2012
Saturday, May 19, 2012
Financing Your MBA: Other Options
Click this link to go to Financing Your MBA: Scholarships
So, aside from scholarships, how else can you pay for the MBA without asking for a dole-out from your parents?
Well, of course, you have got to have a lot of personal savings. I cannot stress this enough. Save as much as you can. Live like a student and save as much as you can. Think of ways to grow your savings (consult a financial planner about this!). In my case, I turned to the stock market, which has its own risks.
There's this article on BusinessWeek that suggests working while studying for the MBA: search for work or make work for yourself. You might not receive as much as the income you're giving up but at least it could give you something to live on while studying. International students are usually restricted to working within campus so don't think of working part-time in a corporate setting (besides, you need a work visa for that). Also, you have to think of whether you can still work part-time with your studies, social events, extra-curriculars and career-related activities to juggle. Internship, of course, is a different matter -- it could be a source of income!
The financial adviser at PAEF warned me over and over against relying on private student loans to finance my studies (and in doing so, curbed my desire to apply only at ultra-elite schools). Private student loans in the US (especially for those with no US co-signer) have high interest rates and may take you years to pay back. This is why it's important for you to know the ROI of your intended MBA program. BusinessWeek has a great table on this, but it's the 2010 version. I think one should try loaning from friends/relatives first before resorting to a private lender. I believe that a private student loan should be a last resort.
Anyway, here are some links I've found on international student loans (disclaimer: I haven't tried applying for a student loan yet):
So, aside from scholarships, how else can you pay for the MBA without asking for a dole-out from your parents?
Well, of course, you have got to have a lot of personal savings. I cannot stress this enough. Save as much as you can. Live like a student and save as much as you can. Think of ways to grow your savings (consult a financial planner about this!). In my case, I turned to the stock market, which has its own risks.
There's this article on BusinessWeek that suggests working while studying for the MBA: search for work or make work for yourself. You might not receive as much as the income you're giving up but at least it could give you something to live on while studying. International students are usually restricted to working within campus so don't think of working part-time in a corporate setting (besides, you need a work visa for that). Also, you have to think of whether you can still work part-time with your studies, social events, extra-curriculars and career-related activities to juggle. Internship, of course, is a different matter -- it could be a source of income!
The financial adviser at PAEF warned me over and over against relying on private student loans to finance my studies (and in doing so, curbed my desire to apply only at ultra-elite schools). Private student loans in the US (especially for those with no US co-signer) have high interest rates and may take you years to pay back. This is why it's important for you to know the ROI of your intended MBA program. BusinessWeek has a great table on this, but it's the 2010 version. I think one should try loaning from friends/relatives first before resorting to a private lender. I believe that a private student loan should be a last resort.
Anyway, here are some links I've found on international student loans (disclaimer: I haven't tried applying for a student loan yet):
- The International Education Financial Aid Website - http://www.iefa.org/
The International Education Financial Aid Website provides college scholarship and loan information for international students wishing to study abroad There are many scholarships available on this website. - International Student Loans
- Graduate School Loans
- Erika Loan
Saturday, May 12, 2012
USA Study Guide
I found a site that gives a great overview on studying in the US:
STUDY IN THE USA
It has state guides, links to financial aid sources, a suggested application guide and pages on "The USA Way of Life," which are useful if you're an international student. (I found the videos on Culture Shock really interesting.) Just keep in mind that the advice offered here applies to undergrad and graduate students.
STUDY IN THE USA
It has state guides, links to financial aid sources, a suggested application guide and pages on "The USA Way of Life," which are useful if you're an international student. (I found the videos on Culture Shock really interesting.) Just keep in mind that the advice offered here applies to undergrad and graduate students.
Thursday, May 10, 2012
Getting a US Study Visa
Preparing the study visa application is a pretty easy thing to accomplish, but what with work and procrastination, it took me nearly two weeks.
A study visa falls under the category of non-immigrant visas so this procedure applies:
PROCEDURE FOR NON-IMMIGRANT US VISAS
Once you receive the I-20 from your school, you have to pay the visa fee (see my post on payment thru BPI), fill in the online DS-160 form, prepare your pictures and pay the SEVIS fee before you can schedule your interview. Visa payments are valid for a year so you can do this ahead of time, along with the pictures. You also have to upload a copy of your picture on the online form -- I highly recommend you to use the photo tool available on the DS-160 website so that you are assured that the photo you're uploading will be accepted by the system.
These links were pretty useful for the parts of the DS-160 form that I found confusing:
GUIDE FOR FILLING DS-160 FORM
AVOIDING DS-160 PITFALLS
I had noticed that the embassy procedure emphasizes that applications should state the Mother's Complete Maiden Name but the DS-160 form merely asks for the Mother's Complete Name. I was confused by this so I called up the Embassy to ask. The rep who answered my inquiry told me to just answer the form directly (!!!) -- if it wasn't asking for my mother's maiden name, I can just use her "married" surname.
For the SEVIS, you just have to fill in the online I-901 form and pay the SEVIS fee ($200). You can pay via credit card; just print out the online receipt to bring on the day of your visa interview. This is the link to the SEVIS Main Page:
SEVIS MAIN PAGE
After this, you will then be ready to schedule your visa interview. I had finished my online application last April 26 (I think) and the earliest slot available was on May 3. I had dreaded that there would be a long wait before I'd have my interview, but it wasn't actually a problem. I guess they have a number of slots specially reserved for study visa applicants on each day. I went the online route to schedule my visa interview (way easier than via phone).
========================================================
On the day of my interview, I arrived two hours earlier than my appointment. The interview location is actually at the US Embassy Annex, which is located by the footbridge near the UN Avenue-Roxas Boulevard intersection. Bring fans, umbrellas, a black ballpen, and a book to help you pass the time. Cellphones and other electronic devices aren't allowed inside.
Look for a guard and ask him what batch of applicants are already being asked to line up. (The batch refers to the time of appointment -- eg. 8:30, 9:00, etc.) Those whose batch has been called will already be in orderly lines in the grassy area in front of the annex. The embassy personnel will then check your passport and DS-160 confirmation form, and will review the list of applicants scheduled for that batch to see whether your name is there. They will give you a pink piece of paper that you have to fill in. Then, your batch will go through a security check and go to a counter where you will be assigned individual numbers. After this, the waiting begins.
Once your number is called (by a greeter shouting out batches of numbers), you enter the building proper, go through another security check and fall in line for a preliminary review. After this, you will have to wait for your number to be flashed on the board before you undergo the fingerprint-capture. After yet another wait, your number will again be flashed on the board to direct you to the window of the consular officer who'll be interviewing you. What could make the waiting time quite long is the fact that the numbers flashed on the board are in no particular order. (The "randomness" occurs within a group of around 30-40 consecutive numbers -- from what I observed -- so you can somehow estimate how long you still have to wait.)
My interview was pretty quick (less than 5 minutes, I think). What I didn't bring to the interview that the consul asked for? My undergrad transcripts. The consular officer didn't even check my financial documents.
All in all, I took 2.5 hours to finish the application process. I heard a greeter tell an applicant that the passport will be delivered in 3-5 days. I haven't received mine yet; hopefully, it's on its way.
NOTE: Even if your visa is granted, it does not guarantee your entry into the US. This is ultimately up to the INS [The immigration and Naturalization service]. It is also the job of the INS to determine how long you may remain in the United States.
At the US port of entry, an INS official validates Form I-94 (Record of Arrival-Departure), which states the length of stay permitted. This will be a small white card issued by the INS upon your entry to the U.S. The form I-94 is your permit to stay in the U.S.
A study visa falls under the category of non-immigrant visas so this procedure applies:
PROCEDURE FOR NON-IMMIGRANT US VISAS
Once you receive the I-20 from your school, you have to pay the visa fee (see my post on payment thru BPI), fill in the online DS-160 form, prepare your pictures and pay the SEVIS fee before you can schedule your interview. Visa payments are valid for a year so you can do this ahead of time, along with the pictures. You also have to upload a copy of your picture on the online form -- I highly recommend you to use the photo tool available on the DS-160 website so that you are assured that the photo you're uploading will be accepted by the system.
These links were pretty useful for the parts of the DS-160 form that I found confusing:
GUIDE FOR FILLING DS-160 FORM
AVOIDING DS-160 PITFALLS
I had noticed that the embassy procedure emphasizes that applications should state the Mother's Complete Maiden Name but the DS-160 form merely asks for the Mother's Complete Name. I was confused by this so I called up the Embassy to ask. The rep who answered my inquiry told me to just answer the form directly (!!!) -- if it wasn't asking for my mother's maiden name, I can just use her "married" surname.
For the SEVIS, you just have to fill in the online I-901 form and pay the SEVIS fee ($200). You can pay via credit card; just print out the online receipt to bring on the day of your visa interview. This is the link to the SEVIS Main Page:
SEVIS MAIN PAGE
After this, you will then be ready to schedule your visa interview. I had finished my online application last April 26 (I think) and the earliest slot available was on May 3. I had dreaded that there would be a long wait before I'd have my interview, but it wasn't actually a problem. I guess they have a number of slots specially reserved for study visa applicants on each day. I went the online route to schedule my visa interview (way easier than via phone).
========================================================
On the day of my interview, I arrived two hours earlier than my appointment. The interview location is actually at the US Embassy Annex, which is located by the footbridge near the UN Avenue-Roxas Boulevard intersection. Bring fans, umbrellas, a black ballpen, and a book to help you pass the time. Cellphones and other electronic devices aren't allowed inside.
Look for a guard and ask him what batch of applicants are already being asked to line up. (The batch refers to the time of appointment -- eg. 8:30, 9:00, etc.) Those whose batch has been called will already be in orderly lines in the grassy area in front of the annex. The embassy personnel will then check your passport and DS-160 confirmation form, and will review the list of applicants scheduled for that batch to see whether your name is there. They will give you a pink piece of paper that you have to fill in. Then, your batch will go through a security check and go to a counter where you will be assigned individual numbers. After this, the waiting begins.
Once your number is called (by a greeter shouting out batches of numbers), you enter the building proper, go through another security check and fall in line for a preliminary review. After this, you will have to wait for your number to be flashed on the board before you undergo the fingerprint-capture. After yet another wait, your number will again be flashed on the board to direct you to the window of the consular officer who'll be interviewing you. What could make the waiting time quite long is the fact that the numbers flashed on the board are in no particular order. (The "randomness" occurs within a group of around 30-40 consecutive numbers -- from what I observed -- so you can somehow estimate how long you still have to wait.)
My interview was pretty quick (less than 5 minutes, I think). What I didn't bring to the interview that the consul asked for? My undergrad transcripts. The consular officer didn't even check my financial documents.
All in all, I took 2.5 hours to finish the application process. I heard a greeter tell an applicant that the passport will be delivered in 3-5 days. I haven't received mine yet; hopefully, it's on its way.
NOTE: Even if your visa is granted, it does not guarantee your entry into the US. This is ultimately up to the INS [The immigration and Naturalization service]. It is also the job of the INS to determine how long you may remain in the United States.
At the US port of entry, an INS official validates Form I-94 (Record of Arrival-Departure), which states the length of stay permitted. This will be a small white card issued by the INS upon your entry to the U.S. The form I-94 is your permit to stay in the U.S.
Tuesday, May 1, 2012
Financing your MBA: Scholarships
If you were to talk to an ordinary Filipino and tell him that you were taking your graduate degree in the US, he assumes either of the following:
1. You have a scholarship. A full tuition and board scholarship, with an allowance that you can live on.
Or:
2. You're rich and your family/parents are paying for it. For every single penny.
Sad to say, there are a lot of Filipino MBA students who don't exactly fall into either category, and usually have tuition and living expenses to worry about. If you're planning to take your MBA in the US, be warned: you have a lot of competition for those full scholarships. At most, you will probably get a significant fellowship in tuition fees on account of your being an international student from a developing country. (Read: significant, not full. And that's only for tuition, living expenses not included.) Don't pin all your hopes on getting a free ride.
The two-year MBA program at ultra-elite schools (eg. Harvard, Stanford, Kellogg) has a price tag of Php 8-9 million. That's a lot of money! But ultra-elite schools also typically have a lot of money available for fellowships. And if you land a full scholarship, then good for you! The kind of deal offered by the Eller MBA program, which offers scholarships specifically for Filipinos, is rare in US schools.
In case you're wondering what other options there are in getting a full scholarship, there is only one I can think of: the Fulbright scholarship offered by PAEF(the catch here is that you have to go back to the Philippines once you complete your studies).
There are a few partial scholarships up for grabs that you can search for on the Internet, but I'm betting that you have a lot of competition for those. Which isn't to say, by the way, that you shouldn't apply. I've applied to those myself, and have crossed my fingers.
There are the QS scholarships, for example. I found out about these by attending the QS World MBA Tour here in Manila. Attending the event and answering the online survey afterwards will give you a chance to apply for these scholarships. There are scholarships for specific schools, as well as general scholarships. For the latter, the QS Leadership Scholarship awards $10,000 to the lucky applicant, and the QS Community Scholarships award $2,000 each to five lucky candidates.
Other links you might want to check are:
Whenever I come across scholarships specifically for Canadians, Brazilians or even Indonesians, I feel frustrated that there aren't any -- at least, I haven't come across any -- foundations offering MBA study-abroad scholarships to Filipinos. I know that there are a lot of Filipino MBAs who graduated from foreign schools and built successful careers for themselves here or abroad, but I guess the concept of giving back to fellow countrymen is not so prevalent in our culture. I salute the Asian Institute of Management for offering scholarships, but AIM is in Manila. There are MBA applicants (like me) who want to experience the world outside of Manila. Really -- do all Filipino MBA applicants have the means to study? Are Filipinos so good that they can easily snag full scholarships? I mean, there are MBA applicants who could definitely use some help here...
For more details on how I'm paying for my MBA, visit this link.
1. You have a scholarship. A full tuition and board scholarship, with an allowance that you can live on.
Or:
2. You're rich and your family/parents are paying for it. For every single penny.
Sad to say, there are a lot of Filipino MBA students who don't exactly fall into either category, and usually have tuition and living expenses to worry about. If you're planning to take your MBA in the US, be warned: you have a lot of competition for those full scholarships. At most, you will probably get a significant fellowship in tuition fees on account of your being an international student from a developing country. (Read: significant, not full. And that's only for tuition, living expenses not included.) Don't pin all your hopes on getting a free ride.
The two-year MBA program at ultra-elite schools (eg. Harvard, Stanford, Kellogg) has a price tag of Php 8-9 million. That's a lot of money! But ultra-elite schools also typically have a lot of money available for fellowships. And if you land a full scholarship, then good for you! The kind of deal offered by the Eller MBA program, which offers scholarships specifically for Filipinos, is rare in US schools.
In case you're wondering what other options there are in getting a full scholarship, there is only one I can think of: the Fulbright scholarship offered by PAEF(the catch here is that you have to go back to the Philippines once you complete your studies).
There are a few partial scholarships up for grabs that you can search for on the Internet, but I'm betting that you have a lot of competition for those. Which isn't to say, by the way, that you shouldn't apply. I've applied to those myself, and have crossed my fingers.
There are the QS scholarships, for example. I found out about these by attending the QS World MBA Tour here in Manila. Attending the event and answering the online survey afterwards will give you a chance to apply for these scholarships. There are scholarships for specific schools, as well as general scholarships. For the latter, the QS Leadership Scholarship awards $10,000 to the lucky applicant, and the QS Community Scholarships award $2,000 each to five lucky candidates.
Other links you might want to check are:
- http://fastweb.com
- http://finaid.org
- http://scholarships.com
- The American Association of University Women - http://www.aauw.org/fga/fellowships_grants/index.cfm
The American Association of University Women offers fellowships to female international students studying in the United States. Some fellowships are available for minority women who are U.S. citizens or U.S. permanent residents. International Fellowships are awarded for full-time study or research in the United States to women who are not United States citizens or permanent residents. Both graduate and postgraduate study at accredited institutions is supported. - The International Education Financial Aid Website - http://www.iefa.org/
The International Education Financial Aid Website provides college scholarship and loan information for international students wishing to study abroad There are many scholarships available on this website.
Whenever I come across scholarships specifically for Canadians, Brazilians or even Indonesians, I feel frustrated that there aren't any -- at least, I haven't come across any -- foundations offering MBA study-abroad scholarships to Filipinos. I know that there are a lot of Filipino MBAs who graduated from foreign schools and built successful careers for themselves here or abroad, but I guess the concept of giving back to fellow countrymen is not so prevalent in our culture. I salute the Asian Institute of Management for offering scholarships, but AIM is in Manila. There are MBA applicants (like me) who want to experience the world outside of Manila. Really -- do all Filipino MBA applicants have the means to study? Are Filipinos so good that they can easily snag full scholarships? I mean, there are MBA applicants who could definitely use some help here...
For more details on how I'm paying for my MBA, visit this link.
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