Five Years to B-School

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.

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):

• 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

 In India, there are institutions offering loans to students who want to pursue graduate studies abroad. I'm not sure if there are any such institutions in the Philippines; the nearest I've found were the local banks offering personal loans.

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.