Warwick Business School delivers the insights you need to succeed in a rapidly changing world.
Funding your MBA
For the Change Makers
At a glance
Contents
4
Investing in your future
6
Scholarships
8
Employer funding
10
Preparing a case for sponsorship
12
Your business plan
16
Why Warwick Business School?
18
Education loans
20
Additional help and advice
warwickmba.com
3
Introduction
Investing in your future
Choosing to pursue an MBA is an investment in you to gain the tools, confidence and big picture vision in order to leap to the next level of your career.
The Warwick Business School MBA builds leadership ambition and enables you to lead with certainty. Wherever your path takes you, you’ll have everything you need to deliver real impact. It is also a serious commitment in both time and money, and is an investment that needs to be carefully considered and planned for. Many of our students fund their studies through multiple sources, combining personal resources with education loans and scholarships, or seek funding from their employer. It is important to consider your financing and funding options early on during the application process. This document has been designed to help you better understand the funding options available to you and how best to take advantage of them.
4
The Warwick MBA 2025
warwickmba.com
5
Funding options
Championing the Community – Locally Resident
How to apply If you’re self-funded or partially employer funded and are interested in applying to one of our MBA programmes, you will need to submit a written statement alongside your application. You should outline why you believe you should be awarded the scholarship, taking the criteria listed in the Scholarship Criteria into consideration. The scholarship committee decide on scholarship awards on an ongoing basis during the recruitment cycle but applicants are strongly encouraged to apply early.
What we are looking for in your scholarship statement
■ Evidence of how you embody or embrace the scope of the scholarship category you are applying for, and why it resonates most with you ■ New, innovative thinking – the potential to become a future Change Maker ■ The passion to instigate positive change in the world of business or in the community ■ Evidence of a well-rounded individual with ongoing potential to achieve ■ Experiences that you can share with the rest of your cohort ■ Additional information not presented in your three other application essays. Other things to consider ■ Make sure you fully understand the scholarship criteria ■ Avoid grammar and spelling mistakes ■ Stay focused on the objective of the statement. FAQ Q. When will I hear if my scholarship application has been successful? A. You will receive your scholarship decision at the same time you receive your offer decision. Q. How much scholarship can I receive? A. For our Full-time MBA, Accelerator MBA, and Executive MBA, we offer a range of scholarships from 10% to a maximum of 50%. Our Global Online MBA scholarships cover up to 25% of the programme fee. Q. How are scholarship decisions made? A. Scholarship decisions are made based on your entire application process, evaluating your experience, skills, and alignment with WBS values, and your ability to positively impact society or business as a Change Maker.
As part of our commitment to the local community and promoting access to the University of Warwick, we offer a scholarship exclusively to those who live in Coventry and Warwickshire. Alumni Loyalty Discount Available for University of Warwick alumni who possess a thirst for new knowledge, new experiences, and strive to better themselves and the world around them, WBS offer a loyalty discount of 25%*. Any further scholarship awarded by WBS on our MBA programmes would be inclusive of this alumni loyalty discount. *Please note that all alumni from the University of Warwick who are accepted onto a postgraduate Masters course receive a minimum 10% scholarship from the Warwick Alumni Discount Scheme and any alumni loyalty discounts awarded by WBS are inclusive of this 10% scholarship.
Scholarships
Our scholarship offering has been designed to promote excellence as well as support diversity and inclusion. This helps to create a rich learning environment within each of our cohorts to ensure your learning experience is maximised. A range of scholarships are available for candidates who are self-funded candidates or partially employer funded.
What to include in your scholarship statement
We take a holistic approach when evaluating a candidate’s suitability for a scholarship and applications will be assessed on the following criteria: ■ Think about the scholarship you are applying for: Why do you believe you are a good candidate for this particular scholarship? ■ What is different about you? ■ What value will you add to the cohort? ■ What will we be saying about your success in the future? By doing this, you will personalise your scholarship application, helping you to stand out.
Bursaries A number of bursaries are available to
Scholarships are allocated in the following areas:
candidates experiencing economic hardship for reasons beyond their control. For example, severe economic downturn in an economy, domiciled in countries in conflict or holding refugee status. Bursaries will be discretionary and awarded to high potential candidates that can add value to our diverse cohorts. Further information on what is required for application to each scholarship is available on our website. Scholarship criteria We take a holistic approach when evaluating a candidate’s suitability for a scholarship and applications will be assessed on the following criteria: ■ Evidence of individual impact ■ Alignment with the WBS core values – Curiosity, Openness, Restlessness and Excellence ■ A desire to make a positive difference in the world of business and beyond ■ The potential to become a future Change Maker ■ The ability to fulfil future ambassadorial duties for WBS. Successful applicants are expected to work closely with the marketing and recruitment teams in order to attract future candidates onto the programme.
Championing Diversity – Black in Business
Further to this, we have also teamed up with WeAreTheCity, City Women’s Network, and Women’s Engineering Society, who support and promote women in business. If you are an active member of one of these groups, you can automatically access a 25% membership discount. Any further scholarship awarded by WBS on our Full-time MBA, Accelerator MBA, or Executive MBA programmes would be inclusive of this 25% award. Championing Diversity – LGBTQUA+ We strive to create an open and welcoming environment; a place where individuals can express themselves freely. This scholarship is open to talented individuals who are committed to being a Change Maker for the LGBTQUA+ community, with a mission to increase visibility and representation. You can apply for this scholarship if you identify as a member of the LGBTQUA+ community or are an advocate or ally for these groups.
Change Maker – Personal Impact in Your Sector This scholarship has been created to recognise individuals who seek to challenge the norm in their sector through their impactful drive and vision to make a positive difference. Applicants will need to demonstrate a commitment to making an impact in business, as well as evidence of the impact they have had in organisation and sector to achieve better outcomes and provide wider value. Change Maker – Personal Impact in Your Society This scholarship is for those who strive to use business as a power for good. Applicants will need to demonstrate a commitment to positively influencing society, evidencing the impact of their work and how they are generating better social outcomes for others, whether though their job or volunteering experience.
We are proud to welcome a diverse cohort of students and are continually working towards addressing under-representation. As part of this, we are committed to creating an environment that promotes the representation, wellbeing and development of Black professionals in business. This scholarship is open to candidates from Black or mixed Black backgrounds. Inspiring Females We’re committed to working towards a more gender-balanced future for the most senior positions in the boardroom. This scholarship is open to females who demonstrate business excellence and are inspiring role models to others. On our Executive MBA, we also offer two successful candidates an exceptional award of 50% and an invite to attend and network at 30% Club mentoring programme events as a guest. The 30% Club is a global campaign led by Chairs and CEOs taking action to increase gender diversity at board and executive-committee levels.
Q. What other sources of funding are available? A. Other sources of funding you may consider include education loans, seeking funding from your employer and personal resources.
Championing Diversity – Geographical
At WBS we welcome a large community of Change Makers from all over the world, with participants coming from a wide variety of backgrounds, cultures and nationalities. To further encourage this diversity, this scholarship is available for candidates across the globe, with a particular focus on Africa, Latin America, and Europe.
6
The Warwick MBA 2025
warwickmba.com
7
Funding options
Employer funding
Relevance and commitment ■ Is an MBA relevant to your career and future aspirations? Have you read the various MBA directories available and searched online for relevant articles? ■ How can an MBA enhance your current work performance and contribution? ■ Have you considered the best time for you to undertake an MBA? ■ Have you considered your preferred learning style? ■ Will the delivery mode you are considering interfere with your commitment to work, for example, business travel commitments? ■ How much working time will it take up? When are you likely to be away from the office? ■ Is there likely to be any conflict between the MBA timetable and company events (e.g. clashes between course dates, residential sessions or exams, financial year end, seasonal business activities)? ■ Will you have access to company The environment ■ Is there a history of sponsorship in your organisation ■ Who is your potential sponsor and what are their views on MBAs? How much work will you need to do to convince them? ■ Have you considered other career development routes such as industry- specific qualifications (for example, CIM, ACA or Institute of Banking)? Could your immediate needs be met by a short course or in-house training scheme? You may need to justify your choice of course. ■ Does your company or its competitors currently advertise for MBA graduates? You could ask recruitment professionals in your sector. information for assessments? Could this be a sensitive issue?
Which school? ■ It helps if you have evaluated schools from both your own and your employer’s perspective ■ What were the results of your research? Where else have you considered? Can you cite the advantages and disadvantages of different schools and programmes? ■ How much do you know about the school’s strengths (research, subject strengths, faculty and so on)? ■ Have you considered the reputation of the school and its programmes? Do you have the latest information on accreditations and rankings? ■ Which style of delivery are you considering? Is your choice determined by cost, flexibility or convenience? Can you justify your choice? It might be useful canvassing the opinions of other people in your company who’ve done an MBA (at Warwick or elsewhere) or Warwick MBA alumni who work in a similar field. The investment and costs ■ Have you done a cost-benefit analysis of full-time versus part-time study? ■ Have you collected the comparative costs of MBA programmes at other schools? ■ Do you have details of what is included in the fees? Are there any extras? ■ Are you aware of the costs of the different modes of study and the add-on costs associated with them (e.g. differential travel costs or child care)?
The Warwick MBA is a significant investment for you and your employer, both in financial terms and in the time needed to devote to study. There are three main areas you may want to approach your employer about to negotiate for support: ■ Financial help to pay your tuition fees and other expenses ■ Giving you enough time to study at home and attend the tuition ■ The opportunity to apply your learning from the MBA in the workplace. Do your research Before you approach your employer to discuss how they can support you with your MBA, we recommend you spend some time researching the following areas: ■ Financial help to pay your tuition fees and other expenses ■ Giving you enough time to study at home and attend the tuition ■ The opportunity to apply your learning from the MBA in the workplace.
There is never going to be a perfect time to apply and study for an MBA. It took me years of thinking about it to bite the bullet and start, and now I have, I’ve never doubted that I made the right decision Melissa Sumner Executive MBA
8
The Warwick MBA 2025
warwickmba.com
9
Funding options
Preparing a case for sponsorship
What do you stand for as a leader? How effectively do you manage yourself and others? How effectively do you lead, manage and influence other people? What value do you add to your organisation?
Why me? Before you start preparing your sponsorship proposal consider the following: ■ Are you a worthwhile investment? Can you demonstrate this with an up-to-date CV? ■ Have you solicited departmental or company-wide support? It helps if the proposal for an MBA has come via appraisal, your line manager/director or a company mentor ■ Consider what expectations your sponsor might have and what benefits might be attractive to those who can influence the decision on your request for sponsorship ■ Remember that from any MBA programme, they are likely to want to see a balance between theory and practice, a gain for both the individual and the organisation, and both short-term and long-term value added ■ Present a range of short term and long term benefits linked to current business activity. There are advantages to be gained from your involvement in the programme and your association with other participants. There are also possible gains from links with Warwick Business School and access to the wider University and its professional networks ■ Consider making proposals as to how you will transfer your new knowledge to colleagues and the organisation.
Making your proposal ■ Is there a procedure for requesting funding? Consult with your HR department or line manager ■ If possible, gain in-principle support from your manager in line with strategic business unit criteria ■ A business plan may be required as part of the procedure for funding, or you may wish to submit one unsolicited to demonstrate the seriousness of your proposal ■ Check if you need to use your company’s ‘house style’ and what length of proposal would be acceptable.
The negotiations Prepare your case well before you open negotiations and be sure of your minimum negotiating stance: ■ Are you only prepared to accept sponsorship if it includes all academic fees, residential costs, and travel expenses plus generous study time and provision of computing facilities? ■ What will you do if none of these are forthcoming? ■ The question of ‘golden handcuffs’ may come up so you need to have your answer prepared; most employers will expect you to agree to some sort of lock-in period post-graduation. You should bear in mind that it is not clear whether these are enforceable in law, but also that if you move to a new employer, part of your initial negotiations could include them buying you out of the lock-in by paying the forfeiture costs; after all, they will then be reaping the benefit of your MBA.
10
The Warwick MBA 2025
warwickmba.com
11
Funding options
Your business plan
Your business plan needs to be clearly set out and well presented. It should be focused and tailored to sell your abilities and the advantages for your organisation, as well as dealing convincingly with the pros and cons of your choice of school and method of study.
Review your plan from your sponsor’s viewpoint and, if appropriate, prepare it in your organisation’s house-style. We suggest you include:
An executive summary
Outline the benefits of the Warwick MBA for you ■ Self-development ■ Broadens your technical skills and provides a wide knowledge of a range of different functions (often very useful, in particular, for SMEs) ■ Improves soft skills such as team working, time management, preparing and delivering presentations
company could make the most of your new skills and knowledge such as client and stakeholder influencing skills, and navigating organisational politics ■ Information about the recruitment of MBA graduates, or the sponsorship of MBA participants, elsewhere in the organisation/sector.
Before you start preparing your sponsorship proposal consider the following: ■ Your choice of school and the type of programme you want to do, emphasising elements which may appeal to your employer ■ The cost to the company in terms of fees and/or time, as well as your contribution in terms of time and effort ■ The scope for return on the company’s investment – highlight how the company will benefit from your participation. Background ■ The relevance of an MBA in the current economic environment for you, your department, the company and the sector. For example, your current personal and professional development needs, the business unit’s circumstances and the specific needs of the unit and the company ■ The value of an MBA to current and future needs of the company (e.g. growth/downsizing, change, competition, internationalisation) ■ Identify the objectives to be achieved from doing an MBA; you may want to include information here about the sort of role that you envisage having within the company once you have completed your MBA, or outline some ways in which you think the
The impact of an MBA is far beyond the certificate you receive at the end, you build relationships, challenge yourself and find new things out about how you work and what motivates you
Proposed business school and programme of study
■ International exposure ■ Networks and contacts.
Your employer will want proof that they are buying into a really good quality MBA, so you may want to include a comparative table with criteria such as: ■ Reputation, facilities, flexibility, student contact and participation, faculty (size, research, consultancy activities, international diversity), programme content, rankings, profile of the student body, alumni activity and costs. Why Warwick specifically? ■ The Warwick MBA’s academic rigour ■ International faculty – leaders in research and teaching, highly regarded consultants to businesses ■ Outstanding participants with extensive management experience across different functions and industry sectors.
Peter Taustscher Global Online MBA
12
The Warwick MBA 2025
warwickmba.com
13
Funding options
Your business plan
The rewards for the company A description of the benefits in the short and long term. These may include: ■ Increased retention – you are more likely to stay with them ■ Increased motivation ■ Better ‘on the job’ performance; you will be more effective at work, generating new ideas to resolve business issues. You will also bring back to your organisation many proven tools, ideas and best practice, as well as be able to apply your new knowledge with a greater awareness of the wider business environment ■ Your new ideas and fresh-thinking can make an immediate and positive impact on the organisation. Just one innovative idea could pay for the entire programme ■ You will have the opportunity to address current work issues in the class environment and as part of the assessed study programme ■ In addition, you will carry out a consulting project or dissertation. If you choose an internal consulting project, you will focus on solving real problems facing your organisation. A participant on the Global Online MBA describes how he used his consultancy project as a way of showing the value of his MBA to his employer: ‘My company is fairly financially-focused so I took the tack of demonstrating that they would be able to save a significant amount of money on external consulting fees by asking me to direct my project and dissertation towards an appropriate area of analysis.’ ■ Networking opportunities (faculty, students and alumni). Also consider preparing counter-arguments for any risks associated with the sponsorship that your organisation may raise.
The timescale ■ The date by which you would like/need a decision ■ The start date of the programme and other relevant dates. Suggested appendices in support of the plan ■ Your CV ■ warwickmba.com ■ Other relevant information about MBAs/Warwick Business School
The financial and time implications ■ Fees, including payment dates ■ Timetable of the programme showing when you would need to attend ■ We would recommend that you produce a schedule of anticipated costs and make sure you know who will be responsible for what. Include the less obvious charges such as accommodation, travel, additional seminars etc. Development You may want to include suggestions on how you would envisage making the most of your new knowledge and skills, especially in subject areas which are outside of your usual role and sphere of influence. This might include: ■ Being allowed access to other areas in the organisation, both to help your study but also to help knowledge transfer ■ Taking on enhanced responsibilities ■ Being mentored by a senior colleague ■ Discussion of your career prospects upon completion of the MBA.
14
The Warwick MBA 2025
warwickmba.com
15
Home to your MBA
Why Warwick Business School?
Business and leadership skills you can use immediately
We will support you in unlocking your full potential by providing intensive leadership development throughout the programme; enabling you to take the ideas, theories and solutions you have learned in the classroom straight into your place of work, so that whether it is improving knowledge that already exists or starting something new, you can make an immediate positive impact.
Personal transformation At the forefront of everything we do are our students. We are here to support and motivate every student to unlock their full potential, and achieve their ambitions. But we’re not here to hold hands; we’ll push, critique, and challenge you to bring out your inner Change Maker. Studying at WBS means being open to new ideas, viewpoints and new voices, helping you take on new perspectives and challenge your thinking.
Develop new insights We regularly invite guest speakers and distinguished practitioners to our Warwick campus and WBS London to provide you with exclusive insights into business. Alongside this, we have six professional networks and geographical networks across the globe allowing you to tap into the knowledge, experience and insights of your fellow alumni for life.
An influential global community As part of the Warwick Business School community, you will be joining a diverse network of Change Makers, made up of 60,000 alumni from 174 countries. You will have the opportunity to network and exchange ideas with fellow graduates at networking events held around the world. Our alumni include global leaders operating in every type of organisation from start-ups to FTSE 100 companies, charities to management consultancies.
Leading academics and Professors of Practice
You will be inspired by and learn from some of the world’s leading academics alongside senior business people who join us as Professors of Practice. As an MBA participant, you will benefit from their many years of board-level management experience, their global network of business connections, and direct experience of developing successful careers.
A top-ranked MBA Our reputation is built on a healthy balance between theory and practice; and a culture that challenges assumptions, goes beyond the classroom and believes in business as a power for good. We are also proud to be the first UK business school to be triple accredited and to receive the Athena SWAN Gold Award for improving gender equality.
16
The Warwick MBA 2025
warwickmba.com
17
Funding options
Education loans
Rates ■ Interest rates vary depending on individual applicants. Once you have accepted your place at WBS, you can apply directly through Prodigy’s online platform. The loan amount is capped at 80% of the cost of attendance (tuition fee minus the initial deposit paid and minus any scholarships). The loan can be used for tuition fees only and does not include living expenses. See more detail about the terms and conditions, and how to apply for a loan on Prodigy’s website. Why choose Prodigy? ■ 150 nationalities covered ■ Competitive interest rates ■ No collateral or guarantees required ■ Easy online process ■ No repayments while you study Prodigy Finance Ltd is incorporated in the United Kingdom (Company Number 05912562) and registered with the Office of the Information Commissioner (Reg. No. Z9851854). Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713. Prodigy’s registered address is Palladium House 1-4 Argyll Street, London, W1F 7LD Lendwise Lendwise is a UK-based specialist loan provider dedicated to education finance for students who are looking to fund their studies at world class universities and business schools. Lendwise takes a holistic view of a student’s profile, which includes assessing their future earnings potential as well as, where relevant, academic and work experience track record.
Eligibility ■ UK-domiciled students (any nationality), EU and North American students. All other nationalities are assessed on a case-by- case basis. ■ New and continuing students are eligible to apply. ■ Full-time MBA, Accelerator MBA, Executive MBA, and Global Online MBA applicants are all eligible for support from Lendwise. Rates and application procedure ■ Interest rates are fixed for the entire duration of the loan and full-time programme students have access to a grace period that allows for repayment to start after graduation. Rates depend on an applicant’s overall profile, and the application process is entirely online. ■ You can borrow in GBP for the full cost of attendance (tuition fee minus the initial deposit paid and minus any scholarships). See more detail about the terms and conditions, and how to apply for a loan on the Lendwise website. Why go with a Lendwise loan ■ Competitive interest rate that is fixed for the entire duration of the loan ■ No collateral or Co-signer required ■ Easy and quick online application ■ No repayments while you study (full-time courses) ■ No penalties/fees for over or early repayments Lendwise Ltd is incorporated in the United Kingdom (Company Number 10466048) and registered with the Office of the Information Commissioner (Reg. No. ZA281795). Lendwise Ltd is authorised and regulated by the Financial Conduct Authority (firm registration number 782496).
Postgraduate Loan for a Master’s Degree As a Full-time MBA applicant, you can apply for a Postgraduate Master’s Loan as a contribution towards your course and living costs. Postgraduate Loans have to be paid back. If you have a disability, including a mental-health condition or specific learning difficulty, such as dyslexia or dyspraxia, you might be able to get Disabled Students’ Allowances (DSAs). DSAs don’t have to be paid back. Postgraduate students can apply for DSAs even if they aren’t eligible for a Postgraduate Loan. Eligibility Whether you’re eligible for a Postgraduate Loan depends on: ■ If you’ve studied on a postgraduate course before ■ Your age ■ Your nationality or residency status ■ You can find the full eligibility criteria on the gov.uk website. If you’re studying full-time the course can last for one or two years. If you’re studying part-time you can study for two years (for the equivalent one-year full-time course) or up to four years (for the equivalent two-year full-time course).
Applications To make your application visit:
The sources set out here are those which have been brought to the attention of the University as being specifically designed for/aimed at MBA students. They are not exhaustive - other funding sources and products may be available. The University does not specifically recommend or endorse these sources/ products and the content set out here has been provided by the relevant funding provider and is not independently verified by the University. You should consider sources and types of funding carefully and ensure that it meets your precise needs - not all funding is appropriate for all students. Prodigy Finance Loan Prodigy Finance offers alumni-funded loans to international students at the world’s top business schools, including Warwick Business School. While banks base their loan decisions on historical salaries, Prodigy looks to the future and assesses applicants’ future earning potential (based on the past achievements of similar graduates) to determine loan affordability. Their international model allows them to offer competitive rates to over 150 nationalities of students. Eligibility ■ Candidates on our Full-time MBA, Accelerator MBA, and Executive MBA are eligible for a loan with Prodigy ■ UK, EU and International students.
For further information please visit
W warwick.ac.uk/services/ academicoffice/funding/ fundingyourstudies
W gov.uk/masters-loan
FAQ Q. Can I apply for a Postgraduate Loan from the Government? A. Full-time MBA students can apply for a Postgraduate Loan from the Government. Students on the Executive MBA, Accelerator
Here are our top tips: ■ You do not need to have a guaranteed place on the course to apply for a Postgraduate Loan. If your plans change before you are due to start, you can easily cancel or amend your application ■ You should make your application as early as you can to ensure your assessment is made by the time you start the course ■ You’ll only have to apply once, even if your course is longer than one year.
MBA, and Global Online MBA are not eligible for the Postgraduate Loan.
Q. What other sources of funding are available?
A. Other sources of funding you may consider include scholarships, seeking funding from your employer and personal resources.
18
The Warwick MBA 2025
warwickmba.com
19
Additional support
Additional help and advice
Additional reading for background information ■ Inmbaworld.com (AMBA) ■ mba.com (GMAC) ■ topmba.com (QS / World MBA Tour)
Apply to us Applications must be made online. Please visit
Interact with us
@warwickbschool wbs.ac.uk/go/wbslinkedin facebook.com/warwickbschool @warwickbschool warwickbschool @warwickbschool
Number 3 in the world
Our Global Online MBA is ranked number two in the UK
■ businessbecause.com ■ poetsandquants.com
W wbs.ac.uk/go/apply
Number 6 in the UK
Talk to us For additional help and advice, please contact the MBA Recruitment Team: T +44 (0)24 7652 4100
Our Full-time MBA is ranked 6th in the UK
Financial Times Online MBA Ranking 2024
Once your application is submitted, you will have a named Recruitment & Admissions Coordinator who will manage your application and be your first point of contact. If you wish to be considered for a scholarship, an early application is advisable. See our website for the latest information.
You can email us at any time E warwickmba@wbs.ac.uk
Financial Times Global MBA Ranking 2024
Number 4 in the UK Our Executive MBA is ranked ranked 4th in the UK and 30th in the world
W wbs.ac.uk/go/MBAscholarships
Financial Times Executive MBA Ranking 2024
First UK business school to be triple accredited and to receive the Athena SWAN Gold Award for improving gender equality
20
The Warwick MBA 2025
warwickmba.com
21
It’s a life-changing experience that will empower you to achieve your goals
Saranya Udayakumar Global Online MBA participant
Warwick Business School, The University of Warwick, Coventry, CV4 7AL UK
WBS believes this document is accurate, but accepts no liability for errors or later changes. See our website for the latest information. 58461 10/2024
Page 1 Page 2-3 Page 4-5 Page 6-7 Page 8-9 Page 10-11 Page 12-13 Page 14-15 Page 16-17 Page 18-19 Page 20-21 Page 22Made with FlippingBook Learn more on our blog