How to finance your EMBA at Kellogg-WHU: time to be creative!
Are you looking for an Executive MBA program to advance your career?
The Kellogg-WHU EMBA is a world-class Master's program designed to develop your leadership skills and to open up a world of career networks and opportunities.
The costs of an EMBA can be daunting, but there are many funding options available that can make it much more accessible than you think. Here's an overview of how you can finance your Kellogg-WHU EMBA Program.
Assess your tuition fees
First you need to assess what costs are covered by the tuition fee to understand what you need to invest in the program and the value you will get out of it. You also need to take into consideration any extra expenses that are necessary to complete the course.
What’s even more important is to look at the added value of the EMBA’s accompanying features. In the case of the Kellogg-WHU EMBA Program, these features include training and coaching to help you grow and enhance your ability to lead in the workplace.
The program also offers a world-class global and local business education, the opportunity to study and work alongside high caliber peers and access the largest, most immersive Global Network of its kind.
Explore the funding possibilities
Once you have evaluated the importance of pursuing an EMBA, rationalized your potential return on investment (ROI) and understood what you can gain from it, then you need to take the next step and find ways to finance your program.
And no, you do not need to rob a bank to fund your professional development! You just need to be a little bit creative.
Funding options for an EMBA
There are many funding options available to you out there, you just need to explore and take full advantage of each of them. You may need to combine two or more to benefit fully from these opportunities:
Many programs like the Kellogg-WHU EMBA offer scholarship opportunities, which are more accessible than you would imagine.
The Kellogg-WHU Executive MBA Program through its WHU Scholarship Fund has put resources aside to help selected EMBA participants finance part of their Executive MBA Program.
All self-funded candidates who fit the basic selection criteria can apply for the scholarships. In order to be awarded the scholarship, candidates will be required to have successfully completed the application process for the Kellogg-WHU EMBA Program.
Kellogg-WHU scholarships are awarded in several areas including:
› Excellent Leaders
› Emerging Markets
The award values range from 15-20 per cent of tuition fee. Kellogg-WHU currently has 10 scholarships available for the 2015 September intake, so plenty of opportunities for people with diverse backgrounds to get partial help!
The scholarship application deadline for the September intake is July 31, 2015.
› WHU Brain Capital: a great financing solution
The Kellogg-WHU EMBA Program offers an unparalleled financing program, WHU Brain Capital, an initiative started by students from WHU Otto Beisheim School of Management.
Basically, all accepted EMBA students have the opportunity to apply for the WHU Brain Capital funding option, which finances up to 100 per cent of EMBA tuition fees.
In return, EMBA students must make a commitment to reimburse the loan in its entirety over a certain period of time depending on each individual’s income level following graduation.
Johannes Frankenfeld, managing director of Brain Capital, describes the initiative in this way:
"The idea for our financing concept originated from a student initiative at WHU. Brain Capital’s goal is to enable all prospective students, regardless of their personal financial background, to study at WHU.
The WHU Brain Capital funding option provides flexibility and financial security. We also support our grantees at all career stages with a mentoring program which, among other topics, includes salary negotiations."
› Financial support from your employer: you never know!
Up until a few years ago, most EMBA students used to be fully sponsored by their company. But in the last 5 years this trend has been declining. While this is not the easiest way to get financing, it is worth trying.
To explore the possibility of financial support from your employer, make sure you have gathered all updated information about tuition fees (what is and isn’t included), payment plans, early bird discounts and scholarships.
Prepare a strong case including benefits for the business and discuss with your employer the eventualities of your company investing in you.
If your employer is not prepared to fund you 100 per cent, then think about how your company could still support you through matching funding, percentage splits, reduced hours, salary sacrifice, bonus payments, and tuition reimbursement at key milestones or after successful completion of the program.
› Education tax credit: don't fear the taxman!
If, like Kellogg-WHU, you are based in Germany, then you might want to take full advantage of the tax deduction advantages of German tax law when it comes to education. Your maximum deduction will depend on you salary and personal circumstances.
If you are based outside Germany don’t forget to take advantage of the tax deductions specific to your home country. The governments of France and the Netherlands, to name just a couple, also have such tax deduction advantages for study costs, and students are able to claim these deductions on their tax returns.
So, check the tax laws specific to your home country and do not forget to take full advantage of those tax credits, which could in some instances help you save thousands in tuition fees and reduce your annual taxable income.
Make it happen!
With so many funding possibilities you can be sure to find an arrangement that works for you. All it takes is a little research and planning to secure your finances.
Once your funding is under control then you can focus on the unique professional and personal experience that is an EMBA to develop yourself and your career!
Apply for the Kellogg-WHU EMBA
Are you ready to embark on the EMBA journey this September? Then wait no further and take the step to get into a top-ranked program!
Contact Kellogg-WHU via email ([email protected]) to make an appointment for an on-campus interview in early August and email your CV now if you’d like to participate in the last EMBA interview opportunity of the season.
The interviews are a great way for you to:
› Share your motivation and professional life story
› Challenge your analytical, soft, and teamwork skills
› Get more in-depth information about the program
› Network with and get insights about the EMBA from alumni, faculty, and staff
› Experience the beautiful Kellogg-WHU campus located in Vallendar, Germany
Schedule your on-campus interview with Kellogg-WHU as soon as possible for your last chance to join the 2015 intake!