MBA programs usually come with a relatively high price tag. It’s not an amount of money you spend every day. However, it shouldn’t be the main factor guiding your choice. Take a detailed look at what you’ll get for your money.
It is useful not to view the amount of money you plan to invest in an MBA program as mere expenditure. Rather than an expense, it is an investment that will pay off many times over in the future. Basically, it is a matter of choosing a program that best suits both your financial capabilities and your needs.
1. Find out exactly what you are paying for
Before you send your MBA application to a specific school or institution, find out what the price includes. You should always have the opportunity to familiarize yourself with the structure of tuition fees and any other fees in advance. Everyone has slightly different ideas and study needs, so it is advisable for the school to offer multiple MBA tuition options tailored to different types of students. For example, if you are unsure about the time commitment and whether you will be able to complete everything on time, it is advisable to choose an option that allows you to extend or interrupt your studies without any penalties. Also find out whether the tuition fees include study materials or access to a library with specialist literature (nowadays often fully online).
Please note that some schools charge fees even for applying to study, even if you ultimately decide not to enroll.
2. Don’t compare apples and oranges
Although both forms of MBA study are equivalent in terms of benefits, online MBA programs are, by their very nature, more financially advantageous than on-campus programs, where you have to factor in additional costs such as transportation (if you are used to driving and the school is on the other side of the country, it will cost you something) and accommodation (a greater distance requires staying in a hotel or guesthouse). Travel is also associated with higher food expenses.
To, jestli budete jako studenti fyzicky přítomni ve výuce, nehraje ve výsledku opravdu žádnou roli. Přitom Whether you are physically present in class as a student does not really matter in the end. All you need for online study is a reliable computer (or mobile phone) and an internet connection. In other words, the online format is a way to save money without compromising on quality and what an MBA program can offer you.
Please note – not all online programs are the same. Check whether the school considers the online format to be a real MBA program with live consultations with lecturers and practical problem-solving related to your profession. Some institutions offer “self-study” MBA programs in the form of YouTube videos, without any interaction with experts.
3. Check the payment terms
MBA schools offer various options in terms of payment terms. It is common to offer financial savings if you pay the entire amount in cash immediately. A payment schedule with a varying number of installments is also available—there may be two or more (usually monthly payments).
We recommend paying close attention if you see a discount offer at a particular school. There is generally nothing wrong with this; Americans love discounts in all sectors, but unfortunately, it is often just a trick to attract uninformed applicants. You may see a mention of a discount on the MBA institution’s website, but you may not notice that it is the standard amount for which the school offers its programs. We therefore recommend visiting the institution’s website more often over the course of several weeks or months to make sure that the discount is not just fictitious.
Please note that some schools offer “special” tuition fees all year round, reminiscent of the legendary Béda Trávníček and his discount campaigns.
So if you want to pay less, learn to distinguish between real discounts and fictitious ones. The reputation of MBA programs is also degraded by various competitions organized by schools, in which participants can “win” things such as tuition refunds.
4. Find out when your investment will pay off
The return on investment varies from case to case. On our website, you can use the MBA financial benefit calculator to get an approximate estimate of what it will look like in your case if you decide to study at the CEMI institute. Simply answer questions about your age, the number of years you plan to work, and your position.
Because not everything is about money, be sure not to base your decision on price alone when choosing an MBA program. Studying will bring you a higher salary, but it also has other benefits – for example, a significant improvement in your career prospects, and in addition to knowledge and practical skills (regardless of which field of study you choose, you will learn to make strategic decisions and lead), it will also change you (professionally, you will feel more confident, satisfied, and fulfilled). You will also gain important contacts, which are invaluable in any profession or business.
5. Online study saves the planet
An MBA degree is not a decorative accessory, but should truly reflect your qualities throughout your professional career. That is why we refer to MBA studies as a lifelong investment. The old saying that no one is rich enough to buy cheap things applies here as well. Conversely, even a high price tag for MBA studies is not in itself a guarantee of quality.
And there is another benefit – online MBA studies are not only easy on your wallet, but also on the planet. By eliminating student travel, it reduces the carbon footprint, saves energy, and contributes to reducing the amount of paper and plastic waste. And these are benefits that really count these days!
