What’s in a name? A Business School will feel good enough no matter where you go, especially if you have full scholarship. Will it, though? Let us view the pros and cons of keeping or letting go a scholarship via a vis what you get from going into a great University even if that is without a scholarship.
If it is education you are after, do not, I repeat, do not let go off your scholarship. A scholarship goes a long way to ensure a lifetime of financial implications. Even if you can finance your education, you probably shouldn’t. Over two years, saving upwards of a $100,000 dollars will give you a nice little nest egg to fall upon. However, if you are after sound networking and a even sounder placement, then may be a famous University is the answer. Let’s weigh the situation and results out:
Why stick to the lower ranking MBA University offering a scholarship?
THE QUESTION OF DEBT — More often than not, affordability is a thing that stands between people’s dream schools and whether or not they can go there at all. An MBA is supposed to give you a better shot at finding a cushy job but life is still a lot more but not at the cost of debt burden that will eventually turn out to be undoing. Take the question in account: “Can you, in all honesty, afford it?”
ENTREPRENEURSHIP — If your MBA’s purpose is to be an entrepreneur rather looking for a job, then retain your scholarship. In this case, going to a supposedly ‘lower ranking’ school might not just be a good idea but will probably be highly encouraged. A lot of extremely successful entrepreneurs have non-ivy degrees and seemed to have done particularly well with their lives.
Why opt for the higher ranked MBA University with no offer of scholarship?
THE POSSIBILITIES OF EMPLOYMENT — Remember the old adage, “To earn money, you have to spend it. An MBA from Harvard or Wharton will fetch you jobs that you would not have even aspired for. There are exclusive companies who recruit from a specific school and you could miss on really great employment opportunity. Most of the Ivy League school (Harvard, Yale, Princeton, Stanford, and Wharton) guarantee jobs in firms like McKinsey & Co., Bain & Co., Boston Consulting Group, Booz and Deloitte. That is big money and it could be yours.
NETWORKING — One perk of college is, that your friends, alumni and you network and these alliances last for decades and probably lifetimes. A lot of people acquire jobs, funding and start-ups from the college’s exclusive clubs. The ‘all for one and one for all motto’ really does work there and needless to say, a membership at The Harvard Club will give you an exclusive chance to not only network but even get funding for your venture.
Now you got to decide for yourself, what exactly it is you are looking to obtain from your MBA.