ESMT Scholarships for Academic Excellence and More

In the past open day sessions and emails from our readers, we are often asked about MBA financing options. One of the common ways to finance your MBA study is to get a scholarship from the schools. Business schools want to attract the right candidates from various regions and those with unique experiences and qualities. As you research about the school, do look into their scholarships and apply from one of them.

I am currently doing my 1-year MBA at the European School of Management and Technology (ESMT) in Berlin, Germany. The school was founded in 2002 by 25 corporations with the purpose of offering the distinct European business experience in a classroom environment. I am in the fifth intake with 38 other students from 21 countries. Most, if not all, of us including myself, were offered a scholarship to finance our MBA.

A total of 11 scholarships are available for the full-time MBA program. In particular, I would like to share two relevant ones; mainly because they relate to GMAT score and Asian focus where majority of our readers are from. For others, please visit ESMT scholarships website.

ESMT Asia Scholarship

ESMT awards one prestigious scholarship to an outstanding male or female candidate applying to either program from an Asian country.

Program: Full-time MBA

Number of scholarships available: two

Value: € 25,000

Eligibility: Candidates with permanent residence in a South or East Asian / Australasian country

Requirements:
Candidates are required to submit a scholarship essay along with their complete application to the ESMT Full-time MBA program. Candidates will be expected to actively promote the school in the respective regions throughout and after their studies, e.g. by participating in the ESMT mentoring program.

ESMT Academic Excellence Scholarship

ESMT offers special-tuition scholarship to male and female candidates applying to the ESMT Full-time MBA program with an exceptionally strong GMAT score and a record of academic excellence at undergraduate level.

Program: Full-time MBA

Number of scholarships available: two

Value: € 25,000

Eligibility: All candidates with a GMAT score of 700+ are eligible to apply

Criteria: Candidates are to provide proof of a valid GMAT score (not older than five years) and a short essay (max. 300 words) stating why they qualify for this scholarship.

For more information on the scholarships, please contact the ESMT Head of Admissions, Ms. Stephanie Kluth at mba@esmt.org.

If you want to learn more about the full-time MBA program and my experience studying and living in Berlin so far, you're free to contact me at my Gmail address.


Jimmy Low

GMAT Scholarships from QS World MBA / Beat the GMAT

Dear GMAT Malaysia Followers,

This is a repost from QS Top MBA email.

The QS World MBA Tour is excited to share a special GMAT scholarship opportunity from one of our partners, Beat The GMAT.

Beat The GMAT recently launched its fifth annual GMAT Scholarship Competition. The website will be distributing six GMAT prep packages worth over $8500. Each package includes a $250 voucher for GMAT registration fees, as well as a full GMAT test prep course—courtesy of donations from: Grockit, Kaplan, Knewton, Manhattan GMAT, The Princeton Review, and Veritas Prep.

For those of you not familiar with Beat The GMAT, it is one of the world’s most popular business school prep communities, serving 1 million+ applicants each year. It is also one of the largest distributors of GMAT scholarships, having awarded $60,000 in prizes to 28 people since 2006.

To learn more and to apply for this scholarship, please visit: http://www.beatthegmat.com/mba/scholarship


Jimmy

Malaysian Corporate Postgraduate Studies Scholarships

At present, I am aware of only three Malaysian corporations offering scholarships to those pursuing postgraduate studies. They are Maxis Berhad, Sime Darby Berhad and Khazanah Nasional Berhad. These three corporations also offer undergraduate studies scholarships. However, these undergraduate scholarships are not within my scope of writing.

Many of these corporations do so as part of their corporate social responsibility programs but more so as to play a part in developing and retaining Malaysia's human capital. Some of these scholarships are bonded i.e. successful applicants would have to return to Malaysia to serve the corporations for a few years. Think of it as a guaranteed post-MBA employment; this is crucial especially in the current economic uncertainties.

Postgraduate studies do not come cheap especially if you plan to do them overseas. Our present exchange rates with the typical countries of postgraduate studies - the USA, UK and Australia do not favour Malaysian candidates. Furthermore, we do not have educational loans from local banks. Many would have to refinance their houses in order to pay for their studies. Any form of financial assistance is welcomed.

Here are the summary of the 3 corporations' scholarship programs. For more information, visit their respective website.

Maxis Scholarship for Excellence
Allowing the best and brightest graduate students to pursue courses in a selection of programmes at the world’s top universities, Maxis Scholarship For Excellence promises academic excellence and broader personal horizons.

Five successful applicants will be awarded a postgraduate scholarship at the world's most prestigious universities to pursue a course in:

• Life Sciences and Engineering
• Medicine
• Business and Management Studies
• Law and Government Studies
• The Performing Arts

deal applicants for Maxis’ Scholarship For Excellence must have already gained admittance to a top US or UK university and meet the following stringent criteria:-

• Aged 30 years or below
• Achieved a minimum of a 2nd Class Upper Honours (or equivalent) degree from a good university.
• Have a minimum of three years working experience
• Have a strong appreciation and appetite for current affairs (for example, a general knowledge of Malaysia’s constitutional and legal framework, economic levers, government initiatives and nation building philosophies).
• Demonstrate a continuing involvement in extra-curricular activities (team or individual sports; voluntary service; affiliation with a recognized association or society) as well as special achievements in academics, social work or similar contributions.
• Possess the traits of an ambassador for Malaysia, with a sense of loyalty and identification for the country. There should also be evidence of a clear sense of purpose and goals in life, as well as a display of visionary capabilities.

In short, an individual who is not only high-achieving, but boasts a well-rounded, potent blend of academic, personal, social, extra-curricular and experiential abilities and skills. (more)


Yayasan Sime Darby Scholarship Programme
This annual scholarship programme applies to high flying, well-rounded candidates who wish to pursue full-time studies locally and overseas. (more)


Yayasan Khazanah Scholarship Programme
Yayasan Khazanah is a foundation established by Khazanah Nasional Berhad – the investment holding arm of the Government of Malaysia.

We are entrusted to select, support, groom and nurture exceptional individuals who will eventually take on high-level positions in the best organisations including the Government-Linked Companies (GLCs) in Malaysia.

This mission is in line with Khazanah Nasional’s commitment to the active development of human capital to ensure that Malaysia continues to improve its competitiveness on the global stage.

As a start, we groom talents and help them build their capabilities by offering scholarships to pursue studies at Malaysia’s premier universities or at the world’s renowned institutions of higher learning.

Malaysian citizens may choose to apply from one of the three scholarship programmes below: -

1. Khazanah Global Scholarship Programme
2. Khazanah-Oxford Centre for Islamic Studies (OCIS) Merdeka Scholarship Programme
3. Khazanah Watan Scholarship Programme (more)
   

I hope more Malaysian corporations will step forward and offer bright and talented Malaysians an opportunity to pursue their postgraduate studies and serve the country.


Jimmy Low

Scholarships Everywhere

QS, the organizer of the World MBA Tour and World Grad School Tour, understands the importance of financial support during hard economic times. As a candidate registered for one of our fairs, you're eligible to take advantage of the QS Scholarship Fund. The total amount of QS Scholarships for Master and PhD programs is $386,000; for MBA programs - $1,600,000.

Visit topmba.com to apply now

The applications steps are quite simple:
Complete the survey at http://www.topmba.com/finance/apply-mba-scholarships by the 10th April 2010. If interested in Ashridge Business School, apply by 18th December 2009. If interested in Duke, Fuqua School of Business, apply by 7th January 2010.

After completing the survey in detail, you’ll be taken to a page from which you can apply for any of the scholarships on offer. You can save your data and come back to submit the essays later.

The winners will be announced online, pending admittance to the programs included.

Scholarships on offer include:

QS Community Scholarships for MBA and Postgraduate Studies
Five scholarships, US$2,000 each, to the candidates who demonstrate an exceptional level of socially responsible leadership and an ability to motivate others.

QS Leadership Scholarships for MBA and Postgraduate Studies:
Two scholarships, US$10,000 each, to the Fair visitors who demonstrate exceptionally strong leadership potential and innovative thinking.

QS Scholarships for Academic Excellence
One US$10,000 scholarship to the QS World Grad School Tour visitor with a perfect grade record.

QS Scholarships for Central and Eastern European Women
One €2,000 scholarship for a female candidate from one of the Central or Eastern European countries, joining an international MS program outside of her home country.

EMLYON European Master in Management Scholarship
One €15,000 scholarship for a young professional, accepted to EMLYON.

NYU Tisch School of Arts Asia Scholarship
One US$20,000 scholarship for an international candidate, going to study in the Asia campus of the NYU Tisch School of Arts.

Ashridge Business School Scholarships
Three scholarships, £6,000 each, will be offered to three categories of candidates: women, emerging markets and the non-profit sector. Deadline: 18 Dec 2009.

Cass Business School Scholarships
Four scholarships, £72,000 in total, for full-time and Modular Executive MBA candidates.

Chicago Booth School of Business Scholarship
One US$40,000 merit-based scholarship, renewable annually, for a student who has demonstrated the ability to succeed through academic and extracurricular endeavours.

Duke University – the Fuqua School of Business Scholarship
One US$23,000 scholarship for an international candidate who will bring diversity to the Duke community. Deadline: 7 January 2010.

EMLYON Business School Entrepreneurial Scholarship
One €15,000 scholarship for a successful candidate with an entrepreneurial spirit, admitted to the International MBA program.

IE Business School Scholarships for Women
Two scholarships, €22,500 each, will be granted to female candidates, accepted to the IE International MBA Program.

Melbourne Business School International Scholarship
Two scholarships: US$20,000 each, to the international candidates who will become great MBS ambassadors.

Sydney Business School International Scholarship
Two scholarships, US$12,000 each, for future business leaders.

USC Marshall School of Business Scholarship
One US$24,500 scholarship to a candidate accepted to the USC Marshall MBA program.

Vlerick Leuven Gent Management School Scholarships
Twenty scholarships, €425,000 in total, are granted by Vlerick and some of the world’s leading MBA recruiters, including ING, KPMG, Deloitte and E&Y.

“QS Scholarship winners are united by their demonstration of responsible leadership and community commitment, in very varied circumstances,” says Nunzio Quacquarelli, the Managing Director of careers and education group QS. “All of these young people have done something remarkable in their lives. Take, for example, Eduardo Olivares who worked as a counsellor in Chile helping people to escape severe poverty by setting up their own small businesses, or Yue Tu who cycled more than 2,500 miles across China to raise money for charity.”

To complete the survey and apply for all of these scholarships, go to http://www.topmba.com/finance/apply-mba-scholarships. To maximize your chances of being awarded a scholarship please complete the survey and application survey in as much detail as possible.

QS Scholarships application deadline is 10 April 2010.


Good Luck!

The QS World MBA Tour & QS World Grad School Tour Selection Panel
http://www.topmba.com/finance/apply-mba-scholarships

Maxis Scholarship for Excellence

Maxis Berhad is one of a few Malaysian corporations that offer scholarships for postgraduate studies.

Annually, 5 successful candidates are offered postgraduate scholarships to top universities around the world. For more information, click here.

I have added two other websites on Malaysian scholarships - www.malaysia-scholarship.com and www.malaysia-scholarship.net - on GMAT and MBA Resources.


Jimmy Low

Funding your MBA

One of the biggest headache most prospective students will need to go through is to come up with a financial plan that will put you through school.

Before I dive into how one can secure funding to pursue one of the most expensive post graduate qualification, I'd like to highlight that one must try not to bring funding into the mix when selecting and applying for schools. It's tough enough working on the GMAT, essays and investigating schools, so get in first, worry about the money later. If not, all you'll see is a mountain of obstacle and you'll never get off your arse to write those essays :)

Scholarships

Everybody loves free money! And all schools offer free money! The problem is... you'll need to standout from everyone else. Unfortunately (shouldn't it be fortunately?) while Malaysia is a developing nation, we are far less deserving than the girl from Chad that dreams of heading World Aid.

External scholarships? I only know of one Malaysia based organization that offers financial scholarships to deserving Malaysians and that's Maxis. If you hold a H/S/W offer. You should stand a good chance.

Otherwise, read the school's financial assistance material word for word, cover to cover. Have a knack for innovatively persuading people to pursue material opulence? LVMH sponsors many students in leading schools. Want to end up in McKinsey? Try the bursaries set up by consulting firms. There is always funding somewhere that fits your career goals or your unique profile and schools are more than willing to match you up with potential donors.

Be realistic though. Most will not obtain a 50% scholarship let alone a full scholarship. Most likely, you'll be going to school with a combination of scholarship, loans and savings. So be sure to have plan B, C, D and E.

Savings

Like it or not, you'll need to smash that piggy bank and scrape every dime you've saved since your first paycheck. Those who are toying with the idea of obtaining an MBA in the distant future, start saving now. Even if you don't end up in a business school a few years from now, the money saved is still yours to fling on that RX-8...

However, unless you are working in private equity now or if you've been converting every ringgit you've earned into gold since 5 years back, you'll need help to raise the US$80,000 you need.

Loans and borrowings

Got a rich dad? Easy then, just tell him you've grown up, realised the folly of your bi-weekly club crawl along Heritage Row and you now want a Wharton MBA so you can take over his automobile empire. You may stop reading now.

For the rest of us, raising money from family is a popular option. Unlike the West, it's acceptable to ask relatives to help out a daughter, nephew, grandson, godson or whatever. Just remember to not only pay back but also perform your filial duties.

If you've exhausted the options above, it's time to look at paying for credit. Make no mistake about it, immediate credit is just pain imported from the future. Loans are almost always a necessity. Unfortunately for us Malaysians, credit facilities for matriculating overseas isn't normally offerred. Start by contacting the school. They may be able to help source loans that are suitable for international students. Expect to be asked for a resident co-signer in the loan originating country though.

Malaysian banking institutions continue to exhibit its ignorance to international programs. However, two local banks do offer loans tailored for overseas education. Both CIMB and RHB offers loans on pretty reasonable terms (BLR + x, long repayments and 40-50% collateral). At the time of writting, you can borrow up to RM100,000. I've also heard that Citibank offers education loans but I think they need more assistance than us now... *snigger*

Less appealing options include personal loans from banks. These loans are way more expensive and will usually require you to start repayment upon loan disbursement. There's also no way to stagger the disbursements so you don't end up servicing the interest of the unutilised portion of the loan. You'll also need to secure this loan before you quit your job. While this is a valid option especially when you take into account of your anticipated higher income post MBA, becareful and always read the T&Cs. Depending on your current income, expect the credit line to be extended to a maximum of RM100,000.

Getting your boss to pay

Do you belong to this category? It all depends on your career goals. Career switchers can throw this idea out of the window immediately as no employer will invest in an employee that's leaving. However, if you are currently a loyal mid level manager and you've done enough to prove your leadership potential and is willing to return to the company, this is a valid and almost painless option. Admittedly it's a tough time now to secure corporate funding but business is all about making deals. Good luck to the lucky few!

For the desperados

What if you've tried all the options above and you still come up short? You could try any one of these methods...

Ask for more free money from the school. Once an offer is made, schools try to maximize acceptance rate. Most of the time, if you are sincere and you really need just that little bit more, financial aid officers can work out something for you.

Show them your other offer. Got free money from another school? You can potentially ask nicely and leverage your other offer. This may be frowned on by some schools but as long as you are honest, and you are not breaking non disclosure terms, you can still use this tactic.

Renegotiate your mortgage. If you are currently servicing a mortgage, why not contact your bank and see if you are able to extend the mortgage line?

Burn up your retirement fund. EPF withdrawals from account II (30% of total EPF funds) is possible on the pretext of reducing home loans. I will not comment more.

Apply for credit cards before quitting. Some desperados have been known to use credit cards to fund living expenses while servicing only minimum payments. Only for the very brave.

Well, I hope this post illustrates the various options one can exercise to fulfill that MBA dream. While it is highly likely that you will be racking up a whole lot of debt, MBA graduates are able to demand the highest salaries of any post graduate qualification.

Just make damn well sure you really do want to be a banker/consultant/PE. You can buy an MBA but you can't buy happiness.