Leaving Work to Study for a Full-Time MBA: How to Fund It

Although an MBA usually offers a strong return on investment (ROI), it is still a major expense, with average tuition exceeding US$60,000. But that should not discourage you.

Choosing a full-time MBA may mean giving up at least a year of regular income, but there are many funding sources that can help cover not only tuition, but also exam fees, course materials, and living expenses.

From scholarships such as EGADE Business School’s Global Leadership Scholarship for international students, to loans, employer sponsorship, personal savings, and even crowdfunding, there are many viable options to consider.

We spoke with several students and graduates of EGADE Business School’s Full-Time MBA in Innovation and Entrepreneurship to learn why they traded corporate offices for business school classrooms, and how they financed their studies.

What led you to choose a full-time MBA?

Víctor: I always loved being a student, and after nearly seven years of work, I not only wanted to return to that lifestyle, but also felt the need to refresh myself academically - either by gaining deeper, more specialized knowledge in my field, or by exploring new career paths through study in a different area.

Rodrigo: Several things were on my mind. I knew a full-time MBA could open new doors in new industries. Second, I wanted to fully immerse myself in the master’s experience while I was still young and explore the possibilities of my ideal career. I also wanted to develop and learn skills and methods related to innovation and entrepreneurship so I could launch my own project.

Andrés: I wanted to build what I call a 360-degree professional profile. Since I already had training and experience in the humanities and public sector, I was looking for experience in business, management, and leadership. The full-time MBA at EGADE had three specific features that helped me make the decision - it lasts one year, it is taught entirely in English, and it includes a series of international academic trips, which made the experience fantastic.

Andrea: After 10 years of work, I knew my career had to move up a level, and an MBA was the perfect option to achieve that.

Carlos: It took me almost a year to decide what the next step in my career path should be. I was working as a consultant at a change-management firm, and although I was very happy, I felt I needed to sharpen my skills and focus on developing my own project.

When I found EGADE’s full-time MBA, it seemed like a perfect fit for what I was looking for - a blend of business, innovation, entrepreneurship, and international experience - all within one year.

Ricardo: I believe the future of business depends on embracing change and reshaping our mindset to face any kind of challenge. I knew EGADE’s full-time MBA would give me the right tools to lead companies through difficult times.

Was it an easy decision to leave work to study for an MBA?

Víctor: Even before I finished my undergraduate degree, I had already decided that I wanted to pursue a master’s degree, so when the time came, it was not a difficult decision. However, I had to make sure I was financially prepared to live off my savings during the program, and that I might still have a few months before I figured out my next steps. Before making the final decision, I ran the numbers, and once I saw they made enough sense, the decision was practically made.

Rodrigo: Financially, yes, because I had been thinking it through carefully for two years, so I chose to make the leap without hesitation.

Andrés: It was not easy, because I depended on my job income. However, I made my case and took the risk. Studying for an MBA is also an investment, so part of what you put into the game is accepting that you will stop working for a while. For me, it was absolutely worth it.

Andrea: It was not a simple decision for me. Not only because of the salary, but also because I decided to move to another country.

Carlos: At first, it was seen as somewhat risky, because it meant pausing my career at the company and the projects I was already involved in. It was a leap of faith, and fortunately it had a positive outcome.

Ricardo: Taking a year out of your professional life to study is not easy at all. Some of the people I consulted understood my concern about pausing my career and my desire to keep preparing myself. Others told me that experience is more valuable than a master’s degree. What they all agreed on was that this experience would completely change my perspective and open many doors.

How did you research your funding options? Did you have to do a lot of research?

Víctor: I had previously heard about funding options from friends who had already completed a master’s degree, so it was easy to reach out to people with experience in that area. In addition, EGADE staff helped me map out the most common student options, so I did not have to spend a lot of time searching for the information I needed.

Andrés: I funded my MBA with my personal savings and a loan from the Colombian government. For me, the process was very clear. I also received an important scholarship, which helped a great deal.

Carlos: EGADE’s admissions team advised me on funding the full-time MBA, and I also took advantage of FIDERH, a government-backed initiative that supports students pursuing higher education in Mexico.

Ricardo: There were several funding options. Going directly to financial institutions and talking to the university are the best ways. The staff at EGADE were very welcoming and offered advice, insights, and the right contacts.

Did you feel you had enough information to make an informed decision about leaving work to study for a full-time MBA?

Víctor: Whether I had done enough research or not, there was still a certain level of uncertainty that made me a little uneasy. However, leaving my job was already a fact, so there was no turning back. I think it is natural to be cautious about major changes in life. In my case, doing some financial planning and speaking with enough people who had already walked that path gave me confidence in the decision, because I knew both its ups and downs, and the risks and possibilities that could arise during and after the MBA.

Rodrigo: I think you can never have enough information, and nothing can replace the experience of feeling the school atmosphere for yourself. But fortunately, thanks to digital tools, there is much more information available now.

Andrés: Absolutely. I researched the possible scenarios, the risks, and the benefits in depth. However, there are many variables you can never control, or even predict accurately. The key is to be prepared, fund the program properly, and make the bet.

Andrea: No, I did not think about it in such a simple way. It was a risky move in the short term, but a smart one in the long term. My decision was more of an irrational one, and I needed to know the program was worth it in order to make the effort.

Carlos: Well, in my case, I felt I had to do it, so I did, and I was able to handle the workload, but I would probably not recommend that anyone try to keep their regular job and study for a full-time MBA. Not just because of the time or deadlines, but in order to truly embrace the experience of the program.

Ricardo: Of course, I knew what spending that year studying meant for me personally, professionally, and academically. One key aspect was committing to it full time, because the workload is considerable.