The Graduate Management Admission Council® (GMAC®) is a non-profit organization of leading graduate business schools around the world, and they are also the owner and administrador of the GMAT exam. Recently GMAC published statistics collected from prospestive master students on how they plan to fund their programs (see the full statistics here), and here are some interesting comparisons by funding source and region:
Funding source: Grants, Fellowships and Scholarships
Global average: 21% of candidates said they expected to use this source to fund their program.
Diferences by region: 28% of Latin Americans claimed this source as a primary way they expect to fund their program, versus candidates from the Middle East and Africa at a high of 31% or a low of 14% in Canada.
Funding source: Loans
Global average: 25% of candidates said they expected to use this source to fund their program.
Diferences by region: 35% of candidates from Central Asia plan to fund their programs with loans, followed by 31% of Americans. Loans are not a primary source of funding for candidates from the Middle East and Africa (12%) or candidates from Asia Pacific (12%).
Funding source: Personal Earnings
Global average: 23% of candidates said they expected to use this source to fund their program.
Diferences by region: At the top end of the spectrum, Canadians (35%) and candidates from the Middle East and Africa (33%) said this would be an important source of funding. In comparision, at the low-end 20% of both American and Central Asian candidates cliamed this as a source of funding.
Funding source: Spouse or Partner Earnings
Global average: 2% of candidates said they expected to use this source to fund their program.
Diferences by region: No region claimed more than 4%, so it may be safe to conclude that most students are funding their programs without spousal support.
Funding source: Employer Support
Global average: 13% of candidates said they expected to use this source to fund their program.
Diferences by region: The clear lead here was the US with 19% of candidates claiming they expect to receive support from their companies. Central Asian candidates (3%) were least likely to count on this source of funding, with most other regions claiming between 8-10%.
Funding source: Parental Support
Global average: 14% of candidates said they expected to use this source to fund their program.
Diferences by region: The leader here was Asia Pacific with 28% of candidates claiming parental support, followed by Europe at 22%. Most other regions were somewhere between 10-15%.
1) Loans continue to be the primary sources of program funding, followed by personal earnings and then grants/fellowships/scholarships.
2) Most candidates believe they’ll obtain support from their parents before obtaining funds from their companies.
3) The vast majority of candidates consider the investment an individual one, and do not involve a spouse or partner in the investment.
Comments from IE Financial Aid
IE currently maintains several in-house loan programs that allow both national and international students to access student loans with attractive terms. In addition to this, our international office network can help students work with 39 different financial institutions in 22 different countries to access student loans in local currency. All the above mentioned loan options for IE students can be found on the Financial Aid web site (click here).
Obtaining family support is an important way to fund your studies at IE, and a word of caution: make sure you have back up plans in place for all your potential funding sources. We’ve recently seen cases where students have had to be creative in finding alternate funding when companies cancelled/put on hold their training budgets for employees, often last minute and with little notice.
IE Financial Aid does maintain assistance programs for students that will be coming to IE for study, with their spouse/partner/family. Check out the Family Support Grant on the Financial Aid web site (click here), and be sure to also look into the Partners’ Club (click here), a Student Office initiative, that provides activities for your spouse.