If you are currently studying an MBA or thinking about embarking on this incredible professional development opportunity, you might be wondering how you can maximise your financial return on investment. Here are some tips you might consider.

1. Apply for a scholarship

Investing in your future by studying an MBA can provide significant benefit to your personal and professional career journey, so don’t let the fees put you off. Scholarships are a great way to fund your studies and can often be designed to support those that would benefit the most from financial support.

At Macquarie University, there are a range of scholarships available that can contribute towards your course costs. The Sir Theo Kelly Sustainable Leadership Scholarship is one of them, which reduces the total tuition fee of an MBA by 25 per cent. Prospective students interested in an MBA can also discuss options with our MBA Course Consultants based on their individual circumstances.

2. Defer the cost of your study through FEE-HELP

Improving leadership skills, building a professional network, advancing your career and seeking a higher salary are just some of the many reasons you may choose to pursue an MBA. The most straightforward metric for determining if it is of financial value is the higher salary and calculating your return on investment. If you don’t have the means to pay for the fees while you study, one option is to defer the cost by applying for an Australian government FEE-HELP loan (subject to eligibility). This loan can be used to pay all or part of your fees when you study a higher education course at an approved higher education provider such as Macquarie University. You can repay the loan through the Australian tax system when you start earning above the compulsory repayment threshold or by making voluntary repayments to the Australian Tax Office (ATO) at any time to reduce the balance of your HELP debt.

3. Speak to a finance professional regarding self-education tax deductions and other options to offset your studies

If you are studying an MBA for professional development or it is related to your role, you could be eligible to claim self-education expenses. It is best to speak to a financial advisor or accountant to receive professional advice based on your individual circumstances, but this can be an effective way to offset tuition fees and course-related expenses.

4. Have your prior experience recognised and consider flexible entry points

Did you know that reducing your course duration can help to reduce your tuition costs? This is a practical way to maximise your return on investment.

One way to do this is to consider where you might be eligible to receive recognition of prior learning (RPL). MBA students have worked hard to get to where they are and they come from a variety of backgrounds, each with their own skillsets and prior education. At Macquarie University, your experience is recognised, which is why we consider your formal learning and professional knowledge for entry into the MBA program. If you have completed prior learning or you have a significant amount of professional experience, you can apply to receive academic credit for specific units –  find out more about applying for RPL at Macquarie University.

It is also good to explore a ‘stacked’ study option to achieve your desired education. At Macquarie University, we offer this option to students through articulation pathways. For example, a student could start in a shorter duration program such as a Graduate Certificate in Business Administration and then use this to articulate into a Graduate Diploma, and then into the Masters. This also enables flexibility over your study journey.

5. Discuss support options with your employer

Many employers are keen to support staff development, and a postgraduate qualification is a beneficial way to ensure you keep your skills and knowledge up to date.

Many of our current MBA students receive support or sponsorship from their employers to undertake all or part of their study. If you would like support in putting a case together for your employer, contact one of our MBA Course Consultants who can provide you with insights on the benefits that an MBA gives you and your organisation. Once you have enrolled, we will provide you with confirmation of enrolment, receipts for tuition fees and any other documentation you need to provide to your employer to support this.

6. Minimise in-course costs and maximise return on investment

The days of needing to spend on textbooks and course materials are now behind us and one of the benefits of being a Macquarie MBA student is that all your study resources are online – including our library – so you won’t have to pay for textbooks or resources, which are all included in your tuition fees.

Paying tuition fees unit by unit as you enrol can also help to spread the costs, if that works for you.

To maximise the value of your MBA, make sure you take advantage of all the included services. At Macquarie University, the MBA includes access to career coaching, mentoring, leadership development, organisational psychologists, memberships to industry organisations and invites to exclusive networking events and opportunities. Paying for this outside of your MBA could cost you quite a bit.

All this, in addition to the teaching and learning with globally recognised academics and industry leaders, makes the return on investment outstanding, and one of the reasons that Macquarie MBA graduates progress faster in their careers.