Investing in Yourself

I recently conducted INSEAD Information Sessions in KL and Jakarta. Both attracted large crowds of high potential MBA prospects, and I was pleased to see such strong turnout. Malaysia and Indonesia are two countries with enormous potential, and we are eager to see more applicants from both. But, no matter where I go in the world, the most common questions after a session are centered on financing, loans and scholarships. Hearing these questions again and again has made me really start to think about how daunting paying for the degree may seem. Investing in yourself and your future so substantially may not be the easiest decision you will make. It will likely be one of your biggest challenges.

An MBA asks a lot of you in terms of both time and money - two very precious assets. INSEAD does offer the degree in far less time than most – only ten months vs. two years! The accelerated format definitely lowers the opportunity cost, your overall tuition fees, and it increases your return on investment. Still, 50,000 Euros is hardly pocket change. After all, if everyone could simply write a check for tuition and living expenses without a whim, you probably wouldn’t be looking for an MBA in the first place. The decision of whether or not to pursue an MBA often hinges on finding access to funding and having the ability (and guts/confidence) to take time off from earning a salary. So, if you are concerned about how you are going to make this work, you are not alone. We understand!

Roughly 20% of our participants each year receive INSEAD scholarships. Of the rest, 7% are company sponsored, and the the remaining 73% fund programme through a combination of savings, loans and external scholarships. What I would like to stress is that there are a variety of scholarship opportunities available through INSEAD directly, and you can apply for more than one. I would not recommend applying for all that INSEAD has to offer; each scholarship has very specific (and often conflicting) qualifications. You have to do your homework here.

Your essay is also the key to being considered. Even those that are based purely on financial need – what you say and how you say it to the scholarship committee matters more than you may imagine. It's not just about numbers, but your numbers and your words. For INSEAD to invest in you, you need to show us that you've (at least) invested in the time to write your best essay for each scholarship. Prepare something meaningful and accurate, or don't bother applying at all. You should also be careful in assuming that you have the most challenging financial situation of those you are competing against - leave that for the committee to decide.

Moreover, not every scholarship is based solely on your ability to pay. Many are based on your ability to compose a well thought-out essay with a convincing argument for why you deserve it most. L’Oreal, for example, offers a scholarship based on creativity. Syngenta offers one based on your ability to communicate a time when you did something innovative and the impact of that initiative. [What is also interesting to note that CEOs of both companies are INSEAD alumni!] There are many other scholarships as well. For more information and details, read carefully through our website here: http://www.insead.edu/mba/schlmgmt/index.cfm?fuseaction=dsp_list_schl.

Finally, no matter which one(s) you choose, write a unique essay for each - no cutting an pasting! Repeating yourself again and again will only hurt your chances. Ultimately, if you put your best foot forward, INSEAD will do its best to reward you for doing so.