For a prospective student just starting to think about pursuing their MBA degree, the process can be overwhelming. After all, deciding to apply to an MBA program is a serious commitment, of both time and money. Although it has been proven time and time again that a master’s degree can greatly advance your career, it’s also common knowledge that attaining the degree is not a cake walk. You have to work for it!
Most of the time when speaking with potential applicants to the MBA program, the same three concerns are raised. At Laurier, we try to help you through this process. We want to make applying and attending as smooth as possible! Here are the top three barriers to applying to an MBA program, and the ways that Laurier helps you overcome these obstacles.
1. Financing Your MBA
We all know that financing a master’s degree is expensive, and although Laurier offers one of the best ROIs that any MBA program in Canada has to offer, it is still a serious financial commitment. “In Canada, the average total tuition cost for a Master of Business Administration program for Canadian students is $20,592-$22,249.”1 Setting aside such a large sum of money and budgeting throughout the year is a concern for many applicants.
Luckily, Laurier has a wide variety of resources to help you in the financial department. Once you are accepted into the Full-time MBA or Full-time MBA with Co-op, you are eligible to apply to the Ontario Student Assistance Program. Laurier also has a relationship with the Royal Bank of Canada, making attaining a student line of credit simple. Additionally, Laurier offers a deep range in all of the following categories: academic entrance scholarships from Laurier, Laurier graduate student scholarships and bursaries, access to some of your RRSP savings through the Lifelong Learning Plan (LLP), personal income tax deduction for tuition fees, awards from studentawards.com, student life network scholarships and international student resources.
For more information on these resources, please visit Financing your Lazaridis MBA
2. Acing the GMAT
Writing the GMAT is undoubtedly one of the most intimidating aspects of applying to a graduate program. As we know, the Graduate Management Admission Test is no walk in the park. That being said, there is no need to fear it. The Lazaridis MBA, alongside Quantum Test Prep, have a great deal of materials to ensure that you succeed on your test!
Wilfrid Laurier University and Quantum Test Prep, the premier provider of test preparation services, have partnered together to offer a comprehensive 75-hr Fundamentals or 100-hr Ultimate GMAT Course to be held over 2 or 3 consecutive weekends in Downtown Toronto. The Quantum Test Prep website has a great deal of useful information and resources to help you take on the GMAT. Check it out here!
Lazaridis MBA also hosts free GMAT information sessions to help give potential students a well-rounded idea of what the test is all about. These sessions discuss the general content of the GMAT, what to study, how to study, how to improve your score, as well as the overall format and scoring scale of the GMAT itself. For more information on upcoming sessions, or to register, click here.
3. Balancing School-Work-Family Life
The last challenge, maintaining a good school-work-family life balance, is a common concern for many applicants. Pursuing your MBA degree is a significant time commitment (between 1-4 years), and many applicants worry that attaining a higher education will have adverse effects on their family or work life.
We understand that you are likely already juggling a number of responsibilities, which is why we offer seven part-time program options to choose from! In Waterloo, Laurier offers a part-time evenings MBA that takes 3.3 years to complete, with classes occurring only two nights a week. As for our Toronto campus, Laurier offers a variety of formats, which occur part-time on an alternate weekend schedule. These formats are flexible and allow for you to complete your MBA while dealing with a busy schedule.
Our flexible part-time programs are creating some great feedback, with current students loving the freedom of our schedules. Just take a look at what current and post students are saying here!
As you can see, there are a few obstacles to attaining your Master of Business degree; however, at Lazaridis MBA, we would love to help you work through them. These challenges should never permit you from pursuing your dream of becoming a master’s student! Although they are a lot of work, an MBA is worth it in the long run, and in the short-run, and we will be here with you the whole way to help you tackle any challenges you face!