Embarking on an Executive MBA journey constitutes a major commitment in your life. It requires time, energy, and of course, tuition fees. The costs of the program may feel significant. However, it’s important to remember that the decision to get your EMBA represents a long-term investment in your career and your future. The value of an Executive MBA should be addressed from different perspectives, like salary progression and time commitment. Overall, the value of following a program of this nature is its potential for self-improvement with positive consequences in the short, middle and long term. Beyond an executive program, an EMBA "is a major life learning experience,” in the words of Carlos Lopez Bonilla, international recruitment manager. If you’re uncertain about how to finance your participation in an ESSEC EMBA program, this article lays out different options.
Financing your ESSEC EMBA
16.3.2023
There are several means that ESSEC EMBA participants may consider for financing their degrees. For participants who are willing and able to spend their personal funds on this part of their education, personal financing is always an option. Various payment options are available so that participants can choose to pay the full tuition up front, or in several installments.
COMPANY FINANCING
For working professionals, company financing may be an alternative. In fact, in a recent EMBA class, 1 out of 2 EMBA students received 20% to 100% of program funding from their company. Certain companies recognize the value that an EMBA brings – both to their employees and ultimately, to the companies, too – and are happy to make that investment.
According to Claire Szlingier, Head of Recruitment & Marketing for International programs,
Companies have understood that lifelong learning can serve as a way to attract and retain talent. This is why we offer guidance and support to build the project with the candidate and the sponsor (HR or management), depending on the financing plan in place.
CPF, PLAN-FORMATION AND TRANSITION PRO (For employeees in France)
For French participants or those working for French companies, ESSEC can offer financial guidance to help them fund their MBA through internal or external mechanisms. Some of this financing is available through initiatives like CPF, Plan-formation, and Transitions pro, which may cover some of the program costs. CPF (Compte personnel de formation) is an account that allows French employees to accumulate up to 5000 EUR in credit for professional training, while Transitions pro is a fund added to the CPF for employees hoping to switch careers. Sometimes a part of their salary can also be covered in addition to the funds for education. For any government support, the application must be done far in advance.
SCHOLARSHIPS
In light of ESSEC Business School’s continued commitment to helping diverse talent develop into the next generation of responsible leaders, ESSEC is introducing a new array of scholarships designed to lead program participants toward the next step of their professional journey. These scholarships exist across several categories and can cover up to 25% of the full tuition, depending on the candidate’s profile. The amount may even exceed 25% in exceptional circumstances. According to Claire Szilingier:
For years it has been fundamental for ESSEC to support diversity, excellence, sustainability and the entrepreneurial spirit through a wide array of merit-based scholarships that can make a big difference in our candidates’ journeys.
The scholarships reward different types of candidates. For candidates who have been involved in an entrepreneurial project/start-up or plan to create one, there is an Entrepreneurship scholarship. The High Potential scholarship is granted to a candidate who has demonstrated exceptional career advancement, in any function or sector. For women who are driven to pursue positions of leadership in the future, there is a scholarship for Future Women Leaders, which examines leadership potential. For example, Elisabeth Balding, ESSEC & Mannheim EMBA participant class of 2024, and currently an area manager for EDF Renouvelables, was awarded this scholarship for her drive to make a positive impact in the renewable energy sector.
Another range of scholarships are awarded for more specific profiles. The Diversity and International Experience offer is designed to reward candidates with significant international and multilingual experience. Take Rodrigo Cardoso Lopes, for example, an ESSEC & Mannheim Executive MBA class of 2024 participant who was awarded this scholarship:
I am originally from Brazil, and have lived in France, the United States, and Indonesia. I have been working in an international environment for many years, which gave me the credentials to be awarded this opportunity. I had limited resources to fund my EMBA and this scholarship made all the difference.
He is currently the International Expansion Strategy & Planning Manager for MICHELIN Connected Fleet.
A scholarship in Emerging Markets is granted to candidates from an emerging or developing country able to demonstrate their positive impact on the local economy of that country. For candidates who have demonstrated contributions in Digital Transformation, Sustainability, or Entrepreneurship & intrapreneurship, there is a scholarship in New Business Trends. Finally, a Small Business scholarship is awarded to candidates working in small companies that contribute to the French economy.
LOANS
Loans are also made available to ESSEC EMBA program participants thanks to exclusive partnerships with banks like LCL. Certain 10-year loans with advantageous terms and low interest rates are offered to participants, and ESSEC reimburses the loan fees, meaning that the loans are actually zero interest for the participants.
ESSEC is deeply committed to helping its participants advance along their professional journeys. Thus, as outlined above, the school makes available many financing and funding resources. Whether in the form of scholarships, loans, or flexible payment plans, ESSEC supports its participants, welcoming them into an environment that values openness, leadership, diversity and social responsibility.
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