If you’ve been unfortunate enough to lose a professional job in the last few months, you might be amongst quite a large proportion of these people who think this interruption to their career might create a good opportunity to go back to school full time and get an MBA qualification. Apparently applications for MBA programs have had huge increases over the last few months.

All that means that if you’re applying for an MBA, you have to make sure your application is going to stand out a bit more than all the other people who are in the same situation as you. According to Annie Fisher at Fortune Magazine, your application (and interview, if you’re invited) needs to focus on the following:

• Your ethical values - give an example of your own ethical behavior in business, even if you were working for a business that might not have been entirely ethical
• Your extra-curricular activities - interests like coaching, volunteer work or adventure travel show you have positive attributes
• Your future focus - outline your career plan rather than dwelling on a job loss

She also mentions that, when there are more candidates than usual, it’s very important to follow instructions carefully and submit applications before the deadline - don’t give schools an excuse to discard your application from their large piles.

photo credit: Medmoiselle T

Paying for college is something that many students worry about. At the same time, parents all over the country are worrying about the same thing. If you are going to attend college in today’s day and age there is a very good chance that you will need to apply for some student loans.

Why are student loans more necessary today than ever before? One reason is that college is becoming more and more expensive as each year goes by. Simply put, most students, even with the help of their parents, cannot afford to pay for college with cash. If you can you should thank your lucky stars.

Should you take out a student loan for every last dollar of your tuition? While possible, you should try to avoid doing this. Instead, attempt to pay for some portion of your tuition via other methods such as cash, financial aid, grants, scholarships, etc.

Student loans are more common than ever because the cost of college is increasing, and the number of students attending is also on the rise. If you are a student looking to attend college in the near future you may have to obtain a few student loans to get by. And as a parent the same may hold true for you.

photo credit: bonimo

College students are notorious for spending money without thinking twice. This is why so many companies target this demographic. As a college student you need to have a budget in place from the first day you step foot on campus. And remember, setting a budget is only the first step. After that you must then follow through with your budget. Do you have what it takes?

If you are not sure of how to set a budget you can ask for the help of your parents. They can give you information on where to start, as well as how much money they will be supplying you with on a regular basis. Of course, to go along with this you also need to consider any income you will be brining in as well as your regular expenses such as books, supplies, food, etc.

College students who learn to budget early on will have a more enjoyable experience while in school. To go along with this they will be much better prepared for the real world when they finally walk across the stage to receive their diploma. Are you a college student without a budget? If so, you should change this at once.

The debate over public versus private college is an ongoing one, but one that becomes particularly important during difficult economic times. Every student (and often their parents, who may be footing the bill) wants to know if paying a lot more for your education is actually worth it. Does a big-name, Ivy League degree really give you more value than a much cheaper degree from your local state college?

Smart Money did an interesting exercise recently by calculating the “payback” of a college education using measures including the early and mid-career salaries, tuition and fees. You might not be that surprised to learn that it was all public colleges that made the list of those institutions that give students the “biggest payback” on their college investment.

Of course, there are other factors that should be included in a decision over which college to go to - for example, student-teacher ratios or various quality factors - but in a pure financial comparison, these colleges give the best value for money in terms of the salary you’re likely to earn compared to the tuition fees - a calculation worth considering when you’re choosing a college:

1. University of Georgia
2. Texas A&M
3. University of Texas, Austin
4. Georgia Tech
5. University of Washington

Do you want to attend college? If so, good for you. An education is very important, and this can go a long way in helping you earn more money in the future. Of course, you need to pay quite a bit of money to get a college education. How are you going to afford tens of thousands of dollars?

Most students in today’s day and age are forced to take out student loans. If this scares you, you need to change your way of thinking. Yes, this means you are going to get into debt, but it is a part of life. Remember, student loan debt is not bad debt. While you do have to pay it back you are getting something in return, a good education.

You can offset your loans by asking your parents for money or working your way through college. Any bit of money you put towards your tuition is debt that you will not have to pay back after graduation.

If you want to attend college do not let the money (or lack thereof) hold you back. Instead, consider all your options so you can obtain a degree in your desired field.

College costs have been a heavy financial burden for many in the United States for a long time now, but some scary statistics are making it sound like it could get a whole lot worse. (more…)

Gone are the days when a good college degree was the key to an instant career. Looking into the future for those Americans who will graduate from college in 2009, the job prospects are not looking that rosy, according to a National Association of Colleges and Employers survey.

For a start, the number of graduates that employers expect to hire has fallen dramatically in the last months, and many will hire fewer than they did last year. On top of that, more and more students are graduating from college each year, so the job market in 2009 will start to be flooded with new graduates.

Starting salaries for new graduates are likely to be the same as last year or even lower, instead of the usual increase. Perks like signing bonuses that might have been around even during 2008 are unlikely to exist in 2009.

Of course, it depends on the industry. The survey suggests that graduates looking for employment in the finance, retail, manufacturing and construction sectors will be the hardest hit. But if you’re graduating to work in an area like accounting, public service, health care, education or technology, then there is still a reasonable demand for new graduates.

If you think having an MBA will help your career, you might be confused about which school to choose. Business Week creates a list every two years of the top schools for MBAs in the United States and some of the highlights from this list are:

• University of Chicago: It’s in the number one spot again with its Booth School of Business, right where it was when they last did the survey.
• Harvard Business School: This is second on the list but it’s the most expensive with tuition fees totalling almost $102,000. The great thing is the average student increases their salary by $44,000 when they graduate with a Harvard MBA.
• Stanford University: The most exclusive on the list, Stanford only accepts 8% of applicants (many others accept around 20 to 30%). Since they have small classes and a good location, the MBA here is clearly in demand.
• University of California Berkeley: It comes in tenth on the list, but is by far the cheapest with tuition fees adding up to “just” $84,000.
• Colombia Business School: Last time they did this survey Colombia just scraped in at number ten, but they’ve made some improvements to rank up at number seven now; although the New York location may not be so important after Wall Street disasters this year.

It’s sometimes hard enough for college-bound teenagers to choose a course that they’re interested in, without also having to consider the financial implications of their chosen field of study - will they end up with a job at the end of it, and will they earn enough to pay off their college debt? If you are a parent of a college-bound child and want your son or daughter to avoid the fate of being a highly qualified dishwasher, there are a few ways you can help them out:

• Help them get sufficient information on job prospects related to particular college courses while they’re making their decision. Technical fields like computing, health care and engineering offer degrees most related to future work and currently, most likely to have your child end up with a job. Obviously, a drama major will have a lot more trouble. Help your children understand the financial implications of their choice.
• Suggest that they study in two areas if they have a particular passion for something that is less likely to lead to a job. For example, take music courses as well as economics or computing; or do a dual degree with a practical back-up for a less practical choice. Success at college is much more likely if a student is studying something that they enjoy, so be careful not to push your child into something they’re really not interested in.
• Encourage them to get work experience in the area while they’re still at college. This is especially important for areas where graduate employment is less lucrative.

photo credit: steakpinball