Pursuing a doctoral degree is a dream for many, and it is certainly a dream worth pursuing. There is also no better time to start investing in a doctoral degree than today. By the time you earn the doctoral degree of your choice, you will have plenty of opportunities waiting for you.
Going back to school, however, is not always easy. Aside from having to find time to take the course that you want, you also need to finance your pursuit. We can help you with the latter. In this article, we are going to discuss the different ways in which you can fund a doctoral degree and a few tips on how to save on the program of your choice.
According to leading financial experts, value investing can help many students pay off their doctorate degrees. In the following sections, we look at what suggestions leading experts are offering to help students fund their finance doctorate degrees. This will allow you to reduce your dependence on financial loans, or ask your friends and family to help you pay off the fees.
Go Back to Basics:
Going back to the basics of personal financial management is the first step you should take if you are thinking about pursuing a higher degree. This applies to when you want to save for other purposes as well. You essentially need to re-evaluate your income and expenses and then take the necessary steps to save money.
You can start by documenting every expense you make in a month. If you are not sure where to begin, just start writing down every expense you have for 30 days. Categorize your expenses based on what they are for so that you can dig deeper into how you can save later. There are a lot of apps that can help you get started.
Once you have a clearer view of your expenses (and your income), you can begin eliminating expenses that are not absolutely necessary. The goal here is to save every penny, so don’t hesitate to eliminate even the smallest expenses on your list. You’ll be surprised by how much saving £10 here and there can help you save a lot in a month.
Understand Your Options:
A doctoral degree is meant for professionals, which means you can also find support from employers or other parties. There are scholarships and loans that can help you raise funds for your pursuit. Checking with your current employer is definitely something you want to do, especially if you plan on staying with the company after earning the degree.
A Doctor of Business Administration (DBA) degree, for instance, is considered very valuable in today’s market. A lot of corporations are trying to expand and hoping to strengthen their competitive advantage, which means these corporations are making more strategic roles within the company available.
An executive DBA programme from a reputable name like Aston University adds value to your standing as a professional. Your current employer may encourage you to take the program and will be covering some – if not all – of the costs to get you started. Going this route also means you get more time to allocate towards studying.
Channel Your Investment Fund:
Think of pursuing a doctoral degree as an investment. If you are already saving and investing money in different instruments, you can also choose to allocate some of the investment funds to pay for the degree. In the long run, you stand to earn a higher ROI by pursuing a higher degree than investing in instruments such as real estate.
The ROI of higher degrees like the aforementioned DBA is actually very high. You can expect an up to 200% compensation increase with a doctoral degree. At the same time, you will also position yourself better for promotions. It will not be long before you land a strategic management job in a company of your choice.
Since we’re treating the pursuit as an investment, you can also tap into your existing investments. Liquidating existing investments that are not generating passive income is a good idea in this situation because you are leveraging what you already have in order to gain a better long-term return. Considering you can now earn a DBA in as little as 12 months, it is an easy decision to make.
Of course, pursuing a doctoral degree doesn’t have to be an expensive endeavor, to begin with. There are programs designed to be very accessible, with lower tuition fees and shorter course terms. These programs, usually known as executive programs, are also geared towards professionals who need extra flexibility.
Taking the course of your choice while working a full-time job is a lot less challenging when the course is available to remote learners. Many universities now offer distance learning programs, with course materials channeled through videocasts, podcasts, and online platforms. Online learning platforms also make learning in a structured way easy.
The beauty of online learning is that you also save on other expenses. For starters, you don’t have to spend time and money commuting. On top of that, course materials are provided in digital formats, so you also don’t need to spend a fortune on textbooks and research materials. Even consultation sessions are done over video conferences.
Choose Your Research:
Last but certainly not least, consider doing doctoral research that meets certain business objectives. This is how you fund the research that is required. Rather than covering research costs using your own money, you can have a business or a third-party beneficiary funding the research for you. In return, you provide insights to them.
Some types of research are also interesting for government bodies and non-government organizations. You have complete freedom over who you partner with for your research, as long as you choose a partner that lets you maintain complete control over how the research is conducted as well as the outcome of the research itself.
Let’s not forget that there are potential partners that will cover not only your research expenses but also the tuition for your doctoral degree. This is the ideal way to fund the pursuit of a doctoral degree. You don’t have to worry about paying for the program, and you are making an impact by doing good research at the same time.
So, are you ready for a doctoral degree? Now that you know how to fund your pursuit accordingly, you can begin seeking the right program to take and start planning for your future.