But this isn’t your only option.
The MBA at Lancaster University is an affordable MBA program with ample support for parents. Here, we break down how the program enables parents to benefit from in-person teaching without compromising family life.
But first: What’s stopping parents from attending business school in the first place?
What are the barriers to pursuing an MBA for parents?
When considering studying an in-person MBA program, many of the biggest obstacles for parents are financial.
First, there is the wage loss associated with leaving employment for one to two years to study. If you have a partner, they may also face a period of unemployment as they look for a new job.
This combined lack of earnings means you may require significant savings or loans to cover your tuition and living expenses while you’re studying.
Relocating can also be expensive. As well as moving costs, you might encounter an increased cost of living in your new home.
Although moving may be easier if your children are younger, this brings up another big issue: the cost of childcare. This fluctuates depending on where you study your MBA in the UK.
For example, if you’re considering an MBA in London, part-time nursery care in the capital costs over £180 (US $220) per week, according to the 2022 Coram Childcare Survey.
Finally, the lack of flexibility and huge time commitment of many MBA programs is often incompatible with the demands of being a parent, from being available for school pick-up to simply being present with your children.
3 things that make the Lancaster MBA a good MBA for parents
While no program can totally eliminate the challenges of studying an MBA for parents, the Lancaster MBA has several advantages for parents considering business school.
1. Scholarships, reasonable tuition, and low cost of living make it an affordable MBA
The Lancaster MBA is less costly than many comparable business programs. Firstly, it is a 12-month full-time program, meaning that students only need to be out of industry for one year, reducing the gap in their earnings.
Its low tuition also makes it an affordable MBA option. For UK students, the full-time MBA program costs for the 2024 start are £32k and £39k for international students. When compared to other UK programs that cost between £50,000 to £100,000, this is a more manageable option.
Scholarships are available to further alleviate the cost of the degree, with up to £15,000 in funding available. You don’t need to create an extra application, either: All candidates are automatically considered when applying.
Finally, the city of Lancaster is an affordable place to live for families. The average monthly cost of living for a family of four in Lancaster is estimated at £2,700 excluding rent, £1000 cheaper than in London.
2. There is childcare available on campus
Another perk of the Lancaster MBA for parents is that the university offers on-campus childcare in the form of its preschool center.
Staffed by over 50 experienced childcare practitioners, the center is in the heart of the university’s green campus. This means that children can benefit from the campus’s woodland trails as well as its other amenities, including the EcoHub and arts center.
In addition to formal childcare, the university also offers parent-friendly facilities in many of its buildings. These are the “mini-library” for children in the main university library, and an informal study space designed specifically for parents and children.
Even off-campus, childcare is affordable in Lancaster. The same Coram survey found that part-time nursery care in the North West costs under £130 on average per week, significantly less than in other parts of the country.
3. The program offers blended learning that embraces flexibility
The Lancaster MBA offers a blended online and in-person delivery model that gives students the benefits of in-person teaching, like networking and face-to-face learning, while also allowing them flexibility in their schedules.
There are also processes in place should you enroll and find the experience overwhelming. Students can request online teaching sessions or other ways to engage with modules they struggle to fit in.
You can also discuss their accessibility needs with your department, who can craft a dedicated Inclusive Learning and Support Plan to help maximize your learning.
Being a parent can be an incredible motivator for pursuing an MBA degree. The career growth accessible through an MBA can help you better provide for your family and set a positive example for your children.
With programs like the Lancaster MBA breaking the barriers to pursuing an MBA for parents, more parents can access these benefits and pass them onto their children.
*Main image by August de Richelieu, reproduced under this license.
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Lancaster University Management School
