How to invest in yourself with a postgraduate degree

Cards on the table: postgrad study is going to hit your schedule and your bank account hard. Course fees can top £35,000 for full-time study, and that doesn't include accommodation or other living costs. The flip side is the boost that it can offer your knowledge, career, and life in general. 

Dipo Onabanjo, from Nigeria, is an MSc Management student. He made the commitment in order to get a professional skills boost and is aiming high. “My aspiration is that I will be better equipped with the skills and knowledge to become a successful CEO for a multinational corporation in the future.”

If you fancy following in his footsteps, how do you go about paying for it all? 

Obviously there's funding it yourself, with savings, income from work or that bag of cash you found in the alleyway that almost no-one is looking for apart from those hired goons. (OK, maybe not the last one.) Part time study will enable you to work as you learn, but if your income alone won't cover the costs, what other options do you have?

Government loans are currently available that will help you cover some of the costs. Our postgrad funding section has more info about what they are, how much you can get and how to apply.

There are also various scholarships and bursaries available, which you can find out about here. There are also country-specific scholarships available for international students, so make sure you check if you’re eligible. 

A scholarship was the way forward for Dipo. “My studies are 100% funded by the British Chevening Scholarship,” he explains. “It's popular among graduates in Nigeria.” 

Scholarships for international students are offered by official bodies like the Foreign and Commonwealth Office, which awards the Chevening Scholarship; but they're also available from individual unis for students from the UK and overseas. 

If you know postgraduate study interests you, make sure that researching scholarship options is a key part of your research. Also check if your undergraduate uni offers loyalty funding if you go on to postgraduate study with them too – unis can fund up to 50% of the course fees for outstanding students, which is a hefty discount. 
 

It's good to know what other costs you need to factor in. Dipo points out that transport to uni can get expensive, for example, and then there's putting food on your plate and a roof over your head. 

Dipo has some tips to help. Eat well, for one - “it's crucial for health and good academic performance.” He recommends setting funds aside for buying food and cooking for yourself. You can pick up your relationship with Deliveroo once you graduate. 

If you're going to live on campus while you study, be clear on what your accommodation fees do and don't cover. Bed? Yup. Toothbrush? Nope. “Most student accommodation doesn’t provide toiletries,” Dipo stresses. Neither do private landlords, obvs, but if you're living at home...well, ask your parents. Maybe they'll get you that fancy shower gel you like but can never afford. 

So, you're spending all this money. How can you make it work harder for you? That's in your hands – good places to start include making the very most of all the networking, work placement and work experience opportunities that unis can offer postgrads, as well as mining the careers service for any and all professional advice on everything from interviews to assessment centres. 

Dipo suggests building meaningful relationships with lecturers right from the start, rather than waiting until crunch points to get advice and guidance. “Students should meet with their lecturers during their regular office hours. It's very risky waiting until exam season.”

Be curious beyond your seminars and ask for help if you need it, he adds – it's all there for you to take advantage of. “Don't be shy about asking questions and seeking help from the faculty. Nobody is going to judge you.”

However you bring your money in (once again, anything with hired goons in the equation isn't worth it), budget like mad to keep it. Dipo suggests a monthly budget – there are a gazillion apps for that – and ruthlessly exploiting your student status. 

“Discounts at cafes and shops on campus can be beneficial,” he says. “Students should always ask vendors, retailers if they offer student discounts.” 

Lancaster University Management School (LUMS) is one of the longest-established business schools in the UK and home to a thriving and truly international community. 

We are a triple-accredited research-intensive business school that combines world-class research with excellent teaching and high levels of student satisfaction. We welcome students and staff from more than 180 countries and have a presence in 24 countries, including campuses in China, Germany, Ghana and Malaysia.  

We challenge and support our creative staff, students and partners to realise their ambitions as they experience a transformational journey that leads to real impact on whole industries, societies and economies.  

Lancaster University is among the best in the UK, and has been the top university in the northwest of England for more than a decade.

To find out more, visit the Lancaster University Management School website.