Many people taking MBAs, particularly part-time and distance-learning students, are at least partly funded by their employers.

For those who will not be company-sponsored, there are a range of loans and scholarships available.

Some loans are offered by the Association of MBAs scheme, through NatWest Bank. This scheme allows full-time students to borrow up to two-thirds of their most recent salary on top of tuition fees each year. There are also other arrangements available to part-timers and distance learners.

Additionally there are bank loan schemes available through individual institutions. Manchester Business School has a scheme with HSBC open to all full-time MBA students – which covers living expenses, plus two-thirds of most recent salary or £5,000, whichever is greater.

In addition to these commercial loans, there are also Career Development Loans, offered by the Department for Education and Skills (through the Learning and Skills Council).

Many institutions offer a very limited number of bursary opportunities, awarded on merit (particularly academic performance and work experience, as well as evidence of contribution to the community).

A small number of MBA students is funded by professional bodies. The Engineering Construction Industry Training Board (ECITB), for example, provides financial support for eight students at Henley Management College.

Prospective students should also look out for business school scholarships offered in conjunction with national newspapers. These are normally judged on the submission of an essay.