Erasmus Mundus scholarships are some of the most generous in the world, and online they're described as life-changing. They can be. But "worth it" depends on what you give up and what you want afterwards.
What you gain
- Funding. For scholarship holders, participation costs plus a monthly allowance. That's rare at master's level.
- Multiple countries. You study in at least two European countries and build a network in each.
- A cohort from everywhere. Classmates from dozens of countries become your professional network.
- A joint or multiple degree from established universities.
- Time to switch fields. Two years is enough to genuinely reposition, as I'm trying to do from engineering into climate policy.
What it costs, even with a scholarship
- Opportunity cost. One or two years of salary and career progression. For a senior engineer, that's significant.
- Moving costs. Visas, deposits, flights, furniture, and admin, repeated every time you change country.
- Instability. New housing, bureaucracy, and social circle every semester.
- Allowance vs real costs. In expensive cities, the allowance can feel tight. See Cost of Living for a Master's in Europe 2027.
Who it suits
- Career changers who need a credential and network in a new field.
- Early-career professionals who want an international path.
- People aiming at international organisations, where multi-country experience is valued.
- Anyone wanting a European career, who benefits from living in several EU countries.
Who should think twice
- People happy in a career that doesn't need a master's. A course or certificate may be enough.
- Anyone needing stability for family or health reasons.
- People who want deep specialisation at one research group. A single-university programme might fit better.
How to judge it for yourself
Write down:
- What specific job do you want three years after graduating?
- Do people in that job typically have this kind of degree? Check LinkedIn.
- What's the cost in salary, savings, and time?
- What's the alternative path to the same job without the degree?
If the degree is the clearest route to the job, it's probably worth it. If it's a nice-to-have, think hard.