MBA scholarships: A comprehensive guide
May 31, 2023 – 4 mins
Find and win MBA scholarships
If you’re considering getting your MBA, you’re likely aware of the high cost of tuition and other associated expenses. Fortunately, there are a variety of MBA scholarships available to help fund your education. In this article, we’ll explore the different types of MBA scholarships, where to find them, and how to increase your chances of being awarded one.
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Types of MBA Scholarships
- Merit-based scholarships: These scholarships are awarded based on academic achievement, work experience, and other accomplishments. Merit-based scholarships typically cover tuition and fees and may also provide a stipend for living expenses.
- Need-based scholarships: These scholarships are given out based on a financial need. To be eligible, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA®) and provide information about your income and assets.
- Diversity scholarships: These scholarships are awarded to students who are underrepresented in business education. This includes minorities, women, and students from low-income backgrounds. Diversity scholarships may also be merit-based or need-based.
- Employer-sponsored scholarships: Some employers offer MBA scholarships to their employees to invest in their professional development. These scholarships may be partial or full and may require that you continue working for the company for a certain period after graduation.
- Country-specific scholarships: Some countries offer scholarships specifically for international students. These scholarships cover tuition, fees, and living expenses.
Where to find MBA scholarships
- Business schools: Your own school may offer scholarships to enrolled students. Check with the schools you’re interested in attending to see what scholarships they offer and how they apply.
- Professional organizations: Professional organizations related to your intended career path or industry may offer scholarships for MBA students. Check with organizations such as the National Black MBA Association, the Society of Women Engineers, and the National Society of Hispanic MBAs.
- Private foundations: Private foundations may offer scholarships for MBA students. Check with organizations such as the Bill and Melinda Gates Foundation, the Ford Foundation, and the Coca-Cola Scholars Foundation.
- Online scholarship databases: Free services like Scholly by Sallie,* Fastweb, Scholarships.com, and the College Board’s Scholarship Search help take the hassle out of finding scholarships available to MBA students.
Tips for winning an MBA scholarship
- Start early: Begin researching scholarships at least a year before you plan to attend business school.
- Be strategic: Focus on scholarships that are the best match for your qualifications and experiences.
- Write a strong essay: Most scholarship applications require an essay. Take the time to craft a well-written, compelling essay that showcases your skills, experiences, and goals.
- Build your network: Attend networking events, connect with alumni, and build relationships with professors and business leaders. These connections may lead to scholarship opportunities.
- Polish your resume: Make sure your resume is up-to-date and highlights your accomplishments and experiences. This will be important when applying for merit-based scholarships.
Find the scholarship that's right for you
Getting an MBA is a significant investment in your future, but the cost can be daunting. However, with a little effort and research, you can find MBA scholarships to help fund your education. Start by exploring the different types of scholarships available, and then check with business schools, professional organizations, private foundations, and online databases. By following these tips and being strategic in your search, you’ll increase your chances of being awarded a scholarship and achieving your business goals.