MBA Scholarships: A Complete Guide for Graduate Students in 2024
Many students risk missing out on professional growth opportunities due to a fear of student debt and a lack of information about MBA scholarships. Our educational consultants share insights on the types of MBA scholarships to help encourage prospective MBA students to pursue their academic dreams.
Types of MBA Scholarships
MBA scholarships encompass a wide variety of options for students interested in business school, including merit scholarships for academic excellence, need-based assistance, career-based support, and demographic-specific grants. There are also MBA scholarships for women in business, recognized leaders, international students, military personnel, and veterans.
These diverse MBA scholarships help aspiring MBA candidates from various backgrounds and experiences to grab opportunities to fund their education. With these financial aid options, MBA scholarships can make business school more accessible to a broader range of talented students.
Key Takeaways
- Earning an MBA from a top business school can cost as much as $150,000+.
- MBA scholarships can help offset the cost of a master’s in business administration.
- Top prospective MBA students can earn merit-based scholarships.
See our complete guide to MBAs for more information.
| MBA Scholarship Type | Overview | Basic Criteria |
|---|---|---|
| Merit-based | Rewards academic excellence | High GPA, test scores, achievements |
| Need-based | Assists financially challenged students | Demonstrated financial need |
| Demographic | Promotes diversity in MBA programs | Specific ethnic, racial, or cultural background |
| Corporate and career-based | Supports professionals in specific industries | Work experience, industry focus |
| Women in business | Encourages female leadership in business | Female applicants with leadership potential |
| Leadership | Recognizes future business leaders | Leadership experience, vision, business venture |
| International | Assists students studying abroad | Non-resident status, language proficiency |
| Military and veterans | Supports those who’ve served | Military service record |
1. Merit MBA Scholarships
Merit scholarships are most frequently awarded by the business schools themselves. Graduate students enrolled in these programs can qualify for financial awards for those who have displayed academic excellence in their undergraduate education, those who exhibit exemplary leadership in their area of study, and those who can demonstrate unique academic achievement.
Merit-based scholarships may pay for a portion of your MBA program. In some cases, scholarship funding may cover your entire graduate degree. However, merit scholarships are highly competitive, especially those provided by the most prestigious business schools.
Costlier business schools like those at Columbia University, Northwestern University, and Harvard University are noted for their numerous MBA scholarships. Merit-based scholarships are awarded for a wide range of possible achievements, affiliations, and career goals. Target your search based on the areas in which you are strongest, where your accomplishments are likeliest to stand out, or where you ultimately see your education and career headed.
2. Need-Based MBA Scholarships
Many need-based MBA scholarships include a financial need threshold in addition to factors relating to performance, achievement, or affiliation. Despite financial considerations, academic achievement is still usually considered. This makes sure that deserving MBA students pursuing careers in business can attend their chosen degree program.
Need-based MBA scholarships aim to offer MBA scholarships to students who demonstrate financial need, making higher education more accessible. These MBA scholarships typically consider factors such as family income, assets, and overall financial situation when determining eligibility.
The coverage of these MBA scholarships can vary widely. Need-based MBA scholarships often cover a portion of tuition and fees, with some programs offering additional support for living expenses. Such scholarships for MBA degrees create a more diverse and inclusive MBA student body by providing financial aid to qualified MBA candidates with financial struggles.
3. Demographic MBA Scholarships
Demographic scholarships, including national and privately funded MBA scholarships, are designed to support specific groups of students in their pursuit of higher business education. Many MBA program scholarships are awarded based on race, nationality, creed, ethnicity, immigration status, gender orientation, disability, religion, and more.
These MBA scholarships often target underrepresented populations in business schools, aiming to increase diversity in the business-related field. Depending on the specific scholarship program and financial aid available, they may cover a portion or the whole MBA tuition in a business school,
Both part-time and full-time MBA students enrolled in accredited programs are often eligible for these scholarships. To support MBA students from various backgrounds, demographic MBA scholarships contribute to a more inclusive and diverse representation in business-related fields.
4. Corporate and Career-Based MBA Scholarships
Corporate and career-based scholarships are a type of MBA scholarships that are often sponsored by companies or professional organizations to aid MBA students pursuing specific career paths in business. These financial aid scholarships and fellowships may be available for students enrolled in traditional on-campus programs or those pursuing an on-campus or online MBA program.
Many professional associations, private companies, and larger corporations provide MBA scholarships based on existing service in a specific field or based on demonstrated commitment to a specific career path. Some employers may even help you pay for college based on your commitment to the organization in question.
Eligibility criteria typically include a commitment to working in a particular industry or demonstrating skills relevant to the sponsoring organization’s field. The benefits of these business scholarships range from partial tuition assistance to full funding of the degree program. Many corporate MBA scholarships also offer job placement opportunities with the sponsoring company upon graduation.
5. Women in Business MBA Scholarships
Some schools, organizations, and companies also offer MBA scholarships that specifically benefit women to increase female representation in the business sector. As financial support for women pursuing part-time or full-time MBA education, these MBA scholarships typically cover tuition, books, and sometimes living expenses for degree programs at business schools.
Standard criteria for MBA scholarships often include academic excellence, leadership potential, and a commitment to advancing women in business. Many of these MBA program scholarships and fellowships also emphasize professional development opportunities alongside financial aid.
Like most MBA scholarships, this kind of business scholarship eases the financial burden of MBA students while promoting a supportive network for women entering the business field.
6. Leadership MBA Scholarships from Corporations
Leadership MBA scholarships from corporations are designed to identify and nurture future business leaders by supporting their education and professional development. These scholarships for MBA and other graduate students enrolled in business schools often have a unique focus for their capstone projects.
Many business schools offer MBA scholarships, covering part-time and full-time MBA programs. Corporations that offer MBA scholarships often require strong academic achievement, demonstrated leadership potential, and alignment with the sponsoring corporation’s values.
This MBA program scholarship may cover tuition, mentorship opportunities, and sometimes internship placements within the sponsoring company. These MBA scholarships create a pipeline of talented leaders and MBA students who can contribute to the corporation and the broader business community upon graduation.
7. MBA Scholarships for International Students
Other MBA scholarships focus on international students needing financial aid to pursue higher education abroad. These MBA scholarships often consider academic excellence, leadership potential, and financial need as standard criteria.
MBA scholarships for international students can cover partial tuition waivers or full funding, including living expenses. These financial aid options are available for both part-time and full-time MBA programs. They make global education more accessible for MBA students.
Like other MBA scholarships, this type of scholarship for international students seeks to diversify an institution’s student body and foster cross-cultural exchange in the academic environment of MBA programs.
8. MBA Scholarships for Military and Veterans
MBA scholarships for military personnel and veterans serve to honor their service and facilitate their transition to civilian careers through advanced education. For example, the Yellow Ribbon Program is among the various MBA scholarships and fellowships designed to support graduate students enrolled in degree programs.
Standard criteria for MBA candidates often include active duty or veteran status, honorable discharge, and sometimes a minimum service period. Depending on the specific program, these scholarships for MBA students can cover full tuition and may extend to additional expenses,
With such financial support from MBA scholarships, veterans and military personnel can enter MBA programs without going into debt. These opportunities benefit the individual veterans by enriching their lives after duty.
Back to TopOverview of MBA Scholarships for Graduate Students
MBA scholarships are important pieces of the college and graduate business school funding. Unlike private student loans and other forms of financial aid, you never have to repay money received through MBA scholarships or grants. For this reason, MBA scholarships are sometimes referred to as “gift aid”.
This aid is intended to help you pay for college or graduate school with no future financial obligations. That said, many scholarship committees and universities will require you to meet certain conditions to retain your scholarship, including keeping a certain enrollment status and meeting some basic academic thresholds.
Otherwise, MBA scholarships and grants are generally risk-free. This means there is also little risk in applying for as many MBA scholarships as possible.
Of course, it helps when you start off with an affordable degree program in the first place. That’s why we recommend beginning your search with a look at these affordable MBA degree programs.
Business Schools With Generous MBA Scholarship Programs
Researching business schools with generous MBA scholarships can encourage prospective MBA students to pursue their educational goals without the burden of excessive financial strain. To make your part-time and full-time MBA education more accessible, we’ve found programs that reward academic achievement and provide valuable financial aid options for MBA applicants.
Northwestern University
Career Outlook for MBA degree at Northwestern University
1. Kellogg School of Management at Northwestern University
Kellogg School of Management at Northwestern University offers a range of MBA scholarships, including both merit- and need-based scholarships. This business school supports MBA students through its diverse MBA scholarship offerings, some of which include mentorship and networking opportunities.
One of Kellogg’s most prestigious awards is the F.C. Austin Scholarship. This MBA scholarship provides financial support while recognizing exemplary academic and professional leadership in communities and organizations. Compared to other MBA scholarships, this scholarship provides MBA graduates with:
- Full tuition scholarship for up to two years
- Specialized programming for scholarship recipients
- Personal mentorship opportunities
University of Chicago
Career Outlook for MBA degree at University of Chicago
2. University of Chicago Booth School of Business
The University of Chicago Booth School of Business, considered one of America’s top business schools, offers a range of MBA scholarships to attract exceptional talent. MBA applications can consider merit-based scholarships, awards, and fellowships, with additional opportunities based on career path and nationality.
Are you a local or an international student wanting to pursue further education in a business-related field? Booth’s Global Innovator Fellowship is open to prospective MBA students from any country and recognizes those who challenge the status quo in global business. This business school scholarship covers:
- Full tuition coverage and a $30,000 annual stipend
- Specialized awards based on career path and nationality
- Guidance on a student’s global business innovation
Columbia University
Career Outlook for MBA degree at Columbia University
3. Columbia Business School
Columbia Business School offers a variety of MBA scholarships, with the majority being need-based. About half of the applicants receive these MBA scholarships. However, they are not guaranteed, prompting business school applicants to seek external aid as well.
One of Columbia’s most prestigious awards is the Meyer Feldberg Distinguished Fellowship, a two-year full-tuition scholarship granted to exceptionally accomplished incoming MBA students who have demonstrated outstanding leadership and academic excellence. Securing MBA scholarships at Columbia lets you:
- Receive partial-tuition awards averaging $20,000 and typically ranging from $10,000 to $30,000
- Get potential renewal of scholarship on your second year
- Access to a global network of alumni and donors across various industries
Florida International University
Career Outlook for MBA degree at Florida International University
4. Florida International University
Florida International University’s Professional MBA Online program offers performance-based scholarships to support and retain students who have demonstrated their capability to complete the degree. This improves the university’s retention and graduation rates.
It may benefit MBA students who have secure funding for their initial courses. However, those with limited financial resources may need to seek external MBA scholarships to cover the rest of the cost of attendance. Here are important details to consider for this business school MBA scholarship:
- Performance-based MBA scholarships ranging from $3,000 to $10,000
- MBA scholarships become available after completing the tenth course
- MBA scholarships are awarded in the summer for the following academic year
Ways to Pay for an MBA Program
Prospective MBA students can significantly benefit from understanding the various financial aid options available for their education, including MBA scholarships and fellowships, grants, and full tuition funding programs.
Among the challenges business students face is the struggle to enter prestigious business schools due to financial constraints. With these funding opportunities, pursuing an MBA program can become more accessible and affordable.
1. Partial Scholarship
MBA scholarships are financial gifts that do not need to be repaid by their recipients. The term scholarship usually refers to financial gifts that are awarded based on merit whether in academics, athletics, the arts, extra-curricular activities, or organizational affiliation.
2. Full Tuition Scholarship
While MBA scholarships are common, full funding for MBA degrees remains relatively rare. However, opportunities do exist for graduate students enrolled in business programs. Many MBA programs automatically consider applicants for scholarships, although some financial support options require separate applications.
The Consortium for Graduate Study in Management, an alliance of 23 leading business schools and various business organizations, offers a notable full tuition opportunity. It promotes diversity in American business by supporting Native American, African American, and Hispanic American business students pursuing MBA degrees.
3. Grants
A grant more often refers to scholarship money that is given on the basis of financial need. This is particularly true of most gift aid provided through the federal student aid program.
- Federal need-based awards like the Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG) are awarded through the Department of Education to those with demonstrated financial need.
- Just as with undergraduates, MBA students should fill out their Free Application for Federal Student Aid (FAFSA) every single year of their intended MBA program. Completing your FAFSA will allow the Department of Education to determine your eligibility for need-based grants.
- MBA students can qualify for special need-based programs including subsidized loans, work-study programs, and various loan forgiveness initiatives.
Because most graduate students are considered financially independent, these measures of financial aid are often limited relative to undergraduate financial aid.
4. Fellowships
Top MBA students may be able to earn what is called a fellowship. A fellowship is an MBA scholarship that covers the full cost of tuition fees and expenses while simultaneously getting paid to conduct academic research.
In most cases, the fellowship will be funded by a private entity or partner corporation. This means that in addition to the MBA scholarship itself, the fellowship comes with inbuilt opportunities for networking and career advancement for MBA graduates.
Specialized fellowship programs such as the prestigious Forté Fellows Program typically work only with select partner schools.
Back to TopTips to Improve Your Chances of Getting MBA Scholarships
Prospective MBA students can increase their chances of securing MBA scholarships through excellent undergraduate degree performance. Your application and negotiation abilities can also improve your chances of getting into a scholarship program.
1. Maximize Your GMAT Scores
The Graduate Management Admissions Test (GMAT) is of particular importance to some scholarship committees. While GMAT scores are optional for a growing number of MBA programs, these test scores can still have a big impact on your qualifications for certain MBA scholarships.
The GMAT is scored on a scale of 200 to 800. Students who achieve a score of 700 or greater are considered highly competitive candidates. Take some GMAT prep courses to improve your chances of qualifying for MBA scholarships...not to mention top MBA programs!
2. Write an Excellent Application Essay
Many MBA scholarships require personal statements or application essays. This statement is a chance for you to set yourself apart from other MBA applicants so do your best to use the forum wisely.
- Answer the original prompt with a relevant essay
- Adhere to instructions about length, contents, and format
- Highlight your creative, unique, and interesting qualities
- Find a balance between demonstrating confidence and avoiding arrogance
- Use appropriate language, good grammar, and sound organization
- Seek proofing or editorial assistance from a trusted source
3. Negotiate Your Offers
Top students who receive scholarship offers from several MBA programs should not be afraid to leverage these offers. Consider negotiating for higher scholarship money if you are considering multiple MBA programs.
Some scholarship programs will cover the partial costs of an MBA program. Others may provide complete coverage.
Suppose you are in the advantageous position of qualifying for academic scholarships with multiple MBA programs. Use this advantage to request greater coverage of your degree program.
Scholarship Portals for MBA Students
In addition to seeking scholarship opportunities directly through your MBA program, maximize your opportunities by searching for additional MBA scholarships through a comprehensive scholarship database.
Web-based directories offer expansive and constantly updated indexes of MBA scholarships which can be browsed according to business school, discipline, deadline, award size, and a host of other factors.
These directories can be an incredibly rich source for active MBA scholarships, as well as provide direct links to their applications.
Back to Top Related Questions
What Is the Cost of an MBA Program at a Business School?
While the cost of a graduate program at a business school can vary widely, the average tuition is approximately $56,850 per year for full-time MBA programs. Final costs depend on factors like the school’s reputation, location, and whether it’s a public or private institution.
How Can Students Avoid Loans When Entering MBA Programs?
To avoid federal student loans when pursuing an MBA, focus on securing MBA scholarships and fellowships while researching business schools that offer substantial financial aid packages. We also suggest considering part-time programs that let you work while studying. Another option is exploring employer sponsorship options to minimize your reliance on federal student loans.
What Can I Do with an MBA Degree?
An MBA degree opens up a wide range of opportunities in various business-related fields, including management consulting, finance, marketing, and entrepreneurship. Students pursuing careers with an MBA can expect to qualify for higher-level management positions, increased earning potential, and the ability to transition to a doctoral degree.
Back to TopConclusion
Understanding the ins and outs of the various available MBA scholarships can help graduate students secure financial aid for their education and professional development. The most appropriate MBA scholarship option for you can potentially reduce financial burdens and allow you to focus on your studies and future career aspirations.
