MBA Scholarships and Financial Aid

Financial support for top MBA programs comes in two forms: scholarships and loans. Most students fund their studies using a combination of personal or familial savings, income, loans, and scholarships.

Generally, most schools – especially the bigger, more prestigious institutes – offer generous scholarships and convenient, affordable loans. In leading programs, the number of students receiving financial aid from the school itself often exceeds 50%. It is important to note that scholarships are not especially prevalent, and one is more likely to be granted one at a business school that is ranked between 20-50 in the U.S. and Europe.

Most MBA programs offer student scholarships. Here are the different types of available scholarships:

Need-based scholarships are dependent on the financial situation of the applicant. These are usually only granted to citizens of the state. These scholarships are relatively rare but are still a viable option for students who struggle to finance their studies. The criteria for need-based scholarships differ at each institute, but they all take into account income, savings, assets, and sometimes, familial status and its implications.

Certain business schools provide need-based scholarships to students in the form of tuition waivers, rather than direct financial disbursements. The amount of scholarship funding awarded can vary significantly between institutions. Key factors influencing this variability include a school’s financial resources, the overall program cost, and the annual number of scholarship applications received. For example, while Columbia Business School typically awards scholarships averaging $20,000 per student, Harvard Business School’s average scholarship grant is substantially higher at $46,000. Examples of need-based scholarship:

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Merit-based MBA scholarships are granted based on skills and past excellence. These talents and experience are expected to contribute to the program as a whole. These scholarships are generally only announced after an applicant is accepted into the program. From a school’s perspective, merit-based scholarships ensure that a promising applicant chooses their program over other options.

These scholarships are granted after a committee reviews several key factors, including work experience, GMAT scores, and grades during B.A. studies. However, most schools work to promote a diverse student body, and will generally choose skilled women or applicants with unique ethnic backgrounds for these scholarships.

It is important to note that as a school is ranked higher, its process for merit-based scholarships becomes more selective and more challenging.

Even if you are currently enrolled in a business school, you may still be eligible for merit-based scholarships. This applies even if you did not receive any scholarship funding prior to your enrollment. For example, at the Wharton School, students who consistently rank among the top 5-10% of their cohort are eligible for financial support. Additionally, a separate scholarship is specifically awarded to the highest-achieving student in each academic year. Examples of merit-based scholarship:

Industry-specific scholarships not only acknowledge your academic accomplishments but also highlight your dedication to advancing your career in fields like finance, accounting, entrepreneurship, or consulting. These awards often go beyond just financial assistance, offering additional perks such as internships and networking opportunities, which can be invaluable in preparing you for your future career.

External organizations, such as the Roberto Toigo Foundation, offer fellowships to outstanding minority students. These fellowships, which typically involve a separate application process, are granted to students already enrolled in business schools who intend to pursue careers in finance. Examples of industry-specific scholarships:

MBA Scholarships for women: Business schools are essential in promoting gender equality in leadership roles. By offering scholarships tailored to women, these institutions help aspiring female leaders enhance their competitiveness and secure prominent positions in the business world.

The Forté Foundation is a key player in advancing women’s business education. In collaboration with prestigious schools like Harvard, Columbia, and Stanford, it has awarded over $400 million in scholarships to more than 17,000 women, strengthening a diverse leadership pipeline. Examples of scholarships for women:

MBA Scholarships for underrepresented/minorities: Business schools are fostering diversity by offering scholarships to historically underrepresented groups, including ethnic minorities and LGBTQ+ individuals. When applying, highlight your distinct experiences and strengths, as admissions committees seek candidates who will enhance the program and contribute to the broader business landscape.

Showcase your leadership skills and dedication to social impact. For example, the Oxford Black Leaders Scholarships focus on candidates who demonstrate a commitment to diversity, equity, and inclusion (DEI). Be sure to emphasize this commitment in your essays.

Organizations like Reaching Out MBA (ROMBA) provide resources, funding, and networking opportunities for LGBTQ+ students. Similarly, many institutions offer region-specific scholarships, such as Imperial College Business School’s 50% tuition waiver for African and Latin American students. Wharton also offers financial support to students from emerging markets. Strong academic and career potential are crucial for scholarship consideration. Examples of under-represented scholarships:

Here is a list of additional MBA scholarships:

Scholarships offered by external organizations:

Scholarships offered by schools. Here are some examples:

Outside Scholarships & Credible Scholarship Search Portals:

External scholarships – many programs have a list of external scholarships that they share with candidates, check your programs specifically, but here are some extensive lists.

Over the years, ARINGO MBA clients have been offered many prestigious scholarships, totaling over $10 million. Click here to learn more. Good Luck!