How to Get Scholarships for an MBA Program?

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Some business schools and other external organizations extend several types of scholarships to ease your financial burden of pursuing an MBA. Just the first year or a nine-month academic year of a top MBA program, which includes tuition, living allowances, and the other expenses; costs around $100,000 and above.

Here are some helpful tips on how to get MBA scholarships:

  1. Know the types of MBA Scholarships and their Eligibility: The grounds for granting scholarships vary with the schools. You can get a scholarship for an MBA program based on your:
    • Financial status
    • Merit
    • Essays
    • Mixed grounds (like both financial status and merit)
    • Professional references
    • Group specificity (for example, industry, nationality, gender, etc.)

    Now, realistically analyze your financial status. Know how much expense you can handle on your own. Next, understand what kind of scholarship(s) you can qualify for and zero upon the schools offering them. This short listing right at the outset helps keep your MBA admission attempts relevant, focused, and effective, while economizing time.

  2. Follow your target Business Schools: By now, you know the program you will be seeking admission to. Hunt down their information resources: their websites are a great place to start. You can also talk to the alumni or to students at several interactive forums for a more practical insight.
  3. Explore External Scholarships: If you do not qualify for your prospective schools' MBA scholarship plans or you want more monetary aid, the applicable external agencies can be quite helpful. Some top business schools even include information about scholarships by external parties on their websites.
  4. Stay Updated: Keep following the updates on MBA scholarships. You can subscribe to the newsletters and alerts of your shortlisted schools and other relevant organizations. For more information, explore free databases, such as fastweb.com, finaid.org, scholarships.com, etc. Resources like IEFA.org and InternationalScholarships.com can be especially helpful for international candidates. Do not go for sites seeking money or your personal identification details. MBA clubs, education fairs, alumni network, student forums are other sources of valuable information.
  5. Apply early: Most top business schools evaluate your eligibility for scholarship at the time of accepting applications. In summation, if you apply early, you come across as a sincerely interested candidate. This increases your chances for the grant.
  6. Get winning credentials: A high GMAT score, a rich work experience, compelling essays, and an impressive interview are some undeniably effective tools for getting merit-based criteria, which many top schools look for.
  7. Hire a Professional: Seeking professional help for an MBA scholarship application can help you in this journey. You approach it right, and on time, and at the relevant places. Therefore, an admission consultant's guidance considerably enhances your chances of success.
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