A master in business administration MBA is an investment of time and resources in one’s future. This degree, however, often comes at a high price. The bright side is that there are a lot of MBA scholarships to make the amounts of tuition and other costs less significant. These scholarships may be offered as merit based, need based, sponsoring of women leaders, policies of inclusivity among others thus making the MBA program reachable by many more people.
Fulfilling this need, the following guide has been put together to discuss some of the best MBA scholarships, application processes as well as other ways to obtain financing for the course.
Why Pursue an MBA Scholarship?
MBA can be beneficial since it helps a person access better career opportunities and earning capacity, while also benefiting from a wider professional network. Cost of an MBA program ranges from 50000-150000 depending on the type of program and the school. Sponsorship for these degrees is supported by means of MBA scholarships. This is to say that students do not have to worry a lot about the costs neither do they worry that financial obligations will get in their way of studying.
Top MBA Government Grants and Scholarships
To understand some of the well-known and popular MBA scholarships, below is the following list:
Forte MBA Fellowship for Women
Forté Foundation is interested in enhancing the number of women who occupy managerial positions in business. The Forté MBA Fellowship is awarded to women enrolled in one of the Forté partner schools such as assisted by this program including Harvard Business School, Stanford University, Wharton School. The awardees are offered publicized scholarships, training and development opportunities, as well as careers events.
Eligibility: Women accepted in any forté partner business school.
Award: Varies, with majority of the winners getting full coverage or at least partial on tuition fees.
Application procedure: Applicants do not need to send in their applications to the Consortium for Management Education but websites of each business school.
The Consortium for Graduate Study in Management Fellowship
This is the scholarship which you can avail through The Consortium as an organization championing diversity in business education and or practice. The Consortium Fellowship focuses on minority students who are dedicated to bringing more African Americans, Hispanic Americans, and Native Americans into the business development profession sands of ways awards full tuition to such dedicated students.
Eligibility: Applicants need to be US citizens or stakeholders being permanent residents and even immigrants who are able to provide a pledge towards diversity.
Award: Full tuition.
Application process: The members were informed that they should follow the Union’s request. Apply to one of the member school through The Consortium Application process.
The Fulbright Program
The Fulbright Program is one of the best known scholarship programs for international students who seek to study in the U.S. There are numerous courses available, such as the MBA, and everything is included, from school tuition through to living and transportation expenses.
Eligibility: Candidates must be foreign students with excellent performance and leadership skills.
Award: Full fees, dormitory and travel funds.
Application Process: Submit applications to the Fulbright Commission or to the American Embassy in your country.
Rotary Foundation Global Grant Scholarships
Global Grant Scholarships are provided by the Rotary Foundation to students enrolled on a graduate program which serves goals of the Rotary organization such as economic development, peace and disease prevention. Several MBA students interested in these aspects can be funded with ease.
Eligibility: Students who intend to study any graduate level program related to the focus areas of the Rotary.
Award: Up to $30,000 to be used in tuition, travels or in living expenses.
Application Process: Visit your nearest Rotary club to apply.
Prospanica Scholarship
Formerly known as the National Society of Hispanic MBAs, Prospanica is offering scholarship programs to Hispanic students engaged in MBA studies. This type of scholarship aims to foster the growth of potential leaders while excelling in the academic performance of Hispanic professionals.
Eligibility: Hispanic students currently undergoing or accepted into an AACSB approved MBA program.
Award: Varies, with possible awards of $2000 to $10,000.
Application Process: Online application consisting of biographical information, essays, transcripts and enrollment proof.
Zonta International Jane M. Klausman Women in Business Scholarship
This scholarship fund seeks to support women pursuing any business education including MBA. It seeks to promote women into managerial positions in the business world. Zonta local clubs support students choosing regional or district scholarship.
Eligibility: Women studying for an MBA or related courses.
Award: Up to $8000.
Application Process: Applications are done through Zonta clubs.
How to Apply for MBA Scholarships
It takes more than simple commitment to earn an MBA scholarship; rather it is a step by step procedure that calls for concentration. Here are steps to pursue that will help you to get funding:
- Research Scholarship Options: First conduct thorough research of the scholarships available when starting on your application. Most of these MBA scholarships will have cutouts and will be time bound.
- Prepare a Strong Application: Most of the scholarship awarding bodies screen applications for academic qualifications, leadership capabilities and defined career objectives. Incorporate these in your application essays, recommendation letters, and during interviews.
- Tailor Your Applications: Each application must be tuned to the scholarship’s aim. For instance, diverse scholarship programs such as The Consortium or Forté Fellowship will give preference to applicants who are passionate about diversity and leadership.
- Meet All Deadlines: Missing a time limit is simply going to be a reason to deny you the scholarship. Keeping track of important dates and major requirements for each scholarship you are applying for would be practical.
Additional Tips for MBA Scholarship Success
- Leverage Your Network: There are individuals who have already gone through the scholarship process and can be able to offer some advice. Look for those individuals and get the scholarship information.
- Apply for Multiple Scholarships: Avoid applying for one or two scholarships only. The more opportunities you apply for the higher your chances of getting financial assistance.
- Highlight Unique Qualities: Uniqueness is referred to as the ability or quality of being one’s self; the quality that distinguishes one person from the rest. Featuring your uniqueness is essential in pursuing the MBA program, be it a professional experience, cultural experience, or leadership experience.
Final Thoughts
It can be concluded that individuals that pursue an MBA are likely to grow in their line of business and transform their personality in the process. The only downside that most prospects see is the fee requirements. Utilization of MBA scholarships provides an avenue that will help to eliminate the financial burden. With proper knowledge about the different funding options available and preparing creative applications, it is possible to obtain sponsorship and concentrate on meeting business goals.