Pursuing an MBA degree can bring an array of benefits, such as enhanced career prospects and increased earning potential. But the financial burden represents a significant investment. Fortunately, there is a way to defray the cost of tuition without taking on student debt: MBA scholarships. These coveted financial aids can help people pursue graduate management education while keeping costs to a minimum.
So where can students find MBA scholarships, and how can ambitious individuals secure these awards?
There is a diverse array of funding opportunities available to the brightest candidates. Business schools raise vast sums from alumni donors for scholarships to attract MBA candidates to their programs, and support those facing financial hardship.
“At a time of economic upheaval affordability can come into play – which is why we continue to offer a wide variety scholarships and funding,” says Charlotte Russell-Green, head of MBA recruitment and admissions at the UK’s Cambridge Judge Business School.
Cambridge Judge offers a diverse range of MBA scholarships to support candidates from various backgrounds. These scholarships include merit-based awards recognizing academic achievements, leadership potential, and professional accomplishments, as well as needs-based scholarships that consider financial circumstances (gross income, assets, socioeconomic background, undergraduate debt).
Additionally, there are scholarships specifically targeted at individuals from specific regions or industries – including the Cambridge MBA Scholarship for Entrepreneurs, worth up to £15,000.
Sourcing information about scholarships
When it comes to sourcing information about such awards, experts advise MBA applicants to check in with their target schools. “When you receive an admissions letter from a business school, read it carefully. It might contain crucial information about financial aid or merit-based awards,” says admissions consultant Stacy Blackman, in Los Angeles.
Rice University’s Jones Graduate School of Business provides merit-based scholarships to more than 75 percent of the MBA cohort each year. “All admitted students are automatically considered for a variety of scholarships as part of the application review process with the average award covering over half of tuition,” says Matt Wakeman, director of student financial services at Rice: Jones.
The school also participates in the Veterans Affairs Yellow Ribbon Program, allowing eligible veteran students to receive up to 100 percent of tuition and fees in funding.
Besides such scholarships offered by the schools, there are several external opportunities available. A few well-known examples include:
· National Black MBA Association
· Military MBA Scholarship
· Reaching Out LGBT MBA Fellowship
· QS Leadership Scholarship
· The Consortium for Graduate Study in Management
· Top Latinx MBA Scholarships
How can students approach the financial aid process to maximize their chances of receiving the most favorable aid package? Start planning early, says Rose Ngo at the admissions consulting firm Admissionado.
“You maximize your chances of receiving more merit aid when you have a high test-score and you’re in strong academic standing,” she says. “Research and writing essays for external scholarships takes additional time, so budget for it wisely. You should also consider reaching out to financial aid offices at the schools you’re interested in and discussing the eligibility and timeline requirements for need-based aid.”
Increasing competition for financial aid
Viktorija Nikitina, senior marketing, recruitment and admissions manager at ESCP Business School in Europe, reports an increase in financial advice support queries, signaling increased competition for awards. “Scholarships are not only the means for candidates to meet their financial needs, but also a way for us as a business school to recognize diverse talent and support a wide range of candidates,” she says.
For example, ESCP has a scholarship for candidates with a background in the non-profit or non-governmental organization sectors – an audience that would not traditionally go for an MBA.
If you believe you deserve more scholarship money than offered at first, don’t hesitate to reach out to the admissions committee, says admissions advisor Blackman. “You might be able to negotiate additional funding. This is one of those rare situations in life where — if handled professionally, of course — you really have nothing to lose.”
When negotiating financial aid packages, always communicate professionally and respectfully, says Ngo at Admissionado. “Highlight your fit with the school’s values and mission, and reiterate your enthusiasm for the school,” she adds.
“Leverage other competitive offers you’ve received to illustrate your value and the importance of aid in your decision-making process. Make a strong argument for why they should reconsider their offer by emphasizing your commitment and your potential contributions to the school.”
Overall, by leveraging MBA scholarships, students can pursue the degree with a reduced financial burden
