MBA Scholarship Opportunities to Explore
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Pursuing an MBA at a top-ranked business school will set you back an average of US$205,000, according to the BusinessBecause Cost of an MBA Report 2024.
With such a significant investment to consider, it’s no surprise that most applicants turn to MBA scholarships to fund their studies.
Business school scholarships
Business schools around the world offer thousands of different scholarships. Some are merit-based, often based on GMAT scores, while others are aimed at specific groups of applicants. Here are some notable business schools with MBA scholarship opportunities.HKUST Business School
Hong Kong’s HKUST Business School offers an MBA merit scholarship for students with exceptional academic performance and work experience. Successful applicants could receive anywhere between HK$50,000 (US$6,400) and HK$500,000 (US$63,700).
The Wharton School
Every MBA student admitted to the Wharton School is automatically considered for a Wharton Fellowship, based on factors like their background, personal qualities, and community involvement.
INSEAD
IINSEAD offers several merit-based scholarships, including the Judith Connelly Delouvrier Endowed Scholarship. This €20,000 to €25,000 (US$23,500 - US$29,400) award is open to female applicants who want to advance the inclusion of women in business.
The L’Oréal Scholarship is open to any candidate committed to creativity, innovation through diversity, and entrepreneurial activity. It’s worth up to €25,000 (about US$29,400).
Needs-based scholarships are also available for successful candidates, and are largely focused on students from emerging economies.
Stanford Graduate School of Business
Scholarships at Stanford Graduate School of Business include the Knight-Hennessy Scholars Program—a full-tuition merit scholarship, offered to successful applicants who commit to making positive change in the world. Applicants with diverse backgrounds are considered, and this applies to all of Stanford’s graduate degrees.
Needs-based funding is also available to admitted MBAs. The Building Opportunities for Leadership Diversity (BOLD) Fellows Fund is one example, which provides up to US$15,000 per academic year to MBA students who demonstrate a commitment to expanding opportunities for others.London Business School
Students admitted to the MBA program at London Business School are automatically considered for a wide range of merit scholarships.
For example, the Laidlaw Women’s Leadership Fund provides up to full tuition to female students in a bid to advance women’s representation at business school and in senior leadership roles.
Other awards include the Mo Ibrahim Foundation Scholarship, open to all successful applicants who are African nationals, and the Gonzalo and Maria Garcia Latin America Scholarship for Women offers a £100,000 (US$135,000) award to “Chilean women who have achieved success in their education and career through their determination, ambition and motivation.”
Diversity scholarships
Some MBA scholarships are offered by organizations to help candidates from underrepresented backgrounds gain access to business education.
Consortium Scholarships
Since it was established in 1966, The Consortium for Graduate Study in Management has offered more than US$665 million worth of funding to MBA applicants in the US.
The Consortium aims to enhance diversity and inclusion in the business school classroom. It provides merit-based scholarships to applicants from underrepresented backgrounds—including African American, Hispanic American, and Native American candidates.
To apply for a Consortium scholarship, you need to apply to at least one partner MBA program through the Consortium portal. All applications are automatically considered for funding—the typical offer is 70 percent of your fees.
Forté Fellows
The Forté Foundation is one of the biggest providers of MBA scholarships for women.
Dedicated to helping women advance in business, Forté has provided US$475 million in scholarships to female MBAs since it was founded. Every woman who applies to an MBA at one of Forté’s 61 partner schools is automatically considered for funding. The fellowship is also open to applicants of all genders, gender identities, and nationalities. Scholarship value varies but can cover a significant portion of fees.
Military MBA scholarship
Veterans and military personnel who are US residents are eligible for the Military MBA Scholarship. The award varies in value and is offered by 23 partner schools throughout the United States.
Any US resident who holds an undergraduate degree and has served in the military can apply. Your application will be shared with Military MBA’s partner schools, one of more of which could offer you funding.
Paul & Daisy Soros Fellowships
Founded by two Hungarian immigrants in the US, the Paul & Daisy Soros Fellowship for New Americans supports immigrants and their children as they pursue graduate education.
Each merit-based award is worth up to US$90,000, and there are 30 fellowships on offer every year. You can use the funds to pay for two years’ graduate study at any college or university you choose.
The application process is competitive, and applicants need to showcase their creativity, organizational skills, initiative, and accomplishments.
Industry scholarships
Large corporations and industry bodies are other sources of MBA scholarship opportunities.
Government Finance Officers Association (GFOA) Scholarships
Every year, the Government Finance Officers Association (GFOA) offers multiple scholarships for students interested in a career in government finance.
Awards range in value from US$5,000 to US$30,000 and can be put towards a degree of your choosing, as long as it leads to a government finance career.
Orbis Investment Fellowship
Leading investment management firm Orbis offers fellowships worth US$15,000 to incoming MBA students who have a passion for investment management.
Ritchie-Jennings Memorial Scholarship
The Ritchie-Jennings Memorial Scholarship is administered by the Association of Certified Fraud Examiners (ACFE).
Awards of up to US$10,000 are offered to US-based candidates who want to pursue a career in fraud examination or a similar anti-fraud profession.
Edward J DeBartolo, Sr Graduate Scholarships
If you’re interested in a career in retail real estate, the Edward J Debarton Sr Graduate Scholarship can help you on your way.
Provided by the International Council of Shopping Centers Foundation (ICSC), the US$10,000 award also pairs students with a mentor. Applicants need to demonstrate their interest in real estate or a related field.
Making the most of scholarship opportunities
Just over one-third of MBA students receive some form of merit-based scholarship. You can apply for several different scholarships at the same time, and many students draw on several small awards rather than a single, larger one.
To boost your chances of being awarded a scholarship, you should conduct careful research, tailor your applications to specific opportunities, and get started on your applications as early as possible.
Taking these steps will help ensure you know exactly what you’re applying for and have plenty of time to refine and proofread your applications.
Remember: Once you get a scholarship offer, you can always negotiate a better scholarship package.
You should make applying for an MBA scholarship a crucial part of the MBA application process, helping you quickly recoup the investment you make in your MBA.
Explore the top ways to maximize your MBA scholarship chances with our downloadable BusinessBecause MBA Scholarship Guide.
