MBA scholarships may help pay for a Master of Business Administration (MBA) degree. While some employers may help offset costs of an MBA program, applying for scholarships may make it more affordable. Many business schools and private organizations offer awards to incoming and current MBA students. Let’s take a look at some ways to qualify and apply for MBA scholarships.
How Do I Apply for MBA Scholarships?
MBA students first need to do research on which ones they are eligible for. Many universities and private organizations offer various awards for different MBA programs. Some scholarships for MBAs are need based. To qualify for need based scholarships, students must show low earnings.
Other MBA student scholarships are for high achievers. Your GMAT score may also make you eligible for more scholarships. Also, eligible applicants should apply early before the deadline. When you apply early, you have more time to apply for more MBA scholarships.
10 MBA Scholarships You Can Apply for
Here are 10 MBA scholarships you can apply for now!
Beinecke Scholarship Program
Daniel B. Goldberg and Miller Public Finance Scholarship
Golden Key Graduate Student Award
Ernest I.J. Aguilar Endowed MBA Scholarship
African American Heritage Endowed MBA Scholarship
Staver Law Group National Scholarship
Toigo MBA Fellowship
Alexander Foundation Scholarship Fund
Elmon M. Williams MBA Scholarship
Tutor the People Pre-MBA Scholarship
Is an MBA Degree Worth It?
An MBA degree may be worth your time and money if you are looking to advance your career and learn new skills. Many who seek a C suite job see an MBA degree as a worthwhile path. MBA programs study key areas of the corporate business world. You may earn an MBA degree in marketing, finance, operations, and human resources.
People pursue an MBA to learn how to lead others. They also learn to make data driven decisions and to be a manager. Many employers prefer to hire MBA graduates. Also, an MBA tends to boost salaries and advance one’s career.
How Do I Receive a Full Ride Scholarship for an MBA Degree?
A full ride MBA scholarship may pay for all college costs such as tuition, fees, and living expenses. To get a full ride scholarship for an MBA, you must meet the provider’s eligibility requirements.
So, the first thing to do is check if you qualify. If you do qualify, you must fill out an application before the due date. When you do apply, you must send in a completed application and a few other items. This tends to include a few support documents.
Transcripts: Many schools assess your undergrad GPA and may favor a 3.0 or above.
Test Scores: To get into an MBA program, you might need GRE and GMAT scores.
References: If the judges look at you from all sides, they may ask for reference letters.
Essay: A strong essay explains your goals. What you want to do with the MBA when you graduate, etc.
Resume: Some MBA programs are for students with business work experience.
Business schools use full rides to attract brainy talent. Some partner with outside agencies to bring in these funds. The Beinecke Scholarship Program is a national scholarship that supports graduate education in the Arts, Humanities and Social Sciences. About 137 schools in the U.S. offer these awards. It offers a total award of $34,000. The award is for eligible graduate students who plan to enter a research focused master’s or doctoral program in the arts, humanities or social sciences.
Emory University nominates one student each year to be a Beinecke Scholar. Nominees must also have a record of receiving need based aid.
Why MBA Students Should Apply for a Scholarship?
To make an MBA more affordable, you should apply for a scholarship. A scholarship is not a loan. So, you do not pay the money back if you meet the terms.
If you work and pursue an MBA, a scholarship might ease the financial burden. It may take two years if you plan to pursue an MBA full time. Scholarships may be useful for an online MBA program if you work full time as well.
Pursuing an MBA might also help you step into a leadership role. Most top executives have an MBA according to the Bureau of Labor Statistics. If your goal is to climb the corporate ladder, a scholarship might help you earn an MBA degree as well as gain new skills.
People who have an MBA may earn above average salaries. According to the BLS, top executives earned median annual salaries of $184,460. That’s well above the norm which was $39,810 in the same year.
Which Universities Offer MBA Scholarships?
Many universities around the US offer MBA scholarships through their business school. University of Washington, Drexel University and UC Berkeley award MBA scholarships.
University of Washington
UW Foster School of Business offers two scholarships for MBA students. To apply, you must create a school user profile. When you complete the online form, you must supply references.
Both of these scholarships may help pay for tuition and fees. For in state students it costs $18,198 plus fees. And for out of state students, $32,439 plus fees. Per the MBA student profile (Class of 2021), there are 117 students in each class. Students range in ages from 24 to 40.
Veterans form 11% of the class. Another 66% are men, and 33% are women. Most students in the class have average an GMAT of 695. And an average undergrad GPA of 3.39. Of these students, most have at least 6 years of work experience.
Ernest I.J. Aguilar Endowed MBA Scholarship: This award was set up between the Latino community and UW. Amounts range from $7,500 to $10,000. To qualify, you must be a Latino American and join with UW’ Business Center to help Latino owned firms thrive.
African American Heritage Endowed MBA Scholarship: This fund awards one scholarship each year. Award amounts range from $7,500 to $10,000. To qualify, you must be an African American student. Eligible applicants must attend the UW Foster School of Business. You also have to show academic excellence and business leadership.
Drexel University
The LeBow College of Business at Drexel offers scholarships for MBA students. While each has unique criteria, the funds aim to offset tuition. Graduate tuition at Drexel is $35,181 plus fees. To apply, you must fill out a form when you apply to LeBow.
Drexel Undergraduate Class of 2020 Scholarship: This scholarship is for eligible recent Drexel undergrads. It covers 50% of tuition (minus fees). You must have a 3.0 GPA to apply and send a resume, statement, transcripts, GMAT/GRE scores.
ROMBA Scholarship: Drexel partners with Reaching Out MBA (ROMBA). ROMBA nurtures domestic MBA students who are LGBTQ members. Every year, there are two ROMBA awards for full time MBA students. The award is up to $20,000. To qualify, you must show strong academic skills. Also, students must highlight LGBTQ leadership skills on their resume and essay.
University of California Berkeley
UC Berkeley has a few need and merit awards for MBA students. One is the Berkeley MBA Grant which awards MBA students with high financial need.
Another is a merit award called the Galloway MBA Fellowship. It supports full time MBA students at the Haas School of Business. All admitted MBA student may apply for these scholarships. To get in, you need above average grades.
The average undergrad GPA of their latest MBA class is 3.67 on a scale of 4.0. Average GMAT scores are 725. Both awards may help pay down tuition. For in state students, tuition is $11,442 plus fees. The tuition is $26,554 plus fees for out of state students.
Are There MBA Scholarships for Female and Minority Students?
There are of MBA scholarships for female and minority students. To help bridge the gender gap, many providers set funds aside for women only.
AAUW Career Development Grant ranges from $2,000 to $12,000 . The American Association of University Women Educational Foundation provides this award. And, the number of awards varies each year. Preferred applicants are AAUW members, women of color and women pursuing their first grad degree. You must also be a US citizen or permanent resident and trying to reenter the workplace.
Mary Elizabeth Lockwood Beneventi MBA Scholarship: Available through Daughters of the American Revolution (DAR). This award pays $2,000. While it does not auto renew, winners may reapply. To qualify, you must be a full time business admin major. You also need a 3.25 GPA and attend an accredited grad school.
What Scholarships Award Minority MBA Students?
Underrepresented groups are still in the minority at business school too. To enhance diversity on campus, many schools and other providers set scholarship funds for minority MBA students.
Toigo MBA Fellowship: The Robert Toigo Foundation offers 50 to 60 awards each year. Each scholarship is for $5,000. The main goal is to help minority students with deep finance skills. Once accepted in a Toigo MBA program, you might apply.
Second year MBA students may be eligible to apply for the yearly Vision award competition. This provides awards up to $10,000.
The Lagrant Foundation Graduate Scholarship supports more minority students who study advertising, marketing and PR. To do this they offer awards of $3,750 each to about 20 winners. The program is open to eligible US citizens, permanent residents and DACA students. You must also be a member of an ethnic minority group, have a 3.25 GPA and study full time.
This award is available for U.S. and international undergraduate and graduate students who are residents of North Carolina and studying business or business management at eligible North Carolina public institutions. Applicants must have a grade point average of 3.0 or higher.
This award is available for U.S. and international undergraduate and graduate students who are residents of Illinois. Applicants must have a grade point average of 3.0 or higher.
This award is available for U.S. and international undergraduate and graduate students who are residents of Indiana. Applicants must have a grade point average of 3.0 or higher.
This award is for U.S. and international undergraduate and graduate students who are residents of Coos, Curry, Jackson, or Josephine counties in Oregon or graduates of Franklin High School in Portland, Oregon. Applicants must have a grade point average of 3.0 or higher.
This award is available for U.S. and international undergraduate and graduate students who are residents of New Mexico and attending a New Mexico college/university. Applicants must have a grade point average of 3.0 or higher.
This award is available for U.S. and international undergraduate and graduate students who are residents of an eligible Midwestern state. Applicants must have a grade point average of 3.0 or higher.
This award is available to U.S. and international undergraduate and graduate students who are residents of an eligible Southern state. Applicants must have a grade point average of 3.0 or higher.
This award is available for U.S. and international undergraduate and graduate students who are residents of Oklahoma. The student must have a grade point average of 3.0 or higher.
This award is available for non-residents of Texas who are enrolled in one of the following public universities in Texas: Midwestern State University, Texas A&M University-Commerce, Texas A&M University-Galveston, or West Texas A&M University.
