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 scholarship is open to Arizona students who are currently attending a college or trade school or who plan to attend for fall 2020. Students must pledge to not text and drive.
The HIE Help Center will award one annual scholarship in the amount of $1,000 to an undergraduate or graduate student who plans to pursue a career in physical, occupational, or speech therapy. . Applicants must have a grade point average of 3.0 or higher.
The Road to Recovery Scholarship is available for undergraduate and graduate students in the U.S. who submit an original essay of at least 750 words in length. Applicants must have a grade point average of 3.0 or higher.
The Thomas J. Henry Leadership Scholarship is available for U.S. students who demonstrate evidence of leadership. Click here to learn more and apply today!
The iVein® Health & Wellness Scholarship is available for undergraduate and graduate students who submit an essay on the importance of living a healthy lifestyle in college. Click here to learn about how you can apply today!
This extraordinary scholarship opportunity has a deadline of February 29, 2024, and offers an impressive award of $1,000. But what truly sets it apart is our innovative approach to the application process. We’re not interested in the same old traditional essays. Instead, we invite you to unleash your creativity and showcase your vision by creating a captivating video.
Your mission? Craft a video that takes us on a journey into your future. Show us how you plan to rock the business world with your unique education and skills. We’ve set a minimum time requirement of two minutes, but there’s no upper limit. We want to give you the freedom to express your ideas, passions, and ambitions without boundaries.
We believe that the business world thrives on innovative thinking, and this scholarship prompt is designed to fuel your imagination. It’s your chance to break the mold, think outside the box, and create something truly extraordinary. We want to see your entrepreneurial spirit shine through as you unveil your revolutionary strategies, game-changing ideas, and plan to reshape the business landscape.
By choosing a video application format, we offer you a platform to showcase your passion and commitment to significantly impacting the business industry. We can’t wait to witness the diverse perspectives and groundbreaking concepts that will shape the future of this field. So, prepare to captivate, inspire, and show us how you will rock the business world. This is your moment to step up and embrace the opportunity to be a catalyst for change.
The Advocates Law Scholarship is provided biannually for undergraduate and graduate students in the U.S. To apply, applicants must submit an original essay of between 300 and 500 words in length.
Michael McCready is a family man by default. He and his wife reside in Chicago along with their six children. Being a family man, Michael stays very involved in his children’s lives and as they have grown he has seen the massive impact cyberbullying can have on individuals, their friends, and especially amongst their peers.
Cyberbullying is much more comprehensive than what we consider “traditional” bullying. With the copious amount of technology at our fingertips, children are gaining access to devices and social forums at a much younger age. This enables cyberbullying to affect children and teenagers 24/7 on a variety of media platforms, not just in your immediate community but in online communities where participants are from all over the world.
Everyone can help prevent cyberbullying by raising awareness about how to prevent it. The personal injury attorneys at McCready Law have established a scholarship in the amount of $1,000 for a student who is passionate about this issue. Cyberbullying is prevalent and at times can seem unstoppable, so how can we effectively raise awareness to promote prevention?
Here at Grungo Colarulo, we are experienced personal injury trial attorneys committed to understanding the devastating effects that an unexpected tragedy can have on a family, and we use this knowledge of advocacy and service to give back to our communities.
We believe that it is essential to lead by example and serve one’s community. We hope to encourage others, particularly students, to do the same.
At Grungo Colarulo, we believe it is important to empower others to make the world a better place by helping them to realize their full academic potential. In 2021, we were happy to select Stella Walborn as the winner of our scholarship because of her leadership and dedication to the community.
We are proud to continue the Grungo Colarulo Giving Back to the Community Scholarship of $1,000 for the sixth year in a row to celebrate individuals who are committed to service in their community.
The scholarship will be awarded to the student whose essay best describes their experienced commitment to community service and what role their experience with community service has played and will play in their academic career.
The 2021 Justice For All Scholarship will reward one individual with $1,000 who best explains a situation where they persevered through hardship and served justice in one way or another. Check or their scholarship page to apply!
