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.
To be eligible for this scholarship, applicants must be enrolled in college, graduate school, or be a GED holder who are about to attend college; they also must show good academic standing by holding a GPA of 3.0 or higher. The recipient of this scholarship will have demonstrated their interest in serving the less privileged in our community.
The attorneys at Connecticut Domestic Violence Information Center are dedicated to assisting those in need. They understand the importance of giving back to the community and supporting people after experiencing something traumatic like domestic violence.
To show their appreciation for everyday heroes in our community, the Connecticut Domestic Violence Information Center is proud to once again offer the Good Samaritan Scholarship for 2023. This $1,000 scholarship will be awarded to a student who exemplifies the characteristics that are embodied by a good samaritan. We are looking for a student who is helpful and giving towards others. Good samaritans are sympathetic and kind; usually showing up to lend a hand at times when most others will not. We are excited to have the opportunity to acknowledge a student who goes above and beyond in showing generosity to others.
Peterson’s is an educational services company dedicated to furthering education after high school and beyond. The Peterson’s Graduate Scholarship is open to anyone at least 18 years of age high school graduate who is pursuing a graduate degree. Enter to win $2,500 for Grad School and apply today!
The Atlanta Divorce Law Group has worked with countless families through the most challenging times of their lives. Our attorneys have experience working through all aspects of divorce proceedings and see the strain it places on families. Despite the fact that many people view divorce as a negative situation, we believe in life Happily Ever After Divorce™. It is our mission to get rid of the stigma of divorce so people can make a real decision for their family’s future that does not come from a place of guilt and shame. We believe that when guilt and shame run the show, families stay stuck in dysfunctional relationships rather than make a movement towards becoming a healthier and happier family that may be under a different framework than marriage but nonetheless still a family.
Through our experience, our attorneys see first hand how divorce can actually leave families happier and lead to positive lives post-divorce. The Atlanta Divorce Law Group is proud to hold The Divorce Stigma Scholarship, for another year, to hear students share their experience with divorce and how it differed from the negative stigma that surrounds divorce today. Share your story with us and explain how a divorce experience of a close friend or family member had positive effects on those involved.
The winner of the scholarship will be chosen based on the criteria outlined below and will be awarded this $1,000 award to pursue their education.
The attorneys at Marcus & Mack have always valued giving back to the community. Marcus & Mack is involved in Big Brothers Big Sisters of Blair County, Junior Achievement of Western Pennsylvania, The Learning Lamp, and the Children’s Aid Society, just to name a few. These organizations give the firm opportunities to help local children in need. The firm also donates over $10,000 annually to local schools scholarship programs. Now, Marcus & Mack wants to hear how you help your community!
The 2023 Caring Community Scholarship is a $2,000 scholarship award available to one student who has worked to make their community a better place. Specifically, Marcus & Mack wants you to provide one example of a problem you saw in your community, what you did to combat it, and the positive impact your efforts had on your community, as well as on yourself. Our hope is that this scholarship will encourage students to get involved in their communities in whatever capacity they can. No effort is too small when it comes to helping others!
The scholarship is not transferable. The scholarship may be awarded to an alternate candidate if the scholarship notification is not acknowledged within 14 days of the notification date.
STARFLEET is fan club for Star Trek fans. Divided into hundreds of local Chapters, each is named as a different starship or space station. Scholarships are awarded to student members, in amounts of up to $1,000 based on number of applicants and availability of funds. Click here to learn more and apply today!
The PRCUA awards multiple annual scholarships for the purpose of providing financial assistance to students to earn undergraduate, graduate or professional degrees while actively celebrating their Polish heritage. Both members and non-members of the PRCUA are eligible to apply. Applicants must be U.S. citizens or permanent residents with a minimum 2.5 GPA (3.5 on 5-pt scale) who have completed their freshman year by the application deadline. Undergraduate students must be enrolled full-time, but graduate and professional studies students are eligible with part-time enrollment. There are no application restrictions based on residency, age, gender, religion, school, major, or finances.
