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.
Howard Roark. John Galt. Dagny Taggart. Hank Rearden. The heroes of The Fountainhead and Atlas Shrugged are famous because they’re unique. Rand’s stories, full of drama and intrigue, portray businessmen, inventors, architects, workers and scientists as noble, passionate figures. Where else will you find an inventor who must rediscover the word “I,” a young woman who defies a nation embracing communism, or an industrialist who must disguise himself as a playboy? A philosopher-pirate? An architect who is fiercely selfish yet enormously benevolent? A man who vows to stop the motor of the world — and does?
In creating her novels, Rand sought to make real her exalted view of man and of life — “like a beacon,” she wrote, “raised over the dark crossroads of the world, saying ‘This is possible.’” For millions of readers, the experience of entering Rand’s universe proves unforgettable.
Are you a changemaker? Are you driven by a passion for the health & well-being of people, our planet, and innovative business and healthcare initiatives? If so, this scholarship is just for you! Click to learn more and apply today!
This scholarship is for eligible applicants must be planning to or currently enrolled in a graduate school program. Click to learn more and apply today!
At educations.com, the belief that studying abroad helps shape the next generation of globally-minded leaders in business – and they want more of you to have that opportunity. That’s why educations.com is offering one MBA scholarship of up to $7,000 to help cover your tuition fees and get you one step closer to the next stage of your career. The scholarship will be awarded from the Fall 2022 semester onwards up to a value of $7,000, and is open to students from any country who will be studying an MBA degree abroad at a university or business school.
As a small way to help create a more equal playing field, the “$1,000 Equal Opportunity” Scholarship exists to support two motivated high school, undergraduate, or graduate school students who want to improve their life and the lives of the people around them.
The scholarship is open to students from any field of study who have a 2.0 GPA or higher.
Sponsored by Admark Technologies Ltd./ CoinIQ.com. Carefully review the requirements to be sure you qualify for this source of financial aid and confirm information with the program before applying. Sponsoring organizations may have changed policies, awards, or requirements since supplying their information.
A Freshman, Sophmore, Junior, Senior, or Graduate student currently enrolled at an accredited college or university
?Minimum of a 3.0 weighted GPA
?Majoring in a Marine Sciences, Ocean Studies, Marine Biology, Environmental Science, Ecology, or a similar study
?Submit an essay of 500-700 words discussing your involvement with ocean science and/or why you are pursuing an education and career in the field.
The 2021 Sparks Law Dream Chasers Scholarship was created to help reward young students who are chasing their dreams. Click to learn more and apply today!
The personal injury attorneys at Felix Gonzalez Law Firm have dedicated their practice to protecting those who have been injured due to the negligence of others. We care about everyone’s safety, especially cyclists on the road. This year, we are offering a scholarship to promote safe cycling.
Cyclists are faced with many distractions and dangers on the road. It is important for citizens to take precautions while on the roads, not only for themselves but for others around them. For example, in San Antonio, the city is considering extra precautions to ensure safe conditions by expanding bike lanes.
For this scholarship, please explain how governmental measures, like bike lanes, can help prevent accidents in your community. Discuss old and new laws, education around the dangers of cycling in an unsafe space, and if you think more could be done to ensure the safety of cyclists.
Once all submissions have been received, the entries will be reviewed, and one student will be selected to receive a $1,000 award. The award will be given to the person who best describes the effect of safe cycling in their community and/or changes that are being implemented.
The attorneys at Capital Family Law Group know all too well that everyday parents make selfless sacrifices for their kids, whether it’s sacrificing their time, their money, or something else to make sure their children are well taken care of.
One way some parents help their kids is by providing financial support for their children to seek a higher education. We know how hard and stressful this can be, so we decided to offer a scholarship to help relieve some of the financial burdens on students and their parents. The 2023 Selfless Parent Scholarship will award a $1,000 scholarship to a student who best shares how their parent has made sacrifices for them throughout their life, and how these sacrifices have benefited the student.
The best submissions will discuss examples of how the applicant’s parent(s) have made sacrifices to help the applicant succeed in life. Examples can include, but are not limited to, driving the applicant to after-school activities, buying a present for the student that helped him/her discover their passion, or sending the student to a new school to enhance their learning.
