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Scholarships are an important part of financial planning when returning to school for an MBA. After all, graduate business school degrees are expensive. Top MBA programs in the United States, for example, can cost upward of $100,000. Even state schools can be more than $60,000 for a full-time, two-year program.
What many don’t realize is scholarships – big and small – are more abundant than ever. There was a time when companies sponsored the education of their employees, especially if they continued to work and attend school part time. Over the years, however, sponsorship has become less likely. In addition, MBA programs have tried to court underrepresented minorities. Therefore, scholarships have become more common.
Discover some of the possibilities for picking up free money:
GLOBAL
Business Schools
Individual schools offer scholarships and fellowships to incoming students. Check with the admissions or financial aid office when applying. Some schools post the information on their website. Others will answer your questions about scholarship opportunities but don’t publicize them.
QS Leadership Scholarship
QS, which is the parent company of TopMBA.com, provides $7 million in scholarships to attendees of the QS World MBA Tour, QS World Executive MBA Tour, QS TopMBA Connect 1-2-1 or the QS World Grad School Tour, who have attended a QS Fair in the last 12 months and completed the necessary application.
This is one of the best-known opportunities, and you can win a full ride to a top business school. Since 1966, the Consortium has been connecting its member schools with a more diverse set of candidates. Open to US citizens and permanent residents of any race, this scholarship is for those who have made a commitment to reducing the underrepresentation of African Americans, Hispanic Americans, and Native Americans at business schools and in the corporate world.
In an effort to increase diversity in its offices, Credit Suisse offers this fellowship to top first-year students focusing on investment banking, who are women, black/African American, Hispanic/Latino, or of Native American descent. They must qualify for the summer internship, then they’ll receive $40,000 for the first year. If they complete the internship and first year of school successfully and agree to continue with school and accept a full-time job at Credit Suisse, they will receive another $40,000 stipend to cover the rest of their education.
US residents with an undergraduate degree, who have served in the military, are eligible to apply for these opportunities. They have to complete an application within the allotted timeframe. The scholarship must be used toward graduate business schools that are among the Military MBA members. It can’t be combined with other full scholarships.
The Robert Toigo Foundation selects fellows the summer before students begin business school. This award addresses both merit and financial need. Students who are ethnic minorities, have an interest in a career in finance, and have been accepted to a US business school are eligible to apply.
The Forté Foundation is dedicated to increasing the number of women who apply and enroll to MBA programs. These fellowships are a major component of their strategy to complete this mission. So far, participating schools have given $142 million to more than 6,300 fellows, according to the Forté website. The first step for consideration is applying to one of the participating schools.
This is a unique scholarship opportunity for applicants to Rotman. Applicants must apply the Rotman approach to problem solving to address an issue presented to them. Then, they present their solution at an event. It’s the “chance to win more than $300,000 in scholarship awards,” according to the most recent event’s website page.
This Canadian university provides a list of scholarship opportunities, many of which provide small amounts to go toward education. However, among the list are a couple of chances to win up to $10,000 and the Kelly Family MBA Leadership Award, which is $20,000 for students demonstrating academic merit and outstanding leadership.
British Chevening Scholarships for International Students
Brought to you by the United Kingdom’s government, this scholarship program is designed to help developing global leaders. The program has been providing this funding for 35 years. It offers awards to students in 160 countries and territories.
Swedish Institute Scholarships for Global Professionals
If you’re interested in pursuing any kind of master’s degree, including an MBA in Sweden, you should consider this opportunity. Those with “ambition, leadership experience, and a strong professional background” can apply, according to the program’s website. This program replaces the previous Swedish Institute Study Scholarships.
INSEAD offers a number of scholarships for different people. Programs include INSEAD-Syngenta Endowed Scholarship for Emerging Country Leadership, INSEAD MBA ’75 Nelson Mandela Endowed Scholarship, and INSEAD MBA ’80 Endowed Scholarship for Europe.
Individual schools often offer their own scholarship opportunities. In many cases, business schools provide some funding based on merit after looking over applicants admissions applications. However, IMD provides a full listing of opportunities beyond its merit scholarships. Among the programs are the Emerging Market Scholarships, the Lausanne Alumni Club Merit Scholarship, Stewart Hamilton Scholarship for Women, and Nestlé Scholarship for Women.
Students with high achievements may qualify for full scholarship support for the 1+1 MBA, which covers the MBA and master’s program. This is a unique opportunity for those with startup ambitions. “Recipients are exceptional individuals who can demonstrate the potential and commitment to finding scalable and sustainable solutions to world-scale social challenges,” according to the scholarship’s website.
The Skoll Centre for Social Entrepreneurship at Oxford’s Saïd Business School opens up this scholarship to students pursuing entrepreneurial solutions to some of the world’s biggest social and environmental problems. Up to five scholarships are awarded and they cover full tuition and some living expenses.
Like many programs, Bocconi offers a number of scholarships, also called waivers, to students. There are 29 partial and total opportunities for merit-based funding on the school’s website. Three total tuition waivers are offered, including one for Europe (excluding Italy), another for outside Europe, and a final one for Italy.
DAAD Scholarships in Germany for Development Related Postgraduate Courses
DAAD is an effort to help leaders in developing countries gain a more global network and gain sophisticated training at a post-graduate program in Germany. Students from many countries, including Ukraine, Ghana, Haiti, Venezuela, Yemen, East Timor, and Tonga, are eligible.
CEIBS in Shanghai automatically considers incoming students for a number of scholarships. It also lists a number of substantial scholarship awards from CIEBS stakeholders. Among them are DDI-Shanghai Town & Country Scholarship, Infineum Scholarships, and the New Oriental Scholarship.
National University of Singapore (NSU) Business School provides a number of substantial scholarship opportunities. The NUS MBA Local Scholarship, for example, provides anywhere from 14 percent to 100 percent of tuition coverage. Incoming Singaporean students in the full- or part-time MBA program are considered based on their achievements in the application process and potential for leadership. There are many other opportunities, including for those planning to study at NUS from abroad.
This is another school that offers a number of scholarship opportunities to incoming students. For example, the HKUST MBA Merit Scholarship is offered to those with a strong bachelor or postgraduate degree/GMAT score, references, and interview performance, according to the school’s website.
UNSW AGSM Director’s Women in Leadership Scholarship
University of New South Wales offers the AGSM Director’s Women in Leadership Scholarship. It provides full tuition without residency requirements for a full-time MBA program. It’s open to women around the world who have displayed talent and potential for leadership in business.
University of Melbourne Graduate Research Excellence Scholarships
Anyone accepted to a graduate research program at University of Melbourne is considered for this generous award. The school chooses about 10 recipients and provides a total value of up to $94,200 in a general allowance for those with exceptional research potential. The school also offers Melbourne Business School specific scholarships.
Incoming MBA students at Monash Business School have ample opportunity to qualify for scholarships. The MBA Leadership in Emerging Economies scholarship is for those who can’t afford education but have demonstrated an ability and desire to “advance their nation’s prosperity,” according to the website. There are also scholarships aimed at supporting women in the MBA.
This school lists a number of scholarships among its financial aid information. The one it considers the most prestigious, however, is the Academic Merit Award, which is for incoming students who have shown the strongest academic background.
INCAE Business School in Costa Rica offers partial scholarships to qualified incoming students. Leaders for Change Scholarship, Woman Scholarship, and the Pellas Scholarship are among the possibilities.
There are a number of scholarships listed on the IPADE Business School website. The SEP Scholarship, which is determined based on undergraduate GPA, and Academic Excellence Scholarships are among the opportunities.
Francesca Di Meglio has written about higher education for two decades. She covered business schools and all aspects of management education for what became Bloomberg Businessweek from May 2004 to December 2013. Di Meglio was the consultant editor for the book Admitted: An Interactive Workbook for Getting into a Top MBA Program (85 Broads Publishing, 2011), which was written by admissions consultant Betsy Massar. In addition, she is a family travel and parenting blogger at the Italian Mamma website.
Global MBA Scholarships for Applicants to Business Schools
By Francesca Di
Updated UpdatedScholarships are an important part of financial planning when returning to school for an MBA. After all, graduate business school degrees are expensive. Top MBA programs in the United States, for example, can cost upward of $100,000. Even state schools can be more than $60,000 for a full-time, two-year program.
What many don’t realize is scholarships – big and small – are more abundant than ever. There was a time when companies sponsored the education of their employees, especially if they continued to work and attend school part time. Over the years, however, sponsorship has become less likely. In addition, MBA programs have tried to court underrepresented minorities. Therefore, scholarships have become more common.
Discover some of the possibilities for picking up free money:
GLOBAL
Business Schools
Individual schools offer scholarships and fellowships to incoming students. Check with the admissions or financial aid office when applying. Some schools post the information on their website. Others will answer your questions about scholarship opportunities but don’t publicize them.
QS Leadership Scholarship
QS, which is the parent company of TopMBA.com, provides $7 million in scholarships to attendees of the QS World MBA Tour, QS World Executive MBA Tour, QS TopMBA Connect 1-2-1 or the QS World Grad School Tour, who have attended a QS Fair in the last 12 months and completed the necessary application.
More information: TopMBA Scholarships
UNITED STATES
Consortium Fellowship
This is one of the best-known opportunities, and you can win a full ride to a top business school. Since 1966, the Consortium has been connecting its member schools with a more diverse set of candidates. Open to US citizens and permanent residents of any race, this scholarship is for those who have made a commitment to reducing the underrepresentation of African Americans, Hispanic Americans, and Native Americans at business schools and in the corporate world.
More information: The Consortium website
Credit Suisse MBA Fellowship
In an effort to increase diversity in its offices, Credit Suisse offers this fellowship to top first-year students focusing on investment banking, who are women, black/African American, Hispanic/Latino, or of Native American descent. They must qualify for the summer internship, then they’ll receive $40,000 for the first year. If they complete the internship and first year of school successfully and agree to continue with school and accept a full-time job at Credit Suisse, they will receive another $40,000 stipend to cover the rest of their education.
More information: Credit Suisse Fellowship
Military MBA Merit Scholarships
US residents with an undergraduate degree, who have served in the military, are eligible to apply for these opportunities. They have to complete an application within the allotted timeframe. The scholarship must be used toward graduate business schools that are among the Military MBA members. It can’t be combined with other full scholarships.
More information: Military MBA
Toigo MBA Fellowship
The Robert Toigo Foundation selects fellows the summer before students begin business school. This award addresses both merit and financial need. Students who are ethnic minorities, have an interest in a career in finance, and have been accepted to a US business school are eligible to apply.
More information: The Robert Toigo Foundation
Forté Fellows Program
The Forté Foundation is dedicated to increasing the number of women who apply and enroll to MBA programs. These fellowships are a major component of their strategy to complete this mission. So far, participating schools have given $142 million to more than 6,300 fellows, according to the Forté website. The first step for consideration is applying to one of the participating schools.
More information: Forté Foundation
CANADA
Rotman Problem Solving Challenge
This is a unique scholarship opportunity for applicants to Rotman. Applicants must apply the Rotman approach to problem solving to address an issue presented to them. Then, they present their solution at an event. It’s the “chance to win more than $300,000 in scholarship awards,” according to the most recent event’s website page.
More information: Rotman
McGill University MBA Scholarships
This Canadian university provides a list of scholarship opportunities, many of which provide small amounts to go toward education. However, among the list are a couple of chances to win up to $10,000 and the Kelly Family MBA Leadership Award, which is $20,000 for students demonstrating academic merit and outstanding leadership.
More information: McGill
EUROPE
British Chevening Scholarships for International Students
Brought to you by the United Kingdom’s government, this scholarship program is designed to help developing global leaders. The program has been providing this funding for 35 years. It offers awards to students in 160 countries and territories.
More information: Chevening Scholarships
Swedish Institute Scholarships for Global Professionals
If you’re interested in pursuing any kind of master’s degree, including an MBA in Sweden, you should consider this opportunity. Those with “ambition, leadership experience, and a strong professional background” can apply, according to the program’s website. This program replaces the previous Swedish Institute Study Scholarships.
More information: Swedish Institute Scholarships for Global Professionals
INSEAD MBA Scholarships
INSEAD offers a number of scholarships for different people. Programs include INSEAD-Syngenta Endowed Scholarship for Emerging Country Leadership, INSEAD MBA ’75 Nelson Mandela Endowed Scholarship, and INSEAD MBA ’80 Endowed Scholarship for Europe.
More information: INSEAD MBA Scholarships
IMD MBA Scholarships
Individual schools often offer their own scholarship opportunities. In many cases, business schools provide some funding based on merit after looking over applicants admissions applications. However, IMD provides a full listing of opportunities beyond its merit scholarships. Among the programs are the Emerging Market Scholarships, the Lausanne Alumni Club Merit Scholarship, Stewart Hamilton Scholarship for Women, and Nestlé Scholarship for Women.
More information: IMD MBA Scholarships
Oxford Pershing Square Scholarship
Students with high achievements may qualify for full scholarship support for the 1+1 MBA, which covers the MBA and master’s program. This is a unique opportunity for those with startup ambitions. “Recipients are exceptional individuals who can demonstrate the potential and commitment to finding scalable and sustainable solutions to world-scale social challenges,” according to the scholarship’s website.
More information: Oxford Pershing Square Scholarship
Skoll Scholarship
The Skoll Centre for Social Entrepreneurship at Oxford’s Saïd Business School opens up this scholarship to students pursuing entrepreneurial solutions to some of the world’s biggest social and environmental problems. Up to five scholarships are awarded and they cover full tuition and some living expenses.
More information: Skoll Scholarships
SDA Bocconi MBA Scholarships
Like many programs, Bocconi offers a number of scholarships, also called waivers, to students. There are 29 partial and total opportunities for merit-based funding on the school’s website. Three total tuition waivers are offered, including one for Europe (excluding Italy), another for outside Europe, and a final one for Italy.
More information: SDA Bocconi Scholarships
DAAD Scholarships in Germany for Development Related Postgraduate Courses
DAAD is an effort to help leaders in developing countries gain a more global network and gain sophisticated training at a post-graduate program in Germany. Students from many countries, including Ukraine, Ghana, Haiti, Venezuela, Yemen, East Timor, and Tonga, are eligible.
More information: DAAD Scholarships
ASIA
CEIBS Scholarships
CEIBS in Shanghai automatically considers incoming students for a number of scholarships. It also lists a number of substantial scholarship awards from CIEBS stakeholders. Among them are DDI-Shanghai Town & Country Scholarship, Infineum Scholarships, and the New Oriental Scholarship.
More information: CEIBS
NUS Scholarships
National University of Singapore (NSU) Business School provides a number of substantial scholarship opportunities. The NUS MBA Local Scholarship, for example, provides anywhere from 14 percent to 100 percent of tuition coverage. Incoming Singaporean students in the full- or part-time MBA program are considered based on their achievements in the application process and potential for leadership. There are many other opportunities, including for those planning to study at NUS from abroad.
More information: NUS
HKUST Business School
This is another school that offers a number of scholarship opportunities to incoming students. For example, the HKUST MBA Merit Scholarship is offered to those with a strong bachelor or postgraduate degree/GMAT score, references, and interview performance, according to the school’s website.
More information: HKUST
OCEANIA
UNSW AGSM Director’s Women in Leadership Scholarship
University of New South Wales offers the AGSM Director’s Women in Leadership Scholarship. It provides full tuition without residency requirements for a full-time MBA program. It’s open to women around the world who have displayed talent and potential for leadership in business.
More information: AGSM Director’s Women in Leadership Scholarship
University of Melbourne Graduate Research Excellence Scholarships
Anyone accepted to a graduate research program at University of Melbourne is considered for this generous award. The school chooses about 10 recipients and provides a total value of up to $94,200 in a general allowance for those with exceptional research potential. The school also offers Melbourne Business School specific scholarships.
More information: University of Melbourne and Melbourne Business School
Monash Business School Scholarships
Incoming MBA students at Monash Business School have ample opportunity to qualify for scholarships. The MBA Leadership in Emerging Economies scholarship is for those who can’t afford education but have demonstrated an ability and desire to “advance their nation’s prosperity,” according to the website. There are also scholarships aimed at supporting women in the MBA.
More information: Monash Business School
LATIN AMERICA
EGADE Business School
This school lists a number of scholarships among its financial aid information. The one it considers the most prestigious, however, is the Academic Merit Award, which is for incoming students who have shown the strongest academic background.
More information: EGADE
INCAE Scholarships
INCAE Business School in Costa Rica offers partial scholarships to qualified incoming students. Leaders for Change Scholarship, Woman Scholarship, and the Pellas Scholarship are among the possibilities.
More information: INCAE
IPADE Business School Scholarships
There are a number of scholarships listed on the IPADE Business School website. The SEP Scholarship, which is determined based on undergraduate GPA, and Academic Excellence Scholarships are among the opportunities.
More information: IPADE
This article was originally published in .
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Francesca Di Meglio has written about higher education for two decades. She covered business schools and all aspects of management education for what became Bloomberg Businessweek from May 2004 to December 2013. Di Meglio was the consultant editor for the book Admitted: An Interactive Workbook for Getting into a Top MBA Program (85 Broads Publishing, 2011), which was written by admissions consultant Betsy Massar. In addition, she is a family travel and parenting blogger at the Italian Mamma website.
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