Did the thought of your financials restricting your educational goals ever cross your mind? Some good people thought the same and decided to bring forward a specific amount of money to help talented folks like you. And that is exactly how my friend, the term ‘scholarship‘ was born.
Many countries offer various opportunities to talented students and want to make a difference. They do everything possible like offering jobs, internships, research programs or even financial assistance which both national and international students can avail. Some may require you to be of a certain age and have a certain GPA or sometimes no specific criteria are laid down. You just have to prove yourself as a rare talent to the world and you will surely get a chance.
However, those from developing nations need financial assistance because even after scoring good marks during exams, they cannot afford the high living costs of that country. So in order to ensure that all the deserving students get an opportunity to flourish, they are offered scholarship programs. These are not just prizes or award systems but a financial assistance plan. A place where your talent will be valued and you can have unlimited access to necessary resources for succeeding in the tough world of academics.
Types of MBA Scholarships
Need-Based MBA Scholarships
A need-based scholarship is for students who cannot afford the tuition fees of costly academic programs. They are designed especially for underprivileged groups such as folks from rural area, poor family background etc. It is offered by government agencies, NGO’s, university administration and sponsors across the world.
Merit-Based MBA Scholarships
Merit-based scholarship is awarded purely based on performance and potential of a student. It is different from need-based scholarships that are usually provided by government or any other organizations for specific groups. Merit based scholarships vary from university to university. You can get it at various stages of your career such as admissions, on-campus recruitment or at the time of pursuing your MBA.
Diversity & Gender-based MBA Scholarships
These scholarships are based on certain criteria such as country of your origin, race or gender. Some universities offer scholarships to students from a specific geographical area, country or ethnic group. They are provided with the prime aim of promoting diversity in the educational environment.
At other times, students get scholarships based on their gender, aiming to promote Gender Equality. There are a few different types of scholarships that provide funding for the cost of education, such as the Forté MBA Fellowships for Women, Reaching Out LGBTQ MBA Fellowship, Consortium for Graduate Study in Management, and so on.
How exactly a scholarship work?
In simple terms, scholarships are financial assistance that can be availed from various agencies. This may include the government, corporate institutions or even educational institutions. These provide you with an opportunity to pursue your dream course and enable you to achieve it without any financial constraints.
Scholarships are all about giving students a chance to excel in their fields of interest by providing them the necessary funds that they may need at times. The only motive of these scholarship programs is to encourage students towards better pursuits and nurture their skills.
However, it would help if you kept this in mind that the funds are not unlimited and like all other things; these also have a few criteria that you must fulfill to avail the benefits. Most of them include your academic performance, designing skill or even sports and arts. Moreover, there are also restrictions for international students like you, but if offered; they do let you complete your studies within a specific time frame.
How vital are MBA scholarships?
An MBA degree is one of the costliest degrees in the world. The Stanford University 1 year MBA (called the Masters of Science in Management) costs over $100k, and the two year official MBA degree, we leave it up to you to guess.
So if you want to pursue a MBA degree but have a tight budget, it’s time to start thinking about scholarships. Many students who cannot afford the high tuition fee are now taking up scholarships and doing an MBA without breaking the bank.
In fact, there are more than 150 different programs from over 30 universities that offer some sort of scholarship to MBA students. Some are full scholarships covering tuition fees, some are partial scholarships that cover only part of the tuition fee, and others are merit-based programs.
How difficult is it to get a scholarship?
The truth is, many people are unaware of scholarship programs. They tend to spend their energy and time on other things instead of concentrating on the most important aspect that can benefit them in the long run. Be it sports or music, there are always some kind of educational scholarships that you can apply for which will not even require you to produce any prior documents.
The first step that you should take is to ask yourself some questions like your skills, your interests, and what college you want to apply for? Then look at the scholarship opportunities which will be available for you. Make a list of all those scholarships that match your profile best and have a look at their details on the internet. You can even consult an expert or a counselor who is well versed with this field for more information about MBA scholarships.
Is it necessary to get a scholarship?
Well, it’s never a bad idea to get scholarships for your MBA. If you have the chance of getting a scholarship from either government or from any other private firm, don’t think twice about taking this opportunity. In fact, these scholarships will not only benefit you financially but also help you in improving your profile.
You might wonder how these scholarships can help you in achieving this aim. The truth is that experts design these programs to encourage and support students who have real talent and potential but lack funds or need some sort of sponsorship.
So, if you apply for a scholarship and get selected, you will attain a lot more than just money. You will get extra motivation to do better, you would be looked after by the university staff more closely and they will also pay attention towards your academics.
What are some of the best MBA Scholarships for Indian Students?
The Tata Education and Development Trust has endowed Cornell University with $25 million to aid meritorious, underprivileged Indian students financially. There are 20 scholarships offered, each scholarship is worth $5,000. The selection process is done through an extensive process, including written essays, group discussion, and personal interviews.
Provided by the INSEAD business school, this scholarship amounts to EUR 25,000. The Application usually starts between January and February each month. There are a lot of prerequisites here. Proof of salary and last 3 months bank statement is a must. Additionally, a good scholarship essay is also critical.
The Pershing Square Foundation provides this scholarship. It is applicable for those who want to enroll in the 1+1 MBA at Oxford. The panel selects 5 students among the talent pool and provides approximately 13.5 lakh for all expenses.
Primarily available to Indian students, this scholarship is for those who wish to apply for MBA at any university in the United Kingdom. It covers almost all the expenses that a student has to incur for his MBA degree in the UK. Not only they cover tuition fees, but also living expenses and insurance as well.
If you wish to study at Oxford for your MBA program, then the Rhodes scholarship is ideal for you. Here sadly, the number is limited. Considered to be one of the best scholarships out there, the amount (57 lakh+) is more than enough to cover most of your fees. The rest, you got to manage.
The Felix Scholarship provides bright, underprivileged Indian and other developing country students the opportunity of pursuing postgraduate education in the United Kingdom. The panel provides 20 scholarships each year, covering tuition fees and other essential expenses like living costs. The scholarship comes under both merit-based and need-based ones.
When you want to study at Harvard, money can be an issue. The best courses here cost a lot. The BF-Harvard amalgamation provides you with an amount of $95,000. It includes accommodation and travel allowances as well. You need to have an excellent academic record and a great GMAT score.
The University of the West of England provides the scholarship. It’s pretty popular as it helps students recover 50% of the tuition fees for the program in the first year. It would help if you have a good IELTS score and amazing English language proficiency for this to happen. Additionally, you need three years of work experience here as well. A personal statement is also required.
This is for those students who want to enroll in the Said Business School. Here the full tuition fee is reimbursed. Also, this scholarship takes care of the living expenses as well. As usual, a good GRE/GMAT and IELTS/TOEFL score is necessary. You also need to submit a great essay along with at least one professional reference here as well.
This scholarship is for those who wish to pursue their MBA from the Stanford Graduate School of Business. The candidate should possess excellent leadership abilities. It would help if you had past leadership roles. Do note that this scholarship is entirely independent of the Stanford application. First, get selected for the prestigious Stanford MBA and then apply for the scholarship.
The Skoll Scholarship provides a fully-funded course for MBA at the University of Oxford’s Saïd Business School. However, this scholarship is primarily for social entrepreneurs. The applicants should have a commendable record regarding social entrepreneurship skills. It is mandatory to spend at least 3 years in a social venture. Your work should have brought a positive change in society. Additionally, you must show that you need financial aid as well.
The panel designed the scholarships for all those outstanding students who wish to go to US colleges for all kinds of programs. Of course, MBA is one of them. The panel shortlists candidates based on their leadership qualities and work experience (3 years) in this case. Additionally, they give volunteer work even more preference.
You have to be among the 4 students that the panel selects for this scholarship. The scholarship award ranges from 15,000 to 25,000 EUR. It is available for the MBA program at INSEAD Singapore and only covers the tuition fees. This scholarship is for the sole purpose for providing bright students a chance to study at INSEAD.
This is for Women aspirants at the University of London. You will need a graduate grade similar to a UK 2nd class graduate degree. Additionally, you need atleast 3 years of work experience in the last 5 years. You also need a good IELTS and TOEFL score here as well.
What are you waiting for?
So, what are you waiting for? If you plan to do your MBA anytime soon, do check the MBA Scholarships for Indian Students. If you have any doubts, then ForeignAdmits is there to dispel all your doubts and queries. We are always happy to help you out in any way that we can!
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