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Prospective Master of Business Administration (MBA) students typically pursue a graduate education to improve their career outcomes: develop specialized management knowledge and skills, improve job opportunities and increase their salary potential. However, as tuition costs and economic expenses continue to increase, many potential students can be discouraged by the high costs associated with a graduate degree.
But financing an MBA is not an impossible task — scholarships are an excellent avenue to alleviate costs associated with a graduate degree. In this guide, search various types of scholarships available to MBA students including women, minorities and veterans, find tips for creating a standout application and review additional scholarship resources.
Regardless of gender, race or financial need, external scholarships are available to students applying to business school. These scholarships are typically sponsored by non-government organizations, such as businesses, foundations and associations, individual donors, or community agencies. Each business school has regulations on how general MBA scholarships can be applied to tuition and related costs, such as books or technology fees. Below are some examples of general MBA graduate scholarships.
FEMC Richard Metzler Scholarship
Intended for students who exemplify a commitment to the management consulting profession. Sponsored by the Foundation for Excellence in Management Consulting.
Government Finance Officers Association (GFOA) Daniel B. Goldberg Scholarship
Awarded to a full-time graduate student who is pursuing an advanced degree and intends a career in state or local government finance.
Government Finance Officers Association (GFOA) Minorities in Government Finance Scholarship
For full- or part-time upper division or graduate students studying in one of several finance-related areas including business administration, and who belong to one of a number of minority groups.
National Academy of Human Resources Graduate Scholarship
Candidates must be enrolled in a master’s degree program with an emphasis on human relations or a human relations-related subject, such as business. Must be a Society for Human Resource Management member.
Hubshout Internet Marketing Scholarship
Scholarships awarded twice annually to applicant with at least one year of college and a demonstrated passion for internet marketing.
Paul Hagelbarger Memorial Scholarship Fund
Sponsored by the Alaska Society of CPAs. Scholarships awarded on the basis of scholastic achievement, financial need and an intent to practice public accounting in Alaska.
Wiley CPAexcel Scholarship
Candidate must be a full- or part-time student college student taking at least on accounting course. In addition to the $2,500, winner receives the Wiley CPAexcell Gold CPA review course.
New Hampshire Society of Public Accounts (NHSPA) Scholarship Program
Applicant must be a U.S. citizen and New Hampshire resident. Graduate student applicants must be pursuing a degree in accounting or business.
Walmart Associate Scholarship Program
Applicant must be a part-time or full-time employee in any Walmart division for a minimum of six consecutive months prior to the scholarship application due date.
Golden Key International Honour Society Graduate Scholar Award
Candidate must be undergraduate senior about to graduate or a current graduate student, as well as a Golden Key Honor Society member with demonstrated academic achievement and community service.
Lance Surety’s $1,500 College Scholarship
Open to all undergraduate and graduate students enrolled at an accredited institution in the United States. Applicants must submit a 500-word essay on one of a number of subject areas, including mortgage brokerage.
LawnStarter Lawntrepreneur Scholarship
Open to students of all majors who previously or currently own a lawn care business or plan to start one after graduation. A 500 to 700-word essay submission is required.
InfoParrot Scholarship of Academic Excellence
Application requires the submission of a 1,000 to 1,600-word essay. Scholarships are renewable one time.
Mutual of Omaha Sales and Marketing Student Scholarship
Candidates must be currently enrolled and working toward a bachelor’s or master’s degree with an interest in a future in sales or marketing. Co-sponsored by AfterCollege.com.
AfterCollege Business Student Scholarship
Eligible candidates must be working toward a degree in a business-related field, such as business administration. Applicant must be a U.S. resident and a registered member of AfterCollege.com.
California Association of Realtors Scholarship Foundation Scholarships
Students must be enrolled in a California college or university for professions centered on a real estate related career such as finance or management.
Carl W. Christiansen Scholarship
Open to undergraduate and graduate students residing in Rhode Island and an expressed interest in public accounting during their undergraduate or graduate years in college.
Elliott C. Roberts Scholarship
This scholarship is open to second year graduate students pursuing a degree in healthcare administration or comparable field (MBA included). Sponsored by the Institute for Diversity in Health Management.
Transamerica Leaders in Healthcare Scholarship
Available to first and second year graduate students majoring in healthcare administration or related field (including MBA). Candidates must demonstrate financial need and a commitment to community service.
Union Plus Scholarship Program
Applicants must be current or retired members, or spouses or dependant children, of a union participating an any Union Plus program.
AICP Scholarship Program
Graduate candidates must have a declared major in a business-related field and have a GPA of 3.0 or better at the time of application.
QS Leadership Scholarship
Candidates must attend a QS World Grad School Tour fair and complete the QS Graduate Applicant Survey, as well as submit a 750-word essay on a designated topic.
AKA Graduate Scholarships
Sponsored by Alpha Kappa Alpha. Both merit-based and financial-based scholarships are available. Candidates need not be AKA members and scholarships are open to both men and women.
Mary Elizabeth Lockwood Beneventi MBA Scholarship
Applicants must be currently enrolled in a graduate school business administration program. Sponsored by the Daughters of the American Revolution, however membership in the DAR is not required.
Ritchie-Jennings Memorial Scholarship Program
Graduate applicants must be enrolled full-time and demonstrate a desire to pursue a career in fraud examination or closely-related profession.
Research confirms that women are underrepresented in both business and MBA programs. They only account for 41% of GMAT test takers, according to the Graduate Management Council and only 46% of MBA graduates according to the National Center for Education Statistics. For women, earning an MBA can be a key to unlocking career success and leveling the playing field in senior leadership positions. There are MBA scholarships and grants specifically designed to support the graduate education of women and foster their career advancement. Find out more about these scholarships.
American Association of University Women (AAUW) Career Development Grants
Grants made to provide assistance to women making a change of career, seeking advancement in a current career or reentering the workforce.
Chicana / Latina Foundation Scholarship Program
Offered to women of Chicana/Latina heritage who are enrolled in a college or university program in one of 13 Northern California counties.
Samuel Schulman Memorial Scholarship
Applicant must be a single mother entering or continuing in school to earn a marketable skill. Must be a resident and attending a college or university in Los Angeles, Ventura, Orange or Riverside counties in California.
P.E.O. International Peace Scholarship
Candidates must be currently attending a graduate school program in the United States or Canada. However, scholarships are open to citizens or permanent residents of countries outside of the U.S. and Canada.
Cheryl A. Ruggiero Scholarship
Must be a current Rhode Island resident to be eligible. Open to women accounting students, undergraduate or graduate, interested in pursuing a career in public accounting.
Eve’s Addiction Shine Bright Scholarship
Scholarship applicants must be enrolled in an accredited U.S. college or university and must submit a 500-word essay.
Eve’s Addiction Just for Moms Scholarship
Open to any mother enrolled in an undergraduate or master’s degree program at an accredited U.S. college or university. Must submit a 500-word essay.
Cronk Opportunity Scholarship for Lutheran Laywomen
Requirements include membership in Evangelical Lutheran Church of America. Applicant must have experienced some interruption in education of two years or more since high school.
Financial Women’s Association (FWA) Graduate Scholars
Five merit-based scholarships are awarded annually to women pursuing MBAs at Columbia Business School, Fordham University Graduate School of Business, Bernard M. Baruch College Zicklin School of Business and NYU Stern School of Business.
Forte Fellows Program
Participating schools determine who will represent them as Forte Fellows. Candidates should exhibit exemplary leadership and commitment to women and girls through mentorship and community involvement.
Jane M. Klauseman Women in Business Scholarship
Sponsored by Zonta International, a global organization empowering women worldwide through service and advocacy. Open to women pursuing a business or business-related degree and living or studying in a Zonta region/district.
Women’s Independence Scholarship Program (WISP)
Applicant must be a woman who is a direct survivor of intimate partner abuse. Special consideration is given to women who are interested in using their education to further the rights and options of women and girls.
QS Women in Leadership Scholarship
Candidates must attend QS World MBA Tour/QS Women in Leadership events and submit a 750-word essay explaining how the candidate plans to use her MBA as a future leader.
The Dodell Women’s Empowerment Scholarship
Must attend a college or university located in Los Angeles, Orange, Ventura or Riverside county in California. Open to women who are re-entering or continuing in school to learn a marketable skill.
Amelia Kemp Scholarship Fund
Candidate must be a member of the Evangelical Lutheran Church of America and have experienced an interruption in education for two years or more since high school.
General Federation of Women’s Clubs of Massachusetts Memorial Education Fund Fellowship
Limited to graduate students studying physical therapy or marketing who are residents of Massachusetts.
Women in Logistics Scholarship
Limited to students pursuing a degree in logistics or supply chain management at an institution in the San Francisco Bay Area. Candidates must submit an essay explaining their interest in logistics or supply chain management.
AAUW Selected Professions Fellowships
Business administration applicant must be a woman of color applying for second year of study only. Sponsored by the American Association of University Women.
WGA Mary Macey Scholarship Award
Graduate applicants must currently work, and be planning a career, in the independent grocery industry.
Open to U.S. students only wishing to pursue higher education. Award made on a random basis from among registered applicants.
Z-NEF General Graduate Scholarship
Awarded to a woman working on a professional, master’s or doctoral degree, or working in a post-doctoral program. Award is for full-time study for one academic year.
Nancy B. Woolridge McGee Graduate Fellowship
Available to Zeta Phi Beta sorority members pursuing a professional or graduate degree and demonstrating scholarly distinction or unusual ability in her chosen field.
Financial Women International Scholarship
Candidates must be female, a resident of Hawaii and have a GPA of 3.5 or higher. Applicants must be able to show financial need and be of good moral character.
Young Women’s Alliance Foundation Higher Education Scholarship
Available to women who are enrolled in a graduate degree program at a Central Texas university. Awarded on the basis of commitment to community service, leadership, financial need and academic achievement.
Angela Dipietro Women in Business Scholarship
Available to any female student with an interest in business or entrepreneurship demonstrated by past or present volunteer, professional and educational experiences.
The Graduate Management Council reports only 33% of GMAT test takers in 2014 were minorities: African American (8%); American Indian/Alaskan Native/Pacific Islander (1%); Asian American (12%); Hispanic (7%); and Multiracial/Multiethnic (5%). Completing an MBA can create opportunities for minorities to own a business (according to SBA, slightly more than 14% of businesses are owned by minorities) or move into the C-suite. In order to promote greater representation in the business world, scholarships have been created specifically for minorities to fund their graduate education. Learn more about MBA scholarships for minorities below.
National Black MBA Association Graduate Scholarship
For students pursuing careers in business, academia and related professions. Must be a member of the NBMBAA to be eligible.
The Paul and Daisy Soros Fellowships for New Americans
Merit-based award that supports 30 students annually. Must be child of naturalized citizens or be a permanent resident or naturalized citizen on his or her own.
Kosciuszko Foundation Tuition Scholarships
Candidates must be U.S. citizens or permanent residents of Polish descent and a graduate student at a college or university in the United States. Available to full-time student only.
Toigo MBA Fellowship
For students of one of a variety of minority backgrounds who are applying to or have been accepted into an accredited two-year MBA program or JD/MBA program.
The National Center for American Indian Enterprise Development Scholarship
Applicant must be a full-time student majoring in a business related field at an accredited college or university. Must also possess a document of Tribal Enrollment (American Indian or Alaska Native)
Association of Latino Professionals (ALPFA) Annual Scholarship Program
Applicants must be of Hispanic heritage and paid ALPFA members enrolled full-time in an accredited U.S. college or university.
Penobscot Nation Fellowship
Candidates must be members of the Penobscot Nation who are currently enrolled as a undergraduate senior or graduate student. Awards determined by the Penobscot Nation Higher Education Committee.
The CIRI Foundation General Scholarship
Open to individuals who are Cook Inlet Regional, Inc. enrollees or direct lineal descendants, attending an accredited institution and maintaining a 2.5 GPA. Mid-term scholarships of $2,500 also available.
“Business Plan” Scholarship for Students with Disabilities
Student must have a documented disability. Award made to student who submits the best essay on the topic, “What I learned from writing a business plan.”
Boomer Esiason Foundation (BEF) General Academic Scholarships
Open to students with cystic fibrosis. Factors considered include finanical need, scholastic ability, leadership, character and service to the community.
Cathy L. Brock Memorial Scholarship
Eligibility requires that the applicant be a member of a federally-classified minority group in his or her first or second year of graduate school at the time of application. Must be pursuing a degree in healthcare administration or a comparable subject (including MBA).
DRK Attorneys Mental Health Scholarship
Offered to students accepted into or currently enrolled in a college in the U.S., and a documented mental illness diagnosis and currently under the care of a mental health professional.
Bressmanlaw Traumatic Brain Injury Scholarship
Open to undergraduate and graduate students currently enrolled at or accepted to a U.S. college or university. Applicant must have a documented diagnosis of a traumatic brain injury.
National Association of Black Accountants (NABA) National Scholarship Program
Available to African-American students and students of African descent enrolled in or accepted to a master’s-level business program.
Congressional Hispanic Caucus Institute (CHCI) Scholarship
Eligibility requirements include full-time enrollment in an accredited educational institution within the U.S. or Puerto Rico, demonstrated financial need, and consistent active participation in public or community service activities.
Point Foundation Scholarships
Candidates must be “out” as a person who identifies within the LGBTQ spectrum. Factors considered for award include a very strong academic background and proven leadership skills.
Asian and Pacific Islander Queer Sisters (APIQS) Scholarship
Eligibility requirements include: residency in Alaska, Idaho, Montana, Oregon or Washington state; female of Asian or Pacific Island descent and self-identifies as homosexual, bisexual or transgendered.
The Lagrant Foundation Graduate Scholarships
Requirements include membership in one of the designated minority/ethnic groups, and pursuit of a degree in advertising, marketing or public relations.
Sachs Foundation Graduate Scholarships
Awards are made on a case-by-case basis and restricted to current Sachs Foundation recipients who will or have received their undergraduate degree within the last three years.
Albert W. Dent Graduate Student Scholarship
Candidate must be enrolled in the last year of a graduate program in the healthcare or related field (includes MBA). Sponsored by the American College of Healthcare Executives.
HBCU Connect Minority Student Scholarship
Offered to students currently enrolled or planning to enroll in a historically black college or university within six months of the submission deadline.
Award for Excellence in Business Commentary National Essay Competition
Essay contest open to African-American students currently enrolled in an MBA program. Requires submission of a 2000 to 3,000-word essay on a given business topic.
HSF General College Scholarships
Graduate applicant must be a U.S. student who is at least one-quarter Hispanic/Latino and enrolled full-time at an accredited non-profit graduate school. Awards based on merit.
Ernest I.J. Aguilar Endowed MBA Scholarship
Candidates must be of Hispanic heritage and enrolled in a MBA program at the Foster Business School of the University of Washington in Seattle.
JCPenney Leadership Excellence Scholarship
Candidates must attend a HACU-member college or university in the U.S. or Puerto Rico, and majoring in business, retail, supply chain/logistics or related field.
Active military service members and veterans alike can earn an MBA to advance an active duty transition to a civilian employment path. They can leverage a variety of funding sources to pay for their graduate education, including the Post-9/11 GI Bill and the Montgomery GI Bill. In addition to government sponsored programs, military service members can take advantage of external MBA scholarships awarded to individuals with military experience or service in specific branches of the military. Continue reading for more information about military scholarships for MBA students.
PNC-SVA “Serving with Integrity” Scholarship
Open to individuals who have been honorably discharged from Active Duty military service or currently serving in Guard or Reserve. Sponsored by the Student Veterans of America and PNC Bank.
SVA-NBC Universal Scholarship
Sponsored by Comcast/NBC Universal and the Student Veterans of America. Open to veterans pursuing a degree at an accredited U.S. college or university. Requires completion of an essay.
Army Women’s Foundation Legacy Scholarship Program
Applicant must be a woman, or child of a woman, who is currently serving or has served honorably in the U.S. Army, U.S. Army Reserve or Army National Guard.
Kenneth L. Varns and Harvey D. Varns Memorial Endowment
Applicant must have a family member who was a fallen or wounded member of the military. Sponsored by the Epsilon Sigma Alpha Foundation.
Katherine F. Gruber Scholarship
Applicant must be either a dependent child, grandchild, or spouse of a blinded veteran or an Active Duty member of the U.S. Armed Forces. Sponsored by the Blind Veterans Association.
Military MBA Scholarship
Applicants must be prospective MBA students who have not graduated from or are actively matriculating in an MBA program. Open to anyone that has earned an undergraduate degree and served in the military. Candidate must attend one of approximately 50 designated schools.
Tillman Military Scholars Program
Graduate students must pursue their degree full-time. Open to both Active Duty personnel and veterans and their current spouses (including surviving spouses).
Hope for Kansas Heroes Endowment Scholarship
Sponsored by the Epsilon Sigma Alpha Foundation. Open to Kansas residents who are Active Duty military, veterans, or members of their families. Financial need is considered.
Col. Charles E. McGee Scholarship
Applicants must be enrolled or plan to enroll in a degree-seeking program at Columbia College of Missouri. CCM offers MBA’s with three emphasis options.
Donald P. Weber Veterans Memorial Scholarship
Candidate must be a Wisconsin resident and attend a college on a University of Wisconsin campus. Financial need is a factor in awarding this scholarship.
Georgia’s HERO Scholarship Program
Candidate must be active Georgia National Guard and have been deployed overseas. Must be a Georgia resident for 12 continuous months immediately before starting school and enrolled at a Georgia postsecondary institution.
New Mexico Vietnam Veteran’s Scholarship
Open to Vietnam veterans who were New Mexico residents at the time of entering military service and are currently New Mexico residents for the ten years. Must attend a New Mexico postsecondary school.
Honorably Discharged, Separated or Retired Veterans Who Move to Texas Tuition Waiver Program
Tuition waiver program that pays for the difference between resident and non-resident tuition for non-Texas resident veterans who have recently moved to Texas and will attend a Texas postsecondary public institution.
Illinois Veteran Grant (IVG) Program
Candidates must have served at least one year of Active Duty or served in a foreign country at the time of hostilities, regardless of length of duty. Open to current Illinois residents who were additionally Illinois residents at the time of entering service. Pays eligible tuition and fee costs for attending an Illinois public postsecondary education program.
Edward T. and Mary A. Conroy Memorial & Jean. B. Cryor Memorial Scholarship Program
Open to Maryland resident veterans who: were POW’s during the Vietnam Conflict or; suffered a 25% or greater permanent disability as a result of military service and have exhausted, and no longer eligible for, federal veterans’ educational benefits.
Colorado Technical University Wounded Warrior Scholarship
Open to U.S Armed Forces (including National Guard and Reserve) Active Duty members or veterans currently receiving medical treatment for injuries (over 30%) suffered in the line of duty. Scholarship for use at Colorado Technical University only.
Veterans United Foundation Scholarship
Applicant must be Active Duty member or veteran, or spouse, child or surviving child of member or veteran.
Sports Clips Help a Hero Scholarship
Offered to retired, honorably discharged, or Active Duty military, or member of the National Guard or reserve who are separated with or currently hold an E-5 or below rank. Applicants must show financial need.
Woman Marines Association (WMA) Scholarships
Eligibility open to candidates who are currently serving, or have served, in the United States Marine Corps. Applicant must be nominated by a WMA member. Requires an essay demonstrating the applicant’s community service and career goals.
Donaldson D. Frizzell Scholarship
Available to active, guard, reserve and retired members of the U.S. uniformed services, their spouses and dependents. Selections are based on merit, strength of applicant’s recommendations and applicant’s essay.
Army Aviation Association of America (AAAA) Scholarships
Open to current AAAA members, their spouses, children, grandchildren and unmarried siblings. Graduate students are required to submit a short essay on personal work history, experience and aspirations. Awards are merit-based.
AMVETS National Scholarship Program
Open to veterans who are U.S. citizens and can demonstrate financial need.
506th Airborne Infantry Regiment Association Scholarships
Applicant or applicant’s parent, grandparent, spouse or sibling must have served with the 506th Airborne. Criteria considered for award includes financial need, applicant’s overall academic excellence and quality of the applicant’s chosen postsecondary institution.
Fleet Reserve Association (FRA) Member Scholarships
Open to current FRA members and their spouses, children, grandchildren and great-grandchildren. FRA membership requires affiliation with the U.S. Navy, Marines or Coast Guard. Several FRA scholarships give preference to those candidates applying for post-graduate programs.
Fleet Reserve Association (FRA) Non-Member Scholarships
Candidate must be affiliated with the U.S. Navy, U.S. Marines or U.S. Coast Guard either past or present. Membership in the FRA is not required.
The Graduate Management Admissions Council’s 2015 Corporate Recruiters Survey found the median salary for MBA graduates in the U.S. exceeds $100,000 and 92 percent of U.S.-based companies surveyed expected to hire MBA graduates in 2015.
One of the most common concerns prospective students have about enrolling in an MBA program is the cost of their education. Data from the Association to Advance Collegiate Schools of Business reveals the average annual MBA tuition is slightly more than $44,000, with top schools charging more than $60,000 per year to attend their program.
Real reservations exist about how to finance the degree and graduate with as little debt as possible. A 2015 survey from the Graduate Management Council reports that most MBA candidates expect to pay for their degree through personal earnings/savings and loans. In fact, the survey found there is increasing reliance on spousal or parental support to cover the cost of attending business school.
After all the miles and the memories of the last two years, now I see the biggest sign of hope: You, my friends, my fellow graduates, not because of what we have done, but because I know we have more work to do. In your hands as well as mine lies the hope for a new generation of business leaders in which each of us becomes a pioneer, in which each of us commits our time and talent not just to the treasures of today, but to the frontier of tomorrow where new dreams and new hopes and new possibilities are waiting.Casey Gerald
During Harvard Business School’s 2014 commencement ceremony, Casey Gerald stood before about 900 of his graduating classmates and without notes, gave one of the most inspirational speeches to date.
Let his moving speech help inspire you when you begin working on your scholarship applications.
Scholarships can relieve the financial pressure of attending graduate school, which means students need to be prepared and develop an organized process for submitting applications. While no single formula exists for a successful scholarship application, applications should tell the candidate’s story and weave a strong narrative about that applicant’s candidacy.
Typically, applications consider three major elements: academic background; personal qualities; and professional experiences. Taken together, these elements allow scholarship organizations to paint a picture of the applicant as both a student and professional.
Below is a list of tips for compiling a strong scholarship application and steps to take to make an application stand out.
Before starting the application process, students should take the time to create a motivational profile—to take stock of why they want to earn an MBA and why they would be a good candidate to receive a scholarship.
This process includes developing a personal portfolio of information, including background on their undergraduate education, income, race and demographics, disabilities, professional certifications, and future career interests. The portfolio will be relied upon heavily when searching for scholarships, writing personal statements, and compiling individual scholarship application sections.
Although it is an important part of the application, it is not the only factor considered during the scholarship application process. Because MBA curriculum is extremely rigorous, students must demonstrate they have the academic preparation required to be successful in the classroom.
Undergraduate Preparation. Measures of academic success may include the student’s undergraduate degree, GPA, class rank, and post-graduate coursework.
Test Scores. The General Management Admissions Test (GMAT) is the most widely used standardized test used in the business school application process. GMAT scores are evaluated, which means students should endeavor to achieve a competitive score. Some schools may require Graduate Record Examination (GRE) scores or TOEFL scores for international students.
Credentials. Data from Graduate Management Admission Council (GMAC) shows the average MBA applicant applies to graduate school approximately four and a half years after graduating from college. That means they should demonstrate a certain level of professional development in that time, including earning certifications and credentials in their field. Example credentials include Chartered Financial Analyst (CFA), Certified Public Accountant (CPA), or Professional Engineer (PE).
The personal profile is the applicant’s opportunity to speak directly to the scholarship and application committee. Here, candidates discuss their reasons for attending graduate school, why they are a good fit for the scholarship, and provide supporting evidence from other individuals about their scholarship candidacy.
Personal Statement. A concise, yet comprehensive personal statement allows applicants to tell the committee why they deserve to be awarded a scholarship. Personal statements traditionally ask students to discuss their work experience, short- and long-term educational goals, demonstrate their fit for the scholarship program, and explain how they will use the scholarship funding.
Essays. Some scholarships may ask applicants to write an essay on a specific prompt. The essay should adhere to the guidelines and be unique. Example prompts include “How do you bring diversity to an MBA program?”; “Why are you applying for an MBA?”’ and “Describe a professional situation where you demonstrated leadership.”
Recommendations. Beyond a personal essay, scholarship committees typically ask for multiple letters of recommendation. Select individuals that can speak about professional achievement, leadership qualities, and academic aptitude. Recommendations should provide real-world examples of the applicant’s qualities and are typically two- to three-pages in length.
Resume. A properly formatted resume that discusses the candidate’s professional experience, job skills and management abilities demonstrates what the applicant has learned in the workplace and indicates the potential for future academic success in an MBA program.
Activities & Honors. In this section, applicants have a chance to share about their activities outside of the classroom. These include charitable, community, professional, athletic and civic interests. Additionally, applicants should also list their academic or professional activities for which they received recognition or awards. It’s important for applicants to list the most important activities and honors first
MBA candidates are encouraged to start the scholarship process as early as possible. GMAC advises students develop a targeted list of scholarship programs at least eight months before taking the GMAT examination. Below is a list of tips for preparing and staying organized when applying for MBA scholarships.
Start applications early. Students are recommended to start compiling scholarship materials at least three to four weeks prior to the deadline to ensure they have time to complete their application.
Get organized. Students should develop an organizational system (e.g. spreadsheet or binder) to maintain a list of targeted MBA scholarships. Each scholarship should include the name of the sponsoring organization, the website, scholarship award amount, eligibility requirements (e.g. race, financial income), application materials (e.g. personal statement, GPA), and deadlines.
Request transcripts and test scores. MBA scholarship applications traditionally ask students to include transcripts of their undergraduate degrees and official test scores from the GMAT and GRE. Scholarship candidates should request these materials as early as possible in the process.
Read application criteria. Before applying for a scholarship, students should examine the eligibility criteria. Does the student meet demographic requirements? Does the student meet financial requirements?
Review the application. Before submitting the application, candidates should proofread each section, looking for spelling and grammatical errors. In addition, they should make sure each section is complete, all required documentation is included, and any required signatures have been made.
Make copies of the application. Depending on the award, students may be able to secure multiple scholarship awards. Keeping a copy of the scholarship application can speed up the process when submitting for a renewal of the scholarship.
Because earning an MBA is an investment, prospective students should due their due diligence to make that investment as affordable as possible. Locating potential scholarships takes time, research and effort. The sites below include searchable scholarship databases and offer a variety of advice and resource information for students considering a graduate education in business.
After creating a personal profile, students can search Scholarship.com’s database to find scholarships that match their educational interests. The site also provides a range of information about MBA programs, from application tips to steps to finding the right business school.
Peterson’s scholarship database includes 5,000 scholarship providers and more than 1.5 million grants, scholarships, and fellowships. Prospective MBA students can search the database by keyword or conduct a targeted search using filters such as area of study, citizenship, military service, and religious affiliation to find scholarship opportunities.
A financial aid resource site, FinAid.org provides a variety of information on funding a graduate education, including overviews of federal and state financial aid programs, insight into finding and winning scholarships, and ways to avoid scholarship scams.
The College Board offers a database of scholarship, internship and financial aid support from more than 2,200 programs. Scholarship information is collected through the organization’s annual survey of financial aid programs at colleges throughout the country.
An online resource, Fastweb provides free access to scholarship information. Prospective students can use a matching system that locates scholarships based on the student’s academic interests and skills, or search the comprehensive scholarship database by theme, deadlines, and program of study.
Unigo.com is an online hub of college-related information, ranging from reviews to scholarships. The site offers a database of 3.6 million scholarships and a personalized matching service. Students may review opportunities in numerous ways, such as academic specialty, demographic (e.g. minority, women), or financial need.