It can be difficult to afford an MBA, especially because some MBA programs have annual costs of $80,000 or more. MBA Scholarships are hard to come by, but they are also available every application year. Graduate student loans are a common way for MBA students to finance their education. In this blog post, we will help you identify various scholarship options.
MBA fellowships, also known as MBA scholarships, can be divided into two main groups:
1. Merit-based money offered as a result of the MBA application.
The majority of scholarships are awarded based on your initial MBA application. You won't need to submit any more materials in these cases to be taken into consideration. Financial help is made available to applicants who the school hopes will transfer from other colleges.
Where does this money come from?
The school itself might provide this funding. It has nothing to do with the candidates' particular background in terms of career or demographics. Or the scholarship might be offered in association with another organization. The admissions committee has the final say, however this organization may submit recommendations for consideration.
For instance, while choosing applicants for the Forte MBA Fellowship, admissions directors are advised to consider the following criteria:
Candidates should exhibit exemplary leadership in one or more ways: academic leadership, team leadership, community leadership, and creative leadership.
Candidates should represent a diversity of educational and work backgrounds, career goals, ethnicities, citizenship/nationality, sexual orientation, and gender identities/expression.
Candidates should demonstrate a commitment to Forté’s mission of launching women into fulfilling, significant careers through access to business education, opportunities, and a community of successful women.
Additional requirements may be set by individual schools (for example, alignment with school’s mission or core values).
Forté offers MBA scholarships to female applicants to any of its partner institutions. Top MBA programs including Harvard Business School, Wharton, Chicago Booth, and Kellogg are among them.
2. MBA scholarships that students apply for directly.
These grants typically target particular applicants depending on their industry, race, gender, and so on. Each of these scholarships has its own requirements that must be met, and separate applications must be submitted. Examples comprise of:
The Consortium
They have provided more than $465 million in fellowships to the nation's top MBA students since 1966. They provide courses that include two years of full-time study and pay the entire tuition and required fees. A one-year curriculum is also available at Emory.
NBMBAA (National Black MBA Association)
This scholarship is designed to lower unemployment rates among the Black community, assist the Black community in achieving the highest levels of academic success, and boost lifetime median income potential. They work to promote awareness of and improve access to graduate and business education programs in professional domains and have 20,000 members in 40 professional Chapters.
NSHMBA/Prospanica (The National Society of Hispanic MBAs)
Since their establishment in 1988, the NSHMBA has organized yearly conferences for career and professional development that have introduced thousands of Hispanics to graduate programs, subject matter experts, businesses, and other professionals.
Prospanica has awarded more than $8 million in scholarships for graduate study, and many of the recipients have served as leaders of professional and academic chapters at universities around the US and Puerto Rico, furthering diverse causes in their local areas. As the percentage of Hispanics in the population continued to rise in 2016, they changed their name to Prospanica in order to better serve all Hispanic professionals.
IF YOU NEED ADDITIONAL ASSISTANCE WITH YOUR MBA SCHOLARSHIP APPLICATION, GET IN TOUCH WITH US TO FIND OUT HOW AMERASIA CONSULTING CAN HELP YOU ATTEND YOUR DREAM SCHOOL WITH A SCHOLARSHIP.