A Rundown on the Best Scholarships for Masters in Business Administration (MBA)
MBA programs are very popular among ambitious students who want to climb the corporate ladder and reach that above-average salary. What may deter them from enrolling is sky-high tuition—anywhere from $35,000 to over astounding $100,000 for top-ranking business schools. Fortunately, there are tons of scholarships and grants that can help MBA students cover the cost of their education.
In this easy-to-read guide, you can find the essential info concerning scholarships for masters in business administration.
Many business schools and private organizations offer scholarships to incoming and current MBA students. While most MBA scholarships are school-specific, some aren’t affiliated to a certain business school, such as the scholarships for:
Keep in mind that some scholarships are need-based while others are designed for high achievers.
The best way to get an MBA scholarship is to be exactly what award providers are looking for. In most cases, being a great candidate means having:
- A strong undergraduate GPA
- High GMAT score
- Considerable work experience
Some of the best scholarships for masters in business administration available in the U.S. are listed in the table below:
|Who Can Apply?
|Arizona State University W. P. Carey Forward Focus MBA Scholarship
|Up to full resident tuition of $59,794 per year
|All accepted full-time Arizona State University MBA students, regardless of their financial situation
|University of Chicago Booth School of Business
|Up to full annual tuition
|University of Chicago MBA students
|Government Finance Officers Association
|Students who plan to pursue careers in state or local government finance
|The Honor Society of Phi Kappa Phi Award Programs
|Phi Kappa Phi members
|ESADE Women of the World Scholarship
|Up to 50 percent of the tuition fees
|Women of all backgrounds and nationalities; Female candidates who demonstrate financial need will be given preference
|LEAGUE Foundation LGBTQ Scholarship
|Up to the basic cost of tuition
|LGBTQ+ U.S. citizens who are graduating high school seniors
|Gamma Mu Foundation
|$1,000 to $2,500
|Gay men under the age of 35 who have graduated high school (or obtained a GED) by June of the current year and are U.S. citizens
|Prospanica—The Association of Hispanic Professionals Foundation Scholarship Program
|U.S. citizens of Hispanic heritage accepted by an accredited program with a GPA of 3.0
|The Wellington Management Foundation Scholarship
|Black students at UNCF member schools
|Elliott C. Roberts Scholarship
|Second-year graduate students with an ethnically diverse cultural background and a demonstrated desire to be involved in community service
|Active military members, veterans, and their children and grandchildren
After making sure you qualify for a certain scholarship, in most cases, you’ll have to fill out an online application before the due date. Besides your application, you will need to submit other documents, such as:
- Transcripts (your GPA will have to be at least 3.0 in most cases)
- Test scores—GRE or GMAT
- Letters of recommendation
- An essay that explains your goals
- A resume
- Proof of low earnings (for need-based scholarships)
If you apply for a need-based scholarship, you may have to fill out the Free Application for Federal Student Aid (FAFSA).
If you want to apply for a scholarship for masters in business administration, get ready for extensive online research. You will bump into hundreds of MBA scholarships listed on different websites, and it may take days to go through each one.
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