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.
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
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