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Scholarships For MBAs

Scholarships can be a critical component of making your MBA dream come true.

Ilana Kowarski, a reporter at US News, recently spoke with some MBA alumni on what types of MBA scholarships they received and tips on applying for them.

National Scholarships & Fellowships

There are a number of national scholarships and fellowships available to MBA applicants. Be sure to see if the scholarship restricts you to a certain school. Many of these scholarships cater to a specific applicant, so it’s important to see which ones you’d qualify for.

The Paul & Daisy Soros Fellowships for New Americans is a “$90,000 merit-based fellowship exclusively for immigrants and children of immigrants who are pursuing graduate school in the United States,” according to the scholarship’s website.

The Military MBA is open to “any U.S. resident with an undergraduate/bachelor’s degree who has served in the military.” Applicants applying for this scholarship must apply to specific Military MBA member schools.

The Consortium is a national organization whose missions is to “enhance diversity and inclusion in global business education and leadership by striving to reduce the significant underrepresentation of African Americans, Hispanic Americans and Native Americans.” The Consortium offers full-tuition fellowships to participating schools, such as UC Berkeley Haas School of Business and Yale School of Management

C. Adam Callery, a Chicago-based professor and MBA alumnus of the Kenan-Flagler Business School, tells US News that he received a full-tuition scholarship from The Consortium. When it comes to applying for scholarships, Callery advises students to submit polished application materials.

“All they have is your writing,” Callery tells US News. “If you’re not answering the question properly, meaning you’re not getting to the point of the question, that’s going to hurt you. If your punctuation is poor, if your grammar is poor, if there are typos in there, they’re never going to get to the rest of the application to see that you’re a great person.”

University Scholarships

Prior to applying to a university, be sure to check out what kinds of scholarships they offer to applicants.

Ari Chasnoff, a spokesperson for Knight-Hennessy Scholars program at Stanford University, tells US News that applicants often are unaware that they may qualify for certain university scholarships. Many of these scholarships cover a large amount of tuition costs.

For instance, the Knight-Hennessy Scholars program offers tuition for up to three years of graduate study at Stanford. According to its website, the scholarship “will be the world’s largest fully endowed scholars program. Of the $750 million endowment, more than 80 percent directly supports the graduate education and living expenses of the Scholars.”

If you aren’t able to receive a large scholarship, it may be possible to pool together a variety of smaller scholarships.

Monica Moody Moore, the dean of graduate admissions at Babson College in Massachusetts, tells US News that this may be a wise strategy considering small scholarships are easier to get.

Sources: US News, Stanford, The Consortium, Military MBA, Paul & Daisy Soros Fellowship