Every year, more than 1.7 million fellowships and private scholarships worth more than $7.4 billion are offered to students in the USA. A huge portion of these are for graduate-level programs, including MBA.
As an international student, your options can be somewhat limited because many of these scholarships are only available to domestic students in the USA. However, you can apply to a large number of other scholarships, and reduce the financial burden of paying for a one-year or two-year MBA program in the USA.
In this guide, we will introduce you to the different types of scholarships for MBA in USA. We will also explain the eligibility criteria and application process for the same.
Also Read: Study Abroad Guide for Indian Students 2024
Top MBA scholarships in the USA
For most students, the best option to secure a scholarship is to apply to universities that offer scholarships to accepted students. Fortunately, many universities in the USA that are renowned for their MBA programs also offer scholarships to their accepted students.
Some of these business schools, along with the scholarship they offer, are listed here:
| University | Scholarship |
| Harvard Business School | HBS Fellowship Program |
| Stanford Graduate School of Business | Knight-Hennessy Scholars |
| Wharton School, University of Pennsylvania | Wharton Fellowship Program |
| University of Chicago Booth School of Business | Chicago Booth Scholarships |
| UC Berkeley Haas School of Business | Dr Tahir Fellowship and the C & J White Fellowship |
Now that we know about these top universities and the scholarships they offer, let’s dive a little deeper.
Detailed Information and Application Deadlines for MBA Scholarships
- HBS Fellowship Program by Harvard Business School
Harvard Business School offers a range of financial aid options that extend from before you start the program until after you graduate, tailored to each student’s unique situation.
About 50% of all MBA students admitted to HBS get scholarships based on their financial needs. These scholarships range from $2,500 to $76,000 per year. On average, students who get scholarships receive about $46,000 per year or $92,000 for the whole two-year program.
Application deadline:
This usually aligns with the MBA program application deadline, typically in early September for Round 1 and early January for Round 2.
- Fellowships by Stanford Graduate School of Business
Stanford Graduate School of Business decides on admission applications without considering financial need and works with admitted students to create a financial plan that makes attending the program possible for them.
All MBA students with demonstrated financial need, regardless of citizenship, can get financial aid. Fellowships are awarded as gifts and need not be repaid. For the class of 2023, the average Stanford GSB fellowship was $44,000 per year, totaling $88,000 over the course of the program.
Application deadline:
Usually, in early October of the year before enrollment.
- Wharton Fellowship Program by Wharton School, University of Pennsylvania
Wharton School offers financial aid in the form of fellowships for MBA students. Under the Wharton Fellowship Program, students can get financial aid that covers their expenses over two years (four semesters).
If you’re offered a fellowship, the intimation for the same will be included in your admission letter.
Application deadline:
Typically aligns with the MBA application deadlines, usually in September, January, and March for the three rounds.
These are just a few examples of the hundreds of universities in the USA that offer scholarships to students pursuing an MBA. When you’re shortlisting universities, scholarships are an important factor to consider. However, for most students, creating a shortlist of universities to apply to can be challenging due to the numerous factors that need to be weighed. This is where SelectRight can make a significant difference.
SelectRight is designed to simplify your university search process by analyzing over 8 million data points from 40,000 programs across 4,000+ universities in the USA. It helps you find programs that not only align with your academic and career goals but also offer you the best return on investment, higher chances of admission, and availability of scholarships.
Here’s how SelectRight works:
- Sign up on SelectRight and create a detailed profile, including your academic background, test scores, and personal preferences.
- The platform uses its advanced AI algorithm to process your profile and generates a personalized shortlist of the best-suited universities and programs.
- You can compare these shortlisted universities on various criteria, such as alumni networks, recent placements, and available scholarships.
- Get expert advice at any stage of your application process from dedicated advisors on the platform.
- Connect with peers, alumni, and faculty from the shortlisted universities to make informed decisions.
Don’t let the overwhelming number of choices stop you from finding the perfect university. Sign up on SelectRight today and get ready to secure your place in the best MBA programs for the Spring 2025 intake.
Also Read: Scholarship to Study Abroad for Indian Students 2024: A Complete Guide
What is the application process for MBA scholarships in the USA?
Applying for scholarships for MBA programs in the USA can seem complicated, but it doesn’t have to be. Understanding the process can help you increase your chances of getting financial support for your studies. Here’s a simple guide:
Step 1: Start by looking for MBA scholarships in the USA that fit your requirements.
Step 2: Collect all the important documents you need. This usually includes your school records, scores from tests like the GMAT or GRE, and letters from people recommending you. If you’re applying for scholarships based on financial need, you’ll also need documents showing the same.
Step 3: Write a strong essay stating what you’ve accomplished so far, what you want to do in your career, and why you want an MBA. These essays are your chance to stand out, so take your time with them.
Step 4: Submit your applications carefully. The most important thing is to ensure you send everything before the deadlines.
Step 5: Some scholarship providers might want to talk to you in person or online. If they do, prepare well for these talks. This is your chance to make a good impression and show them why you deserve the scholarship.
However, before applying for a scholarship, understanding the eligibility criteria for MBA scholarships in the USA is important. By knowing what scholarship providers are looking for, you can better tailor your approach and improve your chances of success.
Also Read: Scholarship to study in the USA For Indian students: How to apply ?
What are the eligibility criteria for MBA scholarships in the USA?
Eligibility criteria for MBA scholarships in the USA vary widely depending on the specific scholarship, university, and funding organization. Below are some key details:
| Criteria | Details |
| Academic Performance | Strong undergraduate and graduate (if necessary) academic records with a high GPA |
| Standardized Test Scores | Competitive GMAT/GRE scores |
| Work Experience | Relevant work experience in a specific industry or field |
| Leadership Potential | Demonstrated leadership skills through extracurricular activities, work experience, or community involvement |
| Financial Need | Evidence of financial hardship or need for financial assistance |
| Citizenship or Residency | Some scholarships may have specific citizenship or residency requirements |
| Essay or Statement of Purpose | Clearly state your career goals, academic aspirations, and how the scholarship will benefit you |
| Letters of Recommendation | Strong recommendations from professors, employers, or mentors |
Additional criteria
| Criteria | Details |
| Diversity | Some scholarships target underrepresented groups, such as women, minorities, or individuals from specific geographic regions |
| Field of Study | Certain scholarships may be specific to particular fields of business, such as finance, marketing, or entrepreneurship |
Understanding these eligibility criteria is essential for preparing a solid scholarship application. Next, let’s find out more about the documents you need to submit for securing these MBA scholarships.
Documents required for MBA scholarships in the USA
The specific documents required for MBA scholarships in the USA can vary depending on the scholarship provider, university, and the type of scholarship (merit-based, need-based, or specific to a particular group). However, here are the common documents you’ll likely need:
- Official transcripts from all undergraduate and graduate institutions attended
- GMAT or GRE scores
- Essays or Statements of Purpose outlining your academic goals, career aspirations, and reasons for seeking the scholarship
- Letters of Recommendation, typically two or three letters from professors, employers, or mentors
- Resume or CV highlighting your work experience, leadership roles, and extracurricular activities
- For need-based scholarships, FAFSA (Free Application for Federal Student Aid) or other financial aid forms may be required
- TOEFL or IELTS scores (if applicable) to prove English language proficiency
- Passport and visa information for international students
Additional Documents (Depending on the Scholarship):
- Certificates or documentation of academic or professional achievements
- Letters or certificates from previous employers
- Portfolio for specific programs or fields (e.g., design, marketing)
- Research papers or publications, if applicable to your field of study
- Financial documentation, including bank statements, tax returns, or other financial information (for need-based scholarships)
- Citizenship or residency proof, depending on the scholarship’s eligibility criteria
Advantages of getting a scholarship for an MBA in the USA
Securing an MBA scholarship in the USA offers many benefits that can significantly impact your academic journey and future career. Here are some key advantages:
- Scholarships can cover a substantial portion of tuition fees, living expenses, and other academic costs.
- Minimizing student loan debt allows you to enjoy more significant financial freedom post-graduation.
- Scholarships often open doors to top-tier business schools, enhancing your academic credentials.
- Scholarship recipients are often viewed favorably by potential employers, increasing job prospects.
- Receiving a scholarship can boost your self-confidence and motivation.
Beyond scholarships, most students still need to secure an education loan to cover additional costs. However, comparing loan products from numerous lenders can be challenging and time-consuming. This is where FundRight comes in.
FundRight is a platform that simplifies the education loan process by connecting you with over 15 top lenders, including public banks, NBFCs, and international lenders. With FundRight, you can be confident that you’re getting the best possible loan terms tailored to your needs.
Here’s how FundRight works:
- Create a free profile on FundRight and provide details about your educational background and financial requirements.
- The platform matches your profile with competitive loan offers from multiple lenders in just two days.
- You can compare these offers on various criteria, such as interest rates, repayment terms, and loan amounts, with the help of unbiased financial experts.
- Once you’ve selected the best offer, you can securely upload all required documents through the platform.
- Your loan approval process is completed swiftly, often within 10 days, ensuring you have the funds in time for your studies.
So, if you’re gearing up for Spring 2025 admissions, sign up on FundRight today and take the stress out of financing your education.
Also Read: How To Secure Scholarships for Studying Abroad?
FAQs
The acceptance rate for full-ride MBA scholarships at top U.S. schools is extremely low, typically less than 5% of admitted students. For example, at Harvard Business School, only about 10% of students receive full tuition scholarships. Recipients are generally those with outstanding academic records, significant professional achievements, and exceptional leadership experiences.
The gap is narrowing. Many top schools now offer need-blind admissions and need-based aid for all students. However, some merit-based scholarships may still favor domestic students. International students often face more competition for limited funds.
It depends on individual goals. Top-10 schools offer better networks and initial salaries (50% higher on average 3 years post-graduation). However, graduating debt-free from a lower-ranked school can provide more career flexibility and potentially higher long-term net worth.
They’ve increased scholarship funding in many schools. These programs attract more international students due to extended OPT periods. Schools like MIT Sloan and Carnegie Mellon Tepper report increased applications and scholarships for STEM-designated programs.
Many traditional programs have been reduced or eliminated. There’s a rise in targeted sponsorships, especially in tech and healthcare. Companies like Amazon and Google have new programs focusing on diversity. Partial tuition reimbursement and flexible work arrangements are becoming more common than full sponsorships.
