MBA Scholarships - Types and Selection Criteria

An MBA scholarship requires candidates to start preparing early and to prove in the application they are serious about their career prospects and future. A prestigious scholarship not only helps you to sustain yourself during your studies; it represents an important testimony to your ambition, dedication and progress in academia and business. Including it on your CV is highly beneficial in presenting yourself to potential employers and partners.

MBA Scholarships can be full or partial. A full scholarship covers the whole university tuition fee but not usually the living expenses. A partial scholarship is usually easier to obtain, but some requirements must nevertheless be fulfilled. This may mean that the student has to show progress, a good grade point average, etc.  Extending scholarships for the second or third year (in the case of part-time MBA students) is also conditional in most cases. It is possible to receive a deferred scholarship for the second year of study, again on the basis of good academic performance.

Merit vs Need Based: Some scholarships are based on the merits of the candidates, while others are based on their needs. In 2010, the London Business School (LBS) funded 30 scholarships of up to ?20 000. The suitability of the students was determined according to their academic and professional merits. MBA students from the LBS who receive an offer for study during 2013 can also benefit from seven needs-based bursaries. All of them are designed for people earning less than ?15 000 per year and who would not be able to study at the London Business School without a scholarship. The amount of each scholarship is up to ?15 000.

Company Sponsored: MBA scholarships may come from the school itself, from the government or occasionally from a corporation or international organization. Corporate scholarships are usually awarded when a corporation wishes to invest in the future of a candidate whom it knows well. After graduating, the MBA student is likely to be promoted to a more responsible position in the company. Larger companies may adopt a different approach. McKinsey offers scholarships of
$10 000 each for four first-year students at the MIT Sloan School of Management. At the Rotterdam School of Management, Erasmus University MBA Corporate Scholarships are established through the cooperation of the academic community and industry. Each is worth €10 000 and is awarded to students interested in the area of business practised by the participating companies. NGOs and non-profit organizations can also be a source of funding.

Minorities and Gender Based: Scholarships are also available to minorities or on a gender basis. The Consortium for Graduate Study in Management offers MBA fellowships to African Americans, Native Americans and Hispanic Americans in the USA. If you belong to an under-represented minority group, you should find out if you are eligible for scholarships from various sources. The Forte Foundation awards scholarships to female MBA students. The organization aims to “increase the number of women applying to and enrolling in MBA courses.” These scholarships are available to candidates from 36 participating universities all around the world. Although the emphasis is on American citizens, students from other countries are also eligible: about 11% of the study fellowships during 2010 were awarded to non-Americans.

Excellent Academics: MBA schools offer various scholarships for their students. Candidates must meet certain conditions, the most common being good GMAT scores and excellent academic results and/or career achievements. Most schools offer full or partial awards for their best students. Receiving a scholarship requires candidates to start preparing early and to prove in the application they are serious about their career prospects and future. A prestigious scholarship not only helps you to sustain yourself during your studies; it represents an important testimony to your ambition, dedication and progress in academia and business.

Competition for scholarships: The key factor which candidates must keep in mind if they decide to apply for a scholarship is that good preparation takes time. The process has to start earlier than the usual student application. If you want to study in September/October, you should start searching for scholarships one year earlier at the latest. The best strategy is to apply to a large number of institutions and diversify your choice of schools. It is advisable to apply to schools that are suitable for you, to a few top-ranking schools to which it may be hard to gain admission and to some where you are sure that you can be admitted and receive a scholarship.

There is tremendous competition for full scholarships. One of the main factors which schools take into account when deciding who gets the biggest award is the candidate's GMAT score. Whether or not this is an adequate method for determining the quality of the applicant, the fact remains that it is vital to your success and you should take enough time to prepare for it. If you are working or studying full or part time, it may be advisable to start your preparations a year ahead of the GMAT test date. If you have more time on your hands, you may begin later. The same time frame applies to language tests for non-native speakers: IELTS, TOEFL, etc. Go to the websites of the business schools to find out their minimum required test score. This varies between different institutions. Usually the entry requirements are the same as the scholarship requirements and all students admitted can be considered for financial awards.

Consistency of your career plans: Another decisive factor determining the final result of a scholarship application is the consistency of your career plans and achievements so far. If you have a clear goal and something in your past to prove that you have taken steps towards it, this shows the relevant committee that you are motivated and self-aware. For example, a degree in finance and some years of work experience in a bank would make your case stronger by demonstrating that you, as a candidate, are knowledgeable and skilled
in the area of your professional choice.

School's Scholarship Criteria:It is important to fulfil all the requirements and to have something to offer in addition. Make sure that you explain why you deserve the scholarship as specifically as possible in your motivation or covering letter. Candidates should describe how their profile matches each of the requirements. The application is more likely to be successful if the covering letter and essay are checked by education consultants. However, be careful whom you trust in this respect. If letters of recommendation are needed, candidates should ask people who know them well to write them. Be realistic about referees. Do not aim higher than appropriate. A Member of Parliament who spoke to you once at a cocktail party is likely to give you a superficial recommendation that would make it obvious how little he or she knows you. A university professor or your employer or supervisor, who are familiar with your qualities and your work, will do perfectly. Most of those who receive recommendations have years of experience in reading and assessing them and applicants should avoid cheating.