MBA training is a serious and costly undertaking. You can talk about the advantages of an MBA degree as much as you like, but you don’t want to discuss the disadvantages. There is only one drawback, but it is so annoying. It is without exaggeration a huge and for many unaffordable cost of training. The average price of training on an MBA in the USA is $40.000-$50.000.
Many believe that MBA students are usually wealthy people and do not need financial aid for education. The availability of MBA scholarships at various global business schools disproves this fact.
Together with WritingCheap, a service that constantly helps students, we will tell you what MBA scholarships are available at business schools in the USA.
How to get a grant for an MBA
Suppose you want to become a student at a business school in America. In that case, you have to be a leader of character, have considerable intellectual potential, have managerial experience, and excellent knowledge of the English language. However, the road to a prestigious MBA degree is closed even to the possessor of all these merits if they do not have several tens of thousands of dollars needed to pay tuition fees. But to find money is not as difficult as it seems at first glance.
The most common way to finance business school tuition is through bank loans. The second-largest source of funds are scholarships, usually established by large companies or private sponsors. Scholarships can cover 25% to 75% of tuition costs.
There used to be scholarships for those who needed financial support. Nowadays, scholarships are awarded for great achievements. Universities no longer look at how much money a candidate has earned in the past year or how much money they have in their deposit account. They fund those who have professional or academic accomplishments.
Scholarship funds at top business schools grow year after year because of the monetary contributions (donations) made by alumni, so each year, the likelihood of receiving a scholarship becomes higher.
The average size of an academic scholarship in the United States is $15,000-25,000. This amount helps to cover all or part of the student’s tuition costs. The amount of funding is determined for each applicant individually, depending on his or her academic performance (GPA), TOEFL and SAT scores, and his or her personality traits such as initiative, determination to achieve results, and leadership abilities. In other words, a student who is actively involved in the social life of the school, involved in sports and creative activities has a higher chance to get a good scholarship than an excellent student who is not interested in anything except the study itself.
You can show that you are responsible, committed, and proactive by means of a Statement of Purpose essay. And not to be unreasonable, you should attach all available documents confirming the extracurricular activities of the student — from prizes at sports competitions to publications in the school newspaper.
It is necessary to tell about some conditions, fulfillment of which will increase the chances to receive the scholarship. Firstly, before you apply, you need to gather as much information as possible about the schools. The application package should be sent to the school as early as possible, preferably before the first announced deadline (application deadline). There aren’t enough scholarships for everyone, and people who send in their paperwork last are often only in time for the huddle. “We award scholarships to those who apply first,” testifies Paul West of the American Business School. If you apply later, their resources may already be used up, and they won’t be able to offer scholarships.
Business Scholarships in the USA in 2021
Boustany MBA Harvard Scholarship
Every two years, the Boustany Foundation awards a scholarship to Harvard Business School, one of the most prestigious MBA programs in the world. The scholarship is awarded only to one successful candidate.
Deadline: May 31, 2021.
The scholarship provides: $95,000 ($47,500 per year) for tuition and expenses related to the internship in Monaco (travel, room, and meal).
The William R. Berkley Scholarship Program
The New York University Leonard N. Stern School of Business was founded in 1900 and is currently one of the oldest business schools in the world. Established in 2013, the William Berkley Scholarship Program is designed for outstanding local and international students who wish to pursue MBA programs at NYU Stern.
Deadline: varies
The scholarship provides: This scholarship is provided by NYU, and the value of this scholarship is full funding, tuition plus $14,000 per semester. The scholarship is open to all nationalities.
Cox Full-Time (Two-Year) MBA Scholarships
The Cox Distinguished MBA Scholarship is offered for students getting a master’s degree in business administration. This scholarship is offered by SMU Cox School of Business
Deadline: varies
The scholarship provides: the cost covers 100% of tuition. This scholarship is open to all nationalities.
Haas School of Business
At Haas School of Business, students can receive an MBA in two years if they study full-time or three years if they study only in the evenings or on weekends.
Deadline: November 12, 2021.
The scholarship provides: the cost equals partial funding, ranging from $5,000 to $180,000.
MIT – Zaragoza Dual Degree
The MIT-Zaragoza Dual Degree Scholarship is offered for students getting their MBA in Logistics and Supply Chain Management, International MBA.
This scholarship is offered by the Zaragoza Logistics Center.
Deadline: May 31, 2021.
The scholarship provides: a reduction of up to 50% of tuition fees.
Knight – Hennessy Scholars
The Knight-Hennessy Scholars Program develops a diverse, interdisciplinary community of young leaders from around the world and guides them to collaborate, innovate, and communicate as they prepare to meet the complex challenges facing society. To be selected as a Knight-Hennessy Scholar, you must separately apply to the Stanford University Diploma Program you wish to pursue, in addition to the Knight-Hennessy Scholars Program.
Deadline: varies.
The scholarship provides: funds up to the first three years of your graduate studies.
