MBA scholarships and bursaries are one way to help finance your MBA. These may come from internal or external sources.
Internal: Business schools and MBA programs all want to attract the best students; therefore, most business schools offer a range of scholarships and bursaries either directly or through benefactors and foundations that support the school. These may be full-tuition or partial scholarships, typically ranging in value from $500 - $5,000. Some may go as high as $ 30,000 over the course of the degree, and others may be worth even more and involve certain obligations on the part of the recipient.
Entrance scholarships for MBA students are usually merit-based, awarded based on an applicant's high level of academic achievement or high GMAT scores. Bursaries are more typically based on a combination of academic achievement and demonstrated financial need and/or achievement in other areas such as leadership and community service.
At some business schools, you must apply for financial aid as part of your application process. At others, applicants are automatically considered for available scholarships. It is essential that you check with each business school you are applying to. They may be available on a non-renewable or renewable basis.
You should contact an admissions advisor at the school or look on the school's or program department's website to identify the awards that are offered. Some scholarships and bursaries are program-specific and are limited to applicants to particular MBA majors, and others may be specifically designated for part-time or full-time students, women, students from certain regions or specific cultural groups. Some awards may also be reserved for students entering a specific cohort (i.e., fall or spring).
External:
Scholarships and fellowships awarded by external foundations or organizations are another potential way to finance your MBA. For example, scholarships are available through the World MBA Tour. In addition, certain companies (like US banks) and professional organizations provide scholarships as a way of promoting their profession and ensuring the development of future business professionals. Check in various MBA-relevant areas like accounting, advertising, economics, finance, marketing, public relations, information technology, biotechnology and more (for example, the MasterCard Scholarship Program and awards offered by The American Institute of Certified Public Accountants). Specific MBA scholarships are also offered by cultural- and ethnic-oriented organizations (such as The Association of Latino Professionals in Finance and Accounting, The National Black MBA Association, Inc., The Financial Leadership Scholarships for Bay Area Women, The American Indian Graduate Center and more).
State and Federal awards may also be available. For information on specific state and federal scholarships and awards, check out the student assistance office of your state as well as the US Dept of Education website. Some of these awards may be limited to applicants to particular programs.
An MBA is a great asset to your career and your future, so be sure to research all the possible funding opportunities you may qualify for.
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