With the amount of work that goes into completing an MBA, the last thing someone would want to be worried about is their finances. The tuition fees associated with a good school for your MBA degree can range anywhere from $20,000 to $30,000 a year. This does not include the other costs such as accommodation and board for some people who have to travel to a different state to complete the degree. Studying for an MBA can be even more expensive if the student previously needed a loan for their Bachelor’s degree. Another loan would put them into even more debt. Based on this, finding mba scholarships will be the best option for many students.
One of the first places to search for scholarships for an MBA degree would be the finance office of your university. They should have a list of all scholarships available to students who have been accepted for the MBA degree. These scholarships are usually available to students based on the need they have or awarded based on merit. In most instances, a high score for the GMAT exam will be needed if based on merit. Your university’s finance office should be able to provide the applications to apply for these scholarships, or at least be able to direct you to the university’s website to download forms. Another area to check is your academic counselor who may also have access to information for scholarships available for MBA students.
Some employers will give mba scholarships to staff you would like to pursue an MBA degree. Depending on the demands of the program, you may be able to continue working part-time for your company. The amount of funding for a scholarship through your employer will vary. Some employers only pay the MBA tuition, while another employer might pay the tuition and also provide a salary, a free laptop, and other benefits. The only way to find out if this is an option would be to contact your line manager or the human resources department to see if this option is available. If the company does not provide a education scholarship, they may provide an educational loan that can be paid off monthly from your pay check. This is a great way for your employer to help you with your education.
There are various private organizations that will give mba scholarships or grants to qualified students. These private organizations and charities are great benefactors in sponsoring someone who otherwise would not be able to attend an MBA program without a scholarship. These scholarships available for almost any MBA specialty as long as the person meets the minimum criteria. For example, someone will be able to apply for scholarship for women, a minorities, as a native of a particular country, or based on your religion. Scholarships in this category will also have the same merit or need based criteria attached to it. However, the organization may also require an essay or a convincing report as why you should be awarded a scholarship. Information on organizational scholarships can be searched for online, or by contacting the local chamber of commerce.
Web Source: Pritzwalks Inc. “Funding Your MBA.” 2010. Available: https://www.find-mba.com/funding-your-mba
Web Source: MBA-Channel. “MBA scholarships.” 2010. Available: https://www.mba-channel.com/channel/article/mba-scholarships