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Finding an MBA scholarship
For the majority of MBA students, funding the cost of their chosen MBA program will mean digging into hard-earned savings, pulling in favours from sympathetic relatives or taking out some form of education loan. However, for a lucky minority, another option can make all the difference to the business school experience - the MBA scholarship..
Financing your MBA, finding an MBA scholarship
According to Rose Martinelli, Dean of Admissions at Chicago GSB in the USA, “Every year there are millions of dollars of unclaimed scholarships for MBA and graduate education, often from government agencies which have no marketing budgets to promote their schemes. Applicants have to search out these scholarships." But where do you start?
MBA Scholarships from business schools
Many business schools award their own scholarships to outstanding MBA candidates and your chosen school should, consequently, be your first port of call. These scholarships vary in amount and normally take the form of fee remission, with some including a contribution to living expenses. Qualification criteria vary from school to school, but the most common are nationality, academic excellence or the all-embracing term, ‘merit’. Lauren Tracey, Financial Aid Director at Carnegie Mellon University explains, "We offer merit scholarships, which require no separate financial aid application. Simply put, the admission application alone makes applicants eligible for consideration for a merit scholarship." In 2004, 76% of fulltime MBA students were awarded institutional grants or scholarship awards at Carnegie Mellon. Their merit awards ranged anywhere from US$2,500 up to the full tuition cost. Another US school, University of Chicago GSB, offers scholarships to approximately 30% of the incoming class each year. These are available to both US citizens and international students and, if admitted, candidates are automatically considered for a scholarship.
"One of the newest sources of scholarships is the international business school information fair, the QS World MBA Tour."
Frank Knox Fellowships are for recent graduates applying to Harvard Business School, while international candidates securing a place at the University of Pennsylvania are eligible to apply for Thuron Scholarships. In Europe, two of the leading schools, London Business School and INSEAD communicate their scholarship portfolio to successful candidates, only when they are offered a place. The nationality qualification is becoming increasingly common as schools seek to create truly international classes by encouraging applications from countries where there is little or no tradition of management education or where the cost of studying abroad would be prohibitive. The business school of the University of South Dakota, for example, offers a US$5000 scholarship exclusively for students originating in East Asia, while Edinburgh Business School in the UK has developed four scholarships specifically targeted at applicants from South America and Africa. Other schools use the scholarship tool to improve student diversity in a different way. The Indian School of Business has two awards sponsored by the Anand Group and Novartis, which are only available to women, while Northeastern University on the east coast of the USA uses the Martin Luther King Jr Graduate Fellowship to attract students from the African- American community. Details of scholarships from over 280 major schools are available through the online tool TopMBA Scorecard, which allows potential MBAs to search and evaluate programmes according to personal aims, abilities and circumstances – see www.topmba.com.
Companies and charitable institutions
Business Schools, however, are not the only source of scholarships. Some enlightened employers have developed scholarship programmes in recent years to support potential students from within their ranks. Iain Corby, a consultant at the London office of Deloitte, managed to access funding from the firm for an MBA programme at UCLA in California, despite the fact that scholarships were normally only available for European study at the time. “It took some negotiation,” he says, “but the firm eventually accepted my case that the school and the specialisms it could offer were right for me.”
Charitable institutions also provide a wide range of scholarships. Fulbright Awards, for example, offer help with study in the USA to academic achievers. Grants are awarded on the basis of academic merit and professional promise. Over 140 countries participate in the programme and 51 bi-national Commissions have been established. The Rotary Foundation's Ambassadorial Scholarships is the world's largest privately funded international scholarships programme awarding more than 1,100 scholarships to candidates from 64 countries for study in 69 countries. Awards total approximately US$26 million.
source:http://www.topmba.com
For the majority of MBA students, funding the cost of their chosen MBA program will mean digging into hard-earned savings, pulling in favours from sympathetic relatives or taking out some form of education loan. However, for a lucky minority, another option can make all the difference to the business school experience - the MBA scholarship..
Financing your MBA, finding an MBA scholarship
According to Rose Martinelli, Dean of Admissions at Chicago GSB in the USA, “Every year there are millions of dollars of unclaimed scholarships for MBA and graduate education, often from government agencies which have no marketing budgets to promote their schemes. Applicants have to search out these scholarships." But where do you start?
MBA Scholarships from business schools
Many business schools award their own scholarships to outstanding MBA candidates and your chosen school should, consequently, be your first port of call. These scholarships vary in amount and normally take the form of fee remission, with some including a contribution to living expenses. Qualification criteria vary from school to school, but the most common are nationality, academic excellence or the all-embracing term, ‘merit’. Lauren Tracey, Financial Aid Director at Carnegie Mellon University explains, "We offer merit scholarships, which require no separate financial aid application. Simply put, the admission application alone makes applicants eligible for consideration for a merit scholarship." In 2004, 76% of fulltime MBA students were awarded institutional grants or scholarship awards at Carnegie Mellon. Their merit awards ranged anywhere from US$2,500 up to the full tuition cost. Another US school, University of Chicago GSB, offers scholarships to approximately 30% of the incoming class each year. These are available to both US citizens and international students and, if admitted, candidates are automatically considered for a scholarship.
"One of the newest sources of scholarships is the international business school information fair, the QS World MBA Tour."
Frank Knox Fellowships are for recent graduates applying to Harvard Business School, while international candidates securing a place at the University of Pennsylvania are eligible to apply for Thuron Scholarships. In Europe, two of the leading schools, London Business School and INSEAD communicate their scholarship portfolio to successful candidates, only when they are offered a place. The nationality qualification is becoming increasingly common as schools seek to create truly international classes by encouraging applications from countries where there is little or no tradition of management education or where the cost of studying abroad would be prohibitive. The business school of the University of South Dakota, for example, offers a US$5000 scholarship exclusively for students originating in East Asia, while Edinburgh Business School in the UK has developed four scholarships specifically targeted at applicants from South America and Africa. Other schools use the scholarship tool to improve student diversity in a different way. The Indian School of Business has two awards sponsored by the Anand Group and Novartis, which are only available to women, while Northeastern University on the east coast of the USA uses the Martin Luther King Jr Graduate Fellowship to attract students from the African- American community. Details of scholarships from over 280 major schools are available through the online tool TopMBA Scorecard, which allows potential MBAs to search and evaluate programmes according to personal aims, abilities and circumstances – see www.topmba.com.
Companies and charitable institutions
Business Schools, however, are not the only source of scholarships. Some enlightened employers have developed scholarship programmes in recent years to support potential students from within their ranks. Iain Corby, a consultant at the London office of Deloitte, managed to access funding from the firm for an MBA programme at UCLA in California, despite the fact that scholarships were normally only available for European study at the time. “It took some negotiation,” he says, “but the firm eventually accepted my case that the school and the specialisms it could offer were right for me.”
Charitable institutions also provide a wide range of scholarships. Fulbright Awards, for example, offer help with study in the USA to academic achievers. Grants are awarded on the basis of academic merit and professional promise. Over 140 countries participate in the programme and 51 bi-national Commissions have been established. The Rotary Foundation's Ambassadorial Scholarships is the world's largest privately funded international scholarships programme awarding more than 1,100 scholarships to candidates from 64 countries for study in 69 countries. Awards total approximately US$26 million.
source:http://www.topmba.com
