Top scholarships for MBA students: Finding financial support to invest in your future
The work environment has become extremely competitive, forcing people to venture into postgraduate studies to boost their chances of securing top jobs. Today, even clerical jobs list master degrees as an added advantage! The opportunity to pursue an MBA isn’t exclusively about jobs. Many individuals do it for self-improvement. To gain knowledge critical to running top businesses or negotiating deals. Whatever the reason, it is often a fulfilling achievement to many. Yet, it’s not so easy. One of its biggest challenges is cost. According to Forbes, the average cost of an MBA can range from $30,000 to $120,000. This is a significant outlay even for working professionals. But it’s not all doom and gloom. There are many scholarships for MBA students to help lower the costs. In this article, we’ll review a few of them, helping you realize that your dream of achieving a postgraduate degree is still valid.
Benefits of pursuing scholarships for MBA students
But before we delve into the thrust of the issue, what is the importance of pursuing scholarships for MBA students? We understand that a postgraduate degree gives a foothold in the job market. It also improves your intellectual capacity. Therefore, the decision to pursue it is easily understandable. Below, we list some benefits of scholarships for MBA students:
- Reduced financial burden. It’s no secret that most people are struggling financially. With the world’s wealth primarily in the hands of a few people, the majority are forced to feed off scraps. Education, which should be a human right, has become so expensive, it’s now considered a luxury. The situation has forced many ambitious and bright students to shelve their dreams of postgraduate degrees. This is where MBA scholarships come in. They can help needy and deserving individuals pay for tuition, books, and living expenses, which make the venture untenable.
- Placement in top institutions. It might be hard to admit but our education system is class-based. There are institutions meant exclusively for the rich. In most cases, disadvantaged individuals must put up with crowded colleges that lack facilities. On the contrary, people with means access top institutions with the best instructors, edtech, and top-tier programs. Only an MBA scholarship can shift the tide for underprivileged individuals, opening doors to opportunities that may not have been available otherwise. Remember that studying and mingling with such select individuals will also boost your career prospects.
- Networking opportunities. As already discussed, you can join top institutions with full MBA scholarships. The possibility of meeting and mingling with students from the country’s top families, business magnates, and future political leaders is vastly improved in such environments. In fact, most lasting friendships among celebrities and elites were forged in such institutions. Furthermore, some scholarships come with additional benefits, such as networking events and mentorship programs, which can expand your networking horizon.
Types of MBA scholarships for international students
Some types of scholarships and grants are only available to citizens. But this doesn’t mean non-citizens have no alternatives. In fact, there are several MBA scholarships for international students. Below are some of the most popular types:
- Need-based scholarships. These programs consider your level of need in awarding scholarships and grants. So, if you’re a bright student from an underprivileged family, they’re more likely to select you. The programs are extremely competitive given that the number of bright students seeking postgraduate education is higher as compared to other categories. You can improve your chances by submitting a winning scholarship essay. If you’re not a competent writer, you can engage a professional. Reputable companies like CustomWritings can be of great help and you can order essays online. Their experts can write an application essay for you in minutes. Organizations like The ASID Foundation prefer solid papers.
- Merit-based scholarships. Well, trying to give poor students an opportunity in postgraduate programs is a noble course. However, other organizations believe that such openings should be purely merit-based. As such, they only extend support to students based on academic achievement and/or talent. So, to secure such opportunities, you must be a gifted sportsperson, athlete, or artist, etc. The alternative is to be a genius, and crack your studies.
- Diversity scholarships. The government introduced these programs to promote fairness and equality in our education system. They’re specifically targeted towards underrepresented groups, such as women, minorities, and individuals from low-income backgrounds. MBA scholarships for black students, for instance, was introduced to break the barriers hindering African Americans from accessing higher education. Similar programs exist for other disadvantaged groups, e.g., MBA Hispanic students.
- Industry-specific scholarships. The stiff competition in some sectors has forced organizations and businesses to invest heavily in R&D. Industry pressures have pushed many executives into hiring top talents and training them to be even better. These scholarships are available to MBA students in the USA, especially in the pharmaceutical sector.
Top scholarships for MBA students in USA
Now that we’ve explored the benefits of securing an MBA scholarship for international students and the types available to choose from, it’s time to go a step further. In this section, we highlight a few options available for you. We’ve limited the list to the most robust programs only.
Forté MBA Fellowships
This is probably the most popular MBA scholarship program for women. It has had a massive impact, motivating over 115,000 women to rise in their careers. They have also advanced over $400 million in grants in less than 20 years. That’s $20 million per year! Their focus is providing critical financial support, networking opportunities with other professionals, and creating exclusive career development opportunities. If you’re a woman, this could be a great place to start your MBA journey.
The Consortium for Graduate Study in Management
The CGSM, simply known as “The Consortium,” was established in 1966. The organization provides support for underprivileged and underrepresented Native, Hispanic, and African students in management and business. Over the years, it has helped thousands of bright learners from diverse backgrounds, making it a pillar of the USA’s society. The program is flexible, allowing even part time learners to onboard.
Knight-Hennessy Scholars
Unlike the other programs, this is a college-based scholarship. It’s a product of the Stanford University advanced to its deserving students. The program provides a full scholarship for MBA students based on their leadership potential, academic excellence, and a commitment to addressing global challenges such as climate change, extreme poverty, human rights abuse, etc. You can increase your chances of landing this grant by venturing into niche subjects.
Beat the financial trap with an MBA scholarship!
It’s clear that MBA graduate students have a better footing in life. The opportunity improves their networking, intellect, and profile. Yet, many bright students can’t afford postgraduate studies. As discussed in the article, there’s always hope and avenues for the determined. MBA scholarships and grants can support your studies, clearing the path to achieving your dreams. If you read the document carefully, you’ll find out which ones are good for you and the ones you stand a better chance of winning.