MBA is a coveted degree for many reasons. It unlocks doors to high-flying careers and sets you on a path to professional success. However, the cost of an MBA abroad can be very high (INR 20-75 lakhs/ year). Here's the good news: Top business schools offer MBA Scholarships. specifically designed to help Indian students like you. These MBA Scholarships abroad bridge the financial gap and make your MBA aspirations real. We have deciphered their secret exclusively for you. Read through to know more about how you can boost your chances of getting an MBA Scholarship.
MBA scholarships come in various forms, including merit-based and need-based scholarships for people with work experience, women, entrepreneurs, and people from specific countries and backgrounds. We at Yocket have helped students achieve scholarships averaging $12,000. Make the smart choice and join Yocket Premium today!
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What are the Different Types of MBA Scholarships?
University-Specific MBA Scholarships:
These scholarships are offered directly by the universities themselves. They are often awarded to students with vital academic records and a good fit for the university's program. You can find information about these scholarships on the university's website or by contacting the admissions office.
Merit-based scholarships:
These are awarded to students with the highest academic achievement, as measured by GPA, test scores (GMAT or GRE), and other academic accomplishments. Some merit-based scholarships may also consider other factors, such as leadership experience, extracurricular activities, and community service.
Scholarships from Professional Organisations:
Professional organizations offer these to support students pursuing graduate degrees in business-related fields. These organizations may be specific to a particular industry, such as accounting or finance, or they may be more general, such as the American Marketing Association or the National Society of Professional Engineers.
Corporate Scholarships:
Many large corporations and companies sponsor MBA scholarships to invest in future talent. After graduation, these scholarships may be awarded to students interested in working for the sponsoring company. They may also be awarded to students from a particular demographic group, such as women or minorities, or who have a specific area of business interest, such as entrepreneurship or sustainability.
Diversity and Gender-based Scholarships:
These are offered to promote diversity in the business world. Another objective is to encourage applications from students from underrepresented groups. These scholarships may be awarded to women, minorities, veterans, or students with disabilities.
Suggested: List of All Scholarships Available for International Students
What are the Best Ways to Get an MBA Scholarship Abroad?
Here are some strategies to enhance your chances of getting an MBA scholarship:
Crafting a Great Application:
How to write a top-notch MBA application is an intricate process. This shall increase your chances of receiving financial aid. All these communicate a compelling case for your acceptance. They also compel you to be granted financial assistance because of your strong academic and professional abilities, leadership traits, qualities, and rare experiences. Provided below are examples of some of the top MBA programs and their scholarship consideration:
- Harvard Business School: Harvard looks for candidates with strong leadership potential, strong and consistent academic excellence, and a clear sense of purpose.
- Stanford Graduate School of Business: Stanford values intellectual vitality, leadership values, and personal qualities and contributions to some causes.
- Wharton School, University of Pennsylvania: Wharton emphasizes leadership, academic achievements, and diverse experiences and backgrounds.
Secure a High GMAT Score:
A high GMAT score is one of the most important factors considered by scholarship committees. Business schools typically use the GMAT to assess your quantitative and verbal reasoning skills, analytical writing abilities, and critical thinking proficiency. These skills are essential for success in a rigorous MBA program. Strive to score above the average GMAT score for your target schools.
- A GMAT score from 700-740 is considered a competitive score that increases your chances of admission and scholarship consideration at many top-tier MBA programs.
- A GMAT score from 750-800 is considered an exception score. It significantly enhances a candidate’s profile for most competitive programs and scholarships.
- A top-tier MBA program like those at Harvard Business School, Stanford Graduate School of Business, and Wharton School requires a GMAT Score of 740 and above.
Build an Attractive Profile:
An MBA profile showcases all aspects of your application, including academic and extracurricular activities, work experience, leadership qualities, strengths, etc. Your application should highlight the achievements and experiences that make you a strong candidate for the scholarship.
This includes your academic record, GMAT score, work experience, extracurricular activities, leadership skills, and community service involvement. When writing your scholarship essays, tailor them to each specific scholarship and highlight the qualities and experiences most relevant to the scholarship's criteria. Show the scholarship committee why you deserve their award.
Here are some tips on how you can augment your chances of getting an MBA Scholarship:
- Maintain a strong record of academic excellence
- Showcase and highlight any Leadership and Extracurricular Activities
- Fetch Strong Letters of Recommendation
- Construct a strong professional network
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A Yocket Alumni, Vinayak secured four scholarships from top US universities (the University of Pittsburgh, CMU, and his pick, Duke). Gain valuable insights and inspiration as Vinayak shares his strategies for success in the competitive college admissions process. Here’s the link: How my SOP helped me get $50,000 Scholarship From Top US Universities |
Thorough Research:
Many scholarship databases such as Yocket's scholarship finder, scholarship websites like Fastweb or Scholarships.com, and business schools and professional organizations are available online. Use these resources to find scholarships that fit your requirements, such as your academic background, work experience, financial need, and career goals. Explore beyond the scholarships that are most heavily advertised. Dig deeper to find scholarships that may be a good fit for you, even if they are less well-known.
Conducting thorough research is one of the best ways to increase your chances of obtaining an MBA scholarship at a top university. Here's why:
- Identifying Scholarships whose criteria you meet
- Customize your application and essay for the respective scholarships
- Knowing the application process, the date of application opening, and the deadlines
- Understanding Financial Aid Packages
Apply Early:
Applying early for an MBA Scholarship is a strategic move that enhances a candidate’s chances of securing a scholarship. It maximizes access to available funds, reduces competition, and augments your odds of securing an MBA Scholarship.
Here are a few more reasons why you should consider applying early:
- Demonstrates Seriousness and Commitment
- Increased attention from the Financial Aid Department
- Early consideration for Special Scholarships
- Better Planning and Preparation
Negotiation:
You can negotiate the amount of your scholarship award, especially if you have received offers from other business schools. To deal effectively, be prepared to document your qualifications and highlight the value you will bring to the program. You can negotiate for additional benefits, such as tuition waivers or living stipends.
Here are some reasons why:
- Leverage your unique skills and showcase your value
- Using scholarship offers from other prestigious universities as leverage in negotiations
- Express a genuine interest in the MBA program that the university offers
- Know the Financial Aid policies and adjust based on them
Suggested: Scholarships for MBA in Australia for Indian Students
Apply for More than One Scholarship
While many scholarships are available for Indian MBA students abroad, the competition is fierce. To maximize your chances of funding your education, apply for more than one scholarship. The more applications you submit, the better your shot at securing the financial support you need.
Below are some reasons why you should apply for more than one scholarship:
- Higher your chances of receiving at least one scholarship
- By applying to multiple scholarships, you can cover those awards to cover a significant portion of your tuition
- Applying to various scholarships allows you to highlight varied strengths and achievements tailored for each award
Suggested: How do you study for an MBA in foreign countries with a scholarship?
From the Desk of Yocket
MBA scholarships can help you finance your MBA education. To boost your chances of getting a scholarship, build a strong profile with a high GMAT score, relevant work experience, and a well-rounded application. Thorough research is vital to finding scholarships that fit your background and goals. To maximize your chances of success, negotiate your award and apply to as many scholarships as possible.
Are you overwhelmed by the scholarship options? Yocket can help you navigate the process! Yocket Alumni have secured over $15 million in scholarships, with an average award of $12,000. Our advisors can provide expert guidance in finding the right scholarships for you, opening the door to a top-notch education and a promising future. Join Yocket Premium today and get a chance to bag a scholarship!
