If you want a Master of Business Administration (MBA) graduate education, there are many potential options for you to consider. Your graduate program should help develop your management knowledge and skills, improve career opportunities, and get you the best salary possible. Advancing your studies means additional tuition costs, but MBA scholarships can help.
Many promising students can be discouraged by a graduate degree’s high tuition and fees, but financing for your MBA course is not an impossible thing. This article will discuss many possibilities for paying for your MBA graduate degree, including scholarships and grants from different institutions and online programs.
What Is a Master of Business Administration?
A graduate degree in business is called a Master of Business Administration (MBA), and it studies advanced principles of business management and its practical training. This degree helps business graduates gain further knowledge of business management functions. An MBA degree has a business field-specific focus in accounting or finance, marketing, and relationship management.
How Much Does a Master of Business Administration Cost?
According to the National Center for Education Statistics, the average cost of a master’s degree is $18,416. However, if you attend a private school, the cost can be far greater. A top business school such as Harvard Business School has a tuition of $73,400, though they offer scholarship opportunities.
Master of Business Administration Salary: How Much Can You Earn?
The average salary levels for an MBA graduate will differ based on positions, the industry, and work location. According to Payscale, the average base salary for MBA degree graduates is $91,000. However, according to MBA Online, those who enter the technology industry can expect an average salary of $115,000.
Is a Master of Business Administration Worth It?
Yes, an MBA is worth it as it is an investment in your future. It is a widely recognized degree that brings better earning potential. Being an MBA graduate student also brings you excellent networking opportunities. You interact with fellow business students and professors who are business experts with good management experience.
An MBA degree may be costly, but you do not have to worry about possible expensive tuition and other fees. MBA scholarships and other forms of financial aid are available for your graduate studies. Therefore, there is no reason to stop pursuing your MBA degree.
How to Pay for Your Business Administration Graduate Degree with MBA Scholarships
An MBA scholarship is financial aid given to full-time graduate students enrolled in business graduate courses. Usually, students receive this financial assistance without having to repay it. The student or scholar would usually be required to maintain a certain level of excellence in their academic performance to satisfy their scholarship.
There are many types of scholarship grants that may come from private organizations. They may be partially or fully funded scholarships or MBA fellowships. Most universities offer scholarships to exemplary students. You can usually find a variety of scholarships with details regarding their requirements on the school’s website, and submit your application if you meet the criteria.
Best MBA Scholarships: Overview
| Organization | Scholarship Name | How Much It Covers |
|---|---|---|
| The University of Houston | MBA Bauer Excellence Initiative | Annually up to $10,000 plus in-state tuition adjustments for non-Texas residents |
| Association of Certified Fraud Examiners (ACFE) | Ritchie-Jennings Memorial Scholarship | $10,000, $5,000, $2,500, and $1,000 |
| American Institute of Certified Public Accountants (AICPA) | AICPA John L. Carey Scholarship Award | $5,000 |
| International Council of Shopping Centers Foundation | Edward J. DeBartolo, Sr. Graduate Scholarships | $10,000 toward tuition, fees, books, and supplies |
| Esade | ESADE Women of the World Scholarship | 50% of the tuition fees |
| Golden Key | Golden Key Graduate Scholar Award | $2,500 |
| National Black MBA Association | NBMBAA Graduate Scholarship Program | Varies depending on the partner business school. Up to approximately $100,000 |
| Markowski-Leach Scholarships | Markowski-Leach Scholarship Fund | Varies depending on the University. Up to approximately $2,000 |
| Equity Through Education (ETE) | BMO Capital Markets — Lime Connect Equity Through Education Scholarship | $10,000 for United States students or $5,000 for Canadian students |
| Taco Bell Foundation | Taco Bell Foundation Live Más Scholarship | In 2021, the Taco Bell Foundation awarded $7 million in Live Más Scholarships to 725 students. |
Best MBA Scholarships: In Detail
MBA Bauer Excellence Initiative | University of Houston
These are merit scholarships for qualified enrollees of a Full-Time MBA Program and Professional MBA students enrolled at The Bauer College of Business. Scholars get financial assistance for up to $10,000 and a two-year subscription to The Wall Street Journal.
Criteria for the scholarship include being qualified for admission into the C. T. Bauer College of Business MBA program. You should then demonstrate an above-average academic achievement through competitive GMAT or GRE scores and GPA. Additionally, you should demonstrate potential based on professional and academic accomplishments.
Ritchie-Jennings Memorial Scholarship | Association of Certified Fraud Examiners (ACFE)
The Ritchie-Jennings Memorial Scholarship provides financial assistance to MBA students interested in a career in fraud examination. Applicants for this scholarship must be enrolled as full-time MBA students at an accredited institution. Many of the scholars eventually proceed to become certified fraud examiners.
The amount of the financial assistance ranges from $1,000 up to $10,000 and includes a one-year ACFE Student Associate membership. Special consideration is provided to students with a background in fraud examination or applicable research hours in the field.
John L. Carey Scholarship Award | American Institute of Certified Public Accountants (AICPA)
The scholarship encourages students without an accounting background to pursue an accounting career. It provides full-tuition scholarships to non-business degree holders to graduate and enter into an accounting career.
The scholarship money is sent to the student’s financial aid office to pay for their degree tuition and related expenses. The scholarship is non-renewable and previous awardees cannot re-apply.
Edward J. DeBartolo, Sr. Graduate Scholarships | International Council of Shopping Centers Foundation (ICSC)
The Foundation awards two Edward J. DeBartolo, Sr. Graduate Scholarships yearly, amounting to an average award of $10,000 each. It is financial assistance for an ICSC member enrolled in an accredited university as a graduate student. The ICSC Foundation and ICSC Foundation Canada award the scholarship directly to US-based and Canada-based students.
The scholarship is a merit-based award for a qualified applicant. Scholarship recipients should be engaged in full-time study in an educational institution with financial needs and obtain a minimum of a 3.0 GPA. Applicants need to complete two application essays as part of the process to meet the eligibility criteria.
Women of the World Scholarship | Esade
The scholarship is for qualified MBA female students. This MBA scholarship is exclusive to female candidates of all backgrounds and nationalities who need financial assistance to start careers in business. While in the scholarship program, the scholar should contribute to the ESADE Women in Business Club.
The scholarship application and evaluation process includes documenting your school transcript, GMAT/GRE scores, letter of recommendation, personal statement, and interview reports. The candidate’s academic performance and her determination to influence the future of business are also part of the evaluation.
Golden Key Graduate Scholar Award | Golden Key
The program provides merit-based scholarships for full-time students with exemplary leadership and academic achievements among the top 15 percent of the class. It is also open to any MBA student who is a member of Golden Key.
The application process for the scholarship requires submitting a personal statement, one letter of recommendation, a current resume, a current and comprehensive academic transcript, and a completed program questionnaire within the online application. The candidate should also state their reasons for continuing their education and career goals.
NBMBAA Graduate Scholarship Program | National Black MBA Association (NBMBAA)
This scholarship is to help minority students uplift their education and lives. The program aims to help African Americans achieve the highest education level and reduce unemployment rates. There are 20,000 members in the program currently.
Accredited schools include Emory University, Arizona State, Ohio State, the University of Florida, the University of San Francisco, and the University of Alabama. The highest amount covers full tuition at the University of Florida. It also awards up to $100,000 at Georgia Tech, Indiana University, and Bentley University.
Markowski-Leach Scholarship Fund | Markowski-Leach Scholarships
This society offers individual scholarships for members of the LGBTQ+ community who are graduate or undergraduate students. The scholarship fund is a legacy of Jim Leach in his desire to help LGBTQ+ people further their education. The goal is to enhance society’s perception of gay and lesbian people and increase the LGBTQ+ community’s self-esteem.
The applicant must demonstrate strong character to be a positive role model in the LGBTQ+ community. The Scholarship Committee evaluates applications identifying LGBTQ+ individuals who demonstrate the potential to become assets to society regardless of their field of study.
BMO Capital Markets — Lime Connect Equity Through Education Scholarship | Equity Through Education (ETE)
This is a need-based scholarship for prospective students with disabilities, helping them achieve their dreams through good education. Its scholars receive $10,000 for American students or $5,000 for Canadian students to support their future studies and ensure they receive a good educational experience.
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To meet the eligibility requirements you must have a visible or non-visible disability, be a full-time student, and be pursuing a STEM-related degree. The application includes an essay question where you will have the opportunity to explain why you believe you should be awarded the scholarship.
Taco Bell Foundation Live Más Scholarship | Taco Bell Foundation
This scholarship applies to numerous deserving students, including MBA candidates. It supports student dreams in following their passion through education. Its merit-based competitive scholarships help youth become assets to their communities and take on a leadership role.
The foundation does not just provide financial assistance but also mentoring. It offers internships to its scholars in Taco Bell’s corporate social media and marketing team. These internships help mold the characters of these scholars to help them gain professional achievement.
How to Pay for Your Business Administration Graduate Degree Without Scholarships: Alternative Financial Aid Options
On top of the many MBA scholarships available for your business administration graduate program, there are also other sources of funds for your continuing studies. The following are alternative options for paying for your MBA graduate degree.
MBA Fellowships
A fellowship program is a great way to fund your studies if you don’t want to apply for a scholarship. Full-tuition fellowship programs are often provided by donors, nonprofit organizations, or corporate sponsors, meaning they can come with additional benefits besides simply financial resources. A fellowship recipient may have to meet specific criteria to qualify.
Tuition Reimbursement Programs
Many companies have tuition reimbursement programs for employees who wish to gain an MBA. Contact your company’s human resources department to determine if tuition benefits are available to you and how to apply for them.
Federal Work-Study Grants
The federal work-study program provides part-time jobs to graduate students with financial needs. The student does a part-time job such as rendering service on community activities or any work related to his course. This way, he earns money to pay for his education expenses.
Institutional and Organizational Grants
Grants funded by graduate schools aim to support field-specific research or provide financial assistance to graduate students with financial needs and academic merit. Many private organizations also offer grants to help students pursue their studies.
Should You Apply for MBA Scholarships?
Yes, you should apply for an MBA scholarship to make your MBA affordable. After all, a scholarship is not a loan, which means you do not repay it. If you qualify for a scholarship, go for it. There is nothing to lose, and financial assistance can make a big difference in the quality of your education. MBA graduates have access to impressive job opportunities.
MBA Scholarships FAQ
The most popular MBA scholarships are need-based awards for promising students who can demonstrate financial need, merit-based awards for students who excel academically, and targeted awards to increase the number of minorities and other underrepresented groups in the field.
Yes, you can get a scholarship for a Master’s Degree in Business. There are many academic scholarship programs available to help students gain access to quality education.
Every year, desirable candidates from five of New York City’s schools receive an MBA scholarship based on merit, academic accomplishment, professional achievements, and leadership skills. Once you select your school, you can contact an admissions representative to find what additional scholarships are available to you.
Two of the most generous schools in the country for MBA scholarship money are Harvard Business School and the Columbia Business school. Both of these institutions are known for their high-quality academic programs and full-time MBA scholarships.
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