MBA is a highly coveted-for course. However, not many can afford the hefty tuition fees leveraged by top B schools. Just because of weak financial background multiple, students cannot fulfil their dream of pursuing an MBA. Scholarships can be of great help in such scenarios. Needy students can actually utilize the scholarships to pay the hefty tuition charges. They can fulfil their dream of becoming a successful entrepreneur or managing a business quite easily because of these scholarships.
It may sound like a dream to get a full-tuition scholarship. However, for many MBA students, this is actually a reality, thanks to the top business schools that offer scholarship facilities. In many elite B schools, the scholarships may even stand for the entire MBA course duration. The winners of USA MBA Fellowship winners get a scholarship worth US$160,000. The students will have to work for at least two years after graduation in the Midwest. Competitive and infrequent conditions are placed for students against full-ride scholarships.
How to earn scholarships?
You will be amazed to know that just 1% of students at Vanderbilt University-based Owen Graduate School of Management gets a complete merit-based scholarship. They keep track of the interpersonal skills, academics, community service and career progression of statistics of the students and then decide who is to get the full scholarship. A candidate who scores the top scores in all these categories gets a complete tuition scholarship. Scholarships are also offered to promote the idea of diversity. Such scholarships include Forte Fellowship for Women, for minorities like Indian, Chinese, Canadian students and so on.
Also Read: Benefits of Scholarships for MBA Students
A bit more than just financial aids:
Scholarships are not restricted to just financial aids. For instance, the Jones Graduate School of Business at Rice University, scholarships include multiple perks. Students get to attend multiple partially funded conferences as well as events. Also, they can meet the dean and alumni board members. Thus, students will gradually build up a strong network. And we all know how significant it is for a business student to have a robust network.
Rice scholarship also involves the Military Scholars Program meant for the veterinary applicants. They also offer McNair Scholars Program to students who outshine others in their academic performance, as well as leadership skills. Top international students can lay their hands on full-tuition Dean Scholarship program.
Rice University does not require any se3parate application process for scholarship consideration. Once a student places an application for a scholarship grant, the application will be verified on the basis of the entire application package. The authority will check the GMAT score, work history, undergraduate transcripts, as well as leadership experiences.
A plethora of funding options:
Although complete funding is quite a rare option, B schools often offer scholarship programs which cover the majority portion of MBA. Leaving behind employer support and loans, scholarships are becoming the topmost choice of students. The percentage seeking for the scholarship is increasing with every academic year.
Students who enrol themselves with the Rice University, are put under consideration for merit-based scholarships. The scholarship can cover from 10 to 100% of their tuition fee. On average, about 79% of the full-time MBA students get a merit-based scholarship which covers around 55% of their tuition fees.
B schools are offering more and more scholarships in order to attract students. By offering a robust scholarship program, business schools try to get the most qualified students on their own side.
Different scholarship options available in India:
Till now, we have been discussing international MBA scholarship programs. Now we will share elaborate details about scholarship facilities offered by prominent B schools in India. Here, the business schools offer up to 50% of the MBA tuition fee coverage.
1. Scholarship by IIM Ahmedabad: IIM Ahmedabad offers multiple MBA based scholarships to the deserving students. The number of scholarships can vary according to different types of scholarships. The maximum amount of scholarship is around 2 to 6 lakhs. IIM Ahmedabad is a highly reputed B school, and students can enrol themselves in such a renowned institute, thanks to their effective scholarship programs.
- IIMA exit scholarships
- Need-based scholarship scheme
- Scholarships for joining Not-for-profit organizations
- IIMA Alumni scholarship
- Shri GC Mital Entrepreneurship Aid
- Peri Viswanath Scholarship
2. Scholarship by IIM Bangalore: IIM Bangalore understands that financial barrier can cause a great hindrance in pursuing academic dreams. Thereby, the authority extends financial aids in the form of scholarships to needy students. PGP students, whose annual household income is below Rs 6 lakh, can apply for financial assistance. In case of any sudden unforeseen circumstances, if any student’s financial background gets affected, he or she too will be eligible to receive a financial grant.
- Citi Women’s Leader Award
- Aditya Birla Scholarship
- T Thomas Scholarship
- Cognizant Technology Solutions Bizard Scholar
- Ocwen Financial Solutions
- Societe Generale Global Solution Centre India Scholarship
3. Scholarship by IIM Kolkata: IIM Kolkata has a great reputation. The city of culture and kindness has set the benchmark in offering scholarships to highly beneficial scholarships to MBA students. They believe that higher education forms the strong foundation for the career growth of any student. And hence they offer a multitude of heavy-duty scholarships to deserving and needy students. There are multiple awards or prizes offered by IIM Kolkata. It has connections with multiple organizations through which the reputed B school extends financial aid to meritorious students. The results of the first and second year are also taken into consideration. During the final convocation day, some students get rewarded because of their outstanding extracurricular activities. For eligibility criteria, you will need to check our earlier blogs.
- BP Poddar Scholarship
- T T Krishnamachari
- India Carbon Scholarship
- P R Karthik Scholarship
- Aditya Kashyap Memorial Scholarship
- Damodar Valley Corporation Award for Creditable Performance
- BPL Prize
4. Scholarship by IIM Lucknow: IIM Lucknow offers scholarships to students of low-income group background. These scholarships have helped numerous students to follow their dream, study hard, score well and grab best jobs possible. Some has even managed to start their own business and turn into an entrepreneur.
- Industry-sponsored scholarships
- Merit cum means scholarships
- Bharti scholarship
- Industry-sponsored scholarship
- SC/ST scholarship
- Need-based IIML scholarship
5. Scholarship by XLRI Jamshedpur: XLRI is famous for its PGDM course-based scholarships. It offers three different kinds of scholarships. The scholarship programs are highly efficient and helpful in shaping the career of needy students. The maximum amount of the scholarship is about Rs 2,55,000 lakh each year.
- XLRI Diamond Jubilee
- Aditya Birla Scholarship
- Pirojsha Godrej Scholarship
6. Scholarship by MDI Gurgaon: Students can try to apply for different types of scholarships offered by MDI Gurgaon. They offer financial assistance in the form of scholarships to the OGDM students. The amount may vary according to different types of scholarships.
- DAAD scholarship
- Merit-Based scholarship
- Eiffel scholarship
7. Scholarship by ISB Hyderabad: ISB Hyderabad is a pioneer institute in offering MBA education to the students. It has an amazing faculty which imparts business lessons in a highly effective and beneficial manner. Every year, multiple students dream of getting enrolled in this highly reputed B school. ISB Hyderabad offers a wide range of MBA scholarship to both Indian and overseas students. The scholarship programs are based on merits, need or both. International students will have to prove their mettle to receive a scholarship grant from ISB Hyderabad.
- Manhattan Review Scholarships
- ISB@10 Global Scholarship
- Jamboree India Talent Promotion Award
- Nurture India
8. Scholarship by IIM Indore: IIM Indore is popular for its financial assistance to needy students. Their ultimate aim is to remove any kind of financial hurdle from the lives of students who are in the institute. They believe in imparting quality lessons to all the students who have the much-needed merit. Their need-based financial assistance scholarship amount varies according to situation and necessity of each student.
9. Scholarship by IRMA Anand: This is again a pioneering business school. It provides highly dedicated management lessons that are suitable for rural management. The reputed institute offers different types of scholarship programs to the PGDM as well as PGDRM students. Different scholarship programs cater to the different number of students. The amount of financial aid also differs as per different scholarship facilities.
- Scholarship for SC/ST Candidates
- Scholarship from Ministry of Affairs
- Merit-based scholarship from Sir Ratan Tata
- GOI scholarship to IRMA for SC/ST student
- Scholarship from the Ministry of Tribal Affairs
Now that you know all about different MBA scholarship programs, you can easily prepare your future course of action and apply for scholarship programs that suit your profile. Now you need not worry anymore worry about the increasing burden of MBA tuition fees on your family. You can focus on your studies completely without having to pay heed to the hefty charges of B schools.