MBA from Abroad vs MBA in India – Which is better?October 19, 2023
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Full Scholarship Guide to Study MBA Abroad
Pursuing an MBA abroad is a dream for many, but the cost can be a significant barrier. The good news is that there's a wide range of scholarships available to help make this dream a reality. In this blog, we'll delve into the world of scholarships for MBA programs abroad and guide you through the application process, different types of scholarships, and success stories of those who've secured them.
Why Scholarships for MBA Abroad Matter
Scholarships can be a game-changer in the journey of pursuing an MBA abroad. They not only ease the financial burden but can also open doors to prestigious institutions and unique experiences. Here are several compelling reasons to consider scholarships:
Financial Relief: Scholarships can cover a significant portion of your tuition and living expenses, reducing the financial strain on you and your family.
Access to Top Institutions: Many scholarships are offered by renowned universities and institutions, granting you access to world-class education.
Networking Opportunities: Some scholarships come with access to exclusive networking events and alumni networks, which can be invaluable for your career.
Diverse Perspectives: Scholarships for underrepresented groups promote diversity and enrich the academic environment.
Types of Scholarships
Merit-based scholarships are awarded to students based on their academic achievements, such as GPA, standardized test scores, and work experience. They often require a strong application, including essays and recommendation letters.
Need-based scholarships are awarded to students who demonstrate financial need. They require financial documentation and may cover part or all of your expenses.
Diversity scholarships aim to increase the representation of underrepresented groups in MBA programs. These can be based on gender, race, nationality, or other diversity criteria.
Certain industries, like technology, healthcare, or finance, offer scholarships to candidates interested in pursuing an MBA in those fields. These scholarships may require a commitment to work in that industry after graduation.
How to Find Scholarships
Research Online: Use scholarship search engines and websites to discover opportunities. Some popular scholarship databases include Fastweb, Scholarships.com, and Chevening Scholarships for the UK.
University Scholarships: Check with the universities you're interested in. They often have their own scholarship programs for MBA students.
Government Scholarships: Many governments offer scholarships to international students. The Fulbright program, for example, provides opportunities for students to study in the United States.
Industry Organizations: Industry-specific organizations often provide scholarships. For instance, the Forté Foundation offers scholarships for women pursuing an MBA.
Employer Support: Some employers offer financial assistance or scholarships to employees looking to advance their education.
Scholarship Application Process
The scholarship application process can be competitive and demanding. Here are the key steps to follow:
Research and Shortlist Scholarships: Identify scholarships that align with your goals and qualifications.
Prepare Documents: Gather transcripts, standardized test scores, recommendation letters, and a well-crafted scholarship essay. Make sure your application reflects your passion for the MBA program and your commitment to your chosen field.
Check Eligibility: Ensure you meet all eligibility requirements, such as GPA, test scores, and work experience.
Submit Applications: Carefully follow the application instructions and deadlines for each scholarship. Be sure to proofread your application materials.
Prepare for Interviews: Some scholarships may require interviews. Prepare by researching common interview questions and practicing your responses.
Follow Up: After submitting your applications, stay informed about the selection process and any additional steps required.
Scholarships by Top MBA Institutes
Finding a suitable MBA scholarship might be challenging, as there are many options with specific criteria to choose from. Therefore, a few of those scholarships and the details are provided in this piece.
The scholarships offered by the top global MBA institutes include –
- Stanford Business School MBA scholarship
The Stanford Graduate School of Business provides need-based scholarships for deserving students. But, they have to demonstrate their need based on income and assets. Most of the students of this school receive fellowship funds, whereas others get funding through loans for their degrees. The average fellowship hovers around $ 35,000 per annum or $ 70,000 in total awards.
- Wharton Business School MBA Scholarship
Wharton business school primarily provides financial aid or scholarships based on merit. A broad range of fellowships is available for students of all backgrounds covering partial or the total tuition fee. Prospective applicants must check all the details of those fellowships accordingly, and here is a list of fellowships available for students –
- Wharton Fellowship for Current Students
- Howard E. Mitchell Fellowships
- Joseph Wharton Fellowships
- Forte Fellowships
- Emerging Economy Fellowships
- Prism Fellowship
- Romba Fellowship
- Social Impact Fellowship
- Corporate and Foundation Fellowships
- The Chapman Taylor Family MBA Fellowships.
Apart from applying directly to these scholarships, students can contact Wharton MBA financial aid office or Penn student financial services office.
- London Business School MBA Scholarship
The London Business School offers multiple scholarship options for students from different nationalities and women. Students must note that these scholarships can cover full tuition fees to partial tuition fees depending on the funding. A few of the scholarships include –
- BK Birla Scholars Program
- SARI Foundation Trust Scholarship
- London Business School Fund Scholarships
- Commonwealth Scholarships
- London Business School MBA Scholarships for Women
Apart from these scholarships, they can check MBA scholarships for Indians and other nationalities.
- Harvard Business School MBA Scholarships
Harvard Business is one of the largest providers of scholarships among the top-tier MBA institutes globally. At this school, approximately 65% of the students receive some financial assistance from the institution. In addition, HBS offers need-based financial aid that covers tuition fees ranging from $5,000 to full tuition fee coverage, along with monthly stipends.
Apart from these top scholarships, other MBA scholarships for Indians include –
- HEC Paris MBA Scholarships
- INSEAD MBA Scholarships
- IMD MBA Scholarships
- SDA Bocconi MBA Scholarships
- ESMT MBA Scholarships
Other MBA Scholarships for Indian Students
A few of the MBA abroad scholarships that are meant primarily for Indian nationals are –
- INSEAD Deepak and Sunita Gupta Endowed Scholarship – INSEAD Business School
This scholarship is primarily meant for students with outstanding academic backgrounds and limited financial resources. Students meeting the prerequisites of this scholarship can avail of substantial funding of around EUR 25,000 for an MBA degree in INSEAD.
- Stanford Reliance Dhirubhai Scholarship
The Stanford Reliance Dhirubhai Scholarship is primarily meant for students studying for an MBA degree at the Stanford Graduate School of Business. However, they have to prove exceptional leadership qualities and intellectual vitality to avail of this scholarship.
- UWE Bristol MBA Scholarships
This scholarship provides substantial funding for students willing to pursue their MBAs from the University of New England. But, before applying for this scholarship, students have to meet a few eligibilities. For example, applicants must show good English proficiency and not have previously studied any course in the UK. Apart from these, students must have an admission offer for UWE, and they should have a bachelor’s degree before application.
- Global MBA Scholarship for Women – University of London
This scholarship is meant for female students pursuing an MBA at the University of London. Besides, scholarships like the Global MBA Scholarship for Women also encourage women to participate in international MBA programs. But, to avail this scholarship, candidates must have a graduation degree similar to UKs second-class graduate degree. Additionally, they must have 3 years of work experience, and they should also have an IELTS or TOEFL score of 6.5 and 92, respectively.
- Boustany Foundation – Harvard University Scholarship Program
Being one of the world-leading MBA Scholarship, the Boustany Foundation offers this scholarship for all nationalities and is granted once every two years of a two-year MBA program. This offers financial aid of $ 102,200 ($ 51,100 per year) for tuition fees. Apart from this scholarship also covers travel and accommodation expenses related to the internship. But, students must note that they can only apply for this scholarship after receiving an admission offer from Harvard University.
MBA Scholarships for Women
Although the scholarship mentioned above accepts applications from any individual, there are special scholarships that are solely meant for women. A few of those scholarships include the following–
- Nestle MBA Scholarships for Women at IMD
This scholarship is primarily meant for women from developing countries and was first awarded in 1997. A group of women started it at IMD, and the scholarship amount stands at CHF 25,000.
- London Business School Women’s Scholarship
The London Business School Women’s 30% Club Scholarship primarily aims to support meritorious female students at LBS. Also, they aspire to increase the total female student count at the institute. However, students must note that this scholarship covers the first year only. For further information, they can contact the authorities of the scholarship.
- Foundation Rainbow Bridge MBA Scholarships for African and Asian Women
This scholarship is meant for Asian and African women pursuing an MBA at HEC Paris; however, the concerned scholarship targets students affected by drought, natural disasters, or famine. Additionally, Fondation Rainbow Bridge MBA Scholarship has a valuation of EUR 20,000 and is awarded for 2 counts each year.
Other scholarships focused on women for pursuing MBA abroad are –
- SDA Bocconi Scholarships for Women
- ESADE Women of the World Scholarship
- INSEAD Alumni Fund Women’s Scholarship
- ESMT Women’s Academic Scholarship
MBA Abroad Scholarships
Studying a course like an MBA from foreign countries like the US, UK, Canada, Australia, etc can seem challenging in terms of generating funds for any international student. But no one needs to worry as plenty of MBA Abroad Scholarship are available to study MBA abroad.
Some of the popular MBA Abroad scholarships are mentioned below.
|Scholarship Name||Number of Scholarships||Type of Scholarship||Reward (INR)|
|Ontario Graduate Scholarship||22||Merit-based||8, 23,000|
|Australia Awards Scholarship||1985||Merit-based||Variable|
|Go Clean Scholarship||1||Merit-based||2, 64,000|
|Debesh Kamal Scholarship||-||Merit-based||1,05,329|
|Hubert H. Humphrey Fellowship Program||150||Merit-based||Variable|
|BrokerFish International student scholarship||1||Merit-based||75,690|
|Heinrich Boll Scholarships||1200||Merit-based||Variable|
|MBA Entrepreneurial Scholarship||1||Merit-based||Variable|
List of Scholarships in Different Countries
Listed below are the names of the scholarships which are externally offered to students in various countries.
|Name of the scholarship|