MBA in the USA is the most popular course often selected by the majority of international students. However, MBA fees range from INR 50 Lakhs to INR 1 Crore in top and prestigious universities in the USA. In response, these universities extend a financial lifeline in the form of MBA scholarships in the USA, aiming to alleviate the financial burden for deserving international students, including India. This blog aims to give you a deeper understanding of how to get a scholarship for an MBA in the USA.
| Overview and Highlights of MBA Scholarships in the USA | |
| Harvard Business School MBA Scholarships | Need-based scholarship program based on socioeconomic background, three-year gross income, and assets. |
| MIT Sloan School Of Management MBA Scholarships | Divided into two categories: automatic fellowships during the application process and those requiring a separate application. Examples include McKinsey Award, Legatum Fellowship, and Lemann Education Fellowship. |
| Wharton School MBA Scholarships | Fellowships like Joseph Wharton Fellowship, Emerging Economy Fellowships, Prism Fellowship, and Social Impact Fellowship. |
| Columbia Business School MBA Scholarships | Offers both need-based and merit-based scholarships to international students. Merit-based scholarships include Perelman Scholarship, and need-based scholarships like Columbia Fellows’ Program and Columbia Business School Board China and India Fellowships. |
| Kellogg School of Management MBA Scholarships | Provides a range of merit and need-based scholarships to admitted students. Scholarships include Charles J. Schaniel Scholarship, Diversity Scholarship, Donald P. Jacobs International Scholarship, Frederick C. Austin Scholarships, and Healthcare at Kellogg Scholarship. |
| Stanford Graduate Business School MBA Scholarships | Diverse array of scholarships, including Stanford GSB Need-Based Fellowship, Stanford GSB Bold Fellows Fund, and Dhirubhai Fellowships for Indian applicants. |
| Full Scholarships for MBA in USA for Indian Students | Cardiff India Scholarships, Stanford Reliance Dhirubhai Fellowship, and GREAT Scholarships for academically excellent students from various countries. |
| How to Apply for MBA Scholarships in the USA | Application process varies by university and scholarship type. Identify potential opportunities, review eligibility criteria, apply for MBA programs, investigate specific scholarships, craft a compelling personal statement, and submit applications before deadlines. |
| Documents Required for MBA Scholarships in the USA | Application form, resume/CV, academic transcripts, standardised test scores (GMAT/GRE), letters of recommendation, personal statement/essay/SOP, proof of citizenship/visa status, financial documents, work experience proof, portfolio (if applicable), and proof of eligibility. |
Scholarships For MBA In The USA For International Students
Opting for an MBA in the USA is an amazing choice, especially with 26% of all international students selecting this course, as highlighted by sources like Poets & Quants and the Open Doors Report. Starting an MBA in the USA marks a major step forward in one’s career journey, and these top universities in the USA offering MBA scholarships are key players in shaping this educational journey. These institutions are known for their cutting-edge curriculum, standout faculty, and diverse learning atmospheres that attract ambitious individuals from all corners of the globe. These scholarships are collectively applicable on all types of MBA programmes like MBA in Finance, MBA in marketing, Business Analytics etc. There are majorly 2 types of MBA Scholarships given by the USA Universities-
- Merit-Based Scholarships: Offered on the basis of academic excellence to the well deserving students of any financial background.
- Need-Based Scholarships: These scholarships are awarded to students currently enrolled, showcasing a proven financial need.
Given below are the top 6 universities to study MBA in the USA with scholarships:
1. Harvard Business School MBA Scholarships
Harvard Business School offers a need-based scholarship programme for MBA in the USA and additional fellowships to students based on their socioeconomic background, three-year gross income, and assets. The amount provided is approximately $40,000 (around 30 lakh INR) per year, generously contributed by HBS alumni. Harvard University also awards complementary fellowships to eligible students, including:
| Fellowship | Eligibility | Amount in USD |
| John C. Phelan Forward Fellowship | Students from low-income backgrounds with financial obligations | $30,000 |
| Horace W. Goldsmith Fellowship | Demonstrated leadership in the non-profit sector | $10,000 |
| George Leadership Fellowship | Students with demonstrated leadership skills and impactful contributions | $10,000 |
| The Robert S. Kaplan Life Sciences Fellowship | Students with demonstrated experience and commitment to life sciences | $20,000 |
2. MIT Sloan School Of Management MBA Scholarships
MIT Sloan School of Management MBA scholarships are bifurcated into two categories. In the first category, certain fellowships don’t necessitate a separate application; students automatically qualify for them during the application process. This includes scholarships like the Samsung Fellowship, Verma Family Fellowship, Stone Masters Fellowship for Women, Nath Fellowship, and several others. The second category comprises fellowships that demand a distinct application process from the aspiring students. In the second category, fellowships requiring an additional application include:
| Fellowship | Eligibility | Amount |
| McKinsey Award | All incoming students | $10,000 USD |
| Legatum Fellowship | Financial assistance for entrepreneurial endeavours | Varies |
| Lemann Education Fellowship | All students | Varies |
3. Wharton School MBA Scholarships
The Wharton School offers numerous fellowship opportunities to deserving students through contributions from donors, corporations, foundations, etc. All applicants are automatically considered for these fellowships, which are awarded based on the candidate’s application, background, academic and professional achievements, as well as community involvement. Some of the fellowships provided by the University of Pennsylvania include:
| Fellowship | Eligibility | Award |
| Joseph Wharton Fellowship | Open to students with exceptional academic records, notable personal achievements, and professional accomplishments. | Fellowships typically span two years, with awards distributed evenly across four semesters for a standard MBA student. |
| Emerging Economy Fellowships | Available for students hailing from emerging economies. | Covers tuition fees for 2 years |
| Prism Fellowship | For students who are members and exhibit leadership in supporting the LGBTQIA community. | Covers full tuition fees |
| Social Impact Fellowship | Geared towards students showcasing leadership in nonprofit or public sectors. | Taxable Fellowship award $1,000 for graduated students |
4. Columbia Business School MBA Scholarships
Columbia Business School offers both need-based and merit-based scholarships to international students in their application pool. A diverse array of need-based scholarships is available, including the Laidlaw Foundation Scholarship for outstanding female students, the Business School Alumni Scholarship Fund, the Class of 2000 Scholarship, the MBA Scholarship, and several others.
| Fellowship | Eligibility | Amount |
| Merit-based | Open to all applying students | $20,000 USD |
| Perelman Scholarship | Available for students from underrepresented groups | Variable |
| Columbia Fellows’ Program | Requires demonstrated leadership, innovation, creativity | Full or partial tuition waiver |
| Columbia Business School Board China and India Fellowships | Exceptional academic and professional commitment from India and China | Variable |
5. Kellogg School Of Management MBA Scholarships
Northwestern University’s Kellogg School of Management provides a range of merit and need-based scholarships to admitted students, including the Kellogg Scholarship for international students admitted to full-time MBA programmes based on merit. Other scholarships, such as the Diversity Scholarship, Donald P. Jacobs International Scholarships, and Kellogg Finance Network Scholarship, are also available. All admitted students are automatically considered for merit scholarships.
| Scholarships | Eligibility |
| Charles J. Schaniel Scholarship | Granted to students with an interest or background in accounting. |
| Diversity Scholarship | Reserved for extraordinary students from underrepresented backgrounds, contributing to the college’s diversity. |
| Donald P. Jacobs International Scholarship | Awarded to strong international students who exhibit exceptional academic capabilities. |
| Frederick C. Austin Scholarships | Available for students with a robust academic background, demonstrated leadership, and a community impact. |
| Healthcare at Kellogg Scholarship | Designed for students aspiring to pursue a career in healthcare. |
Note: The MBA Scholarship awards at Kellogg School are not specified and are given on merit basis.
6. Stanford Graduate Business School MBA Scholarships
Stanford Graduate School of Business extends a diverse array of scholarships and fellowships to promising candidates, aiming to support their aspirations. Annually, the school allocates awards ranging from $40,000 to $80,000 in total value. International students have the opportunity to apply for the Stanford GSB Need-Based Fellowship and the Stanford Reliance Dhirubhai Fellowship (for Indian applicants), which cover the entire tuition cost and 80% of the attendance cost.
| Scholarships | Eligibility | Awards |
| Stanford GSB | Need-based fellowship for international students. | $44,000 per year or $88,000 in total |
| Stanford GSB Bold Fellows Fund | Students who demonstrate financial need and are committed to the advancement of diversity, equity, and inclusion. | Varies |
| Dhirubhai Fellowships | Especially for Indian students. | Covers full tuition fees and 80% cost of attendance. |
Full Scholarships For MBA In USA For Indian Students
If you are looking for scholarships for MBA in the USA for Indian students, we have covered all key aspects of the best MBA scholarships for Indian students (almost fully funded) along with their eligibility criteria and awards. These scholarships are mostly externally funded scholarships.
| Scholarship | Eligibility | Awards |
Cardiff India Scholarships | All Indian students applying for eligible master’s degree programmes that include MBA are eligible to apply. | £5,000 |
| Stanford Reliance Dhirubhai Fellowship | Students from India who are applying for an MBA at Stanford University and have excellent academic records and professional qualifications along with leadership skills and commitment. | 80% of tuition fee, living expenses and health insurance |
| GREAT Scholarships | Academically excellent students from countries like India, Bangladesh, Mexico, China, etc. | Amount varies |
In this way, we have given you a thorough bifurcation of MBA Scholarships in the USA in different universities. However, it’s important to keep in mind that a few of these scholarships need scholarship tests for an MBA in the USA, for example, IELTS, GMAT, etc. These tests are especially required for merit-based scholarships and act as an added factor to increase your chances of qualifying for the scholarships.
How To Apply For MBA Scholarships In The USA?
Application for MBA Scholarships in the USA depends upon the university and the scholarship you are planning to apply for. Some MBA scholarships in the USA do not need a separate application, and for some scholarships, you need to apply separately. Let’s look at the general application process below.
- Step 1: Identify potential MBA scholarship opportunities by researching the financial aid options offered by the MBA programmes you are interested in. Explore both university-specific and external scholarships.
- Step 2: Review the eligibility criteria for each scholarship. Understand the specific requirements, whether they are merit-based, need-based, diversity-focused, or industry-specific. Take note of the application deadlines for each scholarship. Some scholarships may have different deadlines than the MBA program application itself.
- Step 3: Begin the application process for MBA programmes. These can range from MBA in business analytics to STEM MBA programmes in the USA. Many scholarships are tied to admission, so you need to be admitted to the MBA program to be considered for certain scholarships.
- Step 4: Investigate the specific scholarships offered by the universities you are applying to. Some universities automatically consider admitted students for certain scholarships, while others may require a separate application.
- Step 5: Craft an interesting personal statement or essay that outlines your career goals, achievements, and why you are a deserving candidate for the scholarship. Tailor your statement to each specific scholarship.
- Step 7: Submit your scholarship applications before the deadlines. Double-check that all required documents are included and that your application is complete.
Documents Required For MBA Scholarships In The USA
The documents required for MBA scholarships in the USA might vary depending on the university and scholarship you are applying for. However, here’s a general guidance of the documents required for almost all the MBA scholarships.
| Document Type | Description |
| Application Form | Complete the scholarship application form provided by the respective institution. |
| Resume/Curriculum Vitae (CV) | Provide a detailed summary of your academic and professional achievements. |
| Academic Transcripts | Submit transcripts from all educational institutions attended, showing grades. For MBA scholarships, you need to show your degree certificates or transcripts too. |
| Standardised Test Scores | Include scores from tests such as GMAT or GRE, as specified by the scholarship. |
| Letters of Recommendation | Obtain recommendation letters from professors, employers, or professional contacts. |
| Personal Statement/Essay/SOP | Write an impactful essay outlining your career goals, achievements, and motivation for pursuing an MBA. |
| Proof of Citizenship/Visa Status | Submit relevant documents to verify your citizenship or visa status. |
| Financial Documents | Include documents demonstrating your financial need or ability to cover expenses not covered by the scholarship. |
| Work Experience Proof | Provide evidence of relevant work experience, if required for the scholarship. |
| Portfolio (if applicable) | For scholarships in creative fields, submit a portfolio showcasing your work. |
| Proof of Eligibility | Include any additional documents proving your eligibility for specific scholarships. |
Among all these documents, sample SOP for MBA scholarships is the most important document, as it contains the main purpose of applying to the course or scholarship. It describes the intent of your application and, based on that, you are qualified for the scholarship programme.
These were just a few scholarships specifically for MBA programmes. However, these universities offer numerous scholarships for various courses like STEM MBA programmes in the USA, PhD scholarships, M.Sc scholarships etc.
Scholarships are a helpful aspect when it comes to the cost of studying in the USA which is not just limited to tuition fees, but also living expenses, travelling and maintenance charges, etc. Scholarships can help you get the highest-paying job in the USA too.
But, scholarships are highly competitive. Hence, it can be a bit daunting to get one. Having said that, you can always rely on education loans to fund your studies abroad. Heard about UniCreds? Well, UniCreds has partnered with top financial institutions, including NBFCs getting you the best education loans for MBA the USA, Germany, Ireland, France, etc.
FAQs
Q1. Can you get a full scholarship for an MBA in the USA?
Ans: Most of the scholarships in MBA are either need-based or merit-based. Meaning, that the universities have a set amount to offer as a scholarship. However, external scholarships like the Dhirubhai Scholarship fund your full tuition fees and 80% cost of attendance.
Q2. How to get a 100% scholarship in the USA?
Ans: You can get a 100% scholarship in the USA by demonstrating high academic excellence or need of financial aid. Having work experience adds to the chances of getting one, especially for MBA scholarships.
Q3. How much percentage is required for a scholarship in the USA?
Ans: While the GPA requirement for scholarships in the USA varies by university and scholarship program, stating that a minimum of a 3.5 GPA is generally expected is a reasonable and commonly observed guideline.
Q4. Which is the best university in the USA offering scholarships for an MBA?
Ans: There’s not just one, but many top universities offering scholarships for MBA, namely Harvard Business School, Stanford Business School, Wharton School, etc.
Q5. What types of MBA scholarships are available in the USA?
Ans: Need-based and merit-based scholarships are available for MBA in the USA, offered by the university or external organisations.
Q6. How do I find and apply for MBA scholarships specifically tailored for international students in the USA?
Ans: Research scholarship opportunities through university websites, external scholarship platforms, and international student support services, then follow application guidelines for each.
Q7. What are the average amounts awarded for MBA scholarships in the USA?
Ans: The average scholarship varies depending on the university and the type of scholarship you are applying for.
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