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Pursuing an MBA from one of the top business schools can be a transformative experience, propelling your career to new heights and opening doors to a world of opportunities. However, the cost of obtaining an MBA can often deter prospective students from applying. This is where MBA scholarships come into play; they serve as a beacon of hope for ambitious individuals, making these prestigious programs more accessible and affordable. In this article, we delve into the realm of MBA scholarships offered by the top 10 business schools, highlighting the opportunities they present and shedding light on the avenues for aspiring business leaders to finance their education.
The Importance of MBA Scholarships
MBA scholarships are not just financial aid; they are also recognition of an individual's potential, achievements, and dedication. For top business schools, scholarships serve as a means to attract the most promising and diverse talent to their programs. Scholarships not only alleviate financial burdens but also contribute to a more diverse and vibrant student body, enriching the learning environment and fostering varied perspectives.
The Top 10 Business Schools and Their Scholarship Programs
1. Harvard Business School
- Harvard Full-Tuition Scholarships
- For students with ‘greatest financial need’ (~10% of student body)
- Harvard Fellowships
- Summer Venture in Management Program (SVMP) Fellowship
- The SVMP Fellowship generously supports MBA students who participated in SVMP, the one-week residential educational program for rising and graduating college seniors designed to increase diversity and opportunity in business education.
- RISE Fellowship
- The Recognizing Individuals Seeking Equity (RISE) Fellowship is awarded to up to ten MBA students of any background who have demonstrated exemplary commitment to serving Black/African American, Hispanic/Latinx, and other marginalized communities of color within the US.
- John C. Phelan (MBA 1990) Forward Fellowship
- The Forward Fellowship is designed to support students from lower-income backgrounds who have carried significant financial burdens or obligations.
- George Leadership Fellowship
- Open to HBS students in the third year of the joint degree program with Harvard Kennedy School (HKS), the fellowship reflects the foundation's commitment to enhancing public service by investing in character formation and leadership development.
- Horace W. Goldsmith Fellowship
- Open to students demonstrating nonprofit leadership.
- Junior Achievement Fellowship
- Open to students with Junior Achievement experience.
- The Robert S. Kaplan (MBA 1983) Life Sciences Fellowship
- Open to students with demonstrated experience in and commitment to the life sciences.
- John H. McArthur Canadian Fellowship
- Open to students from all regions of Canada.
- The Black Family Fellowship
- Administered by the Center for Public Leadership, the Black Family Fellowship provides up to $20,000 a year in tuition support, along with a leadership development program, for 5-8 US veteran/active duty military students at Harvard Business School.
- Summer Venture in Management Program (SVMP) Fellowship
To learn more about Harvard’s various modes of tuition assistance, click here.
2. Stanford Graduate School of Business
- Stanford Fellowships
- Stanford GSB Need-Based Fellowships
- Fellowships are gifts from the Stanford community that do not have to be repaid. Stanford GSB fellowships are awarded based solely on your demonstrated financial need. Approximately half of Stanford MBA students receive fellowship funds. The average Stanford GSB fellowship is approximately $44,000 per year or $88,000 in total awards.
- Stanford GSB BOLD Fellows Fund
- The BOLD Fellows Fund supports students with financial hardship and a commitment to diversity, equity, and inclusion. The BOLD Fellows Fund awards will be up to approximately $15,000 per fellow per year or around $30,000 per fellow’s two-year MBA program.
- Stanford GSB Need-Based Fellowships
- Stanford Knight-Hennessy Scholars Program
- Each year, the Knight-Hennessy Scholars program selects up to 100 students who are newly enrolling in a graduate degree program in any of Stanford’s seven schools. Knight-Hennessy Scholars participate in an experiential leadership development program and receive funding for up to three years of graduate study at Stanford.
- Summer Stipends
- Stanford GSB provides resources for those who wish to pursue a summer internship in nonprofit, social impact, government, or entrepreneurial organizations.
- Career Support
- Stanford GSB offers financial support to qualifying MBAs who pursue careers in the nonprofit and public service sectors or in high-impact businesses.
To learn more about Stanford’s various modes of tuition assistance, click here.
3. Wharton School, University of Pennsylvania
- Wharton Fellowship Program
- Criteria for fellowship selection includes unique personal qualities and background, academic achievement, exceptional professional development, and community involvement. Fellowships are two-year awards, split equally over four semesters (fall and spring terms) for a typical MBA student.
- Funding for Current Students
- Ford Fellowship – First year, best student
- Academic Excellence Fellowship – Terms 2 and 3, best student
- Inselbag Fellowship – First year (Top 5% eligible)
- McGowan Fellowship – First year (Top 5% eligible)
- Director’s List Fellowship – Each semester (Top 10% eligible)
- Dr. Bruce I. Jacobs Scholars in Quantitative Finance – Second-year, exceptional students in Quantitative Finance Major
- Penn Wharton Innovation Fund
- Summer Venture Award
- Startup Internship Award
- Edward B Shils/Leonard L Zeidman Fellowship
- Behrman Family Fellowships (3) in demonstrated leadership and financial need.
- Recipient selection process maintained within Leadership Program.
- Whitley M. Young Fellowship – Second-year, active member of the AAMBAA community who has demonstrated academic excellence and made outstanding contributions to the achievement of excellence by people of color in the Wharton, University of Pennsylvania, and/or greater business communities.
To learn more about Wharton's various modes of tuition assistance, click here.
4. Booth School of Business, University of Chicago
- Merit-Based Scholarships
- Booth offers numerous merit-based MBA scholarships to talented students. These awards do not require a formal application; all candidates are evaluated, and choices are made solely based on the details provided in their application.
- Booth Fellowships
- Global Innovator Fellowships
- Students who possess ambitious aspirations and a proven dedication to creating distinctive and enduring change worldwide are granted the Global Innovator Fellowships. Just like merit-based scholarships, these fellowships do not require an extra application procedure.
- Canfield Private Equity Fellowship
- This fellowship is granted to incoming students who have previous involvement in investment banking or private equity and intend to pursue a professional path within the realm of private equity.
- Herman Family Fellowship for Women Entrepreneurs
- This fellowship was established in 1995 to advance the interests of women in entrepreneurship
- Kitts Marketing Fellowship
- These fellowships are awarded to students pursuing a career in marketing who plan to concentrate in marketing management.
- Global Innovator Fellowships
- Leadership Awards
- Distinguished Fellowship
- Chosen due to their capacity to create a significant influence on both the Booth community and the business realm, recipients of this full-tuition fellowship are granted a stipend and guided by Harry L. Davis, the distinguished Roger L. and Rachel M. Goetz Professor of Creative Management. Students also delve into the methods through which leaders in diverse contexts create a lasting and constructive effect on their organizations and society.
- Forté Foundation Fellowship
- Every year, scholarships are granted to students who have demonstrated outstanding academic, collaborative, community, and/or innovative leadership qualities, and who are dedicated to promoting the advancement of women in the business world. The value of the awards varies, and those who receive them are anticipated to take part in recruitment activities organized by the Forté Foundation and Admissions.
- Marvin Zonis International Scholarship
- This fellowship is awarded to an international student who demonstrates outstanding leadership, academic, and extracurricular achievements.
- Zmijewski Scholarship
- This award provides support to a student who embodies the spirit and qualities of Mark E. Zmijewski, the Charles T. Horngren Professor of Accounting Emeritus, including a strong work ethic, demonstrated leadership, and professional tenacity. In addition to being in good standing with the university, this scholarship gives preference to students who did not follow a traditional path to graduate studies and for whom the award could be maximally transformative.
- Distinguished Fellowship
- Military Awards
- David W. Fox Scholarship
- This full-tuition fellowship is awarded to a student who served—or is currently serving—in the US military.
- Yellow Ribbon Program
- No out-of-pocket MBA cost for US military veterans
- David W. Fox Scholarship
- Regional Awards
- A. H. Tobaccowala Fellowship
- Chicago Booth Mexico Opportunity Scholarship
- Dennis W. and Jane B. Carlton Fellowship
- Ehara Scholarship
- He Family Scholarship
- The Nelson Germanos Fellowship
- Ramakrishnan Family Scholarship
To learn more about Booth’s various modes of tuition assistance, click here.
5. MIT Sloan School of Management
- Sloan Fellowships
- Forté Foundation Fellowships
- As a sponsor of the Forté Foundation, MIT Sloan is committed to the advancement of women in leadership. The MIT Sloan MBA shares this commitment and offers Forté Foundation fellowships each year to outstanding female candidates who demonstrate leadership in their community, academic institution, and/or place of work.
- Dean’s Fellowships
- A limited number of Dean's fellowships are available to MIT Sloan MBA and are awarded to admitted candidates of all citizenships and academic backgrounds. All admitted candidates are considered for these merit-based fellowships.
- The Legatum Fellowship
- The Legatum Center for Development and Entrepreneurship is pleased to offer financial assistance to select entrepreneurial graduate students at MIT. Their application process is separate from the MIT Sloan MBA admissions. The Legatum Fellowship is open to all MIT graduate students. You must demonstrate a commitment to starting a business in a low-income country after graduation.
- Kennedy Memorial Trust Fellowship
- The Kennedy Memorial Trust provides scholarships to British post-graduates to pursue their studies at MIT and/or Harvard.
- The Nippon Foundation’s International Fellowship
- The Nippon Foundation’s International Fellowship provides Japanese nationals working in the public or private sector opportunities to further studies in overseas educational institutions.
- Action, Impact, and Motivation (AIM) Scholarship
- The Action, Impact, and Motivation (AIM) Scholarship is a postgraduate scholarship for Sloan MBA students to complete a social impact project in India upon graduation. The scholarship awards up to $20,000 to a team of 1-2 SFMBA students who want to test and implement ideas and solutions aligned with the Sustainable Development Goals set by the United Nations.
- Yellow Ribbon Program
- MIT Sloan offers $15,000 scholarships on a first-come, first-served basis for veterans of the U.S. military that are matched dollar-for-dollar by the federal government.
- Forté Foundation Fellowships
- Additional Fellowships
- Aker Scholarship
- Fundacion Gondra Barandiaran
- Lemann Education Fellowship
- McKinsey Award
- MIT-China Scholarship Council Fellowship Program
- MIT Public Service Center Fellowships
- MIT Sloan Social Impact Fellowship
- The Zuckerman Fellowship
- And many more!
To learn more about Sloan’s various modes of tuition assistance, click here.
6. Kellogg School of Management, Northwestern University
- Finance Fellows
- Finance Fellows is a new, full-tuition scholarship for students in the Two-Year Program who are committed to making an impact in a finance industry or function
- Africa Scholars — Awarded to citizens of African countries to provide opportunities to admitted students from Africa.
- Brodsky Scholarship — Awarded to an incoming JD-MBA student from the Chicagoland area.
- Charles J. Schaniel Scholarship — Awarded to an outstanding student with an interest or background in accounting.
- David Himmelblau Scholarship — Awarded to one student based on overall achievement and academic abilities.
- David F. and Margaret T. Grohne Family Foundation Scholarship — Provides support to an exceptional student in the Two-Year MBA and MMM Programs.
- Diversity Scholarship — Awarded to extraordinary students who share a commitment to diversity.
- Donald P. Jacobs International Scholarships — Awarded to strong international students in the Two-Year MBA and MMM Programs.
- Finance Fellows — Awarded to a cohort of students admitted to the Two-Year MBA for commitment to and demonstrated impact in the finance industry or a finance function.
- Forté Foundation Scholarship — Awarded in partnership with the Forté Foundation to female students based on a demonstrated commitment to women and girls via community involvement or personal mentorship.
- Frederick C. Austin Scholarships — Awarded to a cohort of students admitted to the Two-Year MBA or MMM Programs for academic excellence, demonstrated leadership, and community impact.
- Glen W. Fawcett Scholarship Fund — Awarded to a strong representative of Phi Delta Theta Fraternity.
- George Terry Trust Award — Awarded to an outstanding student graduating from a U.S.-based college or university.
- Hawryluk Scholars Award — Awarded to a group of students with interest and goals in healthcare, and inclusive of mentorship from alum and Healthcare faculty.
- Healthcare at Kellogg Scholarship — Awarded to an outstanding student interested in pursuing a career in healthcare.
- James P. Gorter Scholarship — Awarded to outstanding students who share a commitment to diversity in the Two Year MBA or MMM program.
- John R. Flanagan Excellence Grant — Awarded to a student with outstanding merit with an interest in Finance.
- Kellogg Finance Network (KFN) Scholarship — Awarded to a student with outstanding merit with an interest in finance.
- Kellogg Scholarship — Awarded to students in our full time programs based on overall achievements, demonstrated leadership, and academic abilities.
- Peter L. Frechette Endowed Scholarship — Awarded to students demonstrating exceptional academic and extracurricular pursuits.
- PepsiCo Scholarship — Awarded to outstanding students with an interest and/or background in marketing
- Posse Scholarship — Provides full tuition, awarded to extraordinary alums of The Posse Foundation with academic and leadership potential.
- Reaching Out MBA Fellowship — Kellogg partners with Reaching Out MBA and offers scholarship opportunities to develop the LGBT business leaders of tomorrow.
- Robert A. & Helen E. Gottschal Scholarship — Awarded to an extraordinary student with an interest in entrepreneurship.
To learn more about Kellogg’s various modes of tuition assistance, click here.
7. Columbia Business School
- Need-Based & Merit Scholarships
- Scholarships are mostly need-based, however, certain named scholarships have a merit component or have specific criteria designated by the donor. Award amounts range from $10,000–$30,000 for those who qualify and based on funds available (amounts can sometimes be higher in certain circumstances). Of those who apply, about half receive a need-based scholarship and the average award is approximately $20,000.
- CBS Fellowships
- Perelman Scholarship Fund
- The Perelman Scholarship Fund provides full tuition awards for students from underrepresented racial, ethnic, and socio-economic groups, with the aim of expanding a more diverse generation of business leaders.
- Robert F. Smith Scholarship Fund
- The Robert F. Smith Scholarship Fund offers financial support to CBS students who have graduated from HBCUs, overcome systemic hardships or challenges in their academic pursuits, or who have demonstrated a strong commitment to engaging diversity.
- CBS Board Fellowship
- The CBS Board Fellowship is awarded by the School's Board to incoming students who exhibit exceptional academic and professional promise.
- Meyer Feldberg Distinguished Fellowship Program
- One of the School's most prestigious awards, the Feldberg Fellowship is given each year to select entering students who have demonstrated extraordinary leadership potential, as well as academic excellence.
- R. C. Kopf Global Fellowships
- The Kopf Global Fellows are diverse and highly accomplished, not only in the academic realm but also in the breadth of personal, professional and highly international experience that they contribute to the School's community.
- Ela Lemelbaum Scholarship
- The Ela Lemelbaum Scholarship provides partial financial support to Columbia Business School students from Israel.
- Project Charity Trust Fellowship
- The Project Charity Trust (PCT) Fellowship Program provides partial financial assistance to admitted Columbia Business School students from the European Union. Assistance is awarded to students who have not only demonstrated past success in academic and professional endeavors but also a significant commitment to philanthropy.
- Perelman Scholarship Fund
- Military & Veterans
- Post-9/11 Veterans Educational Assistance Act of 2008
- The Yellow Ribbon GI Education Enhancement Program
- Veterans Readiness and Employment (VR&E)
- NYS Veterans Tuition Awards (VTA)
- Advanced Civil Schooling Scholarship Fund
- Paul Ferri Scholarship
To learn more about Columbia’s various modes of tuition assistance, click here.
8. Haas School of Business, University of California, Berkeley
- Need-Based Fellowships
- Jimenez Family Fellowship
- Ma McFarland Fellowship
- Fellowships from Specific Centers
- Center for Equity, Gender, & Leadership Fellowship
- Center for Responsible Business (CRB) Fellowship
- Merit-Based Scholarships and Fellowships
- Allan Holt Fellowship
- Berkeley Haas Scholarships
- Blue Duck Scholarship
- Brian Maxwell Fellowship
- C&J White Fellowship
- Dr. Tahir Fellowship
- Galloway MBA Fellowship
- Haas HBCU MBA Fellowship
- Henrique Ceribelli MBA Fellowship
- Mike and Carol Meyer Fellowship
- Song Feiqing Fellowship
- Tirado Fellowship
- Torres Family Fellowship
- Ulatowski Fellowship
- Yellow Ribbon Fellowship
To learn more about Haas’ various modes of tuition assistance, click here.
9. Yale School of Management
- $1,000 Elevate Black Entrepreneurs Scholarship
- American Association of University Women
- Army Graduate Program Legacy Scholarships
- Goldman Sachs MBA Fellowship
- MBA Insight Scholarship
- NOVA and BCG MBA Scholarship
- Sampoerna Foundation MBA in U.S. & Europe Scholarship
- Wallace L. Jones Fellowship Award
- Wonderful Public Service Graduate Fellowship
- Yale School of Management/ FUNED Scholarship
- Yale-Reaching OUT LGBT MBA Fellowship
- Yale Africa Impact Scholarships
- Western NIS Enterprise Fund Seed Grant
- LunaCap Foundation
- Global Leaders from India MBA Scholarship Program
- Bank of America Merrill Lynch MBA Diversity Fellowship Program
- American Association of University Women
- Jacobs Fellowship at Yale SOM
- Rangel International Affairs Graduate Fellowship
- SEOReseller’s Digital Marketing Scholarship Program
- Samvid Scholars
- And many more!
To learn more about Yale’s various modes of tuition assistance, click here.
10. Tuck School of Business, Dartmouth College
- Incoming Student Financial Award Opportunities
- Consortium for Graduate Study in Management Fellowship
- Applicants who are approved Consortium members and admitted to Tuck are Consortium Fellows. All are evaluated for a range of scholarship funding, up to full tuition.
- Forté Fellowships
- Each year the Tuck admissions committee selects several exceptional women candidates as Forté fellows who receive a Tuck scholarship in addition to the other Forté fellow benefits as outlined on their website.
- Reaching Out MBA (ROMBA)
- Tuck participates in the ROMBA LGBTQ MBA Fellowship Program and each year names incoming students as ROMBA fellows who will receive a Tuck scholarship as well as access to special mentorship and leadership development programming through ROMBA.
- Post-9/11 GI Bill® and Yellow Ribbon Program
- The Post-9/11 GI Bill provides financial support for education to individuals with at least 90 days of aggregate service on or after September 11, 2001, or individuals discharged with a service-connected disability after 30 days, or received a Purple Heart.
- Consortium for Graduate Study in Management Fellowship
- Second-Year Opportunities
- The Willard M. Bollenbach Jr. 1949 Fund
- Two recipients will receive a scholarship award through the Bollenbach Fund. The awards will be given to two second-year Tuck students of superior intellectual capacity and academic achievement, and who show overall promise as a business leader.
- William G. McGowan Charitable Fund – McGowan Fellows Program
- The McGowan Fellows Program provides one full year’s tuition to a selected McGowan fellow in their second year. The program provides support to one MBA student attending ten of the top MBA Programs nationally, including the Tuck School of Business.
- The Willard M. Bollenbach Jr. 1949 Fund
To learn more about Tuck's various modes of tuition assistance, click here.
Final Note
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