Top Scholarship Options for MBA Programs Abroad

Many business schools offer generous monetary aid for students throughout their academic year. This financial assistance is divided on the basis of either merit or need. Some top universities offering scholarships are-

1. Harvard Business School– Harvard Financial Aid Initiative
Harvard being a highly-selective school, admissions are based on merit. Hence, financial aid is awarded based on demonstrated need. The average HBS Fellowship is approximately $40,000 – $80,000 per year. The fellowships are decided based on previous incomes and assets you own.

2. Stanford Business School
Stanford helps you fund your MBA through a blend of student loans and fellowship awards. Similar to Harvard, Stanford’s scholarship program is need-based. The fellowships are awarded solely on the basis of demonstrated monetary need. The average fellowship is around $35,000 per year or $70,000 in total awards.

3. Yale School of Management
All applicants at Yale automatically fall under merit-based scholarship criteria. They need not fill any separate application and are notified during their admission whether or not they are applicable for any General Merit Scholarship.

4. Wharton Fellowship Program
Wharton provides a variety of fellowship programs for students based on their profile, background, academic achievement, professional development, and community involvement. These fellowships are two-year awards, divided across four semesters in case of a full-time MBA program.

5. London Business School
London Business School offers MBA scholarships based on a variety of factors. Some of the scholarships for MBA students are London Business School Fund Scholarships, London Business School 50th Anniversary Scholarship, Mary Ferreira Scholarship, etc. Most of these aids are awarded on the basis of academic and professional merit.

6. MIT Sloan School of Management
MIT Sloan awards fellowships based on merit. The criteria for the recipients are Academic Excellence, Professional achievements and potential contribution to the MIT Sloan Community. Students are automatically considered for some scholarships while some require them to follow the certain application process.

Apart from the scholarships awarded by the respective college, there are external organizations and funds that help student finance their MBA. Some of the notable ones are-

7. Aga Khan Foundation
The Aga Khan Foundation provides scholarships for postgraduate studies to students from select developing countries such as Bangladesh, India, Pakistan, Afghanistan, Tajikistan, Kyrgyzstan, Syria, Egypt, Kenya, Tanzania, Uganda, Madagascar, and Mozambique. Scholarships are awarded on a 50% grant: 50% loan basis through a competitive application process once a year in June or July. The main criteria for selecting award winners are 1) consistently excellent academic records, 2) genuine financial need, 3) admission to a highly reputable university or program of study and 4) relevance of the field of study to AKDN’s focus areas.

8. Inlaks Scholarships
Inlaks Scholarships provide the opportunity to young people with exceptional talent in any field to broaden their vision abroad and improve their skills. The scholarships are of two types: university courses and specific programs. Candidates who are already studying or have started their program abroad are not eligible.

9. Rhodes Scholarships
The Rhodes Scholarships are postgraduate awards supporting outstanding all-round students at the University of Oxford, and providing transformative opportunities for exceptional individuals. Each year, there are five Scholarships available for India to enable outstanding students – chosen on the basis of exceptional intellect, character, leadership, and commitment to service – to study at the University of Oxford.

10. Stanford Reliance Dhirubhai Fellowship for Indian Students
The Reliance Dhirubhai Fellowship Program provides financial support to Indian nationals living in India who need assistance in obtaining an MBA at Stanford. The fellowship requires recipients to return and work in India for two years after their MBA program is over.

Article by Vibha Kagzi, Founder & CEO, Reachivy.com, a study abroad and career advisory. Vibha holds an MBA from Harvard Business School and Bachelors from Carnegie Mellon University.