Unsure how to pay for your MBA? Here are some of the best MBA scholarships available in 2022.
An MBA is a significant investment. According to our BusinessBecause Cost of MBA Report, the average cost of tuition for a top-ranked MBA program globally is over $120,000.
But there’s no need to panic. To help you finance your business education, business schools and other organizations offer generous MBA scholarships to help you cover tuition fees and living expenses.
Whether need-based, merit-based, or aimed at improving diversity and gender equity, these scholarships could be the ticket to your dream school.
Here’s some of the best MBA scholarships to apply for in 2022:
MBA scholarships for women
Women MBA scholarships at INSEAD
INSEAD offers a variety of scholarships for women.
The most generous one is the Judith Connelly Delouvrier Endowed Scholarship. Dedicated to one of the victims of a Trans World Airlines flight crash in 1996, it offers funding between $22,000 and $28,000 and is available to all successful female applicants to the INSEAD MBA.
INSEAD also offers a $13,000 scholarship to women applicants via the luxury retailer Groupe Galeries Lafayette, as well as the merit-based INSEAD Alumni Fund (IAF) 68’. The fund is worth between approximately $11,000 and $22,000, and is available to women MBA students in financial need.
Forté Fellowship women MBA scholarship
The Forté Foundation aims to increase the representation of women in business school and to build a global community of successful businesswomen.
The Forté community is now made up of more than 10,000 women who have earned or are pursuing MBAs thanks to fellowships worth $334 million.
To be considered for a scholarship, submit an MBA application to one of the foundation’s partner schools—which include top schools like Harvard Business School, Wharton, and HEC Paris. The school will then choose its Forté fellows based on leadership potential and academic excellence.
Women MBA scholarships at Esade
Women who wish to pursue an MBA at Esade have access to a wide range of scholarships.
Women of the World Awards are granted to women applicants in financial need who can bring unique global perspectives to the MBA; The Esade Women in Business Award is aimed at women who want to make a positive contribution to the Esade Women in Business Club; and the Award for Women Leaders is designed for women candidates who have demonstrated outstanding leadership skills throughout their careers.
MBA scholarships for women at Yale School of Management
Yale School of Management has partnered with the American Association of University Women (AAUW) to offer financial aid ranging from $5,000 to $12,000 grants to women students in their final year.
International women candidates can also apply for the AAUW International Fellowship Program, which provides financial assistance to women who have worked towards improving women’s livelihood in their career or through community initiatives.
MBA scholarships for Indian students
BK Birla Scholarship for Indian students at London Business School
London Business School (LBS) alumnus Kumar Mangalam Birla gifted a £15 million endowed scholarship program to his alma mater in 2019.
The fund supports the education of 10 full-time MBA candidates every year, five from India and five from the rest of the world.
Recipients are chosen based on academic excellence, and are meant to embody BK Birla’s ideals of integrity, dedication and service to humanity.
Ramakrishnan Family Scholarship for Indian students at Chicago Booth
CEO of hedge fund adviser Meru Capital Group, Guru Ramakrishnan, who graduated from the Booth MBA program in 1988, and his wife Anupama are financing a $3 million annual scholarship that gives preference to candidates who are Indian nationals.
Indian students also have access to the A. H. Tobaccowala Fellowship, established by a Chicago Booth alumnus in memory of his father, a 1952 Chicago Booth graduate. The fellowship is awarded to students whose primary home is in India at the time of admission.
MBA scholarships for minorities
The Reaching Out LGBTQ MBA Fellowship
The ROMBA LGBT+ Fellowship aims to increase the influence of the LGBT+ community in business.
Fellows receive a minimum of $20,000 in scholarship money as well as access to exclusive events including an all-expenses-paid retreat and a LGBT+ club leaders summit.
NBMBAA Graduate Scholarship Program
There are a wide variety of scholarships available through the National Black MBA Association (NBMBAA), which aims to increase the representation of Black MBA students.
At Ohio State University’s Fisher College of Business for instance, NBMBAA scholars receive $50,000 of funding, while at Arizona State the scholarship is worth $25,000.
Prospanica – The Association of Hispanic Professionals Foundation Scholarship Program
Previously known as the National Society of Hispanic MBAs, the Prospanica Scholarship Program offers funding at a maximum of $5,000 to MBA candidates of Hispanic or Latino descent.
The program helps students finance their studies at top US business schools like Duke University’s Fuqua School of Business and Indiana University’s Kelley Business School.
Applicants must have a minimum GPA of 3.0, or 2.75 if they have sufficient work experience.
Online MBA scholarships
Online MBA scholarships at Durham University Business School
Eligible students can get scholarships between $10,000 and $17,000 to finance their online MBA, with four awards reserved for women.
To qualify, applicants must demonstrate a high level of managerial responsibility in their previous role, an impressive academic record, and involvement in community initiatives.
Online MBA scholarships at Maastricht School of Management
Scholarship opportunities can be combined to cover up to 50% of the full tuition fee for the Online MBA program, which stands at $43,000.
Those opportunities include the Academic Excellence Scholarship, for students with a GMAT Score of over 650; the Public Service/NGO Scholarship, for candidates with experience in NGOs; and the European Fund, for nationals and permanent residents of the European Union.
Online MBA scholarships at Imperial College Business School
Students studying the Global Online MBA program at Imperial College Business School have access to a wide array of scholarships.
The Black Future Leader Award offers 50% off tuition fees for Black students with outstanding leadership potential, while the Dean’s Impact Scholarship, worth $26,000, is awarded to students who have demonstrated achievement in sustainability and social impact.
MBA scholarships for international students
Eiffel Scholarship for international students at HEC Paris
Launched in January 1999 by the French Ministry of Foreign Affairs, the Eiffel Scholarship aims to attract top foreign students to French schools.
It provides recipients with a monthly allowance of approximately $1,200 and covers additional expenses including travel, health insurance and cultural activities.
Regional MBA scholarships at ESMT Berlin
ESMT Berlin offers a variety of scholarships—ESMT Africa Scholarship, ESMT Americas Scholarship, ESMT Central and Eastern Europe Scholarship, and more—to students from different parts of the world who intend to promote business development in their region of origin.
More MBA scholarships for European business school students
International MBA scholarships at Berkeley Haas
The Dr Tahir Fellowship, created by Indonesian philanthropist Dr Dato’ Sri Tahir, awards scholarships to international students, with a preference for those who completed their undergraduate education in Asia.
There’s also the Song Feiqing Fellowship, created in honor of the most important business figures in the Chinese textile industry. It’s awarded to high-achieving full-time MBA students, preferably Chinese, who intend to pursue business opportunities in Southeast Asia after graduation.