How To Get MBA Scholarship? The MBA scholarship application procedure may appear opaque, relying mostly on luck, good timing, or other variables beyond your control. Nonetheless, most applicants are unwilling to leave their financial aid package to chance. So, if you’re an aspiring MBA student, you’re probably wondering what you can do to improve your chances of receiving a scholarship.
This post will provide some information on MBA scholarships before delving into how you might improve your chances of entering business school with a sizable financial aid package.
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The fundamentals of MBA scholarships
When it comes down to it, MBA scholarships aren’t as enigmatic as the average applicant believes. The simple rule for MBA scholarships is that the same qualities that make you competitive for admission to an MBA program will come into play when the programs award financial aid—so to raise your chances of receiving a scholarship, you must improve the competitiveness of your application.
In a moment, we’ll discuss the aspects that contribute to a competitive MBA application, but first, let’s explore why MBA programs grant scholarships. The primary reason a business school will grant a scholarship to an applicant is to entice them to attend their program. This is not a nefarious bribe; rather, it is a compliment. If you’re a strong applicant, a business school may want to give you a million reasons to enroll in their MBA program.
And the good news for students applying to top programs is that the greatest business schools have massive financial endowments. Harvard Business School, for example, has a nearly $4 billion endowment as of 2021! So, how can you get any of that cash into your hands?
What is the most crucial factor? Your GMAT exam score
A high GMAT exam score is the most common strategy to receive MBA scholarships. This is due to a variety of factors. The usual admissions officer will tell you that it is because the GMAT is one of the most important markers of academic progress following admission.
Of course, MBA programs value applicants with high GMAT scores since test performance is linked to academic performance, but they also value applicants with high GMAT scores because the GMAT is a component of the U.S. News MBA ranking. Business schools put a lot of weight on this ranking and only let in students with high GMAT scores so that they can keep or improve their ranking.
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Other aspects to consider include: Your MBA application materials
A strong application is just as important as a good GMAT score for students who want to get a scholarship.
Military veterans who have managed large numbers of soldiers in war, for example, are sought after by MBA programs because of the experience they can impart in classroom discussions. Other applicants, such as private equity executives or family business candidates, are sought after because MBA programs expect them to achieve extraordinary professional success in their post-MBA employment. Because of their high-ranking positions and possible future donors, admissions managers anticipate that these prospects will be alumni network stars. No matter what your strengths are, if you describe them well in your applications, you have a better chance of getting a scholarship.
To be eligible for merit scholarships, you must have a high GMAT score. You must also show that you deserve to be admitted based on your GPA, personal essays, performance in the interview, and a general understanding of the program’s culture and fit with it.
Scholarship considerations outside your control
While all applicants must have a high GMAT score and a great written application, some factors affecting your ability to obtain an MBA scholarship are beyond your control. One element is your identification; if you are from an underrepresented applicant group, you have a better chance of receiving a scholarship. MBA scholarships for black and Latinx students are available from some schools and organizations.
For example, while approximately two-thirds of MBA candidates are men and one-third are women, MBA programs strive for gender balance in the classroom. As a result of supply and demand, business schools must work harder to admit and enroll women and are more likely to grant financial aid to women than to men, assuming all other circumstances are similar. This is not simply an opinion or a logical argument, but data from the report we linked to earlier.
Trying to get an MBA scholarship
MBA scholarships can be changed, which is something not many people know. The best way to get your scholarship money to go up is to win scholarships from other schools that are competing with your target program for applicants.
One of our past clients was a person who wanted to get an MBA and whose dream school was Columbia Business School. She was accepted to NYU Stern and given a full scholarship. She was also accepted to Columbia but didn’t get a scholarship. I told her to write a letter to Columbia explaining what was going on, why she wanted to go to Columbia, how coming from a developing country made it hard for her to pay for school, and why a scholarship was so important to her.
In the end, Columbia gave her a full-tuition scholarship, matching Stern and making it possible for her to go to her dream school for free.
Important things to remember
Most scholarships are merit-based, and the best way to get a great offer from a business school is to get the best GMAT score possible, write a great application, and then negotiate once you have been offered.Follow Us On Our Social Media Platforms