Despite being a worthwhile investment in your future, getting a Master of Business Administration (MBA) can be an expensive endeavor. In fact, Experian reports that a two-year MBA program usually range between $55,727 to $161,810. However, if you aren’t interested in applying to the country’s top business schools, you can find programs for as low as $15,000.
No matter how much you currently have in savings, financial aid can significantly help students pay off the increasing fees of post-secondary education. One such form of financial aid are scholarships. Depending on the amount, these awards can help partially or fully fund a student’s education. In order to find the best scholarships for your pursuit of an MBA, make sure to start an online search today.
If you need help getting started, here are some partially or fully funded MBA scholarships that may be worth checking out.
NYU Stern School of Business – William R. Berkley Scholarship
If you’re looking for an MBA program with some good scholarships, look no further than the NYU Stern School of Business. All applicants are considered for their scholarships, no matter if they’re international or domestic. Plus, close to a quarter — about 20 to 25 percent to be exact — receive one of the school’s merit-based scholarships.
One of the scholarships on offer from NYU Stern is the William R. Berkley Scholarship. Established in 2013, this scholarship provides support to anybody enrolling in the full-time MBA, Fashion and Luxury MBA, or Andre Koo Tech MBA program at NYU Stern. Upon receiving the scholarship, students will be awarded $10,000 and be eligible for other awards. Some of which will cover tuition and fees for the year of enrollment.
To be eligible for the William R. Berkley Scholarship, applicants must:
- Be in their final year of undergrad at NYU College of Arts and Science, Tandon School of Engineering, Global Liberal Studies or Stern School of Business;
- Have a GPA of 3.50 or above;
- Be in good standing with the school, and;
- Have submitted their application before the deadline.
Harvard Business School – MBA Scholarships
Unlike NYU, all the scholarships that Harvard offer are need-based. Tallo defines need-based scholarships as “financial aid given to students on the basis of financial need.” While some schools may require some evidence of academic achievement, qualification for these scholarships are usually determined by family income.
For Harvard, admissions determine the distribution of scholarships based on three main factors:
- Applicant’s gross income from the prior three years.
- The assets that the applicant currently has access to.
- Applicant’s socioeconomic background.
If the applicant is approved for the scholarship, it will be a part of their financial aid package. Scholarships offered by Harvard usually average $40,000 per year of study.
Adelphi University Graduate Scholarships
To help students with the costs of university, Adelphi University out of Garden City, New York provides plenty of scholarships for students pursuing graduate degrees, including MBAs. Students are automatically considered for these scholarships upon acceptance. Better yet, students can renew these scholarships if they meet the criteria for academic performance.
If you’re pursuing an MBA at Adelphi University, here are the scholarships available to you:
- Graduate Recognition Scholarship: Offered to new graduate students with an undergraduate GPA of 3.2 and above. Successful applicants will receive $1,000 per semester if they’re part-time (six to eight credits) or $2,500 per semester if they’re full-time (nine or more credits).
- Graduate Merit Scholarship: Offered to all new graduate students. Successful applicants will receive an undisclosed monetary award throughout their time studying at Adelphi University. The amount of the monetary award is based on their enrollment status.
- Graduate International Recognition Scholarship: Offered to international students enrolled in full-time study with an undergraduate GPA of 3.2 and above. Successful applicants will receive $1,000 per semester.
- Alumni Award for Graduate Study: Offered to graduate and doctoral students that have already earned a degree at Adelphi University. Successful applicants will receive $1,000 per semester for studying part-time or $2,500 per semester for studying full-time.
Goldman Sachs MBA Fellowship
As one of the leading financial institutions in the world, Goldman Sachs is always looking for new, young talent to push their company into the future. As such, the company offers an MBA fellowship program for first-year MBA students that pursue a Summer Associate internship at Goldman Sachs.
If accepted into this program, students will receive an extra $35,000 on top of their Summer Associate salary. Even better, Goldman Sachs will award an additional $40,000 along with any signing bonuses to students that successfully complete the summer internship and accept a full-time position upon graduation.
Forté MBA Fellowship
Made to help women of all nationalities and gender identities find success in the world of business, Forté MBA fellowships are highly competitive and prestigious. While Forté doesn’t state how much is awarded to successful applicants, it along with its partner business schools have awarded about $334 million to more than 13,000 students.
In order to quality for this program, students must apply for the MBA program at one of the over 55 participating schools. From there, each school will select students to be Forté Fellows based on their academic achievement, leadership abilities, and commitment to Forté’s mission.
On top of the financial award, a Forté fellowship offers plenty of additional benefits. This includes:
- Invitation to exclusive conferences run by Forté, such as the MBA Women’s Leadership and MBA Financial Services FAST Track conferences;
- Invitation to job openings and leadership programs available at Forté partners;
- Access to online networks for current and past Forté Fellows through Forté, Facebook, and LinkedIn;
- Access to Forté’s live webinars and on-demand recordings;
- Inclusion in the Forté Fellows resume book, and;
- Receive mentoring from Forté representatives.
All Forté expects in return is that Fellows work with their school to spread Forté’s mission and engage in Forté programs and initiatives.
Search Online for Your MBA Program
While knowing what scholarships are available is important, determining what MBA program you want to apply may be even more. The scholarships available to you will change depending on the program you apply to.
With that in mind, it is recommended that you do thorough research before selecting an MBA program. Search online to find which MBA program best suits your budget and goals for the future.