MBA (Master of Business Administration) is one of the highest pursued qualifications in India and also globally. This is primarily because of the high salary packages that MBA graduates are likely to receive even in beginner-level positions.
However, with the average tuition fees of top-tier MBA courses being on the higher end, it fails to cater to the economically challenged aspirants. This is where the topic of MBA scholarship and financial aid comes to the rescue. Many of these students can opt for such options made available by many B-schools. This guide will teach you all you need to know.
Getting Started with Funding Your MBA
Funding your MBA requires careful budgeting and exploring all financial aid options. Here’s a quick overview to secure funding for your business education.
- First, determine the program’s cost. Consult online business school profiles for tuition estimates to understand your financial needs.
- Explore need-based grants and fellowships from prospective schools, contacting financial aid offices for details on their calculation methods. Also research merit-based scholarships based on academics, test scores, or background.
- Third, explore industry-specific scholarships. Many third-party organizations sponsor business students in particular fields. Industry-specific scholarships and those from organizations like the National Black MBA Association, National Society of Hispanic MBAs, and Forte Foundation offer support for business students, especially underrepresented minorities and women.
- Finally, for U.S. students, investigate federal student loan programs such as Stafford and GRAD Plus loans, as well as private loan options. While borrowing money demonstrates commitment, meticulously calculate your MBA’s return on investment. Remember, student loans are a common funding source for MBA programs.
Types of MBA Scholarship and Financial Aid for Indian and Global Students
Here’s a detailed comparative table on the different MBA scholarship and financial aid options available:
| Scholarship Type | Eligibility Criteria | Key Features | Application Process |
| Merit-Based Scholarships | High academic performance, GPA, or national-level exam scores | Based on aptitude; does not usually require a separate application | Automatically granted if eligibility criteria are met |
| Need-Based Scholarships | Demonstrated financial need of the student and family | Focused on financial constraints; considers student efforts | Requires a separate application along with financial documents |
| Diversity-Based Scholarships | Diverse backgrounds, nationality, or other underrepresented groups | Encourages diversity in B-schools; may offer fee structures similar to domestic students for international | Requires proof of eligibility and occasionally additional essays |
| Externally Funded Scholarships | Funded by governments, private organizations, or external bodies | Often flexible; available for specific nationalities, industries, or social groups | Requires a separate application, often directly to the funding organization |
Top MBA Scholarship and Financial Aid Options for Indian Students
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features |
| National Overseas Scholarship Scheme | Specific groups: denotified tribes, semi-nomadic tribes, landless laborers, artisans, and scheduled castes | Financial assistance for study abroad | Limited to 100 slots per year |
| Fulbright-Nehru Master’s Fellowships | Students with exceptional merit in fields like arts, economics, or environmental studies | Tuition, living expenses, airfare, and health insurance | Focused on Indian students pursuing master’s degrees at selected U.S. institutions |
| Fulbright-Nehru Doctoral Research Fellowships | Indian Ph.D. scholars registered at Indian institutions | 6-9 months fellowship; covers living costs, travel, and research expenses | Designed to support short-term doctoral research |
| Great Scholarships India | Students pursuing postgraduate studies in the UK | £10,000 for tuition (one-year course) | Jointly funded by the UK government and the British Council |
| Swedish Institute Study Scholarships | Students pursuing a master’s degree in Sweden | Full or partial tuition and living expenses | Includes over 550 scholarships annually |
Top International MBA Scholarship and Financial Aid Options
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features |
| Erasmus Mundus Joint Master’s Degree Programs | Open to students globally | Tuition, travel, and living expenses | Allows study in multiple countries during the program |
| Rotary Foundation Global Study Grants | Students pursuing international studies; focus on global talent mobility | $30,000+ covering tuition, travel, accommodation, and supplies | Comprehensive coverage of academic and travel expenses |
| Joint Japan World Bank Graduate Scholarships | Students from developing nations intending to return and contribute to their home country | Tuition, health insurance, accommodation, and living stipend | Requires commitment to return and contribute to home country development |
| The Gates Millennium Scholarship | Global students supported by the Gates Foundation | Full expenses for 1,000 students | Focused on diversity with full financial support |
| Fulbright Scholarships in the USA | Students globally, including Indian students, with a U.S.-equivalent bachelor’s degree and work experience | Tuition, living expenses, airfare, and health insurance | Covers master’s programs or research in U.S. institutions |
Top Universities That Offer MBA Scholarship and Financial Aid to Indian Students (Country-Based)
USA
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features | Max Scholarship per student |
| Harvard University-Boustany Foundation MBA Scholarship | Students with a strong academic record and leadership potential | Covers tuition fees and financial assistance | Supports MBA studies at Harvard for Indian and international students | 95,000 USD
(47,500 USD per year) |
| Ascend Educational Fund MBA Scholarship | Indian and other immigrant students pursuing graduate studies | Tuition assistance | Focuses on immigrant students | 2500 USD to 20000 USD |
| American University Emerging Global Leader Scholarship | Indian students demonstrating leadership, service, and strong academics | Tuition, living expenses, and travel costs | Aims to foster global leadership | 40,000 USD |
| Chicago Booth School of Business Scholarships | Students with academic and professional excellence | Partial or full tuition | Recognizes exceptional MBA candidates | 50,000 USD
(25,000 USD per year) |
Canada
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features | Max Scholarship per student |
| UCW Second Language Excellence Scholarship | Students with exceptional proficiency in a second language | Partial tuition scholarship | Promotes multilingual excellence | 8,000 CAD (5723.98 USD) |
| University of British Columbia Neporany Doctoral Fellowship | Doctoral-level students in social sciences or history | Financial assistance | Focused on interdisciplinary research | Up to 20,000 CAD (14309.94 USD) |
| Ritchie-Jennings Memorial Scholarship Program | Indian and international students pursuing degrees in accounting, finance | Monetary award for tuition and expenses | Supports careers in finance and accounting | Up to 10,000 CAD (7154.97 USD) |
Germany
| Scholarship Name | Eligibility Criteria | Coverage/ Benefits |
Notable Features | Max Scholarship per student |
| DAAD Scholarship Programs | Indian students applying to master’s programs in German institutions | Tuition, living expenses, travel, and insurance | Comprehensive support for higher education | Students: 934 EUR (981.07 USD)
Doctoral/PhD students: 1,300 EUR (1365.52 USD) |
| Heinrich Böll Foundation Scholarships | Students pursuing master’s or Ph.D. degrees in Germany | Tuition and living expenses | Focuses on academic excellence and social engagement | Doctoral students: 1,650 EUR (1733.43 USD) |
| Friedrich Ebert Stiftung Scholarship | Students committed to social democracy and pursuing studies in Germany | Tuition, travel, and living expenses | Encourages social and political engagement | 934 EUR (monthly) (981.07 USD) |
UK
| Scholarship Name | Eligibility Criteria | Coverage/ Benefits |
Notable Features | Max Scholarship per student |
| Chevening Scholarships | Indian students with leadership potential and academic excellence | Tuition, travel, and living costs | Builds future leaders | 3,000 GBP (3772.83 USD) for 12 months |
| Rhodes Scholarships | Indian students under 25 years with outstanding academic and leadership achievements | Tuition, living expenses, and travel costs | One of the oldest and most prestigious scholarships | 19,092 GBP (24,010.26 USD) per year |
| GREAT Scholarships | Indian students pursuing postgraduate degrees in the UK | £10,000 for tuition | Jointly funded by UK institutions and the British Council | 10,000 GBP (12576.09 USD) for one year |
| London Business School MBA Scholarship | Indian students with a bachelor’s degree, 2+ years of work experience, and competitive GMAT/GRE scores | Tuition assistance | Only one Indian student receives this prestigious scholarship annually | Variable |
Frequently Asked Questions (FAQs)
Can you get a full MBA scholarship or financial aid in India?
The chances of getting a full MBA scholarship or financial aid in India is relatively low. You have less than a 5% chance of securing a fully funded scholarship.
Are GMAT scores important for getting an MBA scholarship?
Yes, a high GMAT score (between 740 and 800) can boost your chances of getting top-tier scholarships as it improves the likelihood by over 20%.
Is it important to chart out MBA goals for scholarships?
Yes, because you need to set clear post-MBA goals to stay focused and show how determined you are. This is highly valued during the scholarship evaluation process.
Do you need to apply early to get a better chance of securing an MBA scholarship or financial aid?
Yes, as an early applicant, you have a higher chance of getting selected for the scholarship.
What key factors can help boost your chances of securing an MBA scholarship?
Some key factors include impressive GMAT scores, applying early, and charting out a planned MBA goal.
