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Top 12 MBA Scholarships in September 2022
The MBA or Masters in Business Administration is one of the most lucrative graduate degrees a student can pursue. According to the Graduate Management Admissions Council (GMAC) the average starting salary for MBA graduates was $115,000 in 2019. MBA programs can also be quite expensive. Luckily, there are a number of MBA scholarships that can help students pay for their MBA degree!
Keep on reading to learn more about how you can pay for your business degree with scholarships and fellowships!
Jump ahead to…
- Top MBA scholarships
- College-specific MBA scholarships
- How to pay for your MBA
- Frequently asked questions
- Explore these additional scholarship categories
Top 12 MBA Scholarships in September 2022
The Scholarships360 Research Team reviews all scholarships individually and strives to exclude any scholarship where any of the below applies:
- The scholarship requires a fee to apply
- The scholarship requires paid membership in an organization (with certain exceptions for reputable trade organizations and others)
- Student are required to sign up for a site or service to apply*
- The scholarship seems primarily used for lead generation** or idea harvesting purposes***
- The scholarship website has many grammatical errors and/or advertisements
- The scholarship or scholarship providing organization seem untrustworthy
- There is no evidence the scholarship was previously awarded
- The scholarship has not been awarded in the past 12 months
- There is no available contact information
If you believe a scholarship has been published in error, please reach out to [email protected] and we’ll take a look!
* There are certain exceptions to this, for example if the sponsoring organization is a major corporation or nonprofit with its own scholarship application system.
** Lead generation scholarships will require students to sign up for an app or website and require minimal (if any) application requirements.
***Idea harvesting scholarships will require students to submit blog posts or other materials that companies may use for marketing purposes.
SHRM Academic Scholarships
Offered by SHRM Foundation
Open to SHRM members who have been accepted to or are enrolled in degree-seeking postsecondary programs.
National Black MBA Association Partner Scholarships
Offered by National Black MBA Association
Open to Black students majoring or intending to major in business at one of the the National Black MBA Association's partner institutions.
Prospanica Foundation Scholarships
Offered by Prospanica
Open to Hispanic/Latino college sophomores, upperclassmen, and graduate students pursuing a business degree.
ABA Diversity Scholarships
Offered by American Bus Association
Open to postsecondary students pursuing a degree in a travel or tourism industry-related field of study.
American Indian Education Fund Graduate Scholarship
Offered by American Indian Education Fund
Open to Native American, Alaskan, or Hawaiian students who are advancing their education at the graduate level.
Goldman Sachs MBA Fellowship
Offered by Goldman Sachs
Open to historically underrepresented first year MBA students who are also pursuing a Summer Associate position with Goldman Sachs.
$2,000 Nitro College Scholarship – No Essay
Easy scholarship open to all high school, college, community and graduate students.
Niche $50,000 “No Essay” College Scholarship
Open to high school and college students, as well as anyone looking to attend college or graduate school in the next year.
College-specific MBA Scholarships
If you are interested in earning an MBA, there is a program for you. An MBA can drastically increase a graduate’s salary, but keep in mind that the degree itself is only part of the picture. The reputation of the university attended, academic performance, work experience/focus, and location all influence the overall value and MBA. Our list includes just a few of the top programs that offer scholarships and/or fellowships.
- Eligibility: Four-year bachelor’s degree from an accredited U.S. college or university. Average applicants have a 730 GMAT and 4.7 years’ of work experience
- Amount: Varies ($42,000 average scholarship)
- Deadline: Round 1: September 8, Round 2: January 5. and Round 3: April 29 (dates change by a day or two each calendar year, so check website)
- Eligibility: Four-year bachelor’s degree from an accredited U.S. college or university. Average applicants have a 3.6 GPA and 730 GMAT.
- Amount: Varies
- Deadline: Round 1: September 24, Round 2: January 12. and Round 3: April 1 (dates change by a day or two each calendar year, so check website)
- Eligibility: Four-year bachelor’s degree from an accredited U.S. college or university. Average applicants have a 3.4 GPA and 680 GMAT. Communication ability, motivation, maturity, career focus, and leadership are all considered
- Amount: Varies
- Deadline: Round 1: October 15, Round 2: January 15. and Round 3: May 15 (dates change by a day or two each calendar year, so check website)
- Eligibility: Wide variety of scholarships and stipends for academic achievement, U of Minnesota alums, women, diverse applicants, residents of Minnesota, veterans, and international students!
- Amount: Varies, up to full tuition.
- Deadline: Round 1: October 1, Round 2: December 1, Round 3: February 1, Round 4: April 1, Round 5 (Domestic applicants only): June 1 (Unless noted all scholarships do not require a supplemental application)
- Eligibility: Undergraduate degree from an accredited U.S. college or university. Average of 694 GMAT and five years’ work experience, as well as outstanding personal qualities
- Amount: Varies, up to full tuition and living stipend fellowships are offered
- Deadline: Round 1: October 13, Round 2: January 5. Round 3: April 12, and Round 4: May 24 (dates change by a day or two each calendar year, so check website)
- Eligibility: Admitted applicants have a GMA of 6.94 and 5.5. years’ work experience
- Amount: Varies
- Deadline: Rolling
How to pay for your MBA
If you are a prospective MBA student you are probably aware that getting your MBA can be quite expensive (for reference, the most expensive MBA at the MIT Sloan School of Management costs around $120,000 per year). This is why it is so important to put together a plan for paying for your MBA.
Below, we’ll walk through the basics of financing your MBA program so you can put together a plan to pay for your degree.
Scholarships & fellowships
Whether you are applying for outside scholarships or college-specific opportunities, there are scholarships, grants, and fellowships available for MBA students. The best part about these funding opportunities is that they do not need to be repaid and are essentially free money to subsidize your degree. If finances are going to play a major factor in your MBA school choice, you should be sure to include MBA programs that offer generous scholarship and fellowship awards.
In addition to scholarships, tuition reimbursement can be a great way to subsidize your MBA. Tuition reimbursement is an employee benefit that companies offer to help provide financial support to employees who are furthering their education. If you want to learn more about employee tuition reimbursement and what companies offer it, check out our tuition reimbursement guide to learn more.
Many MBA students will have a few years of work experience, which means that they may have some savings (and in the case of students who are doing their MBA part-time, income to pay for their degree). Depending on your financial situation and budget, this can be a smart way to cover at least some of your MBA costs.
MBA students can pay for costs that are not covered by scholarships, fellowships, or personal savings with student loans. This can include student loans from the federal government, as well as private student loans. Students should note that to qualify for federal student loans, you will need to complete the Free Application for Federal Student Aid or FAFSA.
Frequently asked questions
Can you get a fully funded MBA?
Yes, there are full scholarships available for MBA students. Your best bet is to look into specific MBA programs, like the University of North Carolina Kenan-Flagler School of Business or University of Minnesota Carlson School of Management that offer scholarships that go up to full funding.
Other options for full funding include the Questbridge Graduate School Match program which provides full funding at top MBA programs like Stanford Graduate School of Business, Haas School of Business, University of California, Berkeley, the University of Chicago Booth School of Business, the Wharton School of the University of Pennsylvania, and the Yale School of Management. The big caveat wit the Questbridge Graduate program is that it is for alumni of the Questbridge undergraduate program only.
Can you get a scholarship for an online MBA?
Unless specifically stated, all MBA scholarships will be applicable at an online MBA program. When in doubt, you can also contact the financial aid office at your college (or the college you are considering). Additionally, you can check out our top scholarships for online students that’s updated each month with new, vetted scholarships.