The cost of attending an MBA program, including both the tuition and the opportunity cost of lost employment income, can be larger than the investment to purchase a home. With such high stakes involved, every MBA applicant should consider pursuing scholarships.
Here are four strategies to help you maximize your options:
1. Be above the bar on the “big three.”
MBA programs use scholarships to ensure that their program has an ample supply of “model” students—those who elevate the MBA classroom for their peers and faculty because of their strong intelligence and impactful work experience. While every MBA admissions process is holistic, the “big three” measures that give you some clues to your rock star (read: scholarship) potential are your GMAT or GRE score, GPA, and work experience. It helps to have a GMAT score totaling at least 20 points higher than the stated school average (use this GMAT Score Concordance table if you are comparing a GMAT Focus score to a school’s reported GMAT average) or a GRE score of at least 160 for both the Verbal section and the Quant section; a GPA at least two- to three-tenths higher than the average; and “desired” work experience.
Work experience may be the hardest to assess, as it goes beyond just working more years than the class average. Some key factors that determine “desired” work experience include demonstrating impact in your role and working for a respected multinational corporation. Additionally, entrepreneurial experience, leadership in nonprofit organizations, or unique industry expertise—such as technology startups or social enterprises—can also be highly valued by MBA programs seeking diverse perspectives. Alternatively, if your experience is in an area of importance to the program—such as having private equity work experience when the program is interested in having more connections in this space—this can help your case as well.
To give yourself the best chance for scholarship success, select some programs where you stand above the pack on these three key measures.
2. Find MBA scholarships for women, underrepresented minorities, veterans, and LGBTQIA+ communities through key organizations.
Many great organizations are dedicated to leveling the MBA playing field by providing scholarships as well as knowledge to make you more competitive for fellowships.
For example, Forté, which is dedicated to helping women gain access to MBA programs, offers MBALaunch to help women succeed in MBA admissions. Stratus Admissions is a proud sponsor of MBALaunch, and our MBA counselors enjoy providing advice to program participants. Even if you are not offered a Forté fellowship through a member school, MBALaunch offers application fee waivers to many top MBA programs including Cornell Johnson, Dartmouth Tuck, Duke Fuqua, Georgetown McDonough, NYU Stern, and Yale SOM.
In addition, The Consortium is committed to enhancing diversity and inclusion in global business education, and the organization offers generous mentoring and scholarship options. And Prospanica, Reaching Out MBA, the Yellow Ribbon Program, and Toigo can help you learn about MBA scholarship options that are aligned with their mission.
Don’t overlook international and regional scholarships as well, such as those offered by local business associations, government agencies, or global corporations. For example, the and Chevening Scholarships support students from specific countries pursuing graduate studies abroad, including MBAs.
3. Consider your industry and your company.
If you are pursuing a specialized MBA track—such as health care, sustainability, or technology—research scholarships tailored to these fields. Many universities and external organizations offer targeted funding for students committed to advancing specific industries. In addition, some consulting firms offer MBA scholarships to high-performing employees, so investigate whether your firm has such a program—or consider pitching this idea to leadership if your company doesn’t offer this option.
4. Decide what will keep you up at night.
At the end of the day, it comes down to what keeps you up at night. If you think you will regret not going to your dream MBA program regardless of the cost, then pursue your dream program. One client told me that her biggest regret would be not attending the MBA program that will challenge her the most. Therefore, she is prepared to walk away from some full MBA fellowships in order to pursue her own gold-medal MBA program. I had another client this year turn down a full scholarship at one top program to attend a different program where he had no scholarship because he felt that the latter program offered better career options for his target industry.
At least having the scholarship option on the table at one school is a potential leverage option in getting some extra money at your dream school. However, be respectful when discussing your scholarship options with other programs. Most schools will want to see your scholarship offer from another school in writing before they consider changing your offer. Although it is not something that you should expect, if an MBA program knows that you have a better offer from a peer institution and you are polite in explaining your situation, there is a possibility that your desired school will increase your offer.
If MBA debt is a concern, you should build a scholarship strategy into your MBA school selection. MBA consultants can provide a lot of value in this process, as we’ve seen how the MBA market has handled admissions decisions and scholarship awards over several years and can help you make the best school selections to optimize your chances for both admissions and scholarship success. For more guidance as you plan your MBA journey, sign up for a free 30-minute consultation with a Stratus admissions expert today!