Top business schools are increasingly seeking socioeconomic diversity alongside other dimensions such as race, gender, nationality, and professional background. Admissions committees understand that students who’ve navigated financial constraints bring valuable perspectives on resource allocation, risk assessment, and stakeholder impact that can’t be learned from a textbook—perspectives that make case discussions richer and challenge assumptions in ways that benefit all students.
There are many resources available to low-income candidates, but you have to know where to look. In addition, it’s imperative to start having conversations with admissions offices, students, alumni, and outside organizations well before the application deadlines to give yourself the best chance of being admitted to a top MBA program. Here are seven tips to help you get started:
1. Maximize your chances of scholarships.
Merit scholarships are the financial awards that MBA programs can offer you beyond traditional financial aid. You don’t have to do anything separate or write additional essays to receive these awards. If scholarships are a priority, be sure to include some schools on your list beyond the M7 schools—because while most M7s offer some scholarship money, schools outside of this highly ranked list are more likely to offer these awards. We at Stratus recommend that applicants compile a list that includes some stretch schools (where your test score and GPA fall below the average of their admitted students), some target schools (where your test score and GPA are around their average), and some likely schools (where your stats are above a school’s average). The likely schools are the most apt to offer you scholarship money.
2. Consider alternative MBA programs.
For some low-income applicants, programs beyond the traditional two-year full-time MBA may be a better fit. Part-time and executive MBA programs allow you to continue earning a salary while studying, eliminating two years of lost wages, as you’ll attend classes on evenings and weekends. And while it takes longer to complete these programs (typically two to three years), you’re building your career simultaneously.
Full-time programs often offer structured internship recruiting, extensive career services, and an immersive community experience, while part-time students typically must be more self-directed in their career pivots and may have less access to on-campus recruiting. If you’re looking to make a significant career change—especially into consulting or investment banking—the full-time path typically provides better support.
3. Leverage your unique story.
Your background isn’t a liability; it’s a distinctive asset that admissions committees actively seek. MBA programs value diverse perspectives, and students who’ve navigated financial constraints often bring resilience, resourcefulness, and authentic leadership experiences that their more privileged peers may lack.
The key is framing your story thoughtfully. Your essays should include how your background and experiences shaped your perspective, helped you develop specific skills, or motivated your goals. Did working full time throughout your undergrad studies teach you time management and prioritization? Did being the first in your family to attend college make you passionate about expanding access to opportunity? Did limited resources force you to be creative in problem-solving?
Connect your background to your future goals in meaningful ways. Perhaps your experience navigating systems without a built-in network drives your passion for social entrepreneurship, or maybe your understanding of financial constraints informs your interest in financial inclusion. Business schools want students who will contribute unique viewpoints to classroom discussions and bring different perspectives to potential employers.
Be authentic but professional. Admissions officers read thousands of essays; the ones that stand out are genuine, specific, and forward-looking. Show them who you are, what you’ve learned, and where you’re going—with your background as an important part of that story rather than the entirety of it.
4. Think strategically about school selection and timing.
MBA programs typically have three application rounds, with Round 1 deadlines in September/October, Round 2 in January, and Round 3 in March/April. While R2 overall is a fine option, admissions committees have their full scholarship pool available in R1 and may be more generous earlier in the cycle. However, I have had many clients receive significant scholarships in R2, so do not rush an application that isn’t as strong as it could be in order to meet an earlier deadline. You should avoid R3 unless absolutely necessary, as both admission rates and scholarship availability are usually lower. Research each school’s commitment to socioeconomic diversity. Some programs have specific initiatives, affinity groups, or funding specifically earmarked for first-generation college students or those from low-income backgrounds. Reach out to current students and alumni from similar backgrounds; most are happy to share their experiences and insights about financial support they received.
5. Explore possible employer sponsorship.
Some companies, typically larger organizations, are willing to sponsor MBA applicants, either fully or partially. While full MBA sponsorships have become less common, many companies still offer tuition reimbursement, professional development stipends, or educational benefits that could cover application costs, test fees, or even partial tuition. Some employers will sponsor your MBA in exchange for a commitment to return for a set period afterward.
Even if your company doesn’t have a formal program, it’s worth proposing one. Come prepared with how an MBA would benefit both you and the organization, and be open to creative arrangements. Perhaps the company would cover costs in exchange for you working part-time during school or returning for a summer internship.
6. Research outside organizations that support underrepresented applicants.
Several organizations provide substantial support through application coaching, financial aid, networking opportunities, and career development resources designed to help candidates from underrepresented and low-income backgrounds access top MBA programs:
- Management Leadership for Tomorrow (MLT) is a national nonprofit that provides personalized guidance and effective tools to early-career professionals who have experienced inequitable access to career-accelerating resources. MLT’s MBA Prep program is particularly valuable for low-income candidates, offering one-on-one coaching and fee waivers at many MBA programs.
- Forté is a national nonprofit whose mission is to launch women into fulfilling careers through access to business education. Forté offers MBALaunch, an application prep program, in addition to MBA forums and leadership conferences. Merit-based scholarships are awarded by partner business schools to admitted MBA students who demonstrate exemplary leadership and commitment to advancing women in business.
- The Consortium for Graduate Study in Management is a nonprofit educational organization dedicated to promoting diversity and inclusion among the ranks of leading MBA programs and corporations. Applicants can apply to as many Consortium member schools as they wish via a single application. Partner MBA programs offer merit-based Consortium fellowships to applicants who share The Consortium’s commitment to diversity.
7. Explore application fee waivers and test prep resources.
Application fees typically range from $100–$300 per school, and these costs add up quickly. The good news is that nearly all top MBA programs offer fee waivers for candidates with demonstrated financial need—but many applicants don’t know to ask for them. Be proactive: reach out directly to admissions offices early in your application timeline, explain your circumstances professionally, and ask about their fee waiver process. Some schools have formal applications for waivers, while others handle requests on a case-by-case basis.
For applicants who want support on the GMAT or GRE, there are free and low-cost resources including Khan Academy and GMAT practice exams available online. Some test prep companies also offer scholarships for their courses, so it’s worth researching those opportunities as well.
For more guidance on preparing for your MBA journey, sign up for a free 30-minute consultation with a Stratus admissions expert today!