It’s simple to figure out why so many MBA students prefer MBA scholarships. First, despite a few exceptions, top-tier graduate business education in the United States has become prohibitively expensive. Second, the growing role of debt in financing higher education, especially MBA programs, raises concerns for many.
According to Poets & Quants (2023), an MBA at one of the top 27 business schools in the United States currently costs more than $200,000 at 19 of them, with four more on the way. This is increasing from 15 schools in 2022, 14 schools in 2021, 13 in 2020, 12 in 2019, and nine in 2018. 21 of the 27 business schools charge more than $100,000 per year for tuition, anticipated living expenses, insurance, and fees.
Today, these increasing estimates of expenses are common at the best private schools and even some public universities, but they still do not fully account for all of the costs that many people overlook. These entail opportunity costs, which are the expenses of sacrificing one thing in favor of another, as defined by economists.
Fully Funded MBA Scholarships for International Students in USA
In that regard, $400,000 may appear to be more representative of the true cost of an excellent MBA program. Why? That’s because the opportunity cost of giving up a well-paying job for two years raises total costs at Harvard and similar universities far above tuition, fees, and living expenditures; in typical, students at those schools leave positions that already pay more than $85,000 per year.
However, financing higher education through loans creates complications. According to the Federal Reserve Bank of St. Louis, student loan debtors in the United States owe a total of over $1.745 trillion in federal and private student loan debt as of November 2023.
Given that schooling is presently the second-largest expense for an individual in their lifetime, only surpassed by home ownership, it’s no surprise that so many students are turning to scholarships and fellowships for assistance. Fortunately, the research conducted for our profiles below identified numerous scholarships that can help alleviate the expense of obtaining an MBA.
Common Application Requirements Business School Scholarships
Based on the criteria listed below, below are the common application requirements for MBA scholarships:
- A bachelor’s degree from an approved university.
- Competitive GPA from undergraduate program(s), at least 3.0.
- An interview, either in person or via video
- A personal statement of objectives
- Letter of recommendation
- GMAT or GRE score reports (maybe optional).
- Proof of citizenship or permanent residence in the United States.
- Most (but not all) donors need prior admission to a specific partner business school, making it difficult to find qualified MBA scholarships.
Our guide offers instances of such donors: the Arizona State University W.P. Carey Forward Focus MBA Scholarship; the University of Florida Warrington College of Business; and the University of Chicago Booth School of Business Scholarships and the University of Houston. Please keep in mind that we made every effort to focus on scholarships that do not limit their beneficiaries’ choices of business schools.
In some instances, contributors must first be admitted to one of a network of partner business schools. This condition appears to be particularly widespread among prominent, costly scholarships available to underrepresented groups such as women and persons of color. The Consortium for Graduate Study in Management, the Committee of 200 Scholars Program, the Forté Fellows Program, the Reaching Out LGBTQ MBA Fellowship, and the National Black MBA Association Graduate Scholarship Program are among the foundations with business school network admission requirements profiled below.
Also, some donors need evidence of future career goals that are consistent with the mission of their foundation. Transcripts of preparatory courses consistent with license criteria, such as the CPA examination, could be used as evidence.
MBA Scholarships for Women
Women’s Scholarships by University of Virginia Darden School Foundation Scholarships
The amount varies.
Scholarships do not require further applications. If accepted, applicants will be considered for potential scholarships.
Who Should Apply: Female students currently at or planning to study at the Darden School of Business
In regards to the Donor: Darden School of Business wants to be one of the world’s most approachable business schools. It provides scholarships to brilliant students from all around the world, fostering a varied and welcoming community that is essential to the School’s mission. The Darden School of Business is dedicated to establishing an ecosystem in which women may succeed. By giving scholarships to women, the school not only celebrates the future generation of female leaders, but also provides a more comprehensive learning experience.
Nestle MBA Scholarships for Women at IMD
Usd 25,000.
Deadline: July 2025 (estimate)
Women from underdeveloped nations are given preference in the application process. Applicants must submit a 750-word essay titled “Creating a diverse and inclusive workplace necessitates the participation and accountability of all members of the organization.” What strategies would you recommend for Nestlé to improve employee allyship?” Employees of Nestle or its subsidiaries are not eligible for this scholarship.
About the donor: The International Institute for Management Development (IMD) prepares leaders to transform enterprises and contribute to society. IMD Scholarships aim to inspire achievers from all over the world who may lack the financial resources to pursue an MBA but possess the necessary ambition, potential, and fervor.
MBA Scholarships for Specific Schools
University of Chicago MBA
Amount: Up to full-year tuition, with extra awards potentially covering annual expenses.
Deadline: Same as the admissions deadline.
Who Should Apply: University of Chicago MBA candidates
About the donor: The University of Chicago offers a variety of merit scholarships and fellowships to new MBA students, including the Chicago Booth Fellowship and various corporate-sponsored fellowships. U.S. News & World Report presently rates this program first among business schools.
University of Houston
Annually, up to $10,000, including in-state tuition adjustments for non-Texas residents.
Deadline: The same as the admissions deadline, which is April 1, 2025 for overseas students and June 1, 2025 for local applicants.
Who Should Apply: MBA candidates at the University of Houston.
Regarding the Donor: The University of Houston also offers various scholarships to prospective MBA students, which have been generously funded by at least eleven Texas-based charities and corporations. According to U.S. News & World Report, this program is ranked #63 among business schools in the United States.
Full-Ride MBA Scholarships for Specific Schools
Arizona State University’s W. P. Carey Forward Focus MBA Scholarship
Amount: Up to full resident tuition of $61,354 per year.
Deadline: Same as the admissions deadline.
Who Should Apply: Arizona State University MBA candidates.
About the donor: Regardless of financial circumstances, all accepted full-time ASU MBA students are eligible to apply for this full scholarship that covers their entire tuition. The W. P. Carey School of Business at Arizona State University believes that scholarships are more than just financial aid. Scholarships are an investment in students, their goals, and our shared future.
San Francisco Bay University’s President’s Scholarship for Master’s Degree
Amount: Full tuition scholarship of $16,200 for the full degree.
Deadline: Same as the admissions deadline.
Who Should Apply: MBA candidates from San Francisco Bay University. Applicants must be seeking a master’s degree in business administration (MBA), electrical engineering (MSEE), or computer science (MSCS).
About the donor: San Francisco Bay University offers this president’s scholarship to students pursuing a master’s degree at the university. The scholarships may be limited in quantity, so early submissions are strongly recommended. Notably, SFBU provides many other 100 percent scholarships, including a president’s scholarship for bachelor’s degree candidates, a president’s award for California Community College transfer students, and a housing scholarship that covers full tuition and free university housing.