In addition to the immediate concerns of admissions interview and deciding which program to attend, now is an important time of year for applicants and admitted students to think about how they’ll finance their MBAs. While loans are by far the most common route, many students receive scholarship funding to cover all or part of tuition. These awards are often conferred by the schools, but there are also a number of outside organizations that allocate funds to distribute to business school students whose goals or backgrounds are aligned with their missions.
Eligibility is usually determined by work experience, GPA, and in some cases, community involvement and organization membership. Most scholarship applications require a professional or academic recommendation as well as a personal essay about qualifications or career plans. While some scholarships are offered before entering business school, many are also granted during the first year of attendance.
The Committee of 200 (C200) presents Scholar Awards to outstanding women MBA students. Candidates are chosen from the MBA programs participating in C200′s Outreach Seminars, such as HBS, Duke, Columbia, Ross, Stanford and Wharton. Female applicants may also consider the Possible Woman Foundation International, an organization dedicated to providing women with personal and professional advancement opportunities. For minority students planning a career in financial services, the Toigo Foundation offers a merit award of $5,000 to those entering accredited, 2-year full-time MBA programs or pursuing a joint degree with direct ties to the field of finance. Second-year minority students are also eligible for the Toigo Fellowship. Other organizations offer scholarships based on students’ areas of study, such as the Association of Management Consulting Firms (AMCF), which features the Richard Metzler Scholarship for a dedicated interest in management consulting.
Check out the links below (sorted by application deadline) for more information on the scholarship application processes and qualifications:
February 23: Possible Woman Foundation International
March 15: Hispanic College Fund
March 15 (priority consideration): National Society of Hispanic MBA Scholarship Program
April 1: American Institute for CPAs Scholarship Program
April 2 (first-year students): Robert Toigo Foundation
April 16: Congressional Hispanic Caucus Institute (CHCI)
April 23 (second-year students): Robert Toigo Foundation
April 30 (final deadline): National Society of Hispanic MBA Scholarship Program
April 30: National Black MBA Association Graduate Scholarship Program
June 30: AMCF Richard Metzler Scholarship
Many business schools offer scholarships based on merit or through organizations like the Consortium or the Forte Foundation, so admitted applicants can also contact their particular school’s financial aid office for scholarship and fellowship information. These scholarship options are often heavily advertised, so don’t hesitate to contact the financial aid office – and the sooner the better, as these are often doled out on a first come, first served basis. Finally, scholarship seekers might also consider fastweb.com, a search engine with detailed criteria to match applicants with appropriate scholarships.
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