Guide to MBA Scholarships for 2020 - By Business School & Demographics

Sponsored

badge-image

It’s easy to understand why so many MBA students care so much about scholarships. First, despite some exceptions, top-quality graduate business education in the United States has become an extraordinarily expensive proposition. And second, the increasing role that debt plays in financing higher education—including MBA programs—poses implications that concern many.

In 2014, New York University’s Stern School of Business became the first full-time MBA program to crash through the $200,000 total cost barrier. Never before had any university advised incoming students to budget more than $200,000 to pay for a master’s degree in business administration.

Today, these skyrocketing cost estimates have become common at the best private schools and even some public universities, but they still don’t completely account for all the costs many fail to recognize. Those involve opportunity costs—i.e., the economists’ concept of the costs of foregoing one thing in favor of something else. In that respect, $400,000 might seem more like the real cost of an elite MBA degree. Why? That’s because the opportunity cost from sacrificing a well-paying job for two years drives total costs well above tuition, fees, and living expenses at Harvard and similar universities; in general, students at those schools leave jobs already paying more than $85,000 a year.

Not surprisingly, this chart from U.S. News & World Report demonstrates how many MBA students end up borrowing substantial sums to pay for their degrees. In fact, MBA students in the class of 2016 racked up $262 million in debt just at the top ten schools. In all, 14 schools in the top 50 have seen their average student debt burden rise to six figures, up from only two in 2011; they range from $130,446 at the University of Pennsylvania to $101,667 at Carnegie Mellon.

Nevertheless, financing higher education with loans involves challenges. Student loan balances have jumped nearly 150 percent in a decade by $833 billion, to reach an all-time high of $1.4 trillion, according to a recent report by Experian. The average outstanding balance is now $34,144, up 62 percent in only the past ten years. Also, the proportion of borrowers who owe $50,000 or more tripled over the same interval, with the average number of loans now at 3.7 per person, up from 2.4 in 2007.

Given that higher education has now become the second-largest expense for an individual in their lifetime, only topped by buying a home, it’s no wonder why so many students now look to scholarships and fellowships for help. Fortunately, research compiled for our profiles below revealed many scholarships that can help defray the cost of earning an MBA.

--<-->sb1=Any---->Any--T1==mba--Select `wp_bs_sb_school_data`.*, `wp_bs_sb_program_details`.* FROM `wp_bs_sb_school_data` JOIN `wp_bs_sb_program_details` ON `wp_bs_sb_school_data`.s_id = `wp_bs_sb_program_details`.s_id WHERE ( `wp_bs_sb_program_details`.p_concentration_name = 'mba' OR `wp_bs_sb_program_details`.p_concentration_name like '%,mba,%' OR `wp_bs_sb_program_details`.p_concentration_name like 'mba,%' OR `wp_bs_sb_program_details`.p_concentration_name like '%,mba' ) AND `wp_bs_sb_school_data`.s_active = 'Yes'AND `wp_bs_sb_program_details`.p_active = 'yes'AND `wp_bs_sb_program_details`.p_active_dpclickaway = 'yes' ORDER BY CASE WHEN `wp_bs_sb_program_details`.p_concentration_name LIKE '%mba%' THEN 1 END, CASE `wp_bs_sb_school_data`.s_id WHEN 29 THEN 1 WHEN 6 THEN 2 WHEN 21 THEN 3 WHEN 27 THEN 4 WHEN 2 THEN 5 WHEN 13 THEN 6 WHEN 19 THEN 7 WHEN 32 THEN 8 WHEN 25 THEN 9 WHEN 8 THEN 10 WHEN 4 THEN 11 WHEN 23 THEN 12 WHEN 10 THEN 13 WHEN 36 THEN 14 WHEN 37 THEN 15 WHEN 41 THEN 16 WHEN 22 THEN 17 WHEN 31 THEN 18 WHEN 11 THEN 19 WHEN 1 THEN 20 WHEN 12 THEN 21 WHEN 18 THEN 22 WHEN 16 THEN 23 WHEN 34 THEN 24 WHEN 14 THEN 25 WHEN 39 THEN 26 WHEN 35 THEN 27 WHEN 17 THEN 28 WHEN 3 THEN 29 WHEN 20 THEN 30 WHEN 30 THEN 31 WHEN 26 THEN 32 WHEN 38 THEN 33 WHEN 15 THEN 34 WHEN 28 THEN 35 WHEN 5 THEN 36 WHEN 9 THEN 37 WHEN 33 THEN 38 WHEN 24 THEN 39 WHEN 7 THEN 40 WHEN 40 THEN 41 WHEN 42 THEN 42 ELSE 99 END ASC, `wp_bs_sb_program_details`.p_name
Featured MBA Programs
University of North Carolina MBA@UNC Online MBA View Full Profile
Syracuse University MBA@Syracuse Online MBA View Full Profile
University of Denver Online MBA@Denver View Full Profile
Pepperdine University Online MBA View Full Profile
Southern New Hampshire University MBA Online View Full Profile
University of Dayton Accelerated Online MBA@Dayton View Full Profile
×

THANK YOU FOR YOUR INTEREST IN Southern New Hampshire University Online MS - Construction Management

Business School Scholarships: Common Application Requirements

Derived from the entries below, here are the common application requirements for MBA scholarships:

  • A bachelor’s degree from an accredited institution
  • Competitive GPA from undergraduate program(s), at least a 3.0
  • Either an in-person or video interview
  • A personal statement of objectives
  • Letters of recommendation
  • GMAT or GRE score reports (may be optional)
  • Proof of citizenship or permanent residency in the United States

Most (although not all) donors require prior admission at a specific partner business school; this is why locating qualifying MBA scholarships is a challenging process. In our guide below, we’ve included examples of such donors that include the Arizona State University W.P. Carey Forward Focus MBA Scholarship, the University of Florida Warrington College of Business, the University of Chicago Booth School of Business Scholarships, and the University of Houston. Please note that we’ve tried our best to focus on scholarships that don’t restrict their recipients’ business school selections.

In other cases, donors require prior admission to at least one of a network of partner business schools. This requirement seems to be especially common among certain prestigious, lucrative scholarships offered to underrepresented groups such as women and people of color. In our profiles below, foundations with business school network admission requirements include 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.

As a final note, several donors require evidence of future career plans that align with their foundation’s mission. For example, this evidence might include transcripts indicating preparatory coursework consistent with licensure requirements, such as the CPA examination. In our guide below, we’ve included examples from industries that include public accounting, public finance, and commercial real estate.

Full-Ride MBA Scholarships for Specific Schools

Other MBA Scholarships for Specific Schools

2The University of Houston (12 Scholarships)

MBA Scholarships for Specific Career Paths

MBA Scholarships for Academic Honor Society Members

MBA Scholarships for Women

MBA Scholarships for Other Underrepresented Groups

MBA Scholarships from Innovative Foundation and Corporate Benefactors

Additional Resources for MBA Scholarships

Below appear key resources used in the preparation of this guide that contain references to additional scholarships.

Douglas Mark
Douglas Mark
Writer

While a partner in a San Francisco marketing and design firm, for over 20 years Douglas Mark wrote online and print content for the world’s biggest brands, including United Airlines, Union Bank, Ziff Davis, Sebastiani, and AT&T. Since his first magazine article appeared in MacUser in 1995, he’s also written on finance and graduate business education in addition to mobile online devices, apps, and technology. Doug graduated in the top 1 percent of his class with a business administration degree from the University of Illinois and studied computer science at Stanford University.

Related Posts

  • 5 November 2019

    Online MBA Programs Ranked by Affordability (2019-2020)

    Earning an MBA can be expensive. These online programs ranked by affordability can be a viable alternative to more expensive programs while still receiving an excellent education and providing the flexibility working professionals need to balance the demands of work, family, and higher education.

  • 12 May 2020

    What Taylor Swift’s Battle with Private Equity Means for MBAs

    Many MBA students and business school applicants have never heard of the private equity (PE) industry. However, many such folks along with the rest of us are quickly gaining familiarity with this obscure sector. That’s because of intense scrutiny suddenly focused on private equity by a scandal involving one of the biggest names in show business: singer, songwriter, musician, and dancer Taylor Swift.

  • 17 April 2020

    2020 MBA Graduate Gift Guide

    MBA gifts convey pride in a loved one's accomplishments and can help them achieve success and adjust to the next chapter in their lives. With that in mind, there are several kinds of gifts MBA grads appreciate most.

  • 26 March 2020

    Best Business Schools for Environmentalists (2020)

    Five business schools in particular are outstanding for environmentalists: the Massachusetts Institute of Technology’s MIT Sloan School of Management, University of Vermont’s Grossman School of Business, Georgia Institute of Technology’s Scheller College of Business, Fordham University’s Gabelli School of Business, and University of California at Berkeley’s Haas School of Business.

  • 23 March 2020

    Carlos Ghosn: The Risks of “CEO Disease” & International Assignments for MBAs

    This cautionary tale should serve as a warning to every MBA student around the world not only about the risks of accepting assignments abroad in nations like Japan, but also about the consequences of a mysterious affliction they may face known as “CEO disease.”

  • 16 March 2020

    Can Political Innovation Boost America’s Global Competitiveness by Breaking Partisan Gridlock?

    Viewed through the lens of industry rather than political science, can ranked choice voting (RCV) solve partisan gridlock and improve America’s global economy? Economic experts say yes.

  • 11 March 2020

    Seeking Immigration Reform, Business School Deans Write Congress and the President

    In October 2019, the deans of 55 premier business schools and 15 CEOs wrote an open letter to the President and Congressional leaders requesting the immediate relaxation of immigration restrictions on foreign MBA applicants.