Scholarships for MBA Abroad: What International Students Must Know

Thinking about pursuing an MBA abroad? It’s a common dream for many future business leaders, but the cost can be overwhelming. The average tuition cost of a top MBA program in the US is $80,000 per year. At a UK program like the London Business School, the tuition fee for the 2025 intake was £ 119,950. In Europe, tuition fees range from € 94,500 to €107,600, depending on the intake (September or January). At INSEAD, students pay between €103,500 and €107,600; at HEC Paris, the tuition is between €99,000 and €100,000; and at IESE, it is €110,000. Therefore, scholarships are crucial in making an international MBA more affordable. If you’re aiming for an MBA, consider this your go-to guide for navigating financial aid as an international student.

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Types of MBA scholarships

1) Merit-based scholarships:

Merit-based scholarships are financial rewards given to students based on their academic achievements, professional accomplishments, and leadership potential. These scholarships aim to attract top talent to MBA programs and can be highly competitive. They are awarded regardless of the student’s financial situation. Duke’s Fuqua, Booth, Berkley’s Haas, and Michigan’s Ross offer merit-based scholarships. Some well-known merit-based fellowships include Wharton School of Business Fellowships, MIT Sloan Fellowships, INSEAD Andreas Lehman MBA’83J Scholarship, and NYU Stern’s Dean’s Scholarship. 

2) Need-based scholarships:

Need-based scholarships are given to students based on their financial requirements. These scholarships aim to make MBA programs accessible to students who may not have the financial resources to cover the full cost of their education. Unlike merit-based scholarships, need-based financial awards focus on the applicant’s financial situation rather than their academic or professional achievements. Applicants often need to provide additional documentation to demonstrate their financial hardship and expenses. Many universities, including Harvard Business School (HBS), Stanford GSB, Columbia Business School, Berkeley Haas, the UVA Darden, and INSEAD, offer support to students in financial need.

3) Diversity and inclusion scholarships:

Diversity and inclusion scholarships aim to support students from underrepresented groups, such as women, minorities, LGBTQIA+ individuals, and students from developing countries. Business schools and organizations offer scholarships to foster a more diverse learning environment that reflects a range of perspectives, experiences, and backgrounds. Examples include:

• Forté Fellowship: Offered to women applicants at leading universities in the US, the UK, and Canada. Participating schools include: 
  • The Wharton School
  • Booth
  • UVA Darden
  • Berkeley Haas 
  • Tuck
  • CMU Tepper
  • Michigan Ross
  • UCLA Anderson
  • INSEAD
  •  London Business School.
• Consortium Fellowship: Aimed at increasing the representation of African American, Hispanic American, and Native American students in business education and leadership roles. It is offered by schools such as: 
  • UVA Darden
  • NYU Stern
  • Berkeley Haas 
  • Tuck
  • CMU Tepper
  • Michigan Ross,
  • UCLA Anderson
• Reaching Out MBA (ROMBA) Fellowship: Awarded to LGBTQ applicants and allies who have demonstrated leadership in the LGBTQ community. Participating schools include Wharton, Kellogg, Yale SOM, UVA Darden, Berkeley Haas, Dartmouth Tuck, CMU Tepper, Michigan Ross, UCLA Anderson, and London Business School.
• Diversity scholarships from schools: Several business schools also offer scholarships that promote diversity and inclusion. Some examples include 
  • Dr Tahir Fellowship at Berkeley Haas 
  • RISE Fellowship at HBS, 
  • BOLD Fellows Fund at Stanford GSB Graduate School of Business 
  • Prism Fellowship at The Wharton School

4) Leadership and service scholarships:

Leadership and service scholarships recognise students with exceptional leadership skills and a dedication to community service. These scholarships are awarded to high-achieving individuals who are committed to making a positive impact on society through leadership and volunteer work.

They typically include candidates who have initiated change, led teams, or made significant contributions to their communities or organizations. Some examples of these scholarships include: 

• Stanford University’s Knight-Hennessy Scholars Program
• Darden School of Business’ Jefferson Fellowship
• Columbia Business School’s Leadership Development Program

5) School-specific scholarships:

Business schools typically provide school-specific scholarships, often funded by donations from alumni, corporations, or other benefactors. These scholarships are usually named after the donor or a notable individual associated with the institution. They aim to attract and support talented students, enhance the school’s reputation, and maintain strong connections with alumni and donors. These scholarships can be based on merit, financial need, or specific criteria set by the donors, such as a focus on leadership, industry interest, or geographic background. Popular scholarships include: 

• Keller Scholarship at Duke Fuqua
• NYU Stern’s Dean’s Scholarship
• UC Berkeley Haas’ Brian Maxwell Fellowship 

6) External scholarships:

External scholarships represent financial awards by organizations not affiliated with the educational institution a student is attending. Governments, non-profits, corporations, and international establishments typically provide these scholarships. They are available to students based on academic merit, leadership potential, professional background, or geographic origin. External scholarships can finance an MBA program wholly or partially and often offer additional benefits such as networking opportunities, internships, or professional development. Notable examples include the Fulbright Program and the Joint Japan/World Bank Graduate Scholarship Program.

MBA scholarship options for Indian students

Indian students have access to various scholarships and loans tailored to their needs. Many of these scholarships cover tuition fees and stipends for living expenses, travel, and other educational costs. Indian banks and financial institutions offer education loans with favorable interest rates, particularly through government initiatives aimed at promoting higher education abroad. For example, the Indian Government’s Vidya Lakshmi portal provides information on various loan schemes and facilitates applications for education loans. Additionally, MBA aspirants can explore financial resources such as the J.N. Tata Scholarship and the KC Mahindra Scholarship. Examples include the Inlaks Foundation Scholarship, the Narotam Sekhsaria Foundation Scholarship, and the GyanDhan Scholarship.

Tips to apply successfully for MBA scholarships

1) Research thoroughly:

Candidates must conduct comprehensive research to find scholarships tailored to the specific schools they want to attend. Doing so will help them understand the criteria for each scholarship, including eligibility requirements, deadlines, and application processes.

2) Start early:

Remember, it’s essential to meet the deadlines for MBA scholarship applications. Many scholarships, especially those for business school, have the same deadlines as the MBA program applications. So, it’s crucial to start preparing for scholarship applications early to avoid last-minute stress. This also gives applicants ample time to review and refine their application materials carefully. Gather all required documents, like transcripts, test scores, recommendation letters, and proof of extracurricular activities, well ahead of time.

3) Highlight strengths:

When applying for scholarships, candidates must effectively highlight their strengths and accomplishments. They should maintain a strong academic record and showcase relevant coursework or achievements that demonstrate their skills and expertise. Showcasing leadership skills and positive impacts in previous roles or communities can significantly enhance their application.

4) Craft a compelling personal statement:

Many scholarships require applicants to submit an essay or a personal statement. These essays should showcase authenticity and meet the specific criteria and goals of each scholarship provider. Candidates must clearly explain how the scholarship will assist them in achieving their goals.

5) Select recommenders strategically:

Strong letters of recommendation can significantly bolster a scholarship application, but selecting the right recommender is crucial. Academic advisors, professional supervisors, and community leaders are effective recommenders if they have a thorough understanding of the candidate’s background and qualifications. Recommendations should highlight the applicant’s leadership, creativity, community service, and performance. Candidates should give recommenders detailed information about their goals, reasons for applying, and scholarship details. Sharing their resume, personal statement, and other relevant documents can help recommenders write more tailored and effective letters of recommendation.

6) Demonstrate financial need (if applicable):

If the scholarship considers financial need, applicants must clearly articulate their financial situation and provide the necessary documentation to support their claim. Demonstrating genuine financial need can be a key factor in the decision-making process for need-based scholarships.

7) Prepare for interviews:

Preparing for potential scholarship interviews is essential. Candidates should practice answering common questions and familiarise themselves with every aspect of the scholarship and the application so they can discuss it in detail during the interview.

8 ) Network and seek advice:

Connecting with alumni and current students who have received scholarships can provide valuable advice and insights. Candidates can also seek guidance from education consultants or mentors. 

Common misconceptions about MBA scholarships

1) “Business schools do not offer need-based scholarships.” 

Contrary to popular belief, many business schools offer need-based scholarships, making MBA programs more accessible to those from economically challenged backgrounds. Even leading schools like Harvard Business School and Stanford Graduate School of Business take into account the financial circumstances of their applicants.

2)  “If I don’t get a scholarship in the first year, I can’t get any in the second year.”

Many people believe that scholarships are only available for the first year of an MBA program, but in fact, many schools offer scholarships that students can apply for during their second year or throughout their entire MBA journey. The Wharton School provides fellowship opportunities and awards to second-year students based on their academic performance and community contributions. Similarly, Columbia Business School offers merit-based scholarships throughout the program, with specific scholarships reserved for second-year students.

3) “International students always need a co-signer for loans

Securing loans as an international student can be challenging, but not all require a co-signer. For example, Prodigy Finance offers loans to international students without a co-signer. They evaluate applications based on the student’s future earning potential and the MBA program they are attending. Similarly, Citizens Bank’s MBA Loan Program offers loans to international students, with options for co-signers or alternatives available depending on the student’s financial situation and program.

Pursuing an MBA abroad is a significant investment, and scholarships can make this dream achievable for many international students. For international students, these opportunities are not just financial aid but a validation of their unique contributions to the business world. 

If you’re seeking assistance with your MBA application, please don’t hesitate to get in touch. Meanwhile, read our blogs, Unraveling the Enigma: What Makes M7 Business Schools So Prestigious and How to Shortlist the Best Business Schools for Your MBA