An MBA is a great way to help you get ahead in business, but no one wants to graduate with heavy debt. In addition to contacting your school’s financial aid office for advice, I recommend researching various MBA scholarships and grants.
Many MBA grants and program scholarships favor merit or financial need. Others prioritize applicants who are women, veterans, and minority students.
To discover a large range of grants and scholarships for MBA programs, keep reading. I’ve also compiled a list of helpful tips to make sure your application gets the right attention!
The Mary Elizabeth Lockwood Beneventi Scholarship is an annual award given by the Daughters of the American Revolution. It’s awarded to full-time students pursuing a master of business administration. These students must also be US citizens. Because this scholarship isn’t automatically renewed, recipients should expect to send a reapplication every year.
The Government Finance Officers Association (GFOA) offers a range of scholarships to graduate schools. More specifically, they encourage applications from students majoring in finance who aspire to finance careers in the government sector. There are various scholarships available, including:
Goldberg-Miller Public Finance Scholarship ($25,000)
Frank L Greathouse Government Accounting Scholarship ($10,000)
Government Finance Professional Development Scholarship ($10,000)
Applicants should be citizens or permanent residents of the US or Canada. They cannot be a previous recipient of a GFOA scholarship.
SHRM Foundation Scholarships are designated for students pursuing studies in human resources or a related field (like business, economics, organizational development, or psychology). Though it’s a one-time scholarship, previous and successful applicants are encouraged to reapply.
Applicants will need:
To be a current SHRM member to apply.
A minimum GPA of 3.5 (or a 3.0 undergraduate GPA).
Ritchie-Jennings Memorial Scholarship
Amount: $2,000 to $10,000 Deadline: February 5, 2024
The Ritchie-Jennings Memorial Scholarship is designated for full-time MBA program students with declared majors in accounting, business, finance, or a fraud-related discipline. There should be a clear indicator that the applicant is interested in pursuing an anti-fraud career (e.g., Certified Fraud Examiner). Various scholarship amounts are provided, from $2,000 to $10,000. These sums are paid directly to the student’s educational institution.
MBA Scholarships for Women
Jane M. Klausman Women in Business Scholarship
Amount: $5,000 Deadline: TBD
Each year, Zonta International presents the Jane M. Klausman Scholarship to exceptional female students studying business management or a related discipline (e.g., IT, HR, marketing). These scholarships are available to students from numerous countries.
AAUW fellowships and grants are set aside for women pursuing graduate studies. Multiple offers are available, including:
American Fellowships
Career Development Grants
Community Action Grants
International Fellowships
International Project Grants
MBA Scholarships for Minorities
Lagrant Foundation Graduate Scholarships
Amount: $3,750 Deadline: February 29, 2024
LAGRANT Foundation scholarships award full-time university students from ethnically diverse backgrounds. Applicants must be graduate students majoring in advertising, marketing, or public relations (or a related field). They should also have a minimum 3.2 GPA.
US citizens, permanent residents, and DACA recipients are encouraged to apply.
Goldman Sachs MBA Fellowship
Amount: $35,000 Deadline: Rolling
The Goldman Sachs MGA Fellowship is designed for first-year MBA students with a history of excellence in their studies and community work. Because this fellowship prioritizes diversity, applicants must be minority members (e.g., LGBTQIA+, Black, Hispanic, Native American) and/or women.
Fellowship recipients will receive:
A $35,000 fellowship
Paid summer internship (required)
Full-time offer upon completion of summer internship and graduation.
$40,000 plus FTE signing bonus.
Hispanic Scholarship Fund
Amount: $500 to $5,000 Deadline: February 14, 2024
For over 50 years, the Hispanic Scholarship Fund has offered scholarships, career assistance, and corporate internship/job opportunities to Hispanic students. To apply for the merit-based HSF scholarship, students must have Hispanic heritage and at least a 2.5 GPA. U.S. citizens, permanent legal residents, and DACA are encouraged to apply.
Study.com Indigenous Student Scholarship
Amount: $1,000 Deadline: May 1, 2024
Indigenous students pursuing a graduate degree – in any field – can apply for Study.com’s scholarship. Applicants must already be enrolled full-time in a US institution.
The National Black MBA Association has long been the top-tier business organization for Black professionals in the United States. Through their deep connections, NBMBAA members are encouraged to apply to multiple universities’ scholarship programs.
Amount: $5,000 (renewable a second year) Deadline: March 27, 2024
The Robert Toigo Foundation MBA Fellowship is available to full-time, minority MBA students from minority groups who aspire to build a career in financial services. Recipients are obligated to secure a finance-related summer internship and a full-time finance role after graduating.
Prospanica Scholarship Program
Amount: Up to $5,000 Deadline: April 30, 2024
The Prospanica master’s in business administration scholarship is offered to people with Hispanic/Latino heritage who give back to their communities. Applicants must have a GPA of at least 3.0, relevant work experience, and already be accepted to a postgraduate program in the US or Puerto Rico. US citizens, permanent legal residents, and DACA recipients are encouraged to apply.
The Reaching Out MBA Fellowship
Amount: $20,000 (minimum) Deadline: Varies by institution
The ROMBA LGBTQ+ Fellowship program is jointly offered by top business schools and Reaching Out to encourage leadership among LGBTQ+ students. Applicants will need to demonstrate campus leadership roles, work with their institution to select future Reaching Out fellowship recipients, and also participate in conferences/retreats.
MBA Scholarships for Veterans VFW Sport Clips Help A Hero Scholarship
Amount: Up to $5,000 Deadlines:
January 1 – April 30, 2024 (fall semester)
August 1 – November 15, 2024 (spring semester)
This VFW scholarship is designated for ex- and current military members (and US citizens) who can demonstrate a need for financial assistance. Veterans who have retired, veterans who have been honorably discharged, or active duty military members (post-basic training and follow-on training) are encouraged to apply. National Guard and Reserve members may also apply. Must be a US citizen.
Tillman Scholarship
Average amount: $10,000 Deadline: February 1, 2024
The Pat Tillman Scholarship program is a single scholarship offered to veterans, active duty military service members (including the National Guard), and their current/surviving spouses. Applicants must be accepted to a full-time program and maintain a 3.0 GPA to maintain renewability.
Women Marines Association Scholarships
Amount: Up to $5,000 Deadline: March 31, 2024
There are a range of Women Marines Association scholarships available to current or veteran USMC (or Reserve) members. The children, siblings, nieces, nephews, and spouses of women marines may also consider applying for these scholarships:
Agnes Sopcak Memorial Scholarship
Ethyl and Armin Wiebke Memorial Scholarship
Fallen Warrior Scholarship
LRue A. Ditmore Music Scholarship
Lily H. Gridley Memorial Scholarship
Major Meghan McClung Memorial Scholarship
Virginia Guveyan Memorial Scholarship
WMA Memorial Scholarship
National Military Family Association Scholarships
Amount: $500 to $2,500 Deadline: Ongoing
National Military Family Association scholarships are offered to 20/20/20 spouses, as well as spouses of 9/11 service members (from any of the eight military branches). Submission dates are year-round, with NMFA awards scholarships given each quarter.
Yellow Ribbon Scholarship
Amount: Varies by program
The Yellow Ribbon Scholarship was designed to provide greater tuition and fees coverage for US veterans, their spouses, and their families. There are multiple stipulations, so be sure that your status is applicable. Part-time and full-time students are encouraged to apply, but these benefits are on a first-come, first-serve basis.
Common Application Requirements for MBA Scholarships
The exact requirements for each scholarship vary, so we advise you to triple-check each organization’s application instructions.
Typically, there are general requirements that apply to most MBA student scholarships:
Tips to Improve Chances of Earning an MBA Scholarship
A strong MBA scholarship application will set you apart from other applicants. Follow these tips to make sure that you do so:
1. Objectives and Motivations
Scholarship committees want to see students with clear objectives and personal determination. Make sure that your application is unique and outlines why you want to pursue an MBA in the first place. Strong grades (especially in related subjects) are beneficial, but so is a history in managerial and leadership roles. Demonstrate your passion and enthusiasm!
2. Academic Background
Your GPA should meet – or exceed – the scholarship criteria. You’ll likely need a 3.0 GPA to meet the application requirements.
You should have taken related courses in the field you’re applying to.
Add professional certifications and experience that will add unique value to your application.
Candidates usually have an opportunity to showcase their personality to the scholarship committee during an interview. You’ll also need to submit letters of recommendation, so reach out to your favorite professors early!
4. Relevant Information
Finally, you need to include all relevant, requested documentation with your application (e.g., school transcripts, employment letters, GRE/GMAT).
Avoid These MBA Scholarship Application Mistakes
Here are some common pitfalls to avoid when preparing a successful scholarship application:
Start Early
Schools and organizations typically announce scholarship criteria months ahead of the deadline. Don’t wait until the last minute! You’ll need enough time to prepare your personal statement, gather transcripts, and request recommendation letters to apply for admission.
Apply for Multiple MBA Scholarships and Grants
Putting time into each application is important, but so is applying to multiple scholarships. This will greatly increase your chances of success.
Get Organized
Research the various scholarships available and prepare a shortlist of your most suitable options based on eligibility criteria. Ensure that your documents are kept in a dedicated place. Maybe you can reuse certain applications as a template for various scholarships!
Make a Checklist
Make separate checklists for each scholarship, including required documents and credentials. Cross-check your list before applying.
Perfect the Application
Proofread your application and all documents to avoid errors. Even minor mistakes detract from your application and hurt your chances of success. Consider asking a friend, relative, or professor to assist with editing.
Frequently Asked Questions
Are MBA Scholarships Common?
Yes, you’ll find many scholarships for MBAs offered by various universities, institutions, and professional organizations, including need-based and merit-based scholarships. You’ll find online MBA program scholarships, too!
Can I Get a Full Scholarship for an MBA?
Several organizations cover 100% of your major expenses. For example, if you’re selected for an NBMBAA scholarship, these funds might take care of your full tuition and other expenses.
Are There Any Scholarships for MBAs Abroad?
There are plenty of MBA program scholarships offered by international institutions and organizations. For example, the MBA Nestle and Hilti Scholarships at IMD are offered by the International Management Development (IMD) Institute in Switzerland – and international students are eligible.
Can You Get a Scholarship for an Online MBA?
Absolutely! If you’re considering an online MBA program, you’ll find plenty of scholarship options. The best place to start is with your institution’s financial aid office and alumni network.
Final Thoughts
If you’re a strong student pursuing higher education, you deserve MBA scholarships to ease your financial burden. When you do your research, shortlist the best MBA scholarships and grants, and prepare excellent applications, you’ll dramatically increase your chances!
Interested in exploring other lucrative educational paths? Check out our list of highest-paying PhDs!
Lisa is a full-time writer specializing in career advice, further education, and personal development. She works from all over the world, and when not writing you'll find her hiking, practicing yoga, or enjoying a glass of Malbec.
