Along with getting admission to one of the top business schools abroad, the MBA aspirant’s foremost concern would be on raising money for the fees and other expenses.
While numerous options of student loans are available, these may not be suitable for everyone, especially with the spectre of repayment looming large in the future. The return of investment (ROI) also cannot be always guaranteed.
Some others may be thinking of taking up Teaching & Research Assistantships (TA&RA). Such opportunities may also not be available all the time.
Under such circumstances, the best option would be to go in for a scholarship offered under various categories by the business schools. These may be merit-based or need-based aimed at certain specific categories of students.
The scholarships may be difficult to get, considering the large number of applicants, but definitely worth a try.
Candidates should first find out details of the offers under various categories. These could be based on nationality, gender, professional development or educational background.
The scholarship application forms are to be submitted as early as possible.
The merit based scholarships may fall in the categories of those with excellent academic record, leadership qualities or special skill sets.
The need-based scholarships take into consideration the financial situation of the candidate, assets and any outstanding loans or liabilities.
Candidates applying for scholarship may also have to submit a scholarship essay explaining the need for the scholarship and how you are the right fit for it.
Among the scholarships on offer for international students, the Harvard MBA scholarship grants approximately $34,000 per year.
The School provides special interest fellowships for those with various interests or backgrounds. The Robert S. Kaplan (MBA 1983) Life Sciences Fellowship is for students aiming for a science-based career). The Horace W. Goldsmith Fellowship (non-profit) is also available.
Wharton has several fellowships including those for students from emerging economies, Joseph Wharton Fellowships for outstanding achievements, Howard E. Mitchell Fellowships for outstanding students from under-represented backgrounds, Forté Fellowships for female students and Social Impact Fellowships for public or not-for-profit sector.
At Stanford, the Stanford Reliance Dhirubhai Fellowship is awarded to five students. This scholarship provides assistance to cover the tuition and fees for each of the two years of the program.
However, upon graduation, the candidates have to return to India and work for an Indian organisation for a minimum period of two years.
Columbia Business School offers the merit-based Toigo Fellowship for under-represented groups pursuing finance careers and the Forté Foundation Scholarship for women. In the need based category, scholarships are in the range of $7,500 to $30,000.
Chicago Booth has, among others, The India Trust Fellowship for those living and working in India and Akhtarali H. Tobaccowala Fellowship for students from India.
The Zonis Fellowship is for international student from an emerging economy, Canfield Private Equity Fellowship is for those with prior experience in private equity or investment banking, Forté Foundation Fellowship and Distinguished Fellows Program has full-tuition and $25,000 stipend each year. (Image Courtesy: Google)