The question of how to fund your MBA studies may be foremost in the mind of any applicant. With a hefty increase in fees every year, the financial commitment too goes up. Taking a student loan would be easy, but then you have to repay it. Scholarships and grants are the best deal for those with a proven academic track record or some exceptional qualities.
According to the Graduate Management Admission Council (GMAC), grants, fellowships and scholarships make up 30% of the average financial package of a prospective MBA compared to loans which account for just 24%.
Meanwhile, a survey of 3,850 MBA applicants by QS revealed that availability of financial aid was the most important consideration for them while selecting a school.
You must remember that scholarships are meant for above-average candidates. It essentially means that you should have good academic credentials and above average GMAT scores. You could also highlght your work experience, volunteer or community service, and undergraduate work, in the scholarship application.
So, how would you, as an applicant, maximise your chances of winning a scholarship? Well, for starters, you need to a bit of research on all the available scholarships. This involves a visit to each school’s financial aid and scholarship website to note down the various scholarship and fellowship options.
You should find out whether you need to fill in a separate application for availing scholarships. Apart from academic excellence as the foremost criteria, some schools may grant need-based financial aid to women, ethnic minority, Hispanics, applicants from India or those intending to pursue a career with non-profits. There could also be scholarship options for niche specialisations.
Also have a close look at the scholarship’s terms and conditions including whether it is renewable, as in the case of a 2-year fulltime MBA program, depending on your performance in the first year.
The next step is to find the specifics about the school’s scholarship selection criteria going beyond the usual terms of being “highly qualified” or “exceptional candidate”. One way would be to have a look at scholarship recipients in the previous years. You could also contact the admissions officers at recruiting events or through e-mail to get to know more about the criteria.
You must also remember that scholarships are meant for above-average candidates. It essentially means that you should have good academic credentials and above average GMAT scores. You could also highlight your work experience, volunteer or community service, and undergraduate work, in the scholarship application.
It also pays to be among the early birds to put in your application, possibly in Round 1 itself when the maximum number of seats will be available. This could mean starting as early as February or March to build a profile and make a pitch that should be clear and compelling enough to get you a seat as well as the funding.
Then, what happens when you get lucky enough to receive scholarship offers from two business schools. With a little bit tact, you could increase the offer by asking one school to match the other’s proposal while affirming your interest in the program.
Another quality applicants need to have is patience. Some of the Schools tend to delay announcing a decision till the completion of the other cycles.
You also have to ensure that your application/scholarship essays clearly reflect your commitment to the program by stating the reasons for wanting to join the program and also express gratitude for any financial assistance.
Meanwhile, several of the top US schools were stated to be considering merit-based rather than needs-based financial aid. More scholarships are also being offered as according to GMAC, 61% of the students were getting scholarships based on merit or financial need or both.