MBA or Masters in Business Administration is one of the most popular courses among Indian students. The course opens up many opportunities for students and helps them in their career growth. However, pursuing an MBA degree can be costly, and not everyone can afford it. And if you are planning for an MBA from a foreign university, the cost can be even more.
Your dream of studying in a foreign university can come true if you win an MBA scholarship. Several universities provide excellent MBA scholarships for deserving candidates. The scholarship amount varies with the institute and country where you plan to study. It also depends on your academic records, work experience, extra-curricular activities, community service, and other achievements.
In this article, we will be discussing some of the top MBA scholarships for Indian students, MBA fellowships for minorities. So if you are planning to make your dreams come true with a foreign MBA degree, keep on reading.
What is an MBA scholarship anyway?
An MBA scholarship is an award given to students in the form of financial aid to pursue a particular MBA program. The scholarship money usually comes from the university itself, private organizations, and donors. It may be in the form of a tuition fee waiver, partial or full tuition fee waiver, monthly allowance, living expenses allowance, etc.
If you are awarded an MBA scholarship, your college or university will waive off a certain percentage or all of your tuition fees. You may also get a monthly allowance to cover your living expenses in some cases.
Different types of MBA Scholarships
There are several types of MBA scholarships that you can apply for. The most common ones are:
1. Merit-based scholarships
These scholarships are awarded to students based on their academic merits. The selection committee looks at your academic transcripts, GRE or GMAT scores, work experience, and other achievements.
2. Need-based scholarships
These scholarships are awarded to students who cannot afford to pay for their MBA education. The selection committee looks at your financial need and awards the scholarship based on that. You may get a full or partial scholarship, depending on your need.
3. Diversity and Gender-based Scholarships
Several universities offer scholarships to underrepresented minorities and women. The diversity scholarship is often awarded to students of a particular race, gender, ethnicity, or nationality. You may get a full or partial scholarship if you are a woman or belong to a minority group.
4. External Scholarships
External organizations and private donors offer these scholarships. They usually have their own eligibility criteria and application process. You can apply for these scholarships if you meet the minimum eligibility criteria.
Top international business schools for Indian students
Now that we know a little about MBA scholarships let us look at some of the top international business schools for Indian students in the United States and other countries.
1. Harvard University (U.S.)
Harvard Business School is one of the most reputed universities for MBA study globally. Harvard University provides scholarships under different categories, including gender, age, need-based, etc. The university has a dedicated scholarship search tool to help you find the best scholarships suited to your profile.
2. Stanford University (U.S.)
Stanford University is known to be one of the best universities in the world for an MBA degree. It is one of those rare universities that teaches its students to think differently and creatively to bring about remarkable changes in the corporate world. This university has a dedicated financial aid program for international students. You will find full or partial scholarships and non-scholarship options under this program.
3. University of Toronto (Canada)
Canada is a popular destination for Indian students when pursuing an MBA. The University of Toronto is one of the best colleges in the world and offers different MBA courses to international students. It also has scholarship programs to support international students financially.
4. INSEAD (France)
INSEAD is a world-renowned business school that offers MBA and executive education programs. It has campuses in Europe, Asia, and the Middle East. The school offers a wide range of scholarships to its students, including merit-based, need-based, and diversity scholarships.
5. University of Melbourne (Australia)
If you are planning to pursue MBA in Australia, you can consider the University of Melbourne. It is one of the oldest and reputed universities in Australia. The university has consistently ranked among this country’s top universities and offers some of the most popular MBA scholarships.
6. London Business School (UK)
The London Business School is one of the most prestigious business schools globally. It offers a wide range of MBA programs and scholarships to international students. The school has a dedicated financial aid office that can help you find the right scholarship for your needs.
7. University of Oxford
When we talk about top MBA schools in the world, it is impossible to ignore the University of Oxford. The university offers a wide range of scholarships to international students and ranks among the best universities for an MBA degree. It also has multiple courses and programs to choose from.
8. University of Mannheim (Germany)
Germany is one of the cheapest yet most popular destinations for Indian students to pursue an MBA abroad. The University of Mannheim is a public research university that offers international scholarships for students from all around the world. You can apply for different scholarships offered by this university if you meet the eligibility criteria.
Top MBA scholarships for Indian students
We have listed out some popular MBA scholarships for Indian students. This list will help you find the right scholarship program according to your profile and needs.
1. Harvard University Boustany Foundation MBA Scholarship
This scholarship is for Indian students who want to pursue their MBA at Harvard University. The scholarship covers the entire tuition fees for two years and includes a stipend for living expenses.
2. Oxford Pershing Square Scholarship
This is one of the most prestigious MBA scholarships for Indian students. The scholarship is awarded to students with an excellent academic background and strong communication skills. It covers full tuition fees, living expenses, books, health insurance, etc.
3. Stanford Reliance Dhirubhai Fellowship
This scholarship is for students who want to pursue their MBA at Stanford Graduate School of Business. The Reliance Group of Industries offers this prestigious scholarship. The scholarship covers both full and partial tuition fees for two years.
4. IUBH Online MBA Scholarship
IUBH is a German business school that offers a wide range of MBA scholarships for international students. As an Indian student, you can apply for different scholarship programs offered by this university if you have the required academic background and work experience.
5. Global MBA Scholarships for Women-University of London
The University of London offers prestigious MBA scholarships exclusively for women students. Many scholarships are offered each year, and this program is one of India’s most popular scholarship programs.
6. IBA International Scholarship Programme
If you want to pursue an MBA at the Institute of Business Administration (IBA), Karachi, you can get this scholarship. The scholarship is offered to international students with excellent academic backgrounds and wants to study in a Pakistani university.
7. British Chevening Scholarships in the UK for International Students
If you want to study in the UK, you can apply for this scholarship. The UK government offers the British Chevening Scholarships to international students who wish to pursue a full-time postgraduate degree at any UK university.
8. McKinsey Emerging Scholars Program
The McKinsey Emerging Scholars Program is a scholarship program for students who want to pursue their MBA at any business school worldwide. The scholarship is offered to students who have an excellent academic background and demonstrate leadership potential.
A few things to consider before applying for an MBA scholarship
Even though there are many scholarships available, you can’t apply for all of them. Therefore, it is best to find one according to your profile and needs. Here are some points to consider before applying for any scholarship.
1. Eligibility criteria:
Before applying, check the eligibility criteria given by the university. Some scholarships are only for students pursuing their first MBA degree, while others offer to fund students who have already completed their first MBA. If you don’t meet the criteria, there is no point in applying.
Some scholarships are only for students who want to study in a particular country or city. For example, the Oxford Pershing Square Scholarship is only for students who wish to pursue their MBA at Oxford University in the UK. So make sure to check the location of the university before applying.
If you already have an MBA degree, it is best to check if the scholarship is for one year or more. If you are currently pursuing your first MBA and want to work after graduation, then apply for a short-term scholarship program to gain the experience.
MBA scholarships are offered during different times of the year, so you need to check all of them and apply accordingly. Some deadlines may be very close to each other, so it is best to know which one suits you the most before applying for any scholarship. Check out our MBA Scholarship section to learn more about different scholarships for Indian students.
5. Apply for multiple scholarships at once
Yes, you can apply for more than one scholarship at the same time. If you apply for multiple scholarships, then you are increasing your chance of getting one. So keep all the documents ready, including your CV, academic transcripts, and reference letters before applying for any scholarship.
6. Maintain a good GPA
For international students, maintaining a good cumulative GPA is mandatory to apply for MBA scholarships in India or abroad. It will not only increase your chances of getting a scholarship but also help you secure a seat in the best business schools.
MBA scholarships are a great way to finance your education. Make sure to do your research well and find the best scholarship for you. Make sure to do your research and find the best scholarship for you.