Pursuing an MBA abroad is highly rewarding, but expensive at the same time. From the course fees to the living costs, the expenses you might have to bear are really intimidating. In such situations, getting an MBA scholarship could be the best way to fund your education.
Though a lot of universities are offering scholarships for their students, filling in the MBA Scholarship application, and standing out from the other applicants is not an easy task. However, here are some tips that will help you get it. Read on.
MBA scholarships are of two types :
- Merit-based scholarships (that is based on the application form)
- Direct scholarships (which you can apply directly)
Merit-based scholarships are the most common type of MBA scholarships, that are given based on your original MBA application. These scholarships are directly given by the school itself and are not at all based on your professional or any other background. Sometimes, the universities collaborate with other external organizations to provide scholarships.
On the other hand, direct scholarships are target specific and are given considering factors such as your gender, background, etc. You may have to send separate applications for direct scholarships, along with the other required documents.
MBA Scholarship Application
An MBA scholarship generally requires you to have:
- A Bachelor’s degree with a minimum cut off percentage (this may vary based on the course and university you wish to apply to)
- A strong GPA, usually a minimum of 3.0
- An in-person or video interview
- A good Statement of Purpose
- MBA scholarship application letters of recommendation
- GMAT score
All these factors are really important in determining your eligibility for getting a scholarship. Hence, it is important to be prepared with all the required documents before moving on to filling the application. If possible, we suggest you go through the MBA application samples available on the web. Prior knowledge about all the components of an MBA scholarship application will help you avoid any last-minute hassles.
Now that you have a basic understanding of MBA scholarships, let’s take a look at the tips for a winning MBA scholarship application.
Tips to Improve your Chances of Getting an MBA Scholarship
Submit your scholarship applications as early as possible: MBA scholarships are available all around the year. Having said that, the earlier you apply, the better your chances of winning them. Most b-schools allot a specific amount of money to be given as scholarships, which means that there are chances that by the time you apply for the same, someone else might have received it.
Apply for Multiple MBA Scholarships: Never limit your focus on any one MBA scholarship. Try applying for as many scholarships as possible if you’re eligible for it. Applying for more than one scholarship will increase your chances of winning at least one, even if you miss the rest. Remember, the probability of acquiring an MBA scholarship is low. However, if you get it, it is going to cover the entire course cost and that’s going to be really beneficial. If not, don’t lose hope and keep trying.
Be a Good Researcher: Finding and listing all the scholarships available requires significant research. Hence, if you are planning to apply for a scholarship, spend some time browsing the financial aid webpage of the universities you wish to apply to, and note down the scholarship that you may qualify for. Do not forget to check whether a scholarship is renewable, and if it is, what are the terms and conditions.
Write an Outstanding Essay: To win an MBA scholarship, it is imperative that your MBA scholarship application essay narrates your skills and highlights how you will add value on campus. A good MBA essay can improve your chances of getting a scholarship. Hence, start preparing the essay way before the application deadline. Read your scholarship essay line by line, critique it as though you are the reader and redo it if needed. Write the essay in a precise and realistic way. Keeping it realistic will create an impression that you are genuine. If possible, try reading MBA scholarship application essay samples, understand the structure of the essays and then write an impressive one.
Winning an MBA scholarship is not easy. You need a proper plan and strategy to stand out from the other applicants. Hence, if you are planning to apply for a scholarship to fund your studies, consider this article as a reference, follow the tips mentioned above and start your MBA scholarship application process as early as possible. Good luck.