MBA scholarships: Promoting diversity in executive education through MBA scholarships
MBA scholarships offer financial aid to talented candidates with no alternative sources of funding for their executive education. MBA scholarships and loans provided by top international business schools help ensure that financial hurdles are not barriers to participants with high leadership potential.
MBA scholarships and other forms of monetary support promote diversity in the classroom by lending a helping hand to gifted individuals from developing countries and disadvantaged backgrounds. Even candidates for the best MBA programs from more privileged backgrounds can find themselves in a financially precarious position because of unexpected family hardships.
Count the costs
The financial rewards that come with graduating from one of the best business schools in the world are high. You can expect your salary to rise substantially within several years of finishing a Master Business Administration degree from a top-ranked business school.
But the investment cost for your management and leadership training can also be significant. When you add up tuition, fees, housing costs, living expenses and teaching materials, plus travel and accommodation for international assignments, the total bill can be daunting.
On top of that, you are giving up 12 months of work for a one year MBA, or longer in the case of two-year programs. Without financial aid, some business managers would be unable to pursue the leadership training they want to advance their careers.
MBA scholarships to the rescue
Elite business schools, particularly those with a global perspective, recognize the importance of providing financial help to qualified participants. They offer MBA scholarships to promising candidates from around the world who are without the means to cover all the expenses.
This ensures that budding general management talent from poor countries, as well as rich ones, can have a chance to develop leadership skills through top MBA programs. In a globalized world it is an advantage for business schools to attract a diverse group of people because it enriches the learning environment and the networking possibilities. Economies in developing countries are growing more rapidly than elsewhere, putting high demands on their business managers to acquire the necessary management training to shape future developments.
Who's eligible for MBA scholarships?
Some top business schools offer various kinds of financial aid to more than half of the participants in their MBA programs. Short-term loans account for much of the support.
To be considered for MBA scholarships, candidates need to be able to demonstrate financial need. But they also have to show they can tackle a learning challenge. Usually they have to be accepted into the MBA program. Typically, they will be also asked to write an essay that reflects their values, leadership aspirations and past experience.
Different kinds of MBA scholarships
MBA scholarships differ depending on the business management school. Typically, you can expect such scholarships to be awarded to applicants who:
- Show exceptional leadership understanding
- Represent developing countries
- Come from different regions around the world
- Are women from developing countries
- Demonstrate exceptional merit during the application process
Certain scholarships come with strings attached. For example, some recipients from developing countries are required to return to their home country for at least three years.
In addition to business schools themselves, some companies offer grants for top-potential employees interested in earning an MBA. Faced with tougher economic times, however, fewer firms are stepping forward to provide MBA scholarships. Governments and private organizations offer other grants based on factors such as financial need, ethnic background and academic achievement.
Worried about paying for your MBA education? Find out more about the best MBA scholarships.
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