MBA Scholarships and Grants

If you have been working in the business world for awhile, and you’ve decided you want to take your career up a notch by getting your MBA, or if you’ve just decided to keep right on going to school until you have your master’s, this information is for you! There was a time when a bachelor’s degree put you way out in front of everyone else, but today’s access to education opportunities has necessitated going one step further to get in front of the pack. The great news is that opportunities abound for funding for graduate school. However, MBA scholarships are not as plentiful as those for other disciplines, so if funding for an MBA is your goal – start looking early! Another thing you will discover is that flexibility is the key when it comes to graduate school --- there are full-time programs, part-time programs, on-line programs, and weekend programs. With some you can continue to work full-time while you study. With others, you might be able to work part-time to supplement your income. And, best of all, with the right funding, you might be able to go to school full-time and finish your master’s in two years. Below are listed some of the resources you will find out there, but if you don’t find one right for you – go talk to an advisor at your graduate school of choice, and find out about even more!

AAUW Career Development Grants

Since 1972, the American Association of University Women has awarded grants annually to women who have made the decision to pursue an advanced degree for the first time in order to move their careers to the next level. Funds awarded may be used toward tuition, fees and books, but may also be used for transportation, or dependent care. Forty-eight grants were presented during the 2009-2010 academic year. Go to the AAUW website for more information about these very generous grants: www.aauw.org.

Accenture American Indian – Graduate Level

This scholarship fund provides funds for qualified American Indian and Alaska Native students, in need of financial assistance, to continue their education and obtain a Master’s Degree in Business Administration. Graduate student awards include:

  • Accenture Fellows – two graduate scholarships of $15,000 each (this is a two-year award of $7,500 per year).
  • Finalist Scholarship – two graduate awards of $5,000 each (this is a two –year award of $2,500 per year).

Eligibility requirements include having a record of outstanding academic achievement, a history of demonstrating leadership ability, and a dedication to the preservation of your native culture. Proof of enrollment in a federally recognized tribe is also required. Along with funding, there is an opportunity to serve a summer internship, between study years, with Accenture. If you would like to learn more about this outstanding opportunity, go to the website: www.aigc.com/02scholarships/accenture/accenture.htm.

AG Bell College

This organization offers graduate scholarships for full-time study at accredited colleges and universities anywhere in the United States to students who have profound hearing loss. This must be bilateral and must have been diagnosed by age 7. The number and amount of the awards varies each year. Recipients may major in any discipline, including business administration. For information regarding this program: www.agbell.org.

AICP

If you reside in either Iowa or Virginia, and would like to pursue an MBA concentrating on business management or finance, one of these scholarships might work for you. They are offered by those state’s Association of Insurance Compliance Professionals. In Iowa, the award is for $500, and in Virginia, for $1,000. Both require at least a 2.75 GPA, along with an essay describing intent to pursue a career in the actuarial field. For more information on both, go to the website: www.aicp.net.

Business Achievement Awards

If you have a major career interest in business, would like to get your MBA, and are a member of the Golden Key organization, you qualify for this scholarship. Along with the application you will need to submit letters of recommendation, your transcript from undergraduate school, and an essay/paper that is business related and does not exceed 10 typed pages. This scholarship is also open to undergraduate students, and there are three monetary awards offered in the amounts of $1,000 to 2,000. Go to www.goldenkey.org for full details.

Congressional Hispanic Caucus Institute

Recipients of these awards must be of Mexican American, Hispanic American, or Puerto Rican descent, and be able to demonstrate the need for financial assistance to continue their education into an advanced degree program. Eligibility also depends on previous academic record, leadership ability, and record of service to their community. Funds awarded, usually in the amount of $5,000, may be used to defray expenses of an MBA program. There are further application and eligibility details on the website: www.chci.org/scholarships.

Consortium for Graduate Study in Management

For the last 44 years, this organization has promoted inclusion, changing the face of business in the United States, by awarding scholarships to qualified minority MBA students enrolled in member institutions. These schools include Carnegie Mellon, Dartmouth, University of Texas at Austin, Emory, and Yale. If you would like more information about eligibility and application for this full-tuition award, go to the website: www.cgsm.org.

Cronk Opportunity

Member women of the Evangelical Lutheran Church of America qualify for these awards, the average amount of which is $1,000, which can be used toward your MBA. You must be over 21 years of age, and have been out of school for at least two years to apply. Contact the Women of the ELCA to inquire: www.elca.org.

Ford Business

Every year, two business students, working toward their masters’ degrees, will be selected to receive these awards for $10,000 each. The Golden Key International Honor Society administers this application and selection process. Application packet should include official application, transcript, letters of recommendation, a business report or project paper, and a current resume. Students may continue to apply each year they are enrolled in graduate school, but are ineligible to be chosen again once selected for the award. Full details may be found on the website: www.goldenkey.org/GKIHS.

Russ Griffith Memorial

This scholarship may be used to pursue any major graduate degree, including a Master’s of Business Administration, but you must have been out of school at least five years to be eligible. Along with your application, you will need to submit letters of recommendation, an essay, and a nomination from your school’s scholarship administrator. Selection criteria also take community service and academic achievement into consideration. Funds are in the amount of $2,000, which may be utilized for expenses on any Datatel client college or university. For further eligibility and application information, asw well as a complete list of approved schools, visit www.datatelscholars.org.

Katherine F. Gruber

If you are the dependent or spouse of a blind/disabled veteran of the U.S. Military, who served in any branch of the service, you may qualify for this award designated for your expenses in graduate school. Blindness does not have to be service related, but must be equal to, or in excess, of the standard military definition for that disability. This is a scholarship in the amount of $2,000 that may be renewed for four years. This prize may be applied toward an MBA. If you would like find out more about this scholarship, go to the website: www.bva.org.

Kappa Kappa Gamma Foundation

This is another scholarship designated for either graduate or undergraduate use, with no specific major noted, however, pursuit of master’s in business administration is acceptable. Applicants must be members in good standing of Kappa Kappa Gamma, have at least a 3.0 overall GPA, and must be able to demonstrate the need for financial assistance to continue into graduate school. Awards range in amount from $130 to $3,000, and multiple awards are given each year. www.kappa.org.

Little Family Foundation MBA Fellowship Award

If you have were a member of Junior Achievement in high school, or served as a JA volunteer, teaching at least two classes, you may be qualified for this award. This is a matching gift program wherein each participating school matches funds provided by the foundation to qualified students, resulting in a renewable award of $5,000. Other eligibility requirements include a bachelor’s degree and a full-time work history of at least two years after graduation from college. Full-time study at one of the specific one or two-year MBA programs is required. If you would like more details regarding eligibility and application, as well as a complete list of the specified schools, go to the website at: www.ja.org/programs_schol_littl.shtml.

Military MBA

The military has long recognized the value of a college education, as evidenced by the GI Bill. Today, they also realize that a master’s degree is often necessary for career advancement. That’s why they created these scholarships – for prospective MBA candidates who might not have all the financial resources needed to attend graduate school. Amounts of the awards vary but a total of almost $500,000 is available to be used at specific schools in their graduate programs. For complete information on how to apply, what the eligibility requirements are, and what schools are approved for these awards, go on-line to www.scholarships@militarymba.net.

National Society of Hispanic MBA

This scholarship is awarded annually to MBA students who are of Hispanic heritage, and are U.S. citizens. You must already be enrolled in an accredited college or university MBA program when you complete your application. The GPA you earned during your undergraduate studies is the major consideration. To find out more, go to www.nshmba.org/scholarship.

NBMBAA (National Black MBA Association)

If you are a minority full-time student enrolled in an accredited MBA program, this scholarship might provide the financial help you are looking for. Selection is based on academic achievement, applicants must demonstrate strong communication and leadership skills, and have a history of active community service. You must also be a member of NBMBAA. Amounts of the award range from $1,000 to $15,000. Application packet required for submission includes official application, transcripts, photo, and essay. If you would like to find out more about this opportunity, go to the website: www.nbmbaa.org.

For Survivors

If you have suffered from a chronic or debilitating life-threatening disease and lived to tell the tale, this award may be your ticket to your graduate degree. Eligibility requirements include need for financial assistance, a strong record of community service, depth of character, and an outstanding academic record with at least a 3.0 overall GPA. If you think you might qualify for one of these scholarships, in the amount of $3,000 each, check out the website at: www.patientadvocate.org.

Thurgood Marshall

This fund finances scholarships for African-American students of all levels who are attending one of the thirty-eight historically black universities or colleges in the United States. If you would like to check on this one, go to: www.thurgoodmarshallfund.net.

Toigo Fellowship

This prize, in the amount of $5,000, is awarded annually to a student working on their MBA planning a career in finance. In order to apply, you must be a U.S. citizen or a permanent resident of this country. You must also be of African-American, Alaska Native, Asian-American/Pacific Islander, Hispanic, or Native American descent. If you meet this qualification and are already enrolled in an accredited MBA program – with emphasis on real estate or finance – you may be eligible for this generous fellowship. If you are, application must be accompanied by GMAT scores, letter of recommendation, transcript, and resume. You must be nominated for this award by your business school. For more information, to go www.toigofoundation.org.

Tribal Business Management

If you are least one-quarter Native American (Alaska native or American Indian), and are planning to pursue your MBA, you may qualify for this outstanding opportunity. Along with your application you will need to submit proof of membership in a federally recognized tribe, letters of recommendation, an essay, and transcripts. It is anticipated that MBA graduates in this program will work to promote tribal development and management. Amounts of the awards range from $500 to $5,000. Go to the website at www.catchingthedream.org for more information.

Grants

Grants are available for students attending graduate school, based on need for financial assistance to continue their education. Completion of the FAFSA free on-line application for financial assistance is the first requirement for any grant or financial aid application. Go to www.fafsa.ed.gov to complete yours.

Loans

Private Loans

Private institutions offer loans to students to fund graduate school. If you intend to pursue this means of financing, be sure to shop around. Compare interest rates, repayment schedules, and other details. Do your research on line and you will soon discover there are a lot of school-loan-scams out there – do your homework carefully, and don’t be fooled!

Scholarships for On-Line MBA Programs

Seemingly, each on-line university offers its own financial aid, with the following advice: first, pursue all sources of grants you may be qualified for; second, apply for any scholarships offered outside of the school you will be attending; and, finally, talk to your on-line advisor and see what the school has to offer, regarding grants, loans, or scholarships. Over 75% of all students earning an MBA on line have at least one of these types of financial aid. One advantage frequently pointed out on the on-line sites is that by getting your graduate degree in this manner, you pay for one class at a time rather than an entire semester. Average time to complete an MBA on-line is five years, as compared to two years for a full-time student.