An MBA changes the trajectory of your career for the better, and you couldn’t be more excited about the professional development opportunities it provides. That is until you see the cost of your MBA. On average, an MBA costs $61,800, which is more than most of us can invest in our education.
Fortunately, there are financial aid options to lower the cost of your degree, including scholarships and grants. Unlike loans, they don’t need to be paid back, and they usually have fewer requirements than a fellowship or assistantship.
To ensure you can apply for and receive as many scholarships and grants as possible, we researched the best ones for online MBA students. Continue reading for 30 scholarships you won’t want to miss.
30 Scholarships and Grants for MBA Students
The first step to earning scholarships and grants is to do some research. Find out what’s out there and determine your eligibility. While there are more general graduate school grants and scholarships, some are specifically tailored for MBA students. These degree-specific awards often have smaller applicant pools, increasing your chances of receiving financial aid.
To start your scholarship search, check out these 30 MBA-specific scholarships and grants. For ease, we’ve divided them into general scholarships, school-based, and grants.
Note: You can find 50 more scholarships in our 2023 scholarship guide. These are not MBA-specific, but could be a good place to start your search.
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General Scholarships for Online MBA Students
AICPA John L. Carey Scholarship
- Amount: $5,000
- Description & eligibility: MBA candidates with an undergraduate degree in the liberal arts or a non-business field can apply for this scholarship. Candidates should also be interested in CPA licensure.
- Deadline: March 15, 2024
Edward J. DeBartolo, Sr. Graduate Scholarship
- Amount: $10,000
- Description & eligibility: The International Council of Shopping Centers Foundation awards this to two MBA candidates each year. Demonstrated financial need is considered.
- Deadline: Opens January 2024
Frank L. Greathouse Government Accounting Scholarship
- Amount: $10,000
- Description & eligibility: MBA candidates studying accounting or finance are eligible for this scholarship. They should have experience or interest in accounting for state or local governments.
- Deadline: February 19, 2024
Golden Key Graduate Scholar Award
- Amount: $1,500
- Description & eligibility: Golden Key members who are pursuing an MBA can apply for this one-time award. Priority is given to applicants who intend to utilize their MBA to improve their community.
- Deadline: December 15, 2023, TBD 2024
Government Finance Officers Association (GFOA) Goldberg-Miller Scholarship
- Amount: $25,000
- Description & eligibility: MBA candidates specializing in finance are eligible for this scholarship. Applicants should be enrolled full-time and have experience with state/local government finance.
- Deadline: Dec. 29, 2023
ICSC Diversity Scholarship
- Amount: $5,000
- Description & eligibility: BIPOC students who are enrolled in an MBA program as of fall 2023 may apply for this scholarship. An interest in international commerce is also required.
- Deadline: Opens January 2024
LRAEF Scholars
- Amount: Varies
- Description & eligibility: The Louisiana Restaurant Association Education Foundation awards annual scholarships to graduate and undergraduate students. Applicants should be current MBA students with an interest in culinary arts or hospitality.
- Deadline: February 2, 2024
Mary Elizabeth Lockwood Beneventi MBA Scholarship
- Amount: $2,000
- Description & eligibility: If a student is attending graduate school full-time and majoring in business administration, they may be eligible for this scholarship. Applicants must have a minimum GPA of 3.25.
- Deadline: January 31, 2024
P.E.O. International Peace Scholarship
- Amount: $12,500
- Description & eligibility: International students who identify as female can apply to this degree if they wish to pursue an MBA in the United States.
- Deadline: December 15, 2023
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School-Based Scholarships for MBA Students
Barney and Julie Feinblum Endowed Scholarship
- Amount: Varies
- Description & eligibility: Incoming MBA candidates at the University of Colorado Boulder who have an undergraduate degree in engineering are eligible for this scholarship. This applies to in-person, hybrid, and online MBAs.
- Deadline: Automatically considered when applying to the school
Bauer Excellence Initiative
- Amount: Up to $10,000
- Description & eligibility: MBA candidates who qualify for in-state tuition can apply for this scholarship. Applicants should have an above-average GPA and distinct professional accomplishments.
- Deadline: June 1, 2024
Boise State MBA Scholarships
- Amount: Varies
- Description & eligibility: Full-time MBA students at Boise State are eligible for scholarships. The amount varies and takes into account the financial need demonstrated on the FASFA.
- Deadline: Automatically considered when applying to the school
Culverhouse College of Business Scholarships
- Amount: Varies
- Description & eligibility: MBA students with a GPA of 3.0 and incoming MBA students at the University of Alabama are eligible for a variety of scholarships. The amounts and requirements vary by scholarship.
- Deadline: Automatically considered when applying to the school
Eccles Scholars Award
- Amount: $9,000
- Description & eligibility: Incoming MBA candidates at the University of Brigham Young who can speak a second language fluently are eligible for this award. Recipients must enroll in the global business certificate.
- Deadline: January 12, 2024
Fisher College of Business Scholarships
- Amount: Varies, up to full tuition price
- Description & eligibility: Graduate students at Ohio State University are eligible for a variety of scholarships, including some specific to business students. Award amount varies, as there are over 700 scholarships exclusively for business students.
- Deadline: February 1, 2024
Gene and Donna Mallak Scholarship
- Amount: Varies
- Description & eligibility: Saginaw Community Foundation presents scholarships each year to current graduate students pursuing an MBA. Applicants should be in a program at Saginaw Valley State University, Davenport University, Delta College, Northwood University, or Central Michigan University.
- Deadline: February 9, 2024
Georgetown MBA Merit Scholarships
- Amount: Half to full tuition
- Description & eligibility: Georgetown University provides full-tuition and half-tuition scholarships to incoming MBA students who display excellence in their undergraduate degrees and previous work positions.
- Deadline: Automatically considered when applying to the school
Imperial College London MBA Scholarship
- Amount: Varies
- Description & eligibility: For students looking to study abroad, Imperial College London provides scholarships for international students with previous business experience. The exact award amount and requirements vary by scholarship.
- Deadline: Rolling applications; no deadline
Kelley Direct Online MBA scholarships
- Amount: up to $25,000
- Description & eligibility: Online MBA students at Indiana University are eligible for this scholarship. The amount varies but can be up to $25,000.
- Deadline: Automatically considered when applying to the school
Sustainable Innovation Early Mover Scholarship
- Amount: 20% tuition discount
- Description & eligibility: Incoming MBA candidates at the University of Vermont are invited to apply for this scholarship. It’s awarded based on interest in sustainable business or entrepreneurship.
- Deadline: January 15, 2024
UB School of Management Scholarships
- Amount: Partial or full tuition
- Description & eligibility: MBA candidates at the University of Buffalo are eligible for a School of Management scholarship. Awards are determined based on merit and professional achievements.
- Deadline: February 15, 2024
UC Davis MBA Scholarships
- Amount: Varies
- Description & eligibility: Incoming and current MBA candidates at the University of California, Davis are eligible for these scholarships. The amount awarded and the criteria per scholarship vary.
- Deadline: January 31, 2024
UNH Alumni Scholarship
- Amount: Varies
- Description & eligibility: undergraduate alumni from the University of New Hampshire are eligible for this scholarship, should they wish to pursue their MBA at the University of New Hampshire. This includes students getting their MBA part-time and/or online.
- Deadline: Automatically considered when applying to the MBA program
University of Florida Warrington College of Business Finance Scholarships
- Amount: Varies
- Description & eligibility: Applicants for the full-time MBA program in finance are automatically considered for this scholarship when they apply to the program. Award amount varies, but can be up to full tuition
- Deadline: Automatically considered when applying to the school
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Grants for MBA Students
Goldman Sachs MBA Fellowships
- Amount: Up to $35,000 a year
- Description & eligibility: Incoming MBA students interested in a summer analyst position at Goldman Sachs can apply for this grant. This award is renewable and includes a summer associate’s salary on top of the scholarship amount.
- Deadline: Not listed, but applications are now open
University of North Carolina MBA Fellowship
- Amount: Partial to full tuition
- Description & eligibility: Incoming MBA candidates are eligible for this grant that covers full or partial tuition. It also provides a $5,000 stipend, a research assistantship, and a fellows-only resume guide.
- Deadline: Automatically considered when applying for the program
US Fulbright Business Grant
- Amount: Full tuition and living expenses
- Description & eligibility: Current college students and working professionals interested in getting an MBA abroad can do so fully funded through the Fulbright program. Currently, Fulbright offers MBA grants for universities in Mexico, Spain, Finland, and Taiwan.
- Deadline: October 2024 (exact date yet to be released)
Key Ways to Increase Your Chances of Earning an MBA Scholarship
After you’ve found scholarships and grants that work for you, it’s time to fill out the applications. Scholarship committees read hundreds, sometimes thousands of applications, so make sure yours stands out with these five strategies:
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Highlight Community Involvement & Extracurriculars
Often, scholarships and grants are designed for MBA candidates who are making an impact in their community. Whether it’s through a day job or volunteer work, demonstrate how you currently impact the local community and how getting your degree will enhance your reach.
Specific experiences to highlight include work you’ve done through your employer’s volunteer program, regular commitments to local nonprofits and volunteer organizations, and any membership to community service associations. If you’ve started any service initiatives on your own or with a group, be sure to highlight those, as well.
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Write an Impactful Essay or Personal Statement
A thoughtful essay can add a personalized touch to scholarship applications that your resume, GPA, and GMAT scores can’t provide. When crafting your essay or personal statement, utilize these three tips:
- Use personal examples and anecdotes to illustrate points
- Address the essay prompt directly
- Edit the essay twice: one time for clarity and once for grammar.
As a final check before submitting your essay, ask a friend to read it over. As they read, they can point out any errors or confusing parts.
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Showcase What Makes You Unique
Let’s say you’re passionate about helping minority business owners receive more venture capital for their startups, and to accomplish this, you applied for your MBA. Or maybe you want to be the first female executive at your company, and an MBA would help you get there.
Whatever your reason for pursuing an MBA, make sure it shines through your application. Your unique “why” will help your application stand out from others.
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Source Solid Letters of Recommendation
When choosing recommenders, select teachers, mentors, and work managers who can speak to your character, accomplishments, and abilities. To ensure they have enough time to write a strong letter of recommendation, ask them early (at least three weeks before the scholarship deadline).
For added context, you can provide them with a short snippet about the scholarship, your essay or personal statement, and a short list of what they might discuss in their letter. The easier and more contextualized your ask is, the better a recommender can represent your abilities.
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Follow Directions and Submit Early
The last way to stand out is simple, yet often overlooked: follow the scholarship application directions and submit early. If an essay is required, make sure to include one. If GMAT scores are not required, don’t include them.
After you’ve read over a scholarship’s requirements, add the application deadline to your physical or virtual calendar. You can even set reminders a week or two before to ensure your application is turned in on time or early.
