Scholarships To Study In The USA For MBA Students
In 2014/15, China and India together accounted for 67 percent of the total increase in international students in the USA. In the same year, more than 3 lakh Indian students entered the USA for study. Also, interestingly, approximately 80 percent of all Indian students in the US are in the fields of engineering, math/computer science and business.*
This proves that the USA is a dream destination for many Indian students. Let’s not forget the million and more times our movies, songs and celebs are shot or spotted in “Amrika.” As an MBA aspirant, you too may have thought of studying and living in the “New World.” And yet, for most of us, cost remains a major concern.
Chances are you have the talent and inclination to get into a reputed university. So how do you pay for it? Well luckily, the USA has many universities with attractive MBA scholarships! Top management schools, including Stanford, Wharton, Columbia, Harvard, and even MIT have scholarships for Indian students.
Here is a list of top MBA scholarships in some of the best business schools in the USA.
Stanford Graduate School of Business – Stanford Reliance Dhirubhai fellowship:
Reliance Industries, Ltd. created the Reliance Dhirubhai Fellowship at Stanford GSB to support promising Indian students with financial need in obtaining an MBA at Stanford.
Each year, Stanford may award up to five fellowships:
- Stanford Reliance Dhirubhai Fellows will receive financial support for the cost of tuition and associated fees for each year of the two-year Stanford MBA Program (approximately $150,000 total).
- Within two years of completing their Stanford MBA studies, Reliance Dhirubhai Fellows are required to return to India to work for an Indian organization. Fellows must live and work in India for at least two years by the time they are four years out of the Stanford MBA Program.
- Upon their return to India, Reliance Dhirubhai Fellows are integral members of Stanford University, Stanford GSB, and Reliance Dhirubhai Fellows communities.
Up to 50 Reliance Dhirubhai Fellows finalists will be selected based on:
- Commitment to developing India
- Financial need
- Program finalists must meet all Stanford GSB application requirements
Process and Evaluation Criteria
- Apply for Reliance Dhirubhai Fellowship Program
- Apply to Stanford MBA Program
- Attend Stanford MBA Program
- Return to work in India for at least two years
- April to Mid June: Reliance Dhirubhai Fellowship Program application available online
- Mid-June: Submission Deadline
- July: Finalists are notified
- July- October: Finalists prepare and submit Stanford MBA application
- October: Stanford MBA Program application due
- December: Stanford releases admission decisions, including those for Reliance Dhirubhai Fellows
- September next year: Reliance Dhirubhai Fellows matriculate in Stanford MBA Program
Find more information about the fellowship here.
Wharton School of Business
The Wharton School of Business has a range of scholarships for talented aspirants with financial constraints. Below are some scholarships for Indian students:
Emerging Economy Fellowships:
This MBA scholarship in the USA has been specially established for students from developing countries. Applicants are required to pursue full-time MBA at Wharton and the fellowship covers both the years of your course.
Only first-year students can apply for the scholarship. Below are the required criteria:
- Academic achievement
- Compelling leadership
- Exceptional professional development
- Unique personal qualities
Students who are admitted to Wharton will be automatically considered for the Emerging Economy Fellowships. Also, there is no formal fellowship application procedure. Students have to apply through the usual MBA admission application procedure.
Joseph Wharton Fellowships:
Named after the founder of Wharton, the Joseph Wharton Fellowships are awarded to students with outstanding academic, personal and professional records.
All admitted students of Wharton are eligible for scholarships.
There is no formal fellowship application procedure. Students have to apply through the usual admission application procedure.
Find more about financial aid at Wharton here.
Tuck School of Business (Dartmouth College)
The Tuck School of Business offers a host of scholarships for talented individuals with financial needs.
Below are some scholarships:
Need- And Merit-Based Scholarships
The Tuck School of Business offers both need and merit based MBA scholarships in the USA to international students. The scholarships can range anywhere from $5,000 to full tuition and students are notified about their scholarship at the time of their admission.
Tuck considers factors like academic performance, leadership and professional accomplishments.
Candidates must complete an application for Tuck School of Business Scholarships in accordance with the deadlines.
In addition, candidates also have to write a brief biographical essay to be considered for admission.
Centre For Business & Society
Two programs developed by the Centre for Business & Society provide financial support to students. While the ‘TUCK GIVES’ program, provides financial support to students planning to enter non-profit or public sector summer internships, the Tuck Non-profit Fellowship program provides financial assistance, mentoring and networking support to graduating Tuck students who join a non-profit or public sector organization. Recipients can use the non-profit fellowship to pay off loans as well as provide cash to transition to their new job.
Eligibility and application process are same as the Need- And Merit-Based Scholarships.
Find out more about Tuck scholarships here.
Harvard Business School
Harvard Business School has its own fellowship plan for aspiring students.
HBS Fellowship Programs
The Harvard Business School (HBS) awards need-based fellowships to provide access to admitted students with limited financial resources. According to Harvard, nearly 50% of its class receives an average of around $32,000 per year in need-based HBS Fellowships. Find out more about need-based scholarships by Harvard Business School here.
Horace W. Goldsmith Fellowship
The Horace W. Goldsmith Fellowship is offered to 7-10 students who show the willingness to work in the non-profit sector. The value of the award is $10,000 and offered to first-year MBA students. More than 100 students have received this award since its inception in 1988. Find out more here.
Recipients must have served full-time in the non-profit sector prior to applying to Harvard Business School.
Kellogg School of Management (Northwestern University)
Kellogg School of Management offers many merit-based MBA scholarships in the USA, which are awarded throughout the admission process.
Donald P. Jacobs International Scholarships
Established by Donald Jacobs, the Donald P. Jacobs International Scholarships are awarded to international students to pursue the two-year and MMM Programs.
The aim of this scholarship program is to attract candidates who enhance the diversity of Kellogg’s student body. These awards are presented to students who demonstrate academic excellence, career advancement and leadership ability.
Admitted applicants are automatically considered for all merit scholarships
Merit scholarships are awarded through the admissions process.
Find out more here.
Columbia Business School
Columbia offers both need and merit-based scholarships to international students. It offers full-time and partial-tuition fellowships to talented students depending on their academic excellence and financial needs.
Meyer Feldberg Distinguished Fellowship Program
The Feldberg Fellowship is given each year to select students who demonstrate leadership qualities, as well as academic competence. The fellowship provides full tuition and membership of the group of Feldberg fellows.
- Fellows should have a record of success in areas as entrepreneurship, finance, military and social enterprise.
- Fellows should have an excellent record in academic, personal background and professional experience.
There is no separate application for merit-based fellowships. Candidates must apply for admission to the full-time Columbia MBA Program.
Find out more here.
Sloan School of Management
MIT Sloan awards several competitive, merit-based MBA scholarships in the USA to new and second-year students.
The master’s fellowship is available to students from all citizenship and backgrounds, as the objective of the fellowship is to increase the diversity of the class. The scholarship ranges from US $5000 to full tuition fees.
All admitted candidates are considered for these fellowships
The McKinsey award scholarship is provided to 4 first-year students. The award is open to all incoming MBA students at the MIT Sloan School of Management regardless of professional experience and background.
The award emphasizes on academic excellence, personal impact; and professional, campus, or community leadership.
The McKinsey Award Committee selects the recipients of the scholarship based on the MIT Sloan application and possible interviews.
The awards are generally announced in early fall of the first semester.
Find out more here.
*Stats from NDTV here.