Professional organizations and top business schools are routinely doling out money in the shape of MBA scholarships to encourage students to follow their goals into graduate or executive education. In fact, the top 25 business schools in the United States currently hand out over $232 million each year in scholarships that equal a third or more of their tuition rates.
No matter your chosen specialization, there are numerous scholarships that can potentially save you thousands of dollars annually while building your leadership skills.
Below we've highlighted 20 of the most lucrative scholarships for graduate students pursuing an MBA to quickly climb the ladder towards a well-deserved promotion.
1. AAUW Career Development Grants
Deadline: December 15th
Through the American Association of University Women (AAUW), the Career Development Grants are available to provide between $2,000 and $12,000 to female MBA students annually. Eligible candidates must be U.S. citizens, have received a bachelor's degree before June 30th of the current year, be enrolling in an accredited U.S. institution, and seek to advance or change their business career. Selection will be based on applicants' potential for success, career objectives, reasons for attending graduate school, and commitment to equality for women.
2. Charles T. Bauer MBA Scholarships
Deadline: June 1st
For graduate business students at the University of Houston with significant financial need for assistance, the Charles T. Bauer MBA Scholarships are available for up to $10,000 each year. To qualify, applicants must be admitted into the Full-Time MBA or Professional MBA program, possess a minimum overall GPA of 3.0, have above-average GMAT scores, have U.S. citizenship or permanent residency, and show career potential based on previous professional accomplishments. No separate application is required, but it's recommended that students apply to the Bauer MBA program before June 1st for the best chance at this competitive award.
Charles T. Bauer MBA Scholarships
4800 Calhoun Road
Houston, TX 77004
3. Credit Suisse MBA Fellowship Program Americas
Deadline: November 15th
With the goal of increasing diversity on campuses nationwide, the Credit Suisse MBA Fellowship Program Americas is designed to award up to $30,000 to cover tuition, academic, and living expenses for outstanding first-year MBA students pursuing a career in investment banking. Qualified applicants must be enrolling full-time in a participating U.S. MBA program, exhibit strong career potential in investment backing, have a history of academic achievement, and be interested in completing an internship at a Credit Suisse office the following summer. Fellowships are only available for women and minority students of African American, Hispanic/Latino, or Native American descent.
4. Dennis W. and Jane B. Carlton Fellowship
Deadline: April 1st
Facilitated by the Jewish United Federation, the Dennis W. and Jane B. Carlton Fellowship is awarded annually to cover full tuition for two years and supply a $30,000 stipend for up to three Full-Time MBA students from Israel, particularly those who've served in the Israeli military. Selection will be based on each candidate's overall academic profile, intended concentration, strength of admissions application, professional evaluations, and business-related qualities. In exchange for funding and mentoring by Chicago business leaders, fellows must return to Israel within five years of graduation to practice their gained MBA knowledge.
5. FortÃ© Fellows Program
Designed to increase the number of women who are entering the business world with an MBA, the FortÃ© Fellows Program has given nearly $68 million to over 3,000 fellows for covering half of tuition costs at participating North American business schools. Eligible candidates must be pursuing a full-time or executive MBA education, carry a minimum cumulative GPA of 3.2, exhibit exemplary leadership, and show a commitment to women via personal mentorship or community service. Along with the scholarship, fellows are invited to participate in the FortÃ© MBA Women Leadership Conference, receive mentoring from FortÃ© sponsored corporations, and obtain a free lifetime Premium Access Pass to FortÃ©.
6. Gerardo Werthein Scholarship Fund
Deadline: October 1st
At Columbia Business School, the Gerardo Werthein Scholarship Fund was created to provide need-based awards ranging from $5,000 to $12,000 annually for incoming MBA students seeking financial support for their studies. Strong preference is given to graduate students who have lived, worked, or attended school in Argentina and are interested in returning to Argentina for volunteering their business expertise in the non-profit or public sectors. To determine each student's level of financial need, the School will take into consideration all savings, investments, retirement accounts, tax refunds, income, benefits, and educational debt.
Gerardo Werthein Scholarship Fund
New York, NY 10027
7. Jon Brumley Texas Venture Labs Scholarship
Deadline: January 15th
Each February, the Jon Brumley Texas Venture Labs Scholarship is presented through the McCombs School of Business at the University of Texas at Austin for outstanding MBA students who exhibit an innovative and entrepreneurial spirit. Every scholarship is worth up to $174,000 with a $10,000 annual scholarship, in-state tuition coverage, consideration for a post-graduate position as a Venture Partner worth $50,000, and continued support from the Texas Venture Labs throughout the development of students' entrepreneurial companies. To apply, MBA students must submit a resume, 500-word statement of interest, a two-page business executive summary, and a 90-second video pitch showing off their innovative abilities.
8. Little Family Foundation Scholarship
Deadline: February 1st
As part of Junior Achievement, the Little Family Foundation Scholarship is awarded for $2,500 annually to support students who are planning to study full-time in a one or two-year MBA program at a participating business school, such as Carnegie Mellon University, Indiana University, the University of Cincinnati, Northwestern University, and more. Applicants must be past participants or volunteers in one of Junior Achievement's K-8 programs, have received a bachelor's degree, and have worked in business for at least two years after graduation. The application must be accompanied by three letters of recommendation, an official transcript, and a short essay describing how free enterprise creates prosperity.
Little Family Foundation Scholarship
One Education Way
Colorado Springs, CO 80906
9. M&T Bank MBA Fellows Program
Deadline: February 1st
As a top full-service commercial bank with a presence across the Mid-Atlantic region, M&T Bank partners with the University of Buffalo's School of Management to host the MBA Fellows Program for talented graduate students seeking a career opportunity in banking. In order to qualify for up to $18,000 in tuition support each year, eligible MBA students should have at least three years of professional business experience, demonstrate leadership potential, have strong communication skills, and show evidence of superb quantitative abilities. Paid summer internships can be pursued in finance, marketing, investment banking, strategic planning, relationship management, technology, operations management, and more.
10. Mary Elizabeth Lockwood Beneventi MBA Scholarship
Deadline: February 15th
Sponsored by the Daughters of the American Revolution (DAR), the Mary Elizabeth Lockwood Beneventi MBA Scholarship is given as a one-time award of $2,000 for an extraordinary student attending graduate school full-time at an accredited U.S. university with a major in business administration. Qualified applicants must have already earned a bachelor's degree, carry a minimum undergraduate GPA of 3.25 or higher, and be pursuing a career in any business-related discipline. Candidates should submit a typed application, official transcript, letter of recommendation, proof of U.S. citizenship, financial need form, and 1,000 personal statement.
11. McGowan Fellows Program for Second-Year Students
Deadline: January 31st
At the Kellogg School of Management at Northwestern University, the McGowan Fellows Program for Second-Year Students was established in 2010 to offer recognition to a select community of young, highly talented business leaders committed to public service and ethical leadership. For full tuition coverage, eligible candidates must have completed their first year of MBA studies, rank in the top five percent of their class, and exhibit leadership ability. McGowan Fellows must attend the Symposium on Business Leadership, participate in a group project, attend a spring retreat, and engage meaningfully with a professional mentor.
12. Military MBA Scholarship Program
Deadline: December 31st
Along with the Yellow Ribbon Program and Post-9/11 GI Bill, the Military MBA Scholarship is offered as a merit-award for U.S. residents with a bachelor's degree who have served in the Armed Forces. Each year, there's over $20,000 available in funding for qualified applicants wishing to pursue a graduate business degree education from the program's partnering universities. Prospective MBA students must submit an online application, official college transcripts, proof of military service, and two signed letters of recommendation, including one from a military member who was recently under the applicant's command.
13. National Black MBA Association Scholarships
Deadline: January 19th
Annually, the National Black MBA Association offers several scholarships for up to $10,000 to active African American members who are entering their first year of a full or part-time MBA program at an accredited university in the United States or Canada. Qualified candidates must be U.S. citizens, have a minimum cumulative GPA of 3.0, demonstrate exceptional leadership potential, be actively involved in their local community, and be recommended by a business faculty member. With the application, students must attach an official transcript, photograph, current resume, and 500-word essay discussing their future career objectives in business.
National Black MBA Association Scholarships
1 East Wacker Avenue Suite 3500
Chicago, IL 60601
14. NSHMBA Foundation GMAT Prep Scholarship
Deadline: March 1st
Founded with the goal of helping Hispanic Americans have access to quality college education in business, the National Society of Hispanic MBAs Foundation offers the GMAT Prep Scholarship to U.S. citizens of Hispanic heritage who exhibit financial need to prepare for the GMAT entrance exam and gaining admissions into an MBA program. Applicants must have a bachelor's degree from an AACSB-accredited institution, possess two years of professional work experience, and submit a 500-word essay describing their plans in graduate business school. Recipients will receive in-person or live online prep courses, 12 GMAT lesson books, personalized Veritas Prep accounts, live online office hours with experienced instructors, an MBA admissions workshop, and free course re-takes.
15. QS World MBA Tour Scholar Award
Deadline: November 15th
In the amount of $7,500, the QS World MBA Tour Scholar Award is granted annually through the Golden Key International Honour Society to support members who wish to pursue an MBA degree from an accredited business school anywhere in the world. Applicants must have completed a bachelor's degree, be registered for the QS World MBA Tour, display academic achievement, and exhibit leadership experience. Eligible candidates must submit a personal resume, a 1,000-word essay stating why they're pursuing an MBA, official transcripts, and one letter of recommendation from a faculty member or employer.
16. Reaching Out LGBT MBA Fellowship
Deadline: January 20th
Sponsored by the Point Foundation, the Reaching Out LGBT MBA Fellowship program offers at least $10,000 to outstanding young lesbian, gay, bisexual, and transgender professionals who wish to advance their education by receiving an MBA from a partnering business school. Eligible candidates should self-identify as LGBT, demonstrate leadership roles on their resume, complete an application essay, and express interest in business schools' on-campus LGBTQ clubs. Among the business schools students can choose from are Columbia, MIT, NYU, Carnegie Mellon, Northwestern, Rice, UCLA, UC Berkeley, UVA, and more.
17. Richard Metzler Scholarship
Deadline: January 26th
Through the Association of Management Consulting Firms (AMCF), the Richard Metzler Scholarship is awarded annually for $5,000 to encourage extraordinary graduate students pursuing an MBA degree to enter a career in management consulting. Eligible candidates must be currently matriculated in an accredited business school, demonstrate academic excellence, show strong leadership skills, be involved in community service, and exhibit potential as a positive agent of change in management. Applications must include three essays, two recommendation letters, a current resume, proof of enrollment, and official college transcripts.
Richard Metzler Scholarship
370 Lexington Avenue Suite 2209
New York, NY 10017
18. Stephen Bufton Memorial Educational Fund
Deadline: May 15th
As part of the American Business Women's Association (ABWA), the Stephen Bufton Memorial Educational Fund (SBMEF) offers several scholarships ranging in value from $2,000 to $10,000 apiece to outstanding female business professionals who are seeking advanced MBA education to successfully achieve their professional goals. Female applicants must be U.S. citizens, be enrolling in a graduate-level program in the upcoming fall, have earned a minimum undergraduate GPA of 3.0, and exhibit excellent leadership potential. Candidates need to attach official transcripts, three professional letters of reference, and a biographical sketch.
19. Toigo MBA Fellowship Program
Deadline: March 15th
For the past 25 years, the Toigo Foundation has hosted the MBA Fellowship Program with the goal of providing an unmatched network of professional contacts for minority professionals of African American, Asian American, Pacific Islander, Hispanic, Latino, Native American, or Alaskan Native ethnicity pursuing a career in finance. Candidates must be accepted into an accredited two-year full-time MBA program, have U.S. citizenship, and complete a pre-screening interview via Skype. Recipients will be granted a merit-based scholarship and be invited to the MBA Catapult event in New York City to network with financial industry experts.
20. William R. Berkley Scholarship
Deadline: March 15th
Founded in 2013, the William R. Berkley Scholarship program is named in honor of a successful entrepreneur who graduated from New York University and became the CEO of W.R. Berkley Company. Offering full two-year tuition coverage with a housing stipend of $18,000 per year, this scholarship is available to exceptional college seniors who wish to continue their education in the Full-Time MBA program at the NYU Stern School of Business directly following graduation. Recipients will be chosen based on a combination of stellar academic achievement and exceptional potential for positively contributing to the business world.
Though earning an MBA leads to a lucrative average mid-career salary of $104,000 regardless of specialization, you'll first need to finance your one to three years of graduate education to pursue the degree. That's why it's essential that you seek out various sources of funding to avoid accumulating mountains of debt for after graduation. Consider applying to one or more of these great MBA scholarships to receive the support in reaching your fullest potential in business.