The Graduate Management Admission Test or GMAT is conducted by the Graduate Management Admission Council (GMAC). The test measures the candidates’ quantitative, writing, analyzing, verbal reasoning, and reading skills. GMAT is a computer-adaptive test for those candidates applying to graduate Business School Programs abroad. Candidates applying for an International MBA are always searching for scholarships to fund their Business School expenses. There are many available scholarships for Business School aspirants, all of them vary from one another.
The types of scholarships available for aspiring Business School candidates are:
- Need-Based Scholarships
- Merit-Based Scholarships
Candidates are always advised to apply early to be eligible for any type of scholarship. As most of the candidates mistake the application deadline to be the scholarship deadline as well. Which leads to them losing their chance at acquiring a scholarship. Candidates expecting to bag a scholarship only on the basis of their GMAT score will be disappointed. As the admission committee looks at the application as a whole and not just the GMAT score.
What guarantees a Scholarship for an Aspiring Business School Graduate?
After fulfilling all the GMAT requirements, it still does not guarantee a candidate a scholarship. As the admission committee focuses on the applicants’ application than just the GMAT score. Some of the requirements the admission committee focuses on are:
- Excellent Work Profile
- A number of skills and Achievements
- A high GMAT Score
- Graduate from a Recognized University
Common Mistakes Made by the MBA Applicants
A few mistakes that many of the MBA applicants make that can wreck an otherwise perfect application is:
- Your Statement of Purpose is very generic and is the same for all the B-Schools you are applying for.
- Not following the given guidelines of the application.
- You are not consistent with your application, which leads to confusion of your profile for the admission committee.
- The recommenders you chose do not personally know you, which leads to an inconsistent application.
- You are not mentioning your future expectations rather just focused on the past.
How to find MBA Scholarship?
Searching for a perfect scholarship to finance your MBA Degree Program can be hard if you do not know where to start. These are the steps you can follow to search for scholarships:
- Research is the key to success.
- Lok through all the financial aid sites.
- Search the websites of the Business Schools you are interested in.
- Score a good GMAT Score
- Apply early to the schools to be eligible for the scholarships available.
- Some schools offer assistantship scholarships also, research about that.
- While filling out the form for different schools, look if they require a separate application for scholarships.
- If you do not find any scholarships on the school website, look for external scholarships.
- Some schools also offer scholarships to second-year MBA students based on their First-year progress.
- Make sure that the scholarship application is not generic but unique and showcases your personality beautifully.
Business School Scholarships
Some of the Business Schools offering different types ofscholarships are as follows:
- Wharton School of Business:
- Joseph Wharton Fellowship- Awarded to students with excellent professional, personal, and academic records. Almost all the admitted students are eligible for this scholarship.
- Emerging Economy Fellowship- The fellowship awards the funding for the two year MBA program. Admitted students are automatically considered for this scholarship. The scholarship is for the Emerging Economy as suggested by the name.
- Social Impact Fellowship- The scholarship is offered to students with interest in serving non-profit organizations. Aimed to make a positive impact on the world, the fellowship helps strengthen leadership, strategic, and operational skills.
- Harvard Business School:
- Horace W. Goldsmith Fellowship- Awarded to 7-10 students who have previously worked with a non-profit organization before applying for the fellowship. The fellowship is for 10,000 USD awarded to first-year MBA students.
- HBS Fellowship Program- A need-based scholarship for aspirants with minimal financial resources to pursue higher education.
- Stanford Graduate School of Business:
- Stanford Reliance Dhirubhai Fellowship- Awarded to 5 students covering tuition & fees of the Two year MBA program. The beneficiaries of the fellowship are required to return back to India after the program ends to work for an Indian Organisation at least for two years.
- Haas School of Business:
- Dr. Tahir Fellowship- Awarded to students who complete their undergraduate degree from an Asian country. The fellowship worth 40,000 USD offered to students planning to pursue a full-time MBA at the Haas Business School.
- Booth School of Business:
- Akhtarali H. Tobaccowala- The scholarship is offered to Indian students planning to pursue a full-time MBA program from Chicago Booth School of Business.
- The Zonis Fellowship- Offered to students with exemplary academic, extracurricular, and leadership achievements from emerging economies.
- Kellogg School of Management:
- Kellogg Scholarship- Awarded to students on the basis of overall achievement, demonstrated leadership, and academic abilities. Awarded to students applying for full-time programs.
- Kellogg Finance Network Scholarship- Awarded to students interested in the field of finance on the base of merit.
- London Business School:
- B.K Birla MBA Scholarship- An endowed scholarship program awarded to 10 students every year in perpetuity with the help of the alumnus Kumar Mangalam Birla.
- Tuck School of Business:
- Forte MBA Fellowship for Women- Awarded to exceptional women every year by Tuck School with the help in tuition and additional benefits mentioned on the Forte website.
- The Willard M. Bollenbach Jr. 1949 Fund- Awarded to two second-year Tuck Students with excellent academic achievement and intellectuality.
- INSEAD Business School:
- INSEAD Christina Law MBA ‘91D Endowed Scholarship for Asian Women- Awarded every year to one with promising academic achievements and has completed all her studies in Asia. The student should showcase the desire of serving their country after the completion of their degree.
Types of Financial Aid
Besides scholarships and grants, a student can also opt for other types of financial aids available for Indian and International students. Students can fund their higher education with the help of:
- Educational Loans
- Teaching Assistantship
- Research Assistantship
- Loans- Students can finance their Business School expenses with the help of loans. Aspiring candidates can apply for educational loans in their home country or in the country they are applying for.
- Teaching Assistantship- To finance your educational expenses, a student can work within the university as a Teaching Assistant. You are either offered a monthly stipend or sometimes the amount is deducted from your remaining tuition amount. As a teaching assistant, you will be helping your professor in teaching tasks such as grading assignments, managing office hours, etc. Teaching assistants usually help undergraduate classes with their professors. It is rarely the case when they are asked to assist the graduate-level classes as well.
- Research Assistantship- A research assistantship is for students who are interested in helping a faculty member in their current research. Students usually get a monthly stipend but sometimes the amount is directly deducted from the remaining tuition fee amount. The nature of the research work varies from program to program.
In conclusion, Candidates applying to Business Schools can guarantee a scholarship if they have a high score in their GMAT along with a strong application. But students with average or low scores can also seize a scholarship if they have a strong admission application or just apply for an educational loan or Teaching or Research Assistantship.