3 MBA scholarships for US business school applicants
Business programmes gain more importance during economic downturns. According to the Financial Times, during times of recession and economic uncertainty, people tend to take a career break to update their skills and build a professional network at business school, making MBA scholarships highly sought after.
The reverse is true when the economy is strong — the demand for business education by way of an MBA slows down as potential applicants have more opportunities to seek promotions than turn to executive education.
They add that this is the case in the US, where the strong economy in the past few years before the pandemic was a major factor in declining MBA applications in the US.
An MBA is popular among many as it can open doors to new career opportunities across industries, provides networking opportunities, and opens doors to high-paying careers.
According to the U.S. News Best Business School, among the top 100 CEOs in the Fortune 500, about a third have an MBA. Five MBA programmes have trained more than one Fortune 100 CEO, and all are highly prestigious institutions, placing among the top 10 in the U.S. News Best Business Schools rankings.
This includes Harvard Business School, the University of Pennsylvania’s Wharton School, Northwestern University’s Kellogg School of Management, the Stanford University Graduate School of Business, and Columbia Business School.
Its popularity has also led to a wide number of MBA-related programmes including specialisations in finance, entrepreneurship, Islamic finance, and sustainability, among others.
Reports also suggest that MBA programmes continue to increase graduates’ prospects of earning higher salaries.
According to the QS World University Rankings: Global MBA Rankings 2019, MBA graduates can expect an average salary increase of 77%. This report is supported by findings by The Graduate Management Admission Council (GMAC), a global association of leading graduate business schools.
The appeal of the MBA is far-reaching and often comes with a hefty price tag, costing up to $100,000 or more in tuition and fees.
There are many scholarship options available for students keen to pursue business programme or MBA scholarships at US business schools.
The average size of an academic scholarship in the United States is $15,000 to $25,000 and this amount can cover a part of the overall tuition cost.
The scholarship value awarded varies according to the individual applicant and is generally determined by his or her academic performance (GPA), TOEFL, and SAT scores, and his or her personality traits such as initiative, determination to achieve results, and leadership abilities.
Here is a list of three MBA scholarships that are open for application in 2021:
Haas School of Business MBA Scholarship
Berkeley Haas offers MBA scholarships to students in the form of both need- and merit-based awards.
Berkeley Haas offers an extensive list of scholarships, loans, and assistantships for students considering a full-time, evening and weekend, or Executive MBA.
The Scholarships at Berkeley Haas range from $5,000 to $125,000, which can be applied toward tuition and fees.
Boustany MBA Harvard Scholarship
Harvard University’s MBA programme is one of the world’s leading business programmes in the world.
The Boustany MBA Harvard Scholarship is granted for a two-year course at Harvard Business School once every two years and will be awarded for the class commencing August 2021.
The deadline for applicants to submit their applications is May 31, 2021.
Successful applicants will also undertake a two-month unpaid internship with the Boustany Foundation Internship in Monaco.
This scholarship provides financial aid amounting to US$102,200 which will cover tuition fees, as well as travel and accommodation expenses related to internships for students who have an excellent academic background and show considerable promise.
The William R. Berkley Scholarship Program
The William R. Berkley Scholarship Program supports outstanding graduates who wish to pursue their MBA full-time at NYU Stern.
The scholarship covers up to $56,000 full tuition and mandatory fees and stipends for housing and educational expenses.