5 Great Scholarships for MBA Students

Getting an MBA can be an expensive proposition for many students. Although a graduate degree in business allows students to earn a higher salary, the upfront costs can be insurmountable. To make the cost of an MBA program affordable, students can use one of the following five scholarship programs to help fund their education.

1. The Ford Business Scholarship

This master’s degree scholarship is handed out every year to two business students. Run by the Golden Key International Honor Society, it is offered in the amount of $10,000. Students must turn their application packet into the Golden Key International Honor Society to be considered. In the application, students will need to write up a business report and an official application. They will also need to include their transcripts, a current resume and several letters of recommendation. If students are not given the award after applying, they can turn in a new application the following year as long as they are still in an MBA program.

2. AAUW Career Development Grants

Created by the American Association of University Women (AAUW), this grant is awarded in amounts ranging from $2,000 to $12,000. Students must be American citizens, female and enrolled in an MBA program. In addition, applicants need to receive their bachelor’s degree before June 30 of the current year. The application deadline is December 15 of each year. Award winners are chosen based on their career goals and their potential for success.

3. M&T Bank MBA Fellows Program

Offered by the M&T Bank and university partners, this scholarship program is given to students based on their talent and desire to work in the banking industry. Students are given $18,000 toward their tuition every year. The ideal applicant needs to have at least three years of experience in the field and strong leadership skills. Once the scholarship is awarded, students are eligible for paid summer internships in the finance and business industry. Applications must be turned in by February 1 for consideration.

4. Richard Metzler Scholarship

Offered through the Association of Management Consulting Firms (AMCF), this scholarship is given to extraordinary students who plan on working in the field of management consulting. Students must be matriculated in an MBA school and demonstrate leadership potential. In addition, they should have a history of community service and academic excellence. Students must submit a current resume, transcripts, three essays, enrollment proof and two recommendation letters by the deadline of January 26.

5. Mary Elizabeth Lockwood Beneventi MBA Scholarship

Offered by the Daughters of the American Revolution, this scholarship is given as a one-time award of $2,000. Students must have a 3.25 GPA or higher in their undergraduate program. In addition to enrolling in an MBA program, the student will also need to plan on entering the business field after they graduate. Applications should include a personal statement, proof of American citizenship, an official transcript, a financial need form and a letter of recommendation. The deadline for this program is every year on February 15.

Paying for graduate school does not have to be a daunting task. Through various MBA scholarship programs, students can get help with their schooling. While some programs require students to be a member of a certain race, gender or professional organization, other programs are open to any student who demonstrates a strong academic history. Students are not limited in the number of programs that they apply for, so a driven student can apply for multiple programs in the hope of getting the cost of their degree covered completely.