Despite the benefits of obtaining an MBA degree, such as gaining an advanced skill set, the hard work of the degree itself can be daunting. Whether you choose to complete an on-campus or online MBA program, an MBA generally takes two years to complete and is known for its rigorous curriculum.
Moreover, MBA tuition costs can be extensive. Read on to learn more about what an MBA will cost and which MBA scholarships might help you cover that cost.
What Is the Average Tuition for an MBA?
The cost of MBA tuition can range from $35,000 to over $100,00 for top-ranking business schools. However, this price will inevitably vary depending on the MBA school rankings, whether it’s a public or private institution, the number of scholarships and grants you receive, and more. Keep in mind that the advertised tuition rate of a school doesn’t necessarily mean that it is the amount you will end up paying. Why? That price doesn’t cover the cost of books, supplies, transportation or room and board.
If you obtain scholarships, grants or financial aid, you may be able to cut down on what you pay for your MBA tuition. Explore these MBA funding alternatives by applying for as many grants and scholarships as you can.
MBA Grants for Graduate School of Business Students
Just like scholarships, grants do not have to be paid back as loans do. However, grants are typically given based on need, while scholarships are given based on merit or other qualifying factors such as affiliation with a particular group. Grants are offered by the federal government, state government, schools or private organizations.
Most grants for graduate students are given by business schools and private foundations. The best way to learn more about these private grants is to talk to your school’s financial advisor.
The Guide to MBA Scholarships for Graduate Students
1. Government Finance Officers Association (GFOA) Scholarships
GFOA scholarships are available for full-time and part-time students who are interested in government finance.
Award Amount: $5,000–$15,000
2. Society for Human Resource Management (SHRM) Foundation Graduate Scholarships
3. Association of Insurance Compliance Professionals (AICP) Scholarship Program
AICP Scholarship Program is a merit-based scholarship. Applicants must have a 3.0 GPA, must have participated in extracurricular activities and be enrolled in an insurance- or business-related field.
Award Amount: $1,500
4. Dan Reichard Jr. Scholarship
The Dan Reichard Jr. Scholarship requires applicants to have a 3.0 GPA or higher and have an interest in management or business administration in the public transportation industry. Additionally, all applicants must be sponsored by the American Public Transportation Association and complete an internship with them.
Staver Law Group National Scholarship is an annual scholarship awarded near the end of each year. If you are enrolled in your degree program and have a GPA over 3.0, you qualify to apply.
Award Amount: $5,000
7. Thomas R. Pickering Foreign Affairs Fellowship Program
The Thomas R. Pickering Foreign Affairs Fellowship Program is available to students enrolled in a two-year master’s degree program in a field related to the U.S. Department of State Foreign Service. This is a highly competitive scholarship program and requires you to work in Foreign Services upon graduation.
Award Amount: Up to $37,000 annually
8. Forté Fellows Program
Forté Fellows Program is awarded to women enrolled in an MBA program. To be considered for the fellowship program, you must submit an application to a participating school.
Award Amount: Varies. Talk to your admissions representative to learn if this program is available at your school.
The Morgan Stanley MBA Fellowship Program is a competitive scholarship program for women and other minority students, including black, Hispanic, Native American, and LGBTQ+ students in their first year of business school.
Award Amount: Unknown
16. National Association of Black Accountants (NABA) National Scholarship Program
Applicants for the NABA National Scholarship Program must be black (African, African-American, Carribean, etc.), be an active NABA student member, be enrolled or accepted in a master’s-level business program, and have a minimum GPA of 3.5 in their major.
Award Amount: $1,000–$5,000
17. Orbis Investment Fellowship
The Orbis Investment Fellowship is for students entering their first year of business school. Applicants must be passionate about investment management.
Award Amount: $15,000
18. Prospanica Scholarship
To apply for a Prospanica Scholarship, you must be of Hispanic or Latino heritage, maintain a minimum GPA of 3.0, have a Prospanica membership, and be enrolled or planning to enroll in an accredited business school.
Award Amount: $2,000–$5,000
19. Educational Advancement Foundation Graduate Scholarship
The Hispanic Scholarship Fund is for students with Hispanic heritage with a minimum GPA of 2.5. While applicants of any age are welcomed, you must be enrolled full time in your degree program.
Award Amount: $500–$5,000
22. QS Community Scholarships for MBA Studies: Scholarship for Social Responsibility
The Scholarship for Social Responsibility offered by the QS Community Scholarships requires you to attend a QS event, study at an MBA level, and you must be accepted into an accredited MBA program by the time the winner is announced. You must also write an essay of 750 words or less.
Award Amount: $2,000
23. QS Scholarship for Academic Excellence
The QS Scholarship for Academic Excellence is awarded to those who have demonstrated an exceptionally strong level of academic excellence. Applicants must attend a QS event, study at a master’s level, and be accepted by a master’s program by the time the winner is announced. Additionally, all the scholarship money must go toward your tuition. The application involves a 500-word response to two questions.
Award Amount: $10,000
24. QS Leadership Scholarship
The QS Leadership Scholarship is awarded to an individual who has demonstrated an exceptionally strong level of leadership and innovative thinking. Applicants must be enrolled in an MBA program, start your first year of study in the coming academic year, and attend a QS event in addition to answering a 750-word essay question.
Award Amount: $10,000
25. Daughters of the American Revolution Scholarships