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Your Ultimate Guide to Scholarship for MBA Abroad

Explore opportunities for securing an MBA Scholarship Abroad

In today's interconnected global economy, an MBA from a prestigious international institution can be a game-changer, but the costs can be overwhelming. This is where scholarships come in, offering financial relief and making this transformative experience more accessible. Our comprehensive guide delves into various scholarships offered by top business schools in the USA, UK, Germany, Canada, and Australia. From Harvard's need-based scholarships to Cambridge's Gates Scholarships, and from Sauder School's Responsible Business Scholarship to ANU's Global Diversity Scholarship, discover how you can secure funding for your MBA. Dive into our detailed breakdown and start your journey toward a world-class MBA education today.

Are you curious to know the scholarship amount for an MBA at top B-Schools? 

scholarships abroad

In an increasingly interconnected and globalized world, pursuing an MBA degree abroad can be a game-changer for aspiring business professionals. Studying abroad provides an opportunity to gain international exposure, understand global business practices, and build a diverse professional network. However, the cost of pursuing an MBA abroad can be substantial. Therefore, we have accumulated a list of a few countries offering scholarships for MBA abroad.

Scholarship for MBA Abroad: USA

The United States is renowned for having some of the world's most prestigious business schools. With a plethora of MBA specializations and a vibrant, diverse culture, it is a highly sought-after destination for business education. MBA scholarships in the USA are abundant and varied, assisting international students in navigating the financial challenges of studying abroad. Below are the few US schools that provide scholarships for MBA abroad:

usa scholarships

Harvard Business School

There are various scholarships provided by Harvard. It may be need-based scholarships or external funding

1. Need-based scholarships

The average scholarship is approximately $46,000 per year, or $92,000 total. Before applying, understand the selection criteria first:  

  • Gross income from the prior three years
  • Assets

  • Socioeconomic Background

  • Undergraduate Debt

2. External funding

As part of the external funding, students can avail of up to $30,000 (total for 2 years). The different types of external funding are given below: 

  • Samvid Scholars

  • Point Foundation

  • American Association of University Women

  • International students

Stanford Graduate School of Business

If you have received an offer from Standford, you have the option to apply for various financial aids. This encompasses Stanford GSB Need-Based Fellowships, Stanford GSB BOLD Fellows Fund, Stanford Knight-Hennessy Scholars Program, etc. 

1. Stanford GSB Need-Based Fellowships

All MBA students who have demonstrated need, regardless of citizenship, are eligible for financial aid

  • The average Stanford GSB fellowship is approximately $44,000 per year or $88,000 in total awards

2. Stanford GSB BOLD Fellows Fund

The Building Opportunities for Leadership Diversity Fellows Fund supports Stanford University's dedication to diversity and inclusion. 

  • Funds will be up to approximately $15,000 per fellow per year or around $30,000 per fellow’s two-year MBA program
  • During the selection criteria, the applicant should state how they are a member of a low-income household and/or facing socioeconomic disadvantage due to intergenerational wealth disparities

Wharton School, University of Pennsylvania

Wharton provides a broad range of fellowship opportunities for many exceptional students. Selection criteria include personal qualities, background, academic excellence, exceptional professional development, and community involvement.

1. Forte Fellowships

This fellowship is awarded to students for their remarkable leadership in academics, professions, or creative endeavors

  • Applicant should have demonstrated dedication to advancing women's empowerment in education or the workforce.
  • The recipient should represent a diversity of educational and work backgrounds, career goals, ethnicities, citizenship/nationality, sexual orientation, and gender identities or expressions.

3. Joseph Wharton Fellowships

Provided to students who have an outstanding record of academic, personal, and professional achievements.

  • A maximum financial grant of up to USD 20,000 is provided

Scholarship for MBA Abroad: UK

Exploring opportunities for pursuing an MBA abroad is an exciting endeavour, and for many aspiring students, securing financial aid is a crucial step. In this guide, we delve into scholarship options specifically tailored for pursuing an MBA in the United Kingdom, offering valuable insights and resources to support your academic journey. Read further to gain more knowledge. 

uk scholarships

University of Cambridge

1. Cambridge Society Bombay Scholarship Fund

The Cambridge Society, Bombay, provides financial assistance to students pursuing undergraduate and postgraduate studies at Cambridge, covering a portion of their expenses.

  • Open to candidates residing in the Indian states of Gujarat, Maharashtra and Goa
  • Provides up to Indian rupees 2,50,000
  • Students need to submit their academic career in India, extracurricular activities, and proof of admission. 

2. Commonwealth Scholarship and Fellowship Plan (CSFP)

CSFP is provided by the Association of Commonwealth Universities to Commonwealth citizens of any Commonwealth country. 

  • Covers all tuition fees and various expenses
  • Provided to students who are under 35 years of age

3. Gates Cambridge

Gates Cambridge selection criteria include outstanding intellectual ability, reasons for choosing the program, a commitment to improving the lives of others, and leadership potential

  • Covers the full cost of studying at Cambridge. One economy single airfare at both the beginning and end of the course is provided
  • The scholarship also covers inbound visa costs & the cost of the Immigration Health Surcharge

Imperial College London

Imperial scholarships support applicants and promote diversity. Self-funded candidates are eligible for all scholarship programs, provided they meet the eligibility criteria, entry requirements, and application deadlines.

1. Imperial Excellence Scholarship

Imperial Excellence Scholarships are awarded to applicants who have showcased exceptional overall performance in both their application and interview.

  • Covers up to £20,000 throughout the cycle
  • The requirements are an excellent application demonstrating academic merit, strong professional or internship experience, a clear career plan, and leadership potential. 

2. Dean's Impact Scholarship

This scholarship is for candidates who demonstrate impact and achievement in areas like Entrepreneurship, Technology and Innovation Sustainability, Social Impact, and Leadership.

  • Covers up to £25,000 for those who submit their application and receive an offer for the programme
  • Requires a video assessment to consider whether the candidate is eligible. 

3. Advisory Board Scholarship

The Advisory Board Scholarships primary goal is to offer exceptional candidates the opportunity and resources to enroll in the Imperial Full-Time MBA program.

  • Covers full tuition fees
  • Your eligibility will be assessed based on your exceptional academic and professional achievements, GMAT/GRE score, admissions performance, references, and video submission.

University of Birmingham

The University of Birmingham offers several MBA scholarships for international students. The below information will give you an idea of which one you can apply for. 

1. Purposeful Leader MBA Scholarship

These scholarships recognize merit, promote diverse communities, and support visionary leaders who demonstrate exceptional potential for driving positive change and innovation. 

  • Covers the full-time tuition fee (£35,850 for 2024/25 entry)
  • Available to one full-time MBA candidate

2. Responsible Business MBA Scholarship

This scholarship is dedicated to talented individuals who are dedicated to continually enhancing their skills and knowledge to create a better world. It supports curious thinkers from diverse backgrounds, cultures, and nationalities.

  • Available as tuition fee discounts worth up to £10,000 for 2024/25 entry.
  • Deadline: Sunday, June 2, 2024

Scholarship for MBA Abroad: Germany

Through an MBA in Germany scholarship, students get an invaluable opportunity to gain a global perspective, access a wide network of professionals, and develop skills essential for leadership roles in the international business arena. Read further to get an idea of various scholarships.  

germany scholarships

ESMT Berlin

ESMT offers MBA scholarships tailored to support your pursuit of an international business career. These scholarships are awarded based on criteria such as academic excellence, personal and professional achievements, leadership potential, and exceptional interpersonal skills. Eligibility is limited to self-funded MBA candidates, and the scholarships are applicable only to tuition fees. There are two types of scholarships available:

Automatic scholarships Application-driven scholarships
Application submitted within 1-3 rounds It requires you to answer an additional question in your online MBA application
Having more than 85% in the GMAT, GMAT Focus, or GRE You can apply for up to 3 scholarships.
Non-german applicant proficient in the German language Will only be awarded one scholarship

The bifurcation of Application-driven scholarships is mentioned below for your further reference.

1. 30% Club Scholarship

ESMT aims to empower exceptional women to ascend to senior leadership positions through this scholarship. This advocates for enhanced gender diversity in boardrooms and senior management worldwide.

  • A scholarship of €14,850 is provided
  • It prefers outstanding women who have either excelled in leadership positions or have significant leadership potential.

2. Regional scholarships

Awarded to those with extraordinary academic and/or professional profiles. You will be expected to be an ambassador for ESMT.

  • Two scholarships of €10,000 are available for Asian students
  • Your academic/professional profiles should depict your leadership skills and growth potential

3. Impact Scholarship

The Impact Scholarship is aimed at individuals who have already made or will make, a positive impact in improving our world.

  • Two scholarships of €4,500 are available
  • Applicants should have addressed one or more of the UN’s Sustainable Development Goals.

Mannheim School of Business

The University of Mannheim has been offering grants. About 200 students receive a Mannheim scholarship every year.

1. Deutschland Scholarship

Support excellent students and aim to give them the opportunity for social commitment and personal development alongside their studies. 

  • Students receive EUR 300 per month—one half from the federal government and the other half from private sponsors and funding organizations.
  • The university evaluates candidates based on outstanding extracurricular activities, such as sports achievements or social commitment. 

2. Bronnbach Scholarship

The Association of Arts and Culture of the German Economy has launched the Bronnbach Scholarship program to enable future business leaders to develop their cultural skills. 

  • It requires students to have an open personality and a mindset for artistic processes.
  • Social responsibility is also an important criterion for the selection process

3. Mannheim Scholarship

Mannheim is shaped by innovative power and the diversity of business sectors. To maintain this position, the city promotes highly qualified specialists and young talents. 

  • Provides three students with an amount of EUR 150 per month.
  • Outstanding academic performance, social commitment, and personal background are important selection criteria.

Frankfurt School of Finance and Management

Frankfurt School offers attractive partial scholarships to enhance the diversity of its MBA program. You can apply for up to two scholarships directly through your online MBA application; however, only one scholarship can be awarded.

1. Entrepreneur & Leadership Scholarship

This scholarship is provided to applicants who have demonstrated entrepreneurial and leadership skills and achievements or who have concrete plans to start their own business.

  • 30% of tuition fees will be covered. 
  • Academic results, GMAT scores, application quality, personal achievements, extracurricular activities, social commitment, intercultural and international experience, and professional background are considered during selection.

2. Diversity Scholarship

This is mainly for international MBA applicants who have the capability to bring diversity and a global mindset to the classroom with their background or previous experience.

  • Scholarships cover up to 30% of the tuition for the respective program.
  • The selection criteria encompass candidates' academic results, admission test or GMAT scores, application quality, personal achievements, extracurricular activities, social commitment, intercultural skills, international experience, and professional experience.

Scholarship for MBA Abroad: Canada

With business schools that focus on a diverse and globally relevant curriculum, Canada has become an increasingly popular destination for MBA studies. Below are some of the scholarships for the Best MBA Colleges in Canada.  

canada scholarships

University of British Columbia - Sauder School of Business

The Sauder School of Business at the University of British Columbia offers several scholarships for international MBA students. 

1. Responsible Business & Community Spirit Scholarship

This scholarship is for high-achieving MBA applicants who have created a positive change in the community. 

  • Pays up to $10,000–$60,000 for international applicants
  • The selection process considers students with a strong background in sustainability, social entrepreneurship, and commitment to social causes within their communities.

2. Madhu Varshney MBA Entrance Scholarship

Dedicated to one international applicant who demonstrates exceptional aptitude and academic excellence. 

  • Covers up to 50% of tuition fees

Richard Ivey School of Business

Throughout the MBA program, from admission to convocation, Ivey Scholarships and awards are available to our students.

1. Kriplani MBA Scholarship

Awarded annually to a full-time international student from India who is entering the Master of Business Administration program at the Ivey Business School. 

  • The applicant should have permanent residence outside North America, demonstrate financial need, and a 700+ GMAT score is required. 
  • $73,300 of tuition fees will be covered.

2. William Fuller MBA Award

This scholarship is for a full-time student entering the MBA program. 

  • The applicant should have demonstrated community involvement prior to pursuing the MBA program.
  • Covers up to $32,000 of the tuition fees. 

3. Schulich Award in Entrepreneurship

Schulich Awards in Entrepreneurship are awarded to an MBA student at the Ivey Business School after considering several factors. 

  • A minimum 78% average CGPA is required, and one should be currently involved in their own successful business, which they personally launched.
  • Provides $2,000 as a sum. 

Scholarship for MBA Abroad: Australia

An MBA in Australia is famous for its innovative business schools, cutting-edge research, and strong ties to industries. Australian universities and government bodies offer various scholarships for MBAs abroad. These scholarships cover tuition fees and are awarded based on academic merit, leadership potential, and financial need.

australian scholarships

University of Melbourne

The University of Melbourne offers several scholarships for international students pursuing an MBA. Below are some of them.

1. Clemenger BBDO Scholarship

This scholarship is awarded to a full-time MBA student who has a strong marketing background.

  • Covers partial tuition fees ($50,000)
  • Applicants must submit a Scholarship Application form

2. Dean’s International Management Scholarship

This scholarship acknowledges the exceptional calibre of international students who join Melbourne's full-time MBA program each year.

  • Covers full tuition fees. 
  • This scholarship prefers candidates with exceptional academic excellence and management qualities.

3. Diversity Excellence Scholarships

The Diversity Excellence Scholarships are awarded to exceptional full-time MBA candidates who will enhance their study experience with the diverse cultures, perspectives, or backgrounds they bring to the classroom.

  • Covers partial tuition fees ($50,000)
  • Aims for students who would bring fresh perspectives to business problems and challenges.

University of Sydney

The University of Sydney offers partial tuition fee scholarships for Indian students based on academic excellence and leadership potential. Read further to get a better idea. 

1. MBA Director's Scholarship

This scholarship supports emerging leaders in all fields based on professional experience, academic achievement, community and extracurricular involvement, and leadership qualities. 

  • Provides a scholarship amount of $10,000–$40,000 each
  • Applicants should have an unconditional offer of admission into the MBA program

2. Sydney Scholars India Scholarship Program

This program aims to enhance the university's engagement with India through investment in research, industry collaboration, and a commitment to helping students reach their full potential.

  • Covers up to tuition fees of $40,000
  • The scholarship is provided to an Indian citizen and resident

3. Sydney Scholars India Equity Scholarship

This scholarship supports Indian students from disadvantaged backgrounds.

  • Provides up to $100,000 scholarship
  • The applicant should be an Indian citizen and should have applied for a postgraduate degree

Australian National University (ANU)

ANU offers up to 30 merit-based, fee-waiver scholarships to both domestic and international MBA students. 

1. ANU Global Diversity Scholarship

Each year, the ANU Global Diversity Scholarship attracts students from various regions of the world to pursue a degree at ANU.

  • This scholarship has a value of up to $18,750 per year. Payments are made for 4 years, each semester.

  • The applicant should be an overseas student as per the Education Services for Overseas Students Act 2000, not holding a 995 visa, and have received offers for ANU.

2. ANU Excellence Scholarship Program

This scholarship is provided on the basis of academic performance. 

  • Provides a $5,000 discount on tuition fees for the first 12 months of study, followed by a 10% reduction in fees for each subsequent year. The award will be applied to the student's tuition fees upon enrollment each semester or session.
  • The applicant should be an overseas student enrolling at ANU for the first time and have achieved excellent academics. 

Are there scholarships for Indian students pursuing an MBA abroad?

MBA Scholarships

There are several scholarships for MBA abroad catering specifically for Indian students, some of them are mentioned below, with the eligibility criteria. To gain more information you can check the official website of various pages or consult a good study abroad consultancy

Types of Scholarships for MBA Abroad Eligibility/Requirements Amount

Chevening Scholarship
Indian citizens, hold a bachelor's degree and have at least 2 years of work experience ~INR 18,77,856.04 for tuition fees, living costs, and travel expenses

Commonwealth Scholarship
A bachelor's degree and 2-5 years of work experience ~INR 29,63,335.88 per year for tuition, living expenses, and travel costs

Fulbright-Nehru Master’s Fellowships
A degree equivalent to a U.S. bachelor’s with at least 55 percent marks, three years of work experience, and a commitment to give back to the community. ~INR 40,90,630.25 or tuition, living expenses, and travel costs

GREAT Scholarships India
An Indian citizen with an undergraduate degree meets the English language requirements of the UK university ~INR 11,35,381.72

Tata Scholarships
Indian citizens hold a bachelor's degree and have a maximum family income of INR 12 lakhs per annum ~INR 30 lakhs for tuition fees, living expenses, and other costs

Conclusion

Embarking on an MBA abroad is a transformative journey that offers invaluable global exposure and career opportunities. Navigating the financial aspects can be challenging, but with a plethora of scholarships available, the dream is within reach. With thorough research and careful planning, securing a scholarship can significantly ease financial burdens. Stay informed and diligent in your pursuit, and you can achieve your goal of studying at a prestigious international business school.

Do I need to take an English language proficiency test?

Many MBA programs abroad, especially in English-speaking countries, require proof of English proficiency through tests like TOEFL or IELTS. However, if you've studied in English or worked in an English-speaking environment, you might be exempt from this requirement in some cases.

How can I secure scholarships or financial aid for an MBA abroad?

Scholarships, grants, and financial aid opportunities are available. You can explore scholarships offered by universities, government programs, and external organizations. Start your search early and make sure to meet all application deadlines. Additionally, many universities offer merit-based and need-based financial aid to eligible students.

What is the typical application timeline for MBA programs abroad?

The application timeline can vary, but generally, it's recommended to start the application process at least a year in advance. Most MBA programs have multiple application rounds, so it's essential to check the specific deadlines for the programs you're interested in.

Can I work while pursuing an MBA abroad as an international student?

Many countries allow international students to work part-time during their studies, but there are often restrictions. After completing your MBA, you may also be eligible for post-graduate work opportunities. The rules and regulations depend on the country, so it's essential to research and understand the specific policies.

How can I prepare for the GMAT or GRE exams?

Preparation for these standardized tests typically involves self-study using prep books, online courses, or enrolling in test prep programs.

Many students find it helpful to take practice exams to gauge their progress. Consider your study habits and schedule to choose the most suitable preparation method.

Know Your Author
Photo of Abhyank
Abhyank Srinet
Study Abroad Expert
Abhyank Srinet, the founder of MiM-Essay.com, is a globally recognized expert in study abroad and admission consulting.His passion lies in helping students navigate the complex world of admissions and achieve their academic dreams. Having earned a Master's degree in Management from ESCP Europe, Abhyank's expertise in data-driven marketing strategies has driven growth for some of the most competitive industries. As the founder of MiM-Essay.com, he has helped thousands of students get into top business schools with a strong emphasis on research, shortlisting, and applying to schools from a single platform. His dedication to education has also led him to create MentR-Me, a free-to-use social platform that simplifies the study abroad process for students, while providing universities with a powerful recruitment tool. As a leader in the field of admission consulting, he is constantly researching and implementing the latest strategies to ensure that his clients receive the best possible guidance. He leads the Business Development and Digital Marketing side of both companies, and has grown both ventures to 7 figure revenue.His unique insights, experience, and dedication to his clients make him a valuable resource for anyone seeking to advance their education or career.
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