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While an MBA degree can offer you career growth, better opportunities and an attractive salary package, it comes with a steep price tag that can cost you up to $ 250,000. One way to reduce this financial burden is through loans. However, loans usually charge high interest rates, last for several years until repayment, and sometimes require students to have signatories in the state of the loan.
The most compelling alternative is the promise of free money in the form of an MBA scholarship. The MBA scholarship amount can range from $ 5000 to a Free-Ride, reflecting the willingness of the admissions committee to join their class rather than a competing school.
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But how will you increase the willingness of the admissions committee to join their class? Read this article, which highlights five components to improving your chances of winning the coveted MBA Scholarship in 2021. These five points are based on the learning of over 300 students who earned more than $ 200 million in scholarships.
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Typically, 7% or 1 in 8 students have a certain chance of getting a scholarship. However, if we dig a little deeper and look at MBA scholarships for the best business schools, that percentage drops even further. We estimate that less than 3% of applicants receive an MBA scholarship for top business schools.
MBA scholarships can be challenging, mainly because the admissions committee uses business school-specific selection criteria. These scholarships are offered based on merit or need. In general, scholarships based on excellence mean that students who excel within the parameters set by a specific business school win. On the other hand, need-based scholarships are awarded to students who are unable to financially support their education and need outside help to do so.
The factors that Adcoms look at when evaluating for an MBA scholarship match the factors needed to make your MBA profile competitive. Some candidates work to increase their GMAT score to excel, while others show phenomenal success in their pre-MBA careers. No matter what your unique strengths are, their clear expression in your applications increases your chances of winning a scholarship.
After analyzing the MBA journey of thousands of students who received admission from M7 or T20 business schools, six out of 10 students who received a grade of 740+ received some form of scholarship (including many full-time trips). In addition, only in the top 20 in the US, 8 out of 10,740+ scorers received financial assistance. And that’s not all!
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The chance of receiving a scholarship increases by approx. 21% for M7 and T20 B-schools, when we compare GMAT 700-730 with a score of 740.
What is even more interesting is that the scholarship amount is doubled with a higher GMAT score. More than 760 students in M7 schools receive scholarships of ~ $ 90,000 on average, well over 740+ students ($ 55,000).
Therefore, we can say that a high GMAT score can increase your chances of getting a scholarship and admission. But a question still belongs here. Why does the Admissions Committee consider a high GMAT score as one of the components of a scholarship?
All of these are essential skills to ensure success during and after the MBA program. Therefore, candidates with a higher chance of long-term success are likely to win attractive scholarships. In addition, high GMAT scores for the incoming class are also a matter of prestige for top business schools and are critical in determining high school rankings. Therefore, admissions committees are likely to encourage high GMAT scores to attract top talent to improve the program’s overall ranking and prestige.
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Staffing Gandhi approached Michigan Ross with a GMAT 710. Staffing had a bright profile and was hoping to get a reception. To add to that, staffing was the best interview possible.
Ayush decided to take the GMAT again with the help of this time and successfully received the GMAT 750, which earned him admission to the M7 B-School (Columbia) and a scholarship of about $ 50,000. Watch a staffing journey here:
Nishant scored 690 in his third GMAT attempt. He was rejected by every school he approached, including Tuck Business School, Smeal College of Business – Penn State, Eli Brod College of Business and Rothman School of Management. Furthermore, Tuck and Smeal explicitly told her that while they liked her candidacy, they rejected her because of her GMAT score. Nishant went on the extra mile and took the GMAT again, earning a score of 740. Although he applied in the third round, Nishant won a full Ohio Fisher Scholarship with that score.
Kong Bowie received a 760 in his GMAT. Not only did he receive a full scholarship from Ohio Fisher ($ 144,000), but he also received a $ 1,700 monthly scholarship. In a sense, Kong Bowie received money to study in Ohio Fisher.
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Adcoms are looking for well-rounded candidates who have a well-defined goal after an MBA and understand how an MBA will help them achieve that goal.
So if you are not making a clear connection between: Why do you want to get an MBA? How will a master’s degree in business administration help you achieve your goals after your MBA? And how does your post-MBA goal align with your MBA profile? You will not have a great chance of getting a scholarship.
Using the candidate’s goals after the MBA, Ad-Coms assesses whether the candidate has a well-defined program, is focused on it and thinks why he needs an MBA in general. Failure to demonstrate the above through applications will show that you are not focused and have not thought properly about your MBA goals, which translates into one thing: no scholarship!
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Therefore, to create the best possible goals after a master’s degree in business administration, you must provide a cohesive narrative that convincingly connects your personal motivations for studying for a master’s degree in business administration with your previous experiences, as well as your short-term and long-term goals in business administration.
Let’s take a look at a case study to understand how a candidate was rejected from 8 business schools because of a misalignment of his goals after the MBA, and how fixing the problem resulted in him getting 5 admissions with $ 250,000 scholarships.
Sharang, who came from an engineering background, had an unconventional and impressive work history. After his bachelor’s degree, he worked in investment banking and at the same time founded his own company (Codebreak, an analysis company that provided technological advice to retail investors). After gaining almost three years of experience (investment banking + entrepreneurship), he decided to apply to business schools for an MBA. Still, he was rejected from all eight universities for one reason: wrong goals after the MBA.
Shareng realized she was complicating the life of her receptionist by talking about complicated plans she was not in a good position to fulfill. He comes from a technological and business background, and his goal after the MBA was to pursue a career in private equity / venture capital.
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When looking at the employment statistics in any leading business school, only 2-3% of the class enter this sector. Most of these people usually have previous MBA experience in investment banking / venture capital / private equity. Therefore, their goals seemed unrelated.
In the second round of MBA applications, his main goal was product management in a large technology company, and his second program was operations management. As you can see, Sharang’s goals after the MBA were much more aligned in his second attempt compared to his previous attempt.
The result: he was able to obtain an admissions scholarship from over 5 second schools, with a scholarship of $ 250,000. It is clear that matching your goals after a master’s degree in business administration with your profile is essential when it comes to getting a scholarship.
Watch his interview for an overview of Sharang’s MBA journey and how he straightened out his post-MBA goals to win a $ 250,000 scholarship:
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Choosing a B-School is one of the essential steps in any MBA aspiring journey, and yet one avoids it to the last point. If you can effectively articulate your “fit” with Secondary School and emphasize why that school is best for you for Adcoms, chances are you can get a scholarship. In addition, members of the admissions committee may jump at the chance to pick up a candidate who “fits in” perfectly, and do so; They are expected to offer a generous number of scholarships.
Why? Because second schools want to maintain their admission rate. As competition between schools increases for the most talented students, scholarships are a way of trying to retain the most suitable candidates, which in turn increases performance. So make sure you show your “fit” to Adcoms. In addition, your business school serves as a launching point for your career, so it is important to identify how well the school fits into your career goals after the MBA. For example, if your goal is to work for FMCG, you may want to check to see if it hires staff from selected Secondary Schools. If your goal is to move to another industry, such as marketing or consulting, check out the Secondary School statistics and location.
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