Earning an MBA has the potential to significantly boost your career prospects, making it an excellent investment. However, the cost of tuition for top online MBA programs can be prohibitive for many applicants. Fortunately, there are plenty of scholarships available for online MBA programs to help alleviate the financial burden of pursuing a master’s degree.
In this article, we’ll explore where to find scholarships for online MBA programs, the different types of scholarships, and how to successfully apply.
Online MBA Scholarships
As the demand for highly educated business professionals continues to grow, many individuals are turning to online MBA programs. These online programs offer flexibility and convenience that traditional, in-person programs often cannot. But the cost of tuition for an online MBA can be a significant barrier for many aspiring students.
Luckily, there are a wide variety of scholarships available to help fund your educational investment.
Types of MBA Scholarships
There are two main categories of MBA scholarships: internal and external. Both types can give students the financial support they need to earn their MBA. However, the application process and requirements for each might differ.
Internal scholarships are those offered by the university or business school itself. These scholarships typically fall under the umbrella of the institution’s financial aid office and are available exclusively to its students. Many universities offer merit-based scholarships, which consider the applicant’s academic achievements, extracurricular activities, leadership potential, and other attributes. Some schools also provide need-based scholarships, depending on the student’s financial situation.
For example, Xavier University offers the Phil and Beth Gasiewicz Scholarship to provide partial funding toward the travel cost of an MBA study trip. This scholarship includes financial support for applicants seeking to expand their business acumen and gain a deeper understanding of international markets.
External scholarships are sponsored by organizations and associations outside of the university. These scholarships may include those offered by a specific industry, professional associations, or nonprofit organizations. External scholarships have varying eligibility criteria, which may consider academic achievements, career goals, community involvement, or membership in a particular group (e.gWomen in Business) when determining recipients.
An example of an external scholarship is the AICPA John L. Carey Scholarship, which is awarded to accounting students pursuing an MBA or other business-related graduate degrees. This scholarship is sponsored by the American Institute of Certified Public Accountants (AICPA) and aims to support future accounting professionals.
What Types of Scholarships Should MBA Students Consider?
When looking for MBA scholarships, it’s essential to consider the areas in which you excel, your background, and your specific needs. You may choose to focus on merit-based scholarships if you have a competitive academic or professional track record.
Need-based scholarships and those geared towards specific demographic groups or industries can be an excellent fit for students who meet the specified criteria. Don’t just consider one type of scholarship – apply for as many as possible to maximize your chances of receiving financial support.
How To Find Online MBA Scholarships
Finding online MBA scholarships can seem daunting, but with strategy and persistence, the process can be painless. To help streamline your search, consider some of these tips for finding online MBA scholarships:
- Start your search early: It’s important to dedicate enough time to research scholarship opportunities, so you can make sure you don’t miss any deadlines and have enough time to complete any required applications.
- Check with the schools you’re interested in: Many online MBA programs offer their own scholarships, so start by checking with the schools you’re interested in to see what opportunities are available.
- Use scholarship search engines: There are a number of scholarship search engines available online that can help you find scholarships that you may be eligible for. Some popular options include FastWeb and Scholarships.com.
- Look for industry-specific scholarships: Depending on your intended career path, there may be scholarships available specifically for students pursuing an MBA in your field of interest.
- Check with professional associations: Many professional organizations offer their own scholarships to help support students pursuing advanced degrees in their field.
- Don’t forget about local scholarships: Local organizations, nonprofits, and community foundations may offer scholarships for students in your area pursuing an MBA.
- Consider employer tuition assistance programs: If you’re currently employed, check with your employer to see if they offer tuition assistance or reimbursement programs that could help offset the cost of your MBA.
Tips for Applying for Online MBA Scholarships
Finding relevant scholarships for your online MBA is only the first step. Once you’ve identified the right scholarships to fund your studies, you’ll need to apply. Keep these useful tips in mind when applying for online MBA scholarships:
- Research extensively before applying: You need to research the different online MBA scholarships available and see if you meet the criteria.
- Pay attention to the application deadline: Missing the deadline can result in your application being rejected. So, ensure you apply on time.
- Apply for multiple scholarships: Applying for multiple scholarships increases your chances of getting one.
- Have a strong application: A strong application requires you to have an updated resume, relevant work experience, a compelling personal statement, and letters of recommendation.
- Have a good academic record: Although it’s not always a requirement, having a good academic record can improve your chances of winning a scholarship.
- Follow all instructions: Ensure you provide all the requested documents and follow all instructions to avoid being disqualified.
- Edit and proofread: Before submitting, ensure you edit and proofread your application for any errors.
By following these tips, you can increase your chances of winning an online MBA scholarship and achieve your academic and professional goals.
Other Ways To Pay For An Online MBA
Scholarships are not the only avenue available when it comes to financing an online MBA. There are other options to explore, such as employer assistance and financial aid.
Some employers offer tuition reimbursement or education assistance programs as a benefit to their employees. Check with your company’s human resources department to determine if such a program is available and its specific requirements. Keep in mind that these programs may require you to commit to working for the company for a specified period after graduation.
Financial aid, such as student loans and grants, can help bridge the gap between your resources and the cost of your MBA program. Begin the financial aid process by completing the Free Application for Federal Student Aid (FAFSA), which will assess your eligibility for federal loans and grants. Be sure to check the funding options available through your school’s financial aid office as well.
Don’t Underestimate The Time It Takes To Apply For Scholarships
Before you apply for your online MBA scholarship, remember that the scholarship application process can be time-consuming, requiring thorough research and the preparation of application materials such as essays, recommendations, and financial documents.
Be sure to start your search early and allocate sufficient time to thoroughly complete the application process. By investing time and effort in securing scholarships and other funding opportunities, you can minimize the financial barrier that stands between you and your online MBA.
If you’re interested in pursuing your Online MBA see what Xavier University can do for you. At Xavier, we’re driven by a dedication to the common good and the education of the whole person. As a Jesuit Catholic university, we prepare students for a meaningful life of work, service, and personal fulfillment with a rigorous education rooted in the liberal arts tradition.
Request information about our Master’s in Business Administration program to learn more about the curriculum, coursework, and available scholarships from Xavier University.
Do online MBA programs give scholarships?
Yes, many online MBA programs offer scholarships to help offset the cost of tuition. These scholarships may be merit-based or need-based and can cover varying amounts of tuition costs. Some programs may also offer other types of financial aid, such as grants and loans. It’s important to research and compare different online MBA programs to determine the availability of scholarships and other financial assistance options.
Can you get a full scholarship for an MBA?
Yes, it is possible to obtain a full scholarship for an MBA, but it is highly competitive, and the requirements vary depending on the institution. Most business schools and universities provide scholarships based on academic merit, professional achievements, leadership potential, and financial need. Scholarships may cover tuition fees, living expenses, and other incidental expenses, depending on the terms and conditions associated with the award, but may not necessarily cover the entire cost of an MBA program.
Is an online MBA respectable?
Earning an online MBA is highly respectable and carries the same value as an on-campus MBA program if it is accredited by a recognized accreditation body such as AACSB, ACBSP, or IACBE. Accreditation ensures that the online MBA program meets high standards for faculty qualifications, curriculum, student outcomes, and other important factors. Many reputable and well-known universities like Xavier now offer online MBA programs, making it a convenient option for working professionals looking to enhance their skills and advance their careers.