If you don't have enough savings for a full-time MBA course and don't want to resort to traditional loans, there is at least one alternative source of funds for your studies. This is a scholarship or grant given by the school itself. Unfortunately, there are not as many scholarships for Russian students as, for example, for Indians, Arabs, Mexicans or African Americans - there are quite a few “national” scholarships for them. But something can still be found for the citizens of our country.
Conventionally, scholarships are divided into rewards for talent (merit-based) and assistance based on needs (needs-based). If you are denied the first one, you should not hesitate to apply for the second one. There are special scholarships that are awarded to students from countries with developing economies - as a rule, Russia is included in this category.
Having analyzed more than 100 scholarships offered by business schools from the top 20 Financial Times, we have selected the most profitable options that Russian students can apply for. Links to a complete list of grants and scholarships from these schools are attached.
INSEAD
INSEAD Marguerre Endowed Scholarship for Entrepreneurial Talent
Scholarship amount: €11,000 (if two scholarships per year) or €22,000 (if one). The school determines the number of scholarships each year based on the quality of applications.
Issued to students from Eastern Europe and Russia who, after graduation, want to start a business related to Hi-Tec. The founder of the award, owner of the Swiss company Octopharma, Wolfgang Marker, graduated from school in Fontainebleau back in 1972 and has been encouraging future startups since then. To receive a scholarship, you need to convince Marker in a 500-word essay that your product or service is needed by humanity, and that your business plan can be implemented.
Chicago Booth
Merit-Based Scholarship
Scholarship amount: $10,000–$30,000 per year.
The best students are selected based on test results, essay scores, and work experience. Please note that the scholarship is issued for a year - that is, you may be left without it for the next year of study.
The Harper Fellowships
Scholarship amount: $25,000 per year (for 2 years of study).
This scholarship is awarded to students with outstanding leadership and academic performance. From GMAT, TOEFL and university grades it is revealed how well a person studies, and from essays and recommendations - whether he is a leader. It should be noted that such vague requirements are common. Schools do this on purpose - in order to select truly bright personalities from a larger number of students who meet the general parameters.
The Herman Family Fellowship
Scholarship amount: $50,000.
The selection criterion for scholarship recipients is simple - resumes and essays of women entrepreneurs are considered. The businesswoman who offers the most convincing plan and has the most entrepreneurial experience “covers” half the cost of studying in Chicago.
The James M. Kilts Marketing Fellowship
Scholarship amount: $25,000 per year (for 2 years of study)
The scholarship is awarded to promising specialists in the field of marketing - those who have chosen the direction of Marketing Management and do not plan any moves from this industry. Marketers are “identified” by their existing achievements, which are confirmed by a package of documents. Each year, 5–8 students receive such scholarships.
The Zonis Fellowship
Scholarship amount: $25,000.
This amount will be given to students from developing countries (including Russia) who have demonstrated excellent leadership qualities, excellent academic performance and high social activity. They are selected based on test results, essays, place of work and position before admission.
The Distinguished Fellows Program
Scholarship amount: full-tuition scholarship (that is, a scholarship that fully covers the cost of education) for 2 years + $20,000 each year for the entire duration of study.
Awarded to the best students with the most outstanding leadership qualities and excellent management abilities.
Harvard Business School
HBS Fellowship Program
Scholarship amount: determined individually.
The scholarship is awarded based on the financial need of the student. Any special merits or talents are not taken into account. The committee looks at pre-MBA income and also reviews all the financial information the student submits and determines the amount. Every student admitted to HBS is eligible to apply for this scholarship. Fellows receive an average of $23,500, according to the generous business school's website.
The Robert S. Kaplan Life Sciences Fellowship
Scholarship amount: $20,000.
This scholarship has an interesting history. It was founded in 1983 by scientist Robert Kaplan, who dreamed of young scientists entering the MBA program at Harvard and turning into first-class managers from science. $20,000 is for students majoring in biology or human sciences (medicine, anthropology, sociology, etc.). Preference will be given to students who have any awards or a strong record of publications and plan to pursue a career in science-related business (or non-profit organizations). Scholarships are given to freshmen only. Typically, 10 students per year receive financial assistance.
Horace W. Goldsmith Fellowship
Scholarship amount: $10,000.
Designed for students working in the non-profit sector. If you worked for a public organization or led social projects, this scholarship is for you. Every year 7–10 students receive it.
Stanford School of Business
Siebel Scholars Program
Scholarship amount: $35,000.
At the end of the first year, the school selects students based on the following criteria - highest grades, leadership qualities, cooperation with the business school community. Those who best meet the criteria become fellows. There can be no more than five of these per year.
Wharton
Emerging Economy Fellowship
Scholarship amount: $20,000.
The scholarship is intended for students from countries with developing economies, including Russia. The selection is based on a variety of information in the submitted documents - as a rule, it is given to the most needy and most clearly demonstrated managers. If you don't receive this scholarship, don't be discouraged - the school's website says that about 30% of students pay for their tuition through sponsors, and emphasizes that you can apply for several scholarships at once.
Columbia Business School
The Meyer Feldberg Distinguished Fellowship Program
Scholarship amount: fully covers the cost of training.
The school selects the best of the best in areas such as entrepreneurship (including social), finance, and military affairs. Selection criteria - place of work, position, professional experience of the student.
MIT Sloan
The Class of 2004 Diversity Scholarship
Scholarship amount: from $5000.
A rather exotic scholarship was organized by graduates of the school in 2004. Their course was extremely diverse - students from all continents, with different experiences, from different industries studied. After graduating, they decided to maintain a diverse student body. The scholarship is awarded to students with unique experience, education and even nationality.
The McKinsey Award
Scholarship amount: $10,000.
The selection of scholarship recipients is simple - you need to study better than everyone else or, if everyone studies well, be an excellent student. Evil tongues say that this is how McKinsey recruits “nerds” who are perfect for working at the lower and middle levels of consulting. Four freshmen receive the scholarship.
London Business School
LondonBusiness SchoolAnnual Fund Scholarships
Scholarship amount: up to £20,000.
The most widespread and at the same time quite large scholarship is at the London Business School. It can be obtained by successful students who have demonstrated academic (determined by GMAT and TOEFL) and professional (by resume and recommendations) success and can not only attend the MBA program, but also enrich it with their experience. There were 25 such people in 2009.
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First, let's figure out what an MBA is and who can get this education.
Master of Business Administration (MBA) is an international educational program for people who work in management and business. Upon completion of this type of school, a person is awarded a qualification degree, which makes it possible to find a job in European and American government bodies or continue working in his own country, but at a new level.
Free MBA qualification
MBA business schools operate in almost every developed country in the world. Studying there is not a cheap pleasure, which is why many specialized educational institutions hold competitions that give the most gifted applicants the opportunity to obtain an MBA qualification for free.
As a rule, the scholarship is awarded for a person’s talent in the field of management, since the main goal of MBA training is to improve the existing practical skills of a young specialist.
The main selection criteria are not only a diploma with good grades, but also experience in management and strong motivation of the candidate.
It is worth noting that MBA training can be completed remotely, without leaving your country, on the basis of an online platform. This opens up enormous prospects for all categories of managers, since it does not require financial security.
To take part in the MBA scholarship program, a young manager needs to find a good option for himself among hundreds of offers. As a rule, the terms of the grants indicate information for whom they are intended: for graduates or those already working, top managers or entry-level managers, etc.
In this case, the financing of your MBA education falls on the shoulders of sponsors, who are often banks, the schools themselves, or leading business companies.
Where to study MBA for free
To obtain an MBA qualification for free (i.e., on a scholarship or grant), most often the candidate will need to write a short essay of 500 words in length to convince the commission that your business idea is thought out and needed by humanity.
Specialized schools that train MBA specialists annually hold such competitions in order to identify the best students, help people with financial difficulties climb the career ladder and attract foreign management specialists to their country.
Chicago Booth
Chicago Booth is one of the largest and most prestigious schools that specializes in business education. All scholarships are awarded to program participants based on the following criteria:
- personal achievements of the candidate;
- interview results;
- competitiveness;
- experience in business and management;
- the candidate's goals and ideas.
Chicago Booth Merit-Award Scholarship
Each year, the Chicago Booth committee awards scholarships to the best candidates based on a competitive selection process. The committee identifies students who have excelled academically, have work experience and are well motivated.
George Stigler Scholarship
This scholarship is named after the Nobel Prize winner in economic sciences. George Stigler was one of the great economists of the 20th century. Therefore, financial support is given to graduate students who have achieved success in areas where Stigler's work was significant, such as business, law or economics.
These scholarships are awarded to students who demonstrate outstanding leadership, academic and extracurricular achievements.
Find out more about all Chicago Booth MBA grants on the business school’s official website.
INSEAD
INSEAD is a famous French business school that every respected businessman has heard of, because it is here that you can get the desired MBA qualification.
INSEAD scholarships are the most sought-after source of financial assistance among students at the institution. They are limited in number, so the best of the best compete for each award.
INSEAD International Student Scholarship (IAF)
Scholarship amount – €13,000
This is a scholarship from the Alumni Foundation designed to support diversity in the program's nationality, race, religion, and gender diversity. The advantage of becoming a scholarship holder is for candidates from developing countries of the world.
INSEAD Forte Foundation Fellowship
Scholarship amount € 10,000-15,000
This is one of the scholarships that is awarded exclusively to women. Her goal is to attract as many women as possible into business.
Forte candidates must demonstrate leadership skills in teaching, management, team organization and project work.
More scholarships from INSEAD business school.
London Business School is one of the top three business schools in the world. Professional speakers and teachers reveal business secrets to their students. Thanks to scholarship offers, absolutely any aspiring businessman can become her student.
First of all, graduates or young managers who want to receive a qualifying MBA degree for free should choose a country in which they would like to receive an education and possibly stay. It's also a good idea to inquire about food and living expenses in that country, as not all scholarships and grants cover them.
Having decided on the state, start studying information about grants and scholarships for MBA. It is usually posted on the official websites of educational institutions offering MBA training, in the “Scholarships” section, or on third-party sites that offer aggregated data for all countries, like a website.
Since there are a huge number of offers to study business in the MBA program free of charge for graduates and young managers, it makes sense to compete for their place in a business school even for those who do not really believe in their victory.
Place of study: IMD – Lausanne, Switzerland
IMD offers several scholarships for MBA studies. Applicants may apply for multiple scholarships at once, but may only receive one scholarship. Scholarship holders are selected by a committee, the main criteria for awarding a scholarship are: admission of the candidate to study in the MBA program, confirmation of intention to study in the program (through making the first payment).
Scholarships:
- MBA Class Scholarship for Emerging Markets. The scholarship amount is CHF 200,000. The scholarship is available to citizens of developing countries who have an excellent academic record (GMAT), good recommendations and stable career development.
- I MD MBA Future Leaders Scholarships ( Future Leaders Scholarship). The scholarship amount is CHF 30,000. 3 scholarships are awarded to candidates who demonstrate excellent leadership skills. To receive a scholarship, you must write an essay (maximum 750 words) on the topic: “ It has been said that success in business requires flexibility to be responsive, but also commitment to a recognized set of values. Discuss using your personal and professional experience“.
- IMD MBA Alumni Scholarships. The scholarship amount is CHF 30,000. 5 scholarships are intended for citizens (candidates do not have to be residents) of the regions: Asia, Africa, Middle East, Latin America, Eastern Europe, Central Europe, Western Europe, North America, Oceania. To receive a scholarship, you must write an essay (maximum 1000 words) on the topic: “ Identify one tangible social, business or cultural issue in your region or country which you consider a priority to address. Why would you choose this issue and what makes you care about it? How would you, as a business leader (not a 3rd party or government), personally address it and ensure your business action has a sustainable impact?“
- Nestlé Scholarship for Women(scholarship for women). The scholarship amount is CHF 25,000. Priority for scholarships is given to women from developing countries. To receive a scholarship, you must write an essay (maximum 750 words) on the topic: “ Many have discussed that greater diversity in the Top Management team of an organization is good for profits and customers. What would you recommend as ways to achieve greater diversity?“
- Jim Ellert Scholarship– The scholarship amount is CHF 20,000. Priority for scholarships is given to citizens of Africa, Central/Eastern Europe, and the Southeast Asian Peninsula. To receive a scholarship, you must write an essay (maximum 500 words) on the topic: “ Why I would like to do an MBA at IMD?“
- IMD MBA Merit Scholarships– The scholarship amount is CHF 10,000. 5 scholarships are available to candidates who demonstrate exceptional qualities upon entry.
Admission requirements:
- Bachelor's degree or equivalent from an accredited institution;
- GMAT at least 600 (80% of students have a score between 620 and 750);
- at least 3 years of work experience after receiving a bachelor's degree;
- the candidate must be at least 25 years old;
- excellent knowledge of English (teaching in English);
- knowledge of another language other than English.
Harvard University's MBA program is one of the most prestigious academic programs in the world. The Boustany Foundation offers students a scholarship to study this program. The scholarship is awarded on a competitive basis only to the best students. Recruitment for scholarships is carried out once every 2 years. The program lasts 2 years.
The organizers are offering a scholarship of $90,000 ($45,000 per year). This amount is enough to pay for the MBA program, travel expenses and accommodation during the internship.
The scholarship is available to students who will begin their studies in the program in the fall of 2017.
Requirements for candidates
The scholarship is available to candidates who:
- are promising students with excellent academic performance;
- enrolled in an MBA program and have confirmation of enrollment in the program;
- Applications are accepted from candidates of any nationality, but priority is given to candidates of Lebanese origin.
To receive a scholarship you must send the following documents:
- copy of CV with photo;
- GMAT test results;
- and a letter confirming the candidate's acceptance into the MBA program at Harvard University.
Successful candidates will be invited for an interview.
In June, the best candidate will receive a scholarship!
Also, scholarship holders will be required to undergo an unpaid internship for 2 months at the Boustany Foundation. The organizers cover travel expenses and accommodation during the internship.
Do you dream of a stunning career in business? If so, it's time to think about an MBA. And, despite the fact that the cost of studying for an MBA program is often several times higher than regular tuition, many business schools provide opportunities to obtain a diploma for free or almost free. Harvard is one of them.
Why apply for an MBA
Why study for those who are already working? After all, one of the requirements of MBA programs is to have at least 3-5 years of work experience. In fact, education also opens up new career prospects in this case.
An MBA education will help you retrain if you want to change your field or become a specialist in several of them. In addition, there are also narrow specializations in the study of specific industries (for example, finance, marketing, media business, etc.)
Also, an MBA is an excellent basis for becoming a good leader and studying the field of business and business administration. For many world-famous companies, an MBA degree is one of the most important criteria when recruiting personnel for management positions.
And, MBA is useful contacts and connections, both teachers and other business participants.
Now let’s talk about how to avoid spending a fortune on an MBA education. Scholarships!
University of Westminster, UK
Westmister Business School offers scholarships that cover between 20 and 75% of tuition fees. Preference is given to specialists working in non-profit organizations. A 50% scholarship is also provided for women. Program start: January 5, 2015, total cost of study: £11,500. In order to be nominated for a scholarship, you must be enrolled in the university and send an application with a motivation letter by mail.
University of California, USA
Scholarships for two years of study at the Haas School of Business of the University of California for international students. Admission Deadline: March 12, 2014, Scholarship Application Deadline: April 8, 2014. Last academic year, the school provided approximately $5.5 million in student funding.
HHL Leipzig Graduate School of Management, Germany
Provides scholarships for foreigners for Full-Time and Part-Time MBA Programs; admission requirements include the result of the GMAT exam (result of at least 650 points) and a good level of grades in the first education. The application deadline is April 6, 2014.
ESMT, Germany
Another opportunity to get an MBA for free in Berlin. All students who are accepted into the full course of the program are automatically considered for a scholarship. Requirements: good knowledge of English. Scholarship in the amount of 58,000 euros: covers flights, insurance, accommodation, training. The application deadline is September 2014.
Erasmus University, Netherlands
A scholarship of 10,000 euros for a two-year full-time program at the Rotterdam School of Management. The total cost of training is 34,000 euros. Start of training – January 2015. Application deadline – October 1, 2014.
MIB School of Management of Trieste, Italy
The scholarship is for foreigners not older than 27 years old (as of August 30, 2014), with a minimum of three years of work experience and an academic degree, as well as good knowledge of English (it is recommended to provide a TOEFL, IELTS certificate). The scholarship covers 50% of the tuition fee. The application deadline is July 31, 2014.
Harvard Business School, USA
$80,000 for a two-year business administration program at Harvard Business School from the Boustany Foundation. The scholarship also covers travel and accommodation costs. Application deadline is May 31, 2015. Tuition is $95,100. Total: an MBA from Harvard will cost $15,000, fantastic!
These 7 scholarships for next year are far from the limit of opportunities for free (or significantly cheaper) education at world universities and business schools. You just need to set a goal and find the ideal offer for yourself.
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