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Getting an MBA will undoubtedly benefit your career, and doing so from the best study destination in the world will make it even more valuable. Out of the top 10 acclaimed MBA colleges worldwide, you will find a large number of top MBA programs in USA. However, not everyone is given this opportunity, and most applicants miss out due to a lack of cash. We will tell you about all of the MBA USA scholarships offered to overseas students in this article.
In addition, some institutions provide scholarships to students interested in earning an MBA.
Types of Scholarships
Scholarships are divided into two categories.
1. Merit-based scholarships
As the name implies, these scholarships are awarded to students based on their academic achievements. These financial prizes are awarded to students who have outstanding professional achievements, strong exam scores, and an outstanding undergraduate GPA.
Furthermore, candidates’ dedication to social work is taken into account when giving these scholarships.
2. Need-based scholarships
Need-based scholarships are primarily offered to students from low-income families who cannot afford to pay for a degree programme. In addition, several of the country’s leading business schools offer need-based scholarships and fellowships. These scholarships are awarded based on the sponsor’s income during the previous three years.
Top MBA Scholarships in the USA
1. Emerging Economy Fellowships
The award was specially created for students from emerging economies. However, those interested in pursuing a full-time MBA at the Wharton School of Business can apply. It includes two years of the programme.
Eligibility: This grant is open to first-year students. Criteria for eligibility:
- Achievement in the classroom
- Personal characteristics that are unique to you
- Exceptional professional growth
- Exceptional leadership
Application: Applicants for this scholarship do not need to apply formally; those accepted to Wharton are automatically eligible for this fellowship.
2. Social Impact Fellowships
Both grad and undergrad students can participate in the Social Effect Fellowship to improve their operational, leadership, and strategic skills while also benefiting at work.
- Eligibility: Applicants must demonstrate their ability to lead in public and private sectors.
- Application: Students who apply for the programme are automatically considered for this award; there is no formal application process.
3. Centre for Business & Society
The Center For Business & Society has created two initiatives that provide financial assistance to deserving students. The ‘TUCK GIVES’ initiative provides financial assistance to students wishing to pursue summer internships in the public sector or with nonprofit organisations.
Tuck’s Nonprofit Fellowship programme provides financial assistance and mentoring to TUCK alumni who work in the public sector or nonprofit sector. In addition, the fellowship can be used to reimburse the loans for recipients of this scholarship.
- Eligibility – Academic record, leadership, or professional accomplishments are all required.
- Application: Applicants should submit their applications for Tuck School of Business Scholarships by the deadline.
4. Meyer Feldberg Fellowship program
This fellowship is given to students who demonstrate leadership and academic excellence. This fellowship provides students with full tuition and membership in the Feldberg Fellows organisation.
Eligibility:
- Academic and professional achievements are exceptional.
- Fellows must keep a track record of success in finance, entrepreneurship, or social enterprise.
5. McKinsey Award
Regardless of their professional background, this fellowship is offered to all new students. But the McKinsey award, on the other hand, is given to four first-year students.
- Eligibility: Academic excellence, professional leadership, and community involvement are required.
- Application: The committee chooses the beneficiaries based on their admissions applications and interviews.
Conclusion
Some of the most outstanding business schools globally are located in the United States. Therefore, an MBA from one of the reputable US universities can help to improve one’s professional prospects in this field. However, because of the hefty costs involved, earning a degree from any of the top US-based B-schools can be a faraway dream for many people.
Fortunately, Indian students can apply for an MBA scholarship in the United States, which will help them pay for their MBA degree. In addition, various institutions across the United States provide MBA scholarships to outstanding students to continue their degrees without having to worry about money.
