2024 Scholarships for Part-Time MBA Programs
Are you considering pursuing a part-time MBA? Discover scholarships for part-time MBA students, helping you finance your education and achieve your career goals. Explore financial aid options now!
Part-time and online MBA programs offer a pragmatic approach to earning a master’s degree in business, providing a pathway to mitigate costs compared to full-time enrollment. While these programs typically don’t come at a reduced price compared to traditional MBA programs, they present several financial advantages.
One key advantage is that students enrolled in part-time or online MBA programs can maintain full-time employment, avoiding the need to forgo income or professional growth opportunities while pursuing their degree. Many of these students fund their education partially out of pocket, resulting in fewer student loans. Although the overall tuition of online MBA programs may not be lower, part-time students often benefit from paying less per semester. Additionally, the absence of commuting and relocation costs further alleviates the financial burden for distance learners.
Moreover, the flexibility of online MBA programs enables students to apply classroom knowledge directly to their current jobs, enhancing the value of their professional experience during their studies.
However, despite these advantages, the financial commitment associated with pursuing an MBA cannot be overlooked. The cost of enrolling in a graduate business program can be intimidating for many individuals. Fortunately, part-time and online MBA program students can access the same financial aid opportunities as their on-campus counterparts, including scholarships. This guide delves into part-time and online MBA scholarships, exploring what they entail, where to find them, and how to apply.
Different MBA Scholarships Available
Scholarships for pursuing an MBA come in various forms, providing financial assistance to students pursuing their graduate studies. These scholarships can broadly be categorized into internal and external scholarships.
Internal Scholarships:
Many universities offer internal scholarships for graduate students, funded by endowments, donors, businesses, and private organizations. These scholarships are available for part-time and online MBA students, though availability varies by institution. While some business schools automatically consider all graduate students for internal scholarships, others require candidates to apply separately. Students should submit their applications early, as internal scholarship funds are often limited.
External Scholarships:
Businesses, professional groups, nonprofit organizations, and other entities not directly affiliated with universities offer external scholarships. These scholarships typically require students to submit applications and may be awarded based on various criteria such as financial need, study area, professional achievements, ethnicity, or religion.
Scholarships for Part-Time MBA Programs
1. Brunel Business School
Brunel Business School (BBS) offers a range of prestigious scholarships for UK and international applicants intending to join the Brunel MBA program in either September 2024 or January 2025 of the 2024/25 academic year. These are highly competitive scholarships, and only a few yearly awards are available.
Students from Brunel Pathway College (BPC) and Brunel Language Centre (BLC) can apply for these scholarships upon completing their pre-master’s course.
Successful candidates may be required to undertake specific responsibilities as Brunel Ambassadors for the Brunel Business School (BBS). These activities could include representing the MBA program at various marketing and recruitment events, delivering guest talks and seminars, providing event reports, contributing to the Brunel MBA Blog, and participating in other relevant initiatives. Scholarship recipients may also be expected to serve as mentors as needed by BBS. Winners will be contacted by either the MBA or Marketing team when their participation is required.
The deadline for applications for the September 2024 intake is August 1, 2024, at 12:00 am. The deadline for the January 2025 intake is November 15, 2024, at 12:00 am.
Below are the details of the scholarships available:
1. Award Details:
– The Full-Time MBA Academic Excellence Scholarship: £25,600 tuition fee waiver for one year.
– The Full-Time MBA Scholarship: £8,000 tuition fee waiver for one year.
– The Full-Time African Continent MBA Scholarship: £16,000 (50% tuition fee waiver) for one year.
– The Full-Time Women in Leadership MBA Scholarship: £16,000 (50% tuition fee waiver) for one year.
– The Full-Time EU MBA Scholarship: £16,000 (50% tuition fee waiver) for one year.
– The Full-Time Middle East MBA Scholarship: £16,000 (50% tuition fee waiver) for one year.
– The Full-Time UK MBA Scholarship: £8,745 tuition fee waiver for one year.
– The Part-Time MBA Scholarship (Corporate/Private Sector): £10,600 tuition fee waiver for a maximum of two years, split across both academic years (£5,300 per year).
– The Part-Time MBA Scholarship (Public/Government Sector): £10,600 tuition fee waiver for a maximum of two years, split across both academic years (£5,300 per year).
Eligibility:
To be eligible for a Brunel MBA Scholarship, applicants must:
– Apply and meet the entry criteria for full-time or part-time MBA program admission.
– Receive an offer to study in a full-time or part-time MBA program starting September 2024 or January 2025.
– Complete the Brunel MBA scholarship application form, including an essay of no more than 500 words and a supporting statement.
– Meet specific criteria outlined for each scholarship category.
Late applications will not be considered. Applicants should apply for the scholarship corresponding to the start date of their MBA program.
The scholarship allocation process involves rigorous review by the MBA Scholarship Committee. Final decisions are non-negotiable, and the University does not entertain appeals regarding the committee’s decisions.
Scholarships are only awarded for the academic year 2024/25 and cannot be deferred. Recipients are responsible for paying any remaining tuition fees after deducting the scholarship contribution. They must also pay a deposit of £5,000 to receive an unconditional offer and a Confirmation of Acceptance of Studies (CAS). This deposit applies to overseas fee-paying students only.
Scholarship awardees may be excluded from other scholarships and tuition fee waivers, except for the Postgraduate Academic Excellence Scholarship and Early Payment Discount.
For detailed information on eligibility criteria, application process, and scholarship conditions, applicants are encouraged to review the provided guidelines thoroughly.
2. ESMT Berlin
ESMT Berlin offers part-time MBA scholarships to support candidates in achieving their professional development goals. These scholarships are awarded based on academic excellence, personal and professional achievements, leadership potential, and interpersonal skills. Only self-funded part-time MBA applicants are eligible, and the scholarships cover tuition fees exclusively.
There are two types of scholarships available:
1. Automatic Scholarships: These are awarded based on specific criteria without the need for additional application.
– Applicants who submit completed online applications during Rounds 1-3 will automatically receive a scholarship corresponding to the round in which the application is submitted:
– Round 1: €6,000
– Round 2: €3,000
– Round 3: €1,000
2. Application-Driven Scholarships: These scholarships require applicants to respond to a specific question in their part-time MBA application. Applicants can apply for up to three application-driven scholarships but receive only one if selected.
– Note: Multiple automatic scholarships can be combined with only one application-driven scholarship.
Additionally, there is a Test Score Excellence Scholarship:
– Applicants who submit GMAT, GMAT Focus, or GRE scores at the 85th percentile or higher are eligible for a €1,000 scholarship.
– Eligibility: Applicants must submit official test results (no older than five years) from either the GMAT or GRE and their part-time MBA application.
– Required scores:
– GMAT: total score of 690 or higher
– GMAT Focus: total score of 645 or higher
– GRE: verbal score of 160 or higher; quant score of 165 or higher
– BAT of 16 or higher
– EA of 157 or higher
To apply for the part-time MBA scholarships:
– Applicants must answer an additional question in their online part-time MBA application to be considered for the application-driven scholarships.
– Each scholarship requires a response to a different question.
– Applicants can apply for up to three scholarships but will only be awarded one, and applying does not guarantee a scholarship award.
Full-Ride MBA Scholarships for Specific Schools
1. Arizona State University W. P. Carey Forward Focus MBA Scholarship
– Amount: Up to full resident tuition of $61,354 per year
– Deadline: Same as admissions deadline
– Who Should Apply: Arizona State University MBA candidates
– About the Donor: The W. P. Carey School of Business at Arizona State University offers this full scholarship to all accepted full-time MBA students, covering their entire tuition. The school views scholarships as investments in students, their aspirations, and the future they share.
2. University of Florida Warrington College of Business
– Amount: Varies
– Deadline: Same as admissions deadline
– Who Should Apply: University of Florida Full-Time MBA Applicants
– About the Donor: The Warrington College of Business at the University of Florida provides various scholarships for MBA students, including the Fannie Mae MBA Term Scholars Fellowship, the Frank L. Weyenberg MBA Scholarship Fund, and others. These scholarships aim to support students in their academic pursuits.
3. San Francisco Bay University’s President’s Scholarship – Master’s Degree
– Amount: 100 percent tuition scholarship of $16,200 for the entire degree
– Deadline: Same as admissions deadline
– Who Should Apply: San Francisco Bay University’s MBA applicants pursuing a master’s degree in business administration, electrical engineering, or computer science.
– About the Donor: SFBU offers the President’s Scholarship to master’s degree applicants, including those in MBA programs. Early applications are recommended as these scholarships may be limited in number. SFBU also offers other full scholarships for bachelor’s degree applicants and housing scholarships covering tuition and housing costs.
4. Knight-Hennessy Scholars Program
– Amount: Full funding to pursue any graduate degree at Stanford University (including MBA)
– Deadline: October 2024 (estimated)
– Who Should Apply: Students pursuing any graduate degree at Stanford University, including MBA programs. Candidates must apply separately to the Knight-Hennessy Scholars program and to their Stanford GSB graduate degree program.
– About the Donor: The Knight-Hennessy Scholars program at Stanford University aims to create a diverse community of graduate students equipped to address global challenges. Up to 100 students are selected annually for full funding for up to three years of graduate study, including MBA programs. Candidates from any country are eligible to apply.
Other MBA Scholarships for Specific Schools
1. University of Chicago Booth School of Business
– Amount: Up to full annual tuition with additional awards potentially reimbursing annual costs
– Deadline: Same as admissions deadline
– Who Should Apply: University of Chicago MBA candidates
– About the Donor: The University of Chicago offers a range of merit scholarships and fellowships for incoming MBA students, including the Chicago Booth Fellowship and various corporate-sponsored fellowships. These scholarships aim to support students in their academic pursuits and contribute to the vibrant community at Booth.
2. Drexel LeBow Justice, Equity, Diversity and Inclusion (JEDI) Scholarship
– Amount: Varies
– Deadline: Same as admissions deadline
– Who Should Apply: All international and domestic applicants to the MBA and MS programs at Drexel University’s LeBow College of Business
– About the Donor: The Drexel LeBow JEDI scholarship recognizes individual student contributions and achievements in promoting diversity, social justice, inclusion, and equity. It aims to support incoming MS and MBA students who have demonstrated a commitment to these principles and have contributed to the advancement of underrepresented groups.
3. William R. Berkley Scholarship Program
– Amount: $10,000
– Deadline: Same as admissions deadline
– Who Should Apply: NYU college seniors seeking to pursue their MBA full-time at NYU Stern as part of the NYU x NYU / Stern program
– About the Donor: The William R. Berkley Scholarship Program at NYU Stern supports college seniors transitioning to their full-time MBA program. Recipients receive a $10,000 Early Advancement Award and may be eligible for additional scholarships upon enrollment. The program aims to foster leadership and academic excellence among its scholars.
4. Stanford Graduate School of Business Building Opportunities for Leadership Diversity (BOLD) Fellows Fund
– Amount: $15,000 per fellow per year or around $30,000 per fellow’s two-year MBA program
– Deadline: Same as admissions deadline
– Who Should Apply: Applicants admitted to the Stanford MBA program who demonstrate financial need and a commitment to equity, inclusion, and diversity
– About the Donor: Stanford GSB offers the BOLD Fellows Fund to support students facing financial hardship and champion diversity and inclusion. Recipients must qualify for need-based financial aid and exhibit a commitment to advancing these values.
5. The University of Houston
– Amount: Up to $10,000 annually plus in-state tuition adjustments for non-Texas residents
– Deadline: Same as admissions deadline (June 1, 2024, for domestic applicants; April 1, 2024, for international students)
– Who Should Apply: University of Houston MBA candidates
– About the Donor: The University of Houston provides scholarships for incoming MBA students, including those sponsored by foundations and corporate subsidiaries within Texas. These scholarships aim to support students in achieving their academic and career goals.
6. Aker Scholarship
– Amount: Varies (depends on factors such as cost of living, program duration, and support from the Norwegian State Educational Loan Fund)
– Deadline: September 2024 (estimated)
– Who Should Apply: Applicants from all academic disciplines seeking master’s or PhD programs at specified universities, including Caltech, MIT, Harvard, and others
– About the Donor: The Aker Scholarship aims to support highly qualified candidates with a strong connection to Norway in pursuing advanced degrees at leading universities worldwide. Eligible applicants must have Norwegian nationality or a significant link to Norway and demonstrate a commitment to social engagement.
Outside Funding & External Scholarship Resources
For students enrolled in our program, many of whom are employed, we advocate for leveraging various strategies to fund their studies effectively:
1. Utilize Employer Tuition Benefits: Numerous companies offer tuition reimbursement benefits, often up to $5,250 annually. We encourage candidates to discuss these opportunities with their supervisors or HR departments to understand their company’s tuition assistance policies fully.
2. Consider Pacing Through the Program: Given our pay-per-credit tuition model, students may progress slower. This approach can help maximize annual benefits and stagger personal contributions, making the financial burden more manageable.
3. Tap into Personal Savings: Utilizing personal savings is another viable option for funding your MBA journey.
Furthermore, we strongly encourage all MBA applicants to explore external scholarship opportunities to supplement their MBA experience. Below is a curated selection of external scholarships and links to additional information about their requirements and application processes. Please note that this list is not exhaustive:
– Bush Foundation
– FastWeb
– FinAid
– International Peace Scholarship (for non-US & non-Canadian students)
– National Black MBA Association (National)
– Prospanica (National)
– Paul and Daisy Soros Fellowships for New Americans
– PFund (for LGBT communities)
– Rising Farmworker Dream Fund Scholarship
– Robert Toigo Foundation
– Scholarships360
– Shakopee Mdewakanton Sioux Community Endowed Scholarship
These external scholarship opportunities can provide valuable financial support to MBA students. We encourage applicants to thoroughly research and apply for scholarships that align with their backgrounds, interests, and goals.
MBA Scholarships for Specific Career Paths
1. Ritchie-Jennings Memorial Scholarship
– Amount: $10,000, $7,500, $5,000, $2,000
– Deadline: February 5, 2024
– Who Should Apply: Full-time students enrolled in accredited four-year colleges or universities with majors or minors in accounting, finance, business administration, or criminal justice, aiming for a career in fraud examination or similar anti-fraud professions. Applicants must be U.S. citizens or permanent residents.
– About the Donor: Established in memory of Larry Jennings and Tracy Ritchie, two victims of a terrorist attack, this scholarship supports students pursuing careers in fraud examination or related fields. The award assists students in advancing their education and professional paths in anti-fraud endeavors.
2. International Council of Shopping Centers Foundation — Edward J. DeBartolo, Sr. Graduate Scholarships
– Amount: Two scholarships at $10,000 each
– Deadline: February 26, 2024
– Who Should Apply: Graduate students enrolled full-time with at least a 3.0 GPA, U.S. citizenship or permanent residency, and a commitment to the shopping center industry and community involvement.
– About the Donor: The ICSC Foundation offers the Edward J. DeBartolo, Sr. Graduate Scholarships to graduate students pursuing careers related to the shopping center industry. Recipients must demonstrate academic excellence, industry commitment, and community engagement.
3. AICPA John L. Carey Scholarship Award
– Amount: $5,000
– Deadline: March 15, 2024
– Who Should Apply: Students with non-business undergraduate degrees from U.S. accredited institutions, intending to pursue CPA licensure.
– About the Donor: The AICPA John L. Carey Scholarship Award supports students with non-business backgrounds pursuing graduate studies in accounting and CPA licensure. It aims to encourage individuals with diverse academic backgrounds to consider accounting careers.
4. Robert H. Rumler MBA Scholarship
– Amount: $3,000
– Deadline: April 2024 (estimated)
– Who Should Apply: Students interested in the dairy industry pursuing an MBA.
– About the Donor: Established by the Holstein Association USA, the Robert H. Rumler MBA Scholarship supports students passionate about the dairy industry in pursuing their MBA. It honors individuals with leadership qualities and a commitment to the agricultural sector.
5. Government Finance Officers Association
– Amount: Varies
– Deadline: December 2024 (estimated)
– Who Should Apply: Individuals pursuing careers in state/provincial or local government finance, with varying eligibility criteria depending on the specific scholarship.
– About the Donor: The Government Finance Officers Association offers multiple scholarships to graduate students interested in government or nonprofit management. These scholarships recognize academic excellence and support individuals preparing for careers in government finance.
MBA Scholarships for Academic Honor Society Members
1. The Honor Society of Phi Kappa Phi Award Programs
– Amount: Varies, including fellowships of $8,500, $20,000, and $35,000 each
– Deadline: April 15, 2024 (for fellowships)
– Who Should Apply: Phi Kappa Phi members entering the first year of graduate or professional study
– About the Donor: Phi Kappa Phi, established in 1897, recognizes and encourages superior scholarship across all disciplines. The society offers various grants and awards to outstanding students, members, and chapters.
2. Honor Society Graduate Student Achiever Scholarship
– Amount: $2,000
– Deadline: December 2024 (estimated)
– Who Should Apply: Ambitious graduate students, including MBA students, who are active Honor Society members
– About the Donor: This scholarship, provided by the Honor Society Foundation Scholarship Fund, recognizes academic excellence and holistic achievements among graduate students, fostering their further growth and success.
3. Golden Key Graduate Scholar Award
– Amount: $1,500
– Deadline: December 2024 (estimated)
– Who Should Apply: MBA candidates committed to future change and Golden Key members
– About the Donor: Golden Key, founded in 1977, honors academic achievements and provides scholarships to top-performing graduate students, including those pursuing MBA degrees.
MBA Scholarships for Women
1. FORTÉ MBA Fellowships
– Amount: Contact admissions representatives for details
– Deadline: Same as school admissions deadline
– Who Should Apply: Women applicants at participating US and global universities
– About the Donor: FORTÉ Foundation offers prestigious fellowships to women pursuing full-time, part-time, or executive MBAs at top business schools to increase female enrollment in MBA programs.
2. IE Foundation
– Amount: Varies, such as €10,000 to €20,000 for the IE-FORTÉ MBA Fellowship
– Deadline: Contact the foundation for specifics
– Who Should Apply: Female candidates
– About the Donor: The IE Foundation supports talented women pursuing academic and professional excellence, providing scholarships to help them achieve their goals at IE Business School.
3. Women’s Scholarships by the Darden School of Business
– Amount: Varies
– Deadline: Scholarships are awarded upon admission
– Who Should Apply: Female students at Darden School of Business
– About the Donor: Darden School of Business offers scholarships to support women in business education, fostering a diverse and inclusive learning environment.
4. Committee of 200 Reachout Program
– Amount: Varies
– Deadline: Varies by university
– Who Should Apply: Women applicants at universities where C200 has hosted Reach Outs
– About the Donor: C200 provides scholarships and networking opportunities to outstanding MBA students, aiming to inspire and support women in business.
5. INSEAD MBA Scholarships for Women
– Amount: $8,000 to $25,000, depending on the scholarship
– Deadline: Varies by scholarship
– Who Should Apply: Women candidates meeting specific eligibility criteria
– About the Donor: INSEAD offers scholarships to empower women professionals pursuing MBA degrees and increase gender diversity in management roles.
6. Zonta International Jane M. Klausman Women in Business Scholarship
– Amount: $5,000
– Deadline: Typically between April and June annually
– Who Should Apply: Women pursuing MBAs within Zonta International chapters’ geographic areas
– About the Donor: Zonta International supports women in business education through scholarships, encouraging more women to pursue careers in business.
7. ESADE Women of the World Scholarship
– Amount: Up to 50% of tuition fees
– Deadline: June 15, 2024
– Who Should Apply: Women of all backgrounds and nationalities
– About the Donor: ESADE offers scholarships to women who can bring unique perspectives to the MBA program, fostering diversity and inclusion.
8. Nestle MBA Scholarships for Women at IMD
– Amount: CHF 25,000
– Deadline: July 2024 (estimated)
– Who Should Apply: Preference given to women from developing countries
– About the Donor: IMD provides scholarships to women with potential from diverse backgrounds, supporting them in pursuing MBA education.
9. AAUW Selected Professions Fellowships
– Amount: $20,000
– Deadline: November 2024 (estimated)
– Who Should Apply: Women pursuing full-time master’s or professional degrees in underrepresented fields, including MBA programs
– About the Donor: AAUW supports women in underrepresented professions through fellowships, helping them achieve their educational and career goals.
10. Financial Women’s Association of San Francisco Financial Leadership Scholarships
– Amount: $10,000 for undergraduate students, $15,000 for graduate students
– Deadline: Applications open in January
– Who Should Apply: Women in San Francisco Bay Area universities preparing for finance or accounting careers
– About the Donor: FWSF offers scholarships and mentoring to women pursuing finance careers, fostering their professional development and advancement.
Alternative Methods to Finance a Part-time Online MBA
1. Employer Assistance:
Numerous employers provide education benefits, including tuition reimbursement for business school, which can cover a portion or all expenses associated with an MBA. Some organizations have formal tuition assistance policies with specific application procedures, while others may support professional development opportunities, such as MBA programs, on a case-by-case basis.
To ascertain whether your employer offers assistance for MBA programs, it is advisable to communicate with the human resources department. It’s important to note that tuition assistance often comes with conditions. Many companies require MBA recipients to commit to remaining with the organization for a predetermined post-graduation period, typically one to two years.
2. Financial Aid:
MBA students have the option to apply for federal financial aid, which includes grants and student loans. Like undergraduate students, graduate students must complete the Free Application for Federal Student Aid (FAFSA) annually to determine eligibility for available funds. Most grants are awarded based on financial need. Student loan eligibility varies depending on the type of loan.
Graduate students pursuing an MBA can access two federal student loans: Direct Unsubsidized Loans, which have lower interest rates, and Graduate PLUS loans, which have no borrowing limits. Direct loans allow students to finance up to $20,500 of educational expenses annually, irrespective of financial need. Graduate PLUS loans, on the other hand, do not have borrowing limits, but they typically carry higher interest rates.
Conclusion on Scholarships for Part-Time MBA Programs
Scholarships for part-time MBA programs offer valuable financial assistance to students balancing work and study commitments. These scholarships help alleviate the financial burden of pursuing higher education while working. They recognize the dedication and potential of part-time MBA students and aim to support them in achieving their academic and career goals.
Part-time MBA scholarships come from various donors, including universities, organizations, foundations, and corporations. These donors prioritize different criteria for eligibility, such as academic achievement, professional experience, leadership potential, diversity, and financial need. As a result, part-time MBA students from diverse backgrounds and circumstances have opportunities to secure financial aid for their studies.
Part-time MBA scholarships provide financial support and opportunities for networking, mentorship, and career development. Recipients may benefit from connecting with donors, alumni, and fellow scholars, expanding their professional network, and gaining valuable insights into their field of study or industry.
Overall, scholarships for part-time MBA programs are crucial in making higher education accessible and affordable for students pursuing MBA degrees while managing work and other responsibilities. They contribute to advancing individuals’ careers and the overall enrichment of the business community. As such, students considering part-time MBA programs should explore scholarship opportunities and apply to maximize their chances of receiving financial assistance.
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