5 Strategies to Maximize Your MBA Scholarship Award.

An MBA is an investment in yourself, the cost of a graduate business degree has, however, steadily increased over the years…and at a faster rate than inflation. According to US News & World Report, in 2020 the average cost of the top 10 business schools in the U.S. was over $140,000 for tuition in a two-year MBA program.

When it comes to financing your degree you have multiple options, Federal Perkins and Stafford Loans, personal savings, family support, or private loans (check out this free tool to help you identify the lowest rates for student loans).

Additionally, B-Schools’ scholarship awards and private fellowships can help cover a sizable share of your tuition. In this article, we will share 5 strategies to maximize your chances to receive a scholarship.

Strategy 1: Apply for Early Decision (or Round-1)

The earlier you apply, the higher your odds of admissions... and the more likely you are to receive a scholarship. If you apply before the bulk of applications pour in, you will increase your odds or receiving a scholarships award. In terms of volume, Round-2 is the largest. So, make sure you start working on your application early enough to build a solid profile and aim for Early Decision/Round-1 if possible.

Strategy 2: Boost your GMAT/GRE Score

When it comes to scholarship decisions most B-schools use an algorithm that takes into consideration your GPA (on which you have no control at this point), years of work experience and GMAT/GRE scores.

If you start early enough you have a chance to boost your application by retesting until you reach your target score, which in turn will increase your odds to receive a sizeable scholarship. Note that your GMAT/GRE will be particularly important to offset a lower GPA and is one element in your application you still have control over!

Strategy 3: Network

B-Schools tend to remain vague when it comes to criteria for scholarships, using terms such as “outstanding” “highly competitive” to define the ideal candidate. Don’t hesitate to reach out to AdComs and inquire about the most important criteria for a scholarship consideration. When possible make sure to attend (virtual?) admissions events. This is a great opportunity for you to build a relationship with an AdCom and stay top of mind. This will convey your strong interest for the program and may tip the balance in your favor down the line.

Strategy 4: Think outside the Box

Don’t restrict your scholarship search to universities you are applying to. There are many private fellowships/scholarships available out there based on recipient profiles: women, LGBT, underrepresented minorities, international, STEM background, 1st generation in college…and many more. A good place to start your search is through the graduate financial aid office of your school(s) of choice. They may be able to share some private fellowship opportunities. This site is also a great resource for private scholarship options.

Strategy 5: Negotiate

If you are among the lucky ones to have multiple admission offers you are in a great position to negotiate, but you need to proceed with caution! Check out our article “The Art of Scholarship Negotiation” for a step by step approach in negotiating your award.

Need help with your application? The Admissions Concierge is a boutique sized consulting service specialized in top 10 MBA programs admissions. We offer one-on-one coaching services from strategic planning, essay crafting to interview prep.