Admission Concierge Consultant
Joined: 15 Jan 2020
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Can I negotiate my scholarship award?
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14 Feb 2020, 08:16
It’s a fact, MBA applications have been steadily declining over the course of the past 3 years. The competition between business schools to attract the best and brightest is at an all-time high. Top tier schools remain extremely selective but still want to attract a more diverse pool of applicants. Second tier schools are, on the other hand, implementing innovative strategies to compete for and attract good candidates.
As a result of this extremely competitive environment, B-schools are launching an increased number of financial incentives.
Between a declining pool of applicants (i.e less people to compete with) and a scholarship war happening between business schools, one might argue that now is the best time to apply for an MBA in a top tier school.
You received your admission letter? Congratulations! You might be tempted to immediately accept the offer and pay your deposit to secure your spot in the program. Here’s a piece of advice: take a few days to consider your options. Did you receive a scholarship? Did anything change in your personal or financial situation since you submitted your application? Do you have any other applications pending with other schools? Perhaps you have one or two admission offers from schools that aren’t in your top choices?
Your answers to these questions might influence your ability to negotiate your scholarship award.
Here are 5 tips to maximize your scholarship award:
- Develop your sales pitch
o Review your application, identify factors that set you apart from the competition aside from your test scores and GPA- factors that AdCom might have missed. Provide facts to back up your request for additional funds while conveying your enthusiasm to join the program.
- Get offers from peer schools
o This one is easier said than done- But if you get multiple offers from peer schools you are more likely to get your school of choice to match the offer. You will be asked to provide evidence so make sure you keep your admission offers.
- Apply early
o As the recruiting cycle comes to an end and students are paying their deposit, the pressure is not as strong to bring in applicants for most B-schools. Time is of the essence, as soon as you receive the offer get started on your negotiation strategy.
- Put it in writing
o As tempting as it might be to pick up the phone and call the admission office, it’s best to put your request in writing and attach any supporting documents. This makes it easier for admission teams to escalate your request to decision makers.
- Follow up with a phone call
o Once you have submitted your request via email, wait a week or so and reach out to your contact and reiterate your enthusiasm to join the program and why you need (or think you deserve!) a higher scholarship award.
This strategy is particularly effective for second tier schools, according the Poets and Quants NYU Stern, Booth, Kellogg and UCLA are among the most generous schools when it comes to scholarships awards. With a well-crafted application and some negotiation skills you can advantage of this buyers market!