Scholarships for MBA Students: How to Find and Apply

Earning an MBA can open the door to leadership roles, higher salaries, and expanded career opportunities, but tuition and related costs often add up to a significant investment. For many students, MBA scholarships provide essential financial support, making business school more accessible. From merit-based awards that recognize academic excellence to need-based and diversity-focused funding, numerous options are available to help reduce expenses. By learning what scholarships are available and how to strengthen your applications, you can reduce the financial burden of business schools. 

Types of MBA Scholarships

When exploring MBA funding options, it’s important to understand the main categories of scholarships available. Knowing the difference can help you target the opportunities that best fit your background and goals. The four most common types of MBA scholarships include:

• Merit-Based Scholarships: Awarded to applicants with strong academic performance, competitive GMAT or GRE scores, and demonstrated leadership experience.
• Need-Based Scholarships: Designed for students whose financial circumstances may make affording an MBA more difficult.
• Diversity Scholarships: Offered to support women in business, underrepresented minorities, first-generation college students, and international candidates.
• Program-Specific Scholarships: Provided directly by business schools to attract top applicants, often tied to a specific MBA program or concentration.

These categories cover most of the opportunities you’ll encounter when researching business school scholarships, and many students qualify for more than one type. 

Top MBA Scholarships to Explore

Finding the best MBA scholarships in the US can make a big difference in the cost of business school. Many programs are designed to support specific groups of students or recognize leadership and academic achievement. Here are some of the most notable opportunities:

• Forte Fellows Program: Awarded to women pursuing full-time, part-time, or executive MBA programs at participating business schools. Fellows gain tuition support plus access to a professional network.
• The Consortium for Graduate Study in Management Fellowship: Provides full-tuition fellowships to candidates who demonstrate a commitment to increasing diversity in business education and leadership. 
• Military MBA Scholarships: Designed for veterans and active-duty service members entering business school.
• Reaching Out MBA (ROMBA) Fellowship: Created for LGBTQ+ MBA candidates, with significant financial support and networking opportunities.
• QS ImpACT MBA Leadership Scholarship: Up to $10,000 for one MBA candidate who has attended a QS MBA event. This scholarship is open to applicants pursuing business programs worldwide.
• Prospanica Foundation Scholarships: Supports Hispanic and Latino MBA students with funding based on merit, leadership, and community involvement. 
• Fulbright Foreign Student Program: Grants for international students pursuing graduate degrees, including MBAs, at U.S. institutions.
• C200 Advancing Women Programs: Supports female MBA students with financial aid, mentorship, and access to a global network of senior business leaders.
• National Black MBA Association Scholarships: Awards scholarships to outstanding MBA students who demonstrate academic achievement and community impact. 
• AAUW Career Development Grants: Supports women pursuing advanced degrees or professional certifications, including MBAs.
• Jack Kent Cook Foundation Graduate Scholarships: Provides funding for high-achieving graduate students with financial need, including those pursuing MBA programs. 
• School-Specific Scholarships: Top programs like Harvard Business School, Wharton at UPenn, and Stanford Graduate School of Business provide generous merit- and need-based funding directly to admitted students. Be sure to check with the institutions you are applying to and review their funding opportunities. 

Together, these MBA scholarship opportunities cover a wide spectrum, from academic achievement and leadership to military service and diversity initiatives, giving applicants multiple paths to reduce the cost of their degree. 

How to Strengthen Your MBA Scholarship Application

Securing funding often comes down to more than just meeting eligibility requirements. To improve your chances, focus on these proven MBA scholarship tips that can help you stand out from other applicants:

• GMAT/GRE Scores: Strong test performance is one of the best ways to compete for merit-based awards. Preparing with resources like Manhattan Prep Powered by Kaplan’s GMAT prep and Manhattan Prep Powered by Kaplan’s GRE prep for MBA can give you the edge you need.
• Compelling Essays: Use scholarship essays to highlight your leadership experiences, long-term career goals, and the impact you plan to make with an MBA. 
• Professional Experience: Demonstrating measurable results in your career and holding leadership roles can strengthen your profile for both merit-based and leadership scholarships. 
• Strong Recommendations: Select mentors, supervisors, or professors who know your work well and can speak directly to your character, leadership ability, and potential for success in business school.
• Apply Early: Many programs review applications on a rolling basis, so submitting materials early can improve your chances of being considered for funding. 

Excelling in these areas can set your application apart and significantly improve your chances of securing the MBA funding you need. 

Additional Resources for MBA Students

Finding the right MBA scholarships is only one part of financing business school. To maximize your opportunities, consider using these resources alongside scholarship applications:

• University Financial Aid Offices: Most business schools have dedicated financial aid teams who can guide you through need-based aid, loans, and program-specific awards.
• External Foundations and Associations: Many professional organizations, nonprofits, and business associations help fund graduate education. Research options that align with your career goals or industry interests. 
• Scholarship Databases and Tools: Resources like Fastweb and ProFellow maintain searchable databases of graduate scholarships, many of which apply to MBA students. 

Combining school-based aid with external funding opportunities gives you the best chance of lowering the cost of your MBA. Taking the time to research scholarships, connect with professional associations, and explore reputable databases can uncover funding you might otherwise miss. By casting a wide net and using every available resource, you’ll not only reduce tuition expenses but also position yourself to start your MBA with greater financial flexibility. 

Bonus Resource: The Manhattan Prep Scholarship

Beyond traditional MBA scholarships, there are unique opportunities designed to give applicants an edge before they even submit their applications. The Manhattan Prep Scholarship is one of the most valuable, offering full access to a GMAT or GRE course without the hefty price tag. Instead of worrying about the cost of test prep, recipients gain expert-led instruction, proven strategies, and the chance to raise their scores–all of which can directly translate into stronger admissions outcomes and eligibility for more merit-based funding. 

Why It Matters:

• A higher GMAT or GRE score doesn’t just help you get admitted–it can also put you at the top of the list for competitive merit-based scholarships.
• By removing the cost barrier to premium test prep, this scholarship frees up your budget for other essentials like application fees, campus visits, or interview travel.
• Most importantly, it gives you the tools and confidence to walk into test day fully prepared, which can have a lasting impact on your MBA journey.

How to Apply:

Interested students can apply directly through the Manhattan Prep application form. The form requests academic background information and a brief essay outlining your goals. Applications are accepted quarterly on a rolling basis, with deadlines on the 15th of March, June, September, and December. Scholarship recipients are notified within 3-4 weeks of the quarter’s deadline. Applying early in the cycle increases your chances of being selected, since the number of awards is limited. 

This prep-focused scholarship goes beyond simply saving money–it’s an investment in your ability to earn higher scores, unlock more funding opportunities, and start your MBA on a stronger financial footing. 

Preparing for Success Beyond Scholarships

While MBA scholarships can help reduce the cost of business school, your success also depends on how well you prepare for the admissions process. Strong GMAT or GRE scores, polished applications, and confidence on test day all make a difference. That’s where Manhattan Prep Powered by Kaplan comes in–offering the resources you need to perform at your best. 

With flexible prep options, you can choose the support that fits your schedule and study style:

• Live and on-demand GMAT and GRE courses taught by expert instructors.
• Personalized tutoring designed to target your unique specific strengths and weaknesses, backed by our 655+ Score or +70 Point Increase Guarantee and Score Higher Guarantee.
• Practice tools and adaptive technology that simulate real test conditions.

By pairing scholarship opportunities with trusted test prep resources, you’ll be better equipped to stand out in admissions and take the next step toward earning your MBA.