Read an insight on available MBA funding and tips in obtaining this type of funding.
The Different Types of MBA Scholarships
One of the most important things to know when seeking out MBA scholarships is that there are different types of MBA scholarships. There are collectively five different categories of MBA scholarships. These categories are listed below:
- Merit Based MBA Scholarships: This is a widely popular scholarship scheme that is offered by many different universities. Common qualifications include leadership qualities, professional experience, and academic achievements.
- Need Based MBA Scholarships: In order to apply for these types of MBA scholarships an applicant must demonstrate significant financial hardship. Universities will assess the individual’s financial status and will offer MBA scholarships based on those results.
- Essay Based MBA Scholarships: Some applicants will resort to writing well thought out essays in order to gain access to MBA scholarships. Each university has a different requirement when it comes to essay based scholarships.
- Targeted MBA Scholarships: Targeted scholarships are intended for specific groups such as female applicants or applicants coming from developing countries. These scholarships are very specific on their requirements.
- Combination MBA Scholarships: This MBA scholarship opportunity is based on both a financial need as well as merit. The most common type of combination scholarships are financial and academic based.
Becoming a Great Candidate for MBA Scholarships
There are many different things that applicants can do to increase their odds of being awarded a MBA scholarship. Aside from providing an outstanding academic background, leadership qualities, and professional experience there are other easy tricks an applicant can do to show they are the right candidates:
- Locate the Exact Program: This is important because many programs will offer scholarship assistants for applicants who are dedicated to a program. This is a way that universities try and make their program sound more appealing.
- Apply for Specific MBA Scholarships: One of the best ways to make yourself look like the perfect candidate is to target specific MBA scholarships. This can include targeted MBA scholarships or essay based scholarships. These types of scholarships look for a very specific type of candidate.
- Guaranteed MBA Scholarships: Many universities will offer guaranteed scholarships. This type of scholarship requires applicants to meet certain requirements before awarding aid.
- Company Sponsorship: If you have already secured employment you should check in about company sponsorship. Many companies will sponsor their employees to continue their education with the agreement that the employee will use their newly acquired skills within their companies.
- Early Admission: It is never too early to apply for universities or academic programs. Early admissions shows the school that you are very serious about your education.
- Research: Many scholarship opportunities don’t receive the publication that they deserve. It is important that when you are searching for MBA and PhD scholarship opportunities that you search for things that make you stand out such as:
- Where you are from
- Weird attributes or things that make you unique.