How to Secure an MBA Scholarship: Types, Tips & Examples

An MBA scholarship can make a significant difference to the cost of your graduate business education. With tuition fees at top schools often exceeding five- or even six-figure sums, securing financial aid is a priority for many applicants. Although competition is fierce, the right strategy can dramatically improve your chances.

Below, Access MBA outlines the main types of MBA scholarships available, shares real examples, and offers actionable tips for winning funding for your studies.

What types of MBA scholarship are available?

Merit-based scholarships

Merit scholarships are offered as part of the MBA application process and may be awarded based on academic achievement, professional accomplishments, or a combination of both. In many cases, you are automatically considered when you apply to a programme – though some schools require a separate application.

The funds can be provided by the school or from donors working with the school. This type of award does not have to take the applicant’s specific demographic or professional background into account.

Boston College’s Carroll School of Management (USA), for instance, considers all domestic and international applicants to its full-time MBA programme for merit-based scholarships. More than 95% of entering full-time MBA students in 2025 received scholarships which cover part of tuition fees.

Moving over to Europe, INSEAD (France) offers 170+ scholarship funds, of which 11 are merit-based scholarships. The average scholarship amount awarded to candidates is EUR 24,000 and more than 40% of participants receive financial aid.

Diversity scholarships

Diversity MBA scholarships are awarded to specific groups and almost always require a separate application. They aim to increase representation in business education and are offered by individual schools as well as external organisations. Some examples include:

• London Business School (UK) offers the 30% Club Scholarship, which covers up to 50% of tuition fees and is awarded to women who have the potential to make an impact in business and society.
• The AHEAD Scholarship (acronym for A Higher Education Advancing Diversity) is awarded to female MBA and Masters in Finance students from developing countries. The award is worth USD 25,000.

MBA scholarship comparison table

Here is an overview of notable MBA scholarships to be aware of when planning your application:

How to win an MBA scholarship: 4 key strategies

MBA scholarships are always competitive, but definitely not impossible to obtain. You can definitely increase your chances of getting one by having the right approach.

1. Research early and plan your timeline

The scholarship application process is time-consuming and requires careful planning. Each award has its own criteria, deadlines, and eligibility requirements – and these vary significantly between schools and providers. Start researching at least 12 months before your intended start date.

“Scholarship application requires in-depth research and good planning. All the effort is well worth it,” says Iliana Bobova, Head of Admission Consulting at Advent Group. 

2. Aim for a strong GMAT or GRE score

A high GMAT or GRE score alone will not guarantee a scholarship, but it carries significant weight when schools rank applicants for financial aid. Admissions officers take a holistic view for admission decisions, but standardised test scores are often used as an objective measure when awarding merit scholarships. A score above the programme’s average can set you apart.

3. Apply in the first or second round

Most merit-based scholarships at business schools are reserved for early applicants. Submitting your application in round one or two signals commitment and gives you the best chance of being considered before funding is allocated. Many schools state explicitly that scholarship pools are larger in earlier rounds.

4. Write compelling scholarship essays

For scholarships that require separate applications – particularly diversity awards and INSEAD’s donor scholarships – the quality of your essays is the deciding factor. Focus on specificity: articulate clearly why you are the right candidate for this particular award, what you will contribute, and how the funding will enable your goals.

Key takeaway: Winning an MBA scholarship is not a matter of luck. Start early, target the right awards, maximise your GMAT score, and craft essays that speak directly to the scholarship criteria.

Frequently asked questions about MBA scholarships

What GMAT score do I need for an MBA scholarship?

There is no universal threshold, but most merit scholarships go to applicants who score above the programme’s class average. A GMAT of 700+ (or 655 in the latest edition of the test) puts you in a competitive position at many top schools, though some schools weigh other factors – such as leadership experience or essays – more heavily.

Can international students apply for MBA scholarships?

Yes. Many merit-based scholarships are open to both domestic and international students. Some diversity scholarships specifically target candidates from developing countries or underrepresented regions. Always check individual eligibility requirements.

When should I apply for an MBA scholarship?

As early as possible. Merit scholarships are typically tied to the admissions round you apply in, so applying in round one gives you the best chance. For external scholarships, deadlines can differ from school application deadlines – check each provider’s timeline separately.

Do I need to apply separately for an MBA scholarship?

It depends on the scholarship. Many merit awards are automatically considered as part of your MBA application. Diversity and external scholarships typically require a separate application, including additional essays or recommendation letters.

Can I negotiate an MBA scholarship offer?

Yes, in many cases you can. “A lot of schools already have money in the budget and if you’re not asking for it, you should assume that somebody else is!” says Chris Abkarians, a Harvard Business School MBA alum and co-founder of student loans company Juno.

If you receive a competing offer from another school, it is worth contacting the admissions office to discuss whether your award can be reconsidered. Schools want to secure strong candidates, and a polite, evidence-based negotiation – particularly if you have a rival offer in hand – can result in an improved package. Always approach this professionally and within any stated deadlines.

Originally published: 1 March 2022 by Valentin Vassilev

Updated: 9 April 2026

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