MBA Scholarships aren’t as readily available for MBAs as they are for undergraduates, but they are out there! When I was applying to full-time MBA programs, a HUGE concern of mine was how I would pay for school. On average, a two-year MBA program can cost upwards of $60,000 for tuition and fees. This can be closer to $100,000 for top business schools. Combine this cost with the loss of income from quitting your full-time job and it can be hard to justify choosing this path.
Here are five great organizations that can help pay for some or ALL of your school costs. These are particularly geared toward diverse/minority students or allies.
Consortium for Graduate Study in Management
I had to list this first as the Consortium is near and dear to my heart. If it weren’t for this organization, I wouldn’t be where I am today!
Consortium Fellows are MBA students who are committed to increasing diversity and inclusion in the workplace. Additionally, Consortium students are required to attend an Orientation Program (OP) during the summer before business school starts. OP is a conference with break-out sessions geared toward your career track and, most importantly, includes a large job fair. Top companies come to recruit diverse talent and Consortium applicants are among the first interview for available roles.
The application process is a little different as you apply through the Consortium rather than through the school itself. The Consortium will forward your application on. Application fees are slightly less than applying directly through the schools. The application itself is almost identical to the schools’ applications with the addition of one or two essays detailing how you advance diversity. You can apply for up to 6 of Consortium’s member schools, ranking them in order of first to last choice.
The ranking order is very important, as this will determine who you can get a full-ride from. For example, if you get into all six schools, your top ranked school will have the first opportunity to offer you a full Consortium Fellowship (a full-ride). If your top ranked school admits you but decides not to offer you a fellowship, your second ranked school can offer you a full fellowship, and so on.
MBA scholarships amounts will vary from partial to full coverage of tuition and fees. You could also be selected as a Consortium Member without a fellowship.
Forte Foundation
The Forte Foundation provides support and networking opportunities for women in business. Their focus is not solely on MBAs but they do offer (for a cost) an extensive MBALaunch program, a 10-month structured program that prepares women for applying to business school through a defined application roadmap, online courses, and monthly video meetings.
However, you do NOT need to go through MBALaunch to reap the benefits of the Forte Foundation. Simply become a Forte member by joining on their website for free before you begin your business school applications. As a member, you will be considered for a Forte Fellowship once you apply to a participating school. The individual schools will determine the recipients of their Forte Fellowships as they review applications. Particularly, Forte Fellows should exhibit a commitment to advancing women and girls. Scholarship amounts given will be communicated to admitted students once selected and vary per the school’s discretion.
Toigo Foundation
The Robert Toigo Foundation has a mission “to foster the career advancement and increased leadership of underrepresented talent by creating mechanisms for greater inclusion from the classroom to the boardroom.” Toigo Fellowships are available for applicants going into the finance industry and are highly regarded by employers.
There is no fee to apply to the Toigo Fellowship, but to receive a final offer you must attend Catapult, a training, networking, and final round interview conference. Catapult requires a non-refundable $350 fee. Toigo Fellows receive between $1,000 and $2,500 toward MBA scholarships and second-year fellows can complete an additional application to receive up to $10,000.
Reaching Out MBA
ROMBA is an organization for LGBTQ MBA applicants and students. LGBTQ Fellowship recipients receive a minimum of $10,000 per year (or $20,000 total) towards MBA tuition and fees as well as additional mentorship and networking opportunities.
Applicants apply to one of ROMBA’s partner institutions and will receive admissions offers and ROMBA Fellowship decisions directly from the schools. As part of their application, prospective students can self-identify as LGBTQ and should display leadership within the LGBTQ community.
Honorable Mention: Management Leadership for Tomorrow
MLT offers two MBA-centered programs including MBA Prep and MBA Professional Development (PD). MBA Prep offers a structured roadmap to prepare African American, Latinx and Native American students for getting into top institutions, provides mentorship and coaching, and also facilitates school visits. Costs include a $105 application fee, a $1,000 program fee, and travel expenses. MBA PD is for individuals accepted into MLT’s full-time partner business school programs and gives participants a head start on MBA recruiting.
Though scholarships are not offered directly through MLT, their programs are highly regarded, give access to MBA admissions officers and company recruiters, and can increase the chances of getting a scholarship through other means.