Scholarships Options for Online MBA

Online MBA programs have seen a surge in popularity in recent years, offering students a flexible and cost-effective way to obtain a top-tier business education from home. According to the Graduate Management Admission Council (GMAC), around 20% of MBA applicants in 2023 expressed a preference for online programs over traditional in-person classes. This trend is particularly significant for international students, as online MBAs allow them to earn globally recognized degrees without the financial burden of relocating. Additionally, scholarships for online MBA programs have made these degrees even more accessible, further reducing the cost of education for students around the world.

Harsh but true: MBA programs are quite expensive. Tuition fees for online MBA programs can range from $10,000 to $80,000 depending on the school and program. However, scholarships can reduce these costs, sometimes covering full tuition. 

In this post, we will explore various scholarship options for students pursuing an online MBA, breaking down the types of scholarships available and offering guidance on applying.

Why Choose an Online MBA

International students rely mostly on online MBA programs due to their flexibility, affordability, and growing reputation. The opportunity to earn an MBA remotely has opened doors for students who may not have the resources or time to move abroad for full-time, on-campus study.

• Flexibility: Online MBA programs allow students to continue working or meet personal commitments while studying. This flexibility is particularly beneficial for students in time zones across the globe, who can often engage in the coursework at their convenience. Recent data from the Financial Times shows that 58% of online MBA students are working full-time while pursuing their degrees.

• Cost-Effectiveness: While tuition for traditional on-campus MBA programs can exceed $100,000 at top universities, many online MBA programs offer more affordable alternatives. You can notice the cost difference between an online MBA program and the in-class MBA program of the same university

• Global Recognition: You don’t need to worry about the validity of your online MBA degree. Many institutions now offer online MBAs that are at par with their on-campus counterparts. Schools like Indiana University’s Kelley School of Business and Warwick Business School consistently rank among the top 10 globally for online MBAs

• Networking Opportunities: Networking is an important part and parcel of an MBA life. While online, students still gain access to a vast network of peers, alumni, and professionals. Online MBA programs now incorporate virtual networking events, global cohorts, and in some cases, optional in-person residencies.

Types of Scholarships for Online MBA Programs

Various scholarships are available based on merit, financial need, diversity, or corporate sponsorships. Understanding the different types of scholarships can help you identify the best options based on your qualifications and background.

1. Merit-Based Scholarships

These scholarships reward academic excellence, leadership skills, and high GMAT or GRE scores. You will be eligible for merit-based awards if you can show consistent academic achievements or strong leadership abilities

2. Need-Based Scholarships

These scholarships consider your financial situation and are designed to support students who would otherwise struggle to afford tuition. According to U.S. News, around 30% of online MBA students in the U.S. receive some form of need-based financial aid each year

3. Diversity Scholarships

These scholarships may be focused on factors such as nationality, ethnicity, gender, or socio-economic background. For instance, the Forte Foundation provides scholarships to women pursuing an MBA, with awards ranging from $10,000 to full tuition 

4. Corporate Sponsorships & Employer Assistance

If you’re currently working while pursuing your MBA, corporate sponsorships and employer assistance programs could be an excellent way to fund your education. Many companies offer tuition reimbursement or sponsorships to employees who pursue an MBA to further their careers. According to the Graduate Management Admission Council (GMAC), 50% of MBA students report receiving financial support from their employers. For example, Deloitte and Amazon are well-known for offering sponsorships to employees pursuing online MBA programs.

Top Scholarships for Online MBA Programs

You cannot prepare a list of this topic. There are several scholarships available for students’ taking admission in online MBA programs. Here are some of the most recognized scholarships that can significantly reduce your tuition costs:

1. Forte Foundation MBA Scholarships

This scholarship is best suited for women looking to enter business leadership. It is exclusively for women. These scholarships are available at participating business schools, and recipients can receive up to full tuition coverage. In 2023, the Forte Foundation awarded over $334 million in scholarships to female MBA students across its partner schools, which include top programs like Wharton, Stanford, and Harvard.

2. QS Leadership Scholarship

This scholarship offers $10,000 to one MBA student each year, based on their ability to inspire and lead in their community. Applicants from all over the world, including those pursuing online MBA programs, are eligible to apply.

3. Commonwealth Distance Learning Scholarships

This program is specifically designed for students from developing Commonwealth countries who want to pursue a master’s degree via distance learning, including MBAs. These scholarships cover the full cost of tuition and even include a stipend for learning materials. 

4. Rotary Foundation Global Grants

The Rotary Foundation offers Global Grants for graduate-level coursework, including MBAs, with a focus on international development and community improvement. These grants are worth up to $30,000 and can cover tuition, travel expenses, and living costs for students studying online or on-campus. 

5. Prodigy Finance MBA Loans with Scholarships

Prodigy Finance primarily offers scholarships to the top 10% of borrowers based on merit. These scholarships can reduce your loan balance by 10% to 50%, providing financial relief alongside the loan.

Conclusion

An online MBA offers a flexible and cost-effective path to a world-class business education, especially for international students. Scholarships can reduce the financial pressure, making these programs easily affordable. With a range of merit-based, need-based, and diversity scholarships, you have multiple opportunities to fund your education. Top business schools like Arizona State University, UNC Kenan-Flagler, Babson College, Temple University, and Auburn University provide multiple scholarship options that can cover a substantial portion of tuition costs.

However, you must keep yourself updated with your target schools so that you don’t miss out on any important notices and application dates. Make sure to craft an winning application essay by highlighting your strengths and potential. 

If you need help in crafting an MBA scholarship essay, we are happy to hop on a 1:1 call and help you strategize your MBA applications to grab the merit-based scholarships.