Here are 5 scholarships for business students, including international student and MBA scholarships for 2024. Don’t miss out!
Receiving a scholarship is a great way to lower your tuition expenses and supplement your base income. Applying for a business scholarship is the first step to a lucrative business career that may be pursued while still in college.
Securing business management scholarships can be quite competitive due to the limited number available. As there is a cap on the scholarships awarded, you’ll find yourself vying with other candidates. To enhance your chances of obtaining a scholarship, meticulous planning, diligent effort, and possibly investing in measures to bolster your application are crucial considerations.
Higher education is increasingly in demand as more companies seek managers and business experts with more experience. In addition to aiming for the best undergraduate and graduate programs in business and management, students are also searching for novel approaches to financing their education.
Why Apply For Scholarships for Business Students
The National Center for Education Statistics estimates that about 21 million students will be enrolled in American colleges and universities. Compared to 15.3 million pupils in 2000, this figure is higher. Additionally, the average cost of tuition is rising every year. The average annual tuition cost in public schools was $7,586 in 2000; for private, nonprofit colleges, it was $21,934. The amount doubled in just 14 years, with the average annual tuition for public schools rising to $16,188 and for private, nonprofit colleges to $41,970.
As a result, both the average number of students and the average tuition price rise annually. This indicates that the need for loans and scholarships is growing due to the increasing financial needs of the entering college cohorts. Allow this compilation of resources to assist you in locating more funding for your future degrees in business and management and in broadening your awareness of the variety within the profession.
How to Get Ready for an MBA Scholarship
It will take some time to get ready if you want to be considered for a business scholarship. The following advice will be beneficial to you:
1. Commence early
It is advisable to start working on your scholarship application at least half a year in advance. If you prepare in advance, you will have plenty of time to investigate your alternatives, compile the necessary paperwork, and compose a compelling essay.
3. Make Research
Investigate your alternatives before beginning to work on your application. Find out the requirements for each scholarship you are interested in, including eligibility, deadlines, and selection standards. You may select the best scholarships by reducing your possibilities with the aid of the research.
4. Organize yourself
After determining which scholarships to apply for, you should organize your application. Please make a list of the necessary paperwork and begin assembling it. Before the deadline, be sure you have everything you need.
5. Compose an engaging essay
The essay is one of the most important components of your scholarship application. In your essay, you can explain why you should be awarded the money to the scholarship committee and how it would support your academic and career objectives. Ensure your paper is well-written and persuasive so the committee will have a favourable view of it.
6. Request assistance
Be bold and approach your family, friends, or professors for help if you need it with your essay or application. They can provide you with insightful criticism and assist you in strengthening your application.
Top 5 Best Scholarships for Business Management You Should Apply for in 2024
1. The Stuart Cameron & Margaret McLeod Memorial Scholarship and the IMA Memorial Education Fund Scholarship
The Stuart Cameron & Margaret McLeod Memorial Scholarship (SCMS) and the IMA Memorial Education Fund (MEF) Scholarship are available to students through the Institute of Management Accountants (IMA). The Academic Scholarship Sum is $1,000 to $5,000, and the deadline is February 15.
The IMA is the Association for Accountants and Other Financial Experts in Business. Since its founding in 1919, this group has expanded to include 80,000 active members. The goals of the IMA are to assist and educate management accountants while promoting the field of management accounting.
This goal is furthered via the Stuart Cameron & Margaret McLeod Memorial Scholarship (SCMS) and the IMA Memorial Education Fund (MEF) Scholarship.
The MEF scholarships, which range from $1,000 to $2,500, are offered to IMA student members at the graduate and undergraduate levels. Students who apply for the MEF scholarships automatically receive the $5,000 SCMS award.
Candidates who meet the requirements for the MEF and SCMS scholarships must have a minimum GPA of 3.0 and be enrolled in at least six undergraduate or graduate credits every semester. A student must be an IMA member to pursue a profession in information technology, financial management, or management accounting.
All applicants require an application form, CV, official transcripts, two references, and a written statement of up to two pages. The IMA scholarships are available through applications only through February 15.
2. AGORAPULSE Social Media Management Scholarship
The scholarship awarded by AGORAPULSE Social Media Management is for $1,000, and December 15 is the deadline.
A $1,000 social media management scholarship from Agorapulse is available to a student interested in the field. Agorapulse is a highly regarded social media platform that assists professionals and companies in efficiently managing and utilizing their social media accounts on one platform.
They are looking for students who are interested in social media management and have original ideas. High school and college students pursuing degrees in business, marketing, computer science, communications, or information technology are eligible to apply for this very competitive prize.
Students who meet the requirements can begin applying in January and must complete an online scholarship application. The essay, which serves as the application’s main component, allows students to discuss their opinions on social management.
To achieve business objectives, students must articulate in at most five paragraphs what they have seen about or have personally experienced, as well as best practices for enhanced brand exposure and engagement on social media platforms. Every year in December, a very competitive scholarship is given out.
3. AICP Scholarship
The scholarship amount is $1,500 and June 3 is the deadline. Three winners will each receive a $1,500 grant from the Association of Insurance Compliance Professionals (AICP).
The goal of the AICP is to assist the community with insurance compliance. This group seeks to advance knowledge and understanding in the insurance sector by offering educational opportunities, fostering connections, and facilitating information sharing among members of this ever-changing profession.
Full-time students pursuing undergraduate or graduate degrees in statistics, insurance, actuarial science, economics, finance, management, mathematics, risk management, or a discipline connected to business can apply for this scholarship program.
Applicants who meet the requirements must be enrolled full-time, in their second semester of a sophomore year at an authorized university, and have a GPA of at least 3.0. Although this application has no renewal period, previously rewarded candidates may reapply yearly.
All applicants require a completed application, an official transcript, a CV, a letter of recommendation, and an essay outlining the candidate’s motivation to pursue a career or study in the insurance industry.
A teacher, employer, business or civic leader, or church member must write the recommendation letter. Applicants will be selected based on their interest in the insurance industry, extracurricular activities, and GPA. The deadline for applications to the AICP Scholarship Program is June 3.
4. Brightest Minds Scholarships For MBA Students
The scholarship amount is $25–25,000, and the deadline is April 30. The Economist is the sponsor of The Brightest Minds MBA Scholarship Contest, a GMAT-focused competition for prospective MBA and EMBA candidates.
The Economist is a daily and online news source founded in 1843 based in New York, London, and San Francisco. It produces rankings for business schools and MBA programs and news in science, technology, business, politics, and finance. Six winners will receive scholarships for finishing a full-length GMAT practice exam.
The top scorer will earn a $25,000 scholarship to one of the nine participating business schools, and five randomly selected entries will each receive a $25 Amazon Gift Card.
Applicants who meet the requirements might consider obtaining an Executive Master’s or Master’s in Business Administration.
The $25,000 awarded as a scholarship must be applied to one of the following colleges’ sponsored business schools: EMLYON Business School, Lancaster University, Baruch College, CUNY, MIT, University of California San Diego, Queen’s University, University of Virginia, Stevens Institute of Technology, Pepperdine University, York University, University of Edinburgh, or University of Virginia.
Candidates must complete a 75-minute verbal and 75-minute quantitative practice exam for the GMAT. The application date for students to submit their practice exam and application is April.
5. Cognizant Accelerate Diversity Scholarship Program
$5,000 is the scholarship amount, and the final date is March 31. Students majoring in business and STEM fields can apply for the Accelerate Diversity Scholarship Program offered by New Jersey-based IT company Cognizant.
This Fortune 500 corporation uses 100 development and delivery centres worldwide to provide business process, IT, and consulting services.
Cognizant currently has approximately 244,000 workers, and it wants to attract and nurture a broad pool of talent in the future. To stay ahead of the competition in the current global economy, Cognizant is aggressively seeking a wide range of talent pools. A $5,000 scholarship will be awarded to those who are chosen.
The candidate must be a citizen of the United States at the time of application and a sophomore or junior in a four-year college. Students must study STEM or business to pursue a career in information technology or associated business services.
Candidates must fill out an application, send a CV, and provide a transcript from their institution. Each applicant’s responses to two out of four diversity-related questions form the basis of the application.
Written essays must be submitted for one prompt, and three minutes must be allotted for a video answer. The application deadline is August 1, 2023, through March 31, 2024.
Frequently Asked Questions
1. What are some of the biggest scholarships in Business Management?
Several prominent scholarships are available for Business Management students. Some notable ones include:
- The Stuart Cameron & Margaret McLeod Memorial Scholarship and the IMA Memorial Education Fund Scholarship
- AICP Scholarship
- Brightest Minds MBA Scholarship Contest
2. Which is the best scholarship for an MBA?
Determining the best MBA scholarship depends on various factors like eligibility, personal goals, and the specific focus of the scholarship. However, scholarships from top business schools, such as Harvard Business School’s need-based fellowships, are highly regarded.
3. Are there country-specific scholarships for Business Management students?
Yes, there are country-specific scholarships tailored for Business Management students. These scholarships may be offered by government agencies, educational institutions, or private organizations and aim to support students from specific countries in pursuing their studies abroad or domestically.
4. What role does academic excellence play in securing MBA scholarships?
Academic excellence often plays a significant role in securing MBA scholarships. Many scholarship programs consider a candidate’s GPA, previous academic achievements, and standardized test scores. A strong academic background can enhance an applicant’s competitiveness for scholarships.
5. Can MBA scholarships cover living expenses in addition to tuition?
While many MBA scholarships primarily cover tuition fees, some scholarships may also include allowances for living expenses. However, the extent of living expense coverage varies among scholarship programs. Applicants should carefully review the terms and conditions of each scholarship to understand the financial support provided.
6. Are there scholarships specifically for underrepresented groups in Business Management programs?
Yes, there are scholarships specifically designed to promote diversity and inclusion in Business Management programs. These scholarships target underrepresented groups, including minorities, LGBTQ+ individuals, and those with disabilities, providing financial support and fostering a more inclusive educational environment.
7. How do industry-specific scholarships benefit Business Management students?
Industry-specific scholarships benefit Business Management students by offering targeted support for those pursuing careers in specific sectors such as technology, healthcare, or finance. These scholarships often come with additional networking opportunities, mentorship programs, and industry exposure, contributing to the students’ professional development.
8. Are there merit-based scholarships for MBA programs?
Yes, there are many merit-based scholarships for MBA programs. These scholarships recognize outstanding academic achievements, leadership skills, and professional accomplishments. Applicants with a strong track record of merit in their academic and professional endeavors are often well-positioned to secure these scholarships.