MBA degrees are expensive but there are ways to make them cheap through scholarships and other financial aid options. In this article, I have exposed some of the best online MBA scholarships that allow you to get your MBA degree online more cheaply and flexibly.
Among the most sought-after or most in-demand master’s degrees globally is the Master of Business Administration (MBA) at the top of the list. It is also the most popular graduate degree in the world and getting one will set you up for guaranteed success in the business field.
Being a popular degree means that almost every higher institution in the world offers the program but some are ranked higher than others in the aspect of quality academic offering. To make MBA education as accessible for everyone as possible, many institutions began offering the program online.
Getting an MBA degree online is one of the best things you can do for yourself. You get to enjoy all the benefits that come with online education such as flexibility, self-paced learning, accelerated pathways, cheaper tuition fee, connecting with a wide network of professionals, and many more.
Online education is the latest learning trend these days and presents a perfect opportunity for you to earn your MBA degree in the most convenient way ever. You can learn from the comfort of your home, you can learn while at work, and you can also learn from anywhere convenient enough for you to learn. It is almost perfect.
Enrolling in an online MBA program is easy, you simply need to have appropriate online learning devices, meet the requirements, pick a focus if you want, apply, and get learning. Yes, there are different specializations, focuses, or concentrations in MBA and you can pick a focus if you like.
To help you understand this MBA specialization thingy allow me to direct you to my previous post on online MBA in Finance if you want to get an MBA with a specialization in Finance, and if you want to focus your graduate business education on healthcare, my post on MBA in Healthcare Management should set you on the right path.
And lastly, our post on online MBA in Project Management is for those interested in specializing in project management.
Getting an MBA degree is an exciting journey but the one thing that disrupts this flow is finance. Many business professionals cannot get an MBA due to lack of funds and I do not blame them, an MBA is expensive whether online or offline, it is costly.
The cost of an MBA is between $30,000 to $100,000 per year depending on the school offering the program, your specialization, and residency status.
But this cost is for the in-person MBA program, which I mentioned earlier that it is more costly compared to an online MBA program. My recent article on the best online MBA programs in Florida features some MBA programs with tuition fees between $12,000 and $15,000 per year and the degrees are legit, offered by top universities in Florida. This is quite on the low side and you may want to check them out.
But it is not every time that you get to see such cheap online MBA programs and the best way to fund your MBA education or lower the cost is by looking for scholarships. Searching for scholarships is so easy task, you won’t know which are fake or legit, or which ones are currently ongoing. It is, overall, a daunting task.
Rather than going through all that stress, just read through this post to find a scholarship that can help fund or reduce the cost of your online MBA program.
Best Online MBA Scholarships
There are traditional MBA scholarships, online MBA scholarships, and then MBA scholarships specifically for women. This post presents to you the best online MBA scholarships that you can apply for to lower the cost of your MBA program. Some are fully funded while others are partially-funded, whichever one it is, they are all established for the same purpose.
As I mentioned earlier, finding a scholarship is a hard task, fortunately, this post will help you not to go through any of that. I have done in-depth research to present these online MBA scholarships to you and you can begin applying almost immediately.
Each of the online MBA scholarships comes with different amounts, criteria, and eligibility requirements. The scholarships are usually offered by universities, state or federal government, organizations, wealthy individuals, or alumni.
An important note you do not want to miss is that you must be an applicant for the MBA program of the school offering the online MBA scholarship or have already been accepted into the program. This is usually the first step to start applying for any online MBA scholarships and getting considered.
So, without wasting any more time let us get into the best online MBA scholarships…
1. Imperial College Business School Global Online MBA Scholarships
Imperial College Business School is the business school of Imperial College London and one of the best business schools in London. This business school offers some of the best online MBA programs in the world and compensates with various scholarship offers to help fund your online MBA and make you concentrate on your degree without bothering about finance.
There are nine (9) scholarships, awards, and bursaries in number available to all self-funded candidates who meet the criteria, entry requirements, and application deadlines. These scholarships are:
· Africa Regional Scholarship
Amount – £10,00
This is one of the online MBA scholarships offered by Imperial College Business School, it is open to applicants who are residents of one of the 54 African countries. A strong overall application with a background of outstanding academic performance, career potential, references, and personal statement are the requirements.
· Aziz Foundation Award
Amount – Full tuition fee
Open to Muslim applicants active in British Muslim communities. Requirements include submitting a statement of 1,000 words. This is one of the online MBA scholarships offered by Imperial College Business School.
· Black Future Leader Award
Amount – covers half of the tuition fee
This is one of the online MBA scholarships offered by Imperial College Business School and it is open to applicants from black or mixed black backgrounds from all regions with an excellent track record of leadership or leadership potential and outstanding academic performance.
· Deans Impact Scholarship
Amount – £20,000
This is one of the online MBA scholarships offered by Imperial College Business School offered to applicants who demonstrate impact in entrepreneurship, tech & innovation, sustainability, social impact, and leadership.
· Imperial Excellence Scholarship
Amount – £10,000
This is one of the online MBA scholarships offered by Imperial College Business School offered by merit. It is available to all applicants with an excellent performance in their application and interview performance, strong professional or internship experience, and leadership potential.
· LATAM Regional Scholarship
Amount – £10,000
This is one of the online MBA scholarships offered by Imperial College Business School to all applicants who are from any of the 20 Latin American countries. Requirements include possessing a strong application with outstanding academic performance, career potential, references, and personal statement.
· LGBTQ+ Scholarship
Amount – £15,000
The LGBTQ+ Scholarship is one of the online MBA scholarships offered by Imperial College Business School. It is open to all students who are part of, or allies to, the LGBTQ+ community. You are required to have a strong track record of promoting diversity and inclusion and the desire to drive initiatives to encourage LGBTQ+ in business education.
· Women’s Scholarships
Amount – £15,000
This is one of the online MBA scholarships offered by Imperial College Business School to women with outstanding academic achievement and professional excellence with a commitment to supporting women in business.
· Imperial Loyalty Bursary
Amount – 10% reduction in total fees
Open to applicants who completed an undergraduate or graduate degree at Imperial College London.
These are brief information on all the online MBA scholarships at the Imperial College Business School. Find out more details on each of the scholarship offerings via the link below.
2. The Durham MBA Online Scholarships
Durham University Business School is offering three different scholarships to 15 candidates who are applying for the online MBA program. To be considered for the scholarship, you must have an excellent academic background, outstanding professional experience, involvement in extracurricular activities, involvement in volunteering, and community support.
The three scholarships are:
- Executive Dean – £15,000
- Executive Dean for Women in Business – £15,000
- Achievement – £8,000
3. UNICAF Online MBA Scholarships
UNICAF offers generous online MBA scholarships to support students and help them fund their online MBA degrees wherever they are in the world. Scholarships are awarded based on merit or academic performance, financial ability, and residency status.
You must be applying for entry into the online MBA program at UNICAF or one of its subsidiaries to be considered for this scholarship.
4. FIU Professional MBA Online Scholarships
Florida International University business school offers one of the top online MBA programs in Florida and it is also cheap. To further encourage students, FIU is offering a merit-based scholarship worth $15,000 to students who are applying for the Professional MBA online.
To be considered for the scholarship, you must possess excellent academic performance with a GPA of 3.0 or higher at the 10th course in the program. To see how you can apply and begin your application for this scholarship, follow the link below.
5. David Eccles School of Business Online MBA Scholarships
David Eccles School of Business is the business school of the University of Utah. The school offers varieties of scholarships to assist students in the online MBA program and lower the cost of tuition which is $64,000 for the entire cost of the program.
The Admissions Scholarships are available to students that are recently admitted into the online MBA program. You must submit your application for this scholarship by the final application deadline, also, it is awarded on a first-come, first-serve basis, so, you may want to apply early.
You can apply for one Admissions scholarship and won’t be eligible after you have started the program. Your admission interview, essay, professional experience, GPA, and GMAT or GRE score are used to evaluate you for this scholarship.
Other scholarships are:
· GMAT/GRE Scholarship
Amount – $7,500
This is a scholarship automatically awarded to students with a high GMAT or GRE score. Your GMAT or GRE must have been taken within the last five years.
· Double Ute Scholarship
Amount – $3,000
This scholarship is for newly admitted online MBA students who earned the following graduate business degrees from David Eccles School of Business: MAcc, MSF, MSBA, MSIS, or MRED. You will be automatically considered for this scholarship.
· Diversity and Inclusion Scholarship
Amount – $4,000
This is a scholarship awarded to applicants who have contributed to the advancement of underrepresented populations. You will need to write an essay of about 500 words to be considered for this scholarship.
· Community Impact Scholarship
Amount – $4,000
This is one of the online MBA scholarships from the David Eccles School of Business. It is awarded to candidates who have shown exceptional leadership in the public sector or within non-profit organizations and have contributed positively to their community. You will need to write an essay of about 500 words to be considered.
· Advancing Women in Business Scholarship
Amount – $4,000
This scholarship is for women who want to enroll in the online MBA program at David Eccles School of Business. It is awarded to female applicants who have contributed to the growth of women in business through professional mentorship, personal mentorship, or community involvement. It is open to all gender identities that empower women in business.
There are also other external and additional scholarships offered by the university that you can apply for and apply towards your online MBA degree. Follow the link below to learn more about each of the scholarships above and start applying.
6. Jenkins Online MBA Scholarships
North Carolina State University or NC State is offering varieties of assistantships and scholarships for MBA candidates. There are only two online MBA students which are the Jenkins MBA Scholarship and the Dr. Emol A. Fails Graduate Fellowship.
Recipients of any of these scholarships are required to maintain a minimum of 3.0 GPA and possess excellent academic qualifications.
7. Baylor University Online MBA Scholarships
Baylor University is one of the biggest offers of online degree programs including an MBA and offers varieties of scholarships and other financial aid options to both its online and offline students. The scholarships are set up to help students reach their goals without the heavy weight of finance pulling them down.
There are five scholarships for the online MBA at Baylor University and each is worth $6,000. A student can only receive just one scholarship and could be awarded at the time of admission. Learn more about each of the universities in the link below.
8. Maastricht School of Management Online MBA Scholarships
Maastricht School of Management is a business and management school in the Netherlands offering a range of undergraduate and graduate business and management degrees, certifications, and diplomas. The school also offers an online MBA program with varieties of scholarship opportunities to make your MBA degree as convenient as possible.
There are 11 scholarships offered to online MBA candidates, each with its specific criteria and eligibility requirements. About half of the scholarships cover up to 50% of your tuition while the others cover 25% of your tuition. Begin your application to the online MBA program on time to increase your chances of receiving a scholarship.
And with this, I wrap up the post on the best online MBA scholarships and I hope they have been helpful. There are other ways to reduce the cost of your online MBA tuition, you can check out my post on the cheapest online self-paced colleges where I outlined some colleges that offer some of the cheapest tuition for their programs.
Online MBA Scholarships – FAQs
How can I get a full scholarship for MBA?
To get a full scholarship for MBA you need to possess an outstanding academic background, strong professional experience, a high GPA and GMAT or GRE score, and be involved in your community with a positive impact. Along with these, you also need to look for full scholarships for MBA to apply for.
Are there online MBA scholarships?
Yes, there are online MBA scholarships some of which have been discussed in this article.
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Thaddaeus is a lead content creator at SAN with over 5 years of experience in the field of professional content creation. He has written several helpful articles for Blockchain projects in the past and even recently but since 2020, he has been more active in creating guides for students who want to study abroad.
When he's not writing, he's either watching anime, making a delicious meal, or definitely swimming.