A lot of people think that an MBA is out of their league because of the cost that is involved. It is certainly true that MBAs are expensive degrees, particularly if they are also AACSB (Association to Advance Collegiate Schools of Business) accredited. This is due in part to the fact that it is such a high quality degree, and because those who take part in these degrees are expected to already hold a management position and therefore have above average earnings.
Fortunately, an MBA does not have to be unaffordable. Firstly, you can find affordable programs by doing your research into the different schools and their methods of delivery. Secondly, there are a lot of scholarships available for MBA students. Scholarships can help you pay for some, or all, of your education. You should endeavor to apply for as many as you can, in order to have the maximum chance of being awarded some. Let’s take a look at what we believe to be the top 25 scholarships for this.
1. The Marc Beaumont Scholarship Fund
This scholarship was established to honor Marc Beaumont, who was COO of Capcom North America and Europe. It is managed by the Academy of Arts and Sciences and is designed for those who intent to use business skills in the industry of art and entertainment.
Amount: $2,500
Concentrations considered: Finance, law, executive leadership, business management
Application deadline: March
Requirements: GPA of 3.3, enrolled in full time education
Renewable/Reapplication: No
Scholarship website: Marc Beaumont Scholarship Fund
2. Women in Public Finance Scholarship
The Women in Public Finance organization has chapters all over the country, which provide scholarships to women who want to become involved in business studies.
Amount: Varies
Concentrations considered: Business management with law, accounting, or finance concentration
Application deadline: August
Requirements: Senior high school year, must demonstrate leadership skills (through sport achievements, extracurricular activities, and more), essays, being female
Renewable/Reapplication: No
Scholarship website: Women in Public Finance Scholarship
3. Cappex Business Majors Scholarship
Cappex is the go to source for people looking for scholarships. Besides pointing students in the right direction, they also offer their own scholarship. Surprisingly, relatively few students currently apply for this scholarship, perhaps because it is not well-known yet. As a result, the chance of getting it is quite high.
Amount: $1,000
Concentrations considered: Business, legal studies, business law, business administration, finance, accounting
Application deadline: December
Requirements: Must be enrolled in an accredited program, students must take part in extracurricular activities and show leadership potential
Renewable/Reapplication: Yes
Scholarship website: Cappex Business Majors Scholarship
4. NFIB Young Entrepreneur Awards
The NFIB Young Entrepreneur Awards offer very high amounts. They have been created in order to make sure young people across our nation gain a greater awareness of entrepreneurship and private enterprise’s role in building the country. The scholarships have been available since 2003, and the organization has awarded over $2.5 million to some 2,500 students since then.
Amount: 95 awards of $2,000, three awards of $10,000, one award of $15,000, and one award of $25,000
Concentrations Considered: Any
Application deadline: January
Requirements: High school senior, enrolling in a not for profit, accredited university, applicants must run their own small business
Renewable/Reapplication: No
Scholarship website: NFIB Young Entrepreneur Awards
5. John L. Carey Scholarship Program
This program has been designed to help people who hold a non-business undergraduate degree and who want to obtain CPA designation through accounting graduate studies. Most students use the award to pay for their examination, or for study materials to prepare themselves for the CPA exam.
Amount: $5,000
Concentrations considered: Graduate study
Application deadline: December and April
Requirements: Non-business undergraduate degree, less than 12 credits in business or accounting during undergraduate program, be enrolled or in the process of enrollment at ACBSP or AACSB International program, not be enrolled in a graduate accounting program, wanting to obtain CPA certification
Renewable/Reapplication: Yes
Scholarship website: John L. Carey Scholarship Program
6. Ritchie-Jennings Memorial Scholarship
This scholarship has been created in honor of Tracy Ritchie and Larry Jennings, two fraud investigators who were shot and killed in a terrorist attack in Karachi, Pakistan in 1997. It is made available by the Association of Certified Fraud Examiners (ACFE) for those who have a strong accounting background. However, it is not solely available for those with accounting majors. The amount awarded to each student depends on their application materials, their achievements, and their demonstrated need.
Amount: 29 awards of between $1,000 and $10,000
Concentrations considered: Fraud related
Application deadline: October
Requirements: Essay, three letters of recommendation, must be enrolled (full time or part time) at an approved institution
Renewable/Reapplication: No
Scholarship website: Ritchie-Jennings Memorial Scholarship
7. Mary Elizabeth Lockwood Beneventi MBA Scholarship
This scholarship is provided by the Daughters of the American Revolution. It is available for those enrolling or enrolled in an MBA program. It is a needs based scholarship. The organization also provides a number of other scholarships that may be applicable to MBA students.
Amount: $2,000
Concentrations considered: MBA
Application deadline: Rolling
Requirements: Must be enrolled in AACSB accredited school, GPA of 3.25 minimum, essays, transcripts, application, letters of recommendation
Renewable/Reapplication: No
Scholarship website: Mary Elizabeth Lockwood Beneventi MBA Scholarship
8. Direct Marketing/Marketing EDGE Educational Foundation Scholarship Program
This is a scholarship available to undergraduate students currently enrolled in a business program who want to have a focus on marketing. Students can focus on any element of the marketing industry, including email marketing, direct paper mailings, and more. They now offer 10 different scholarship funds in varying amounts.
Amount: Varies
Concentrations considered: Marketing concentration or minor
Application deadline: Varies
Requirements: GPA of 3.0, concentration or minor relating to marketing, transcripts, letters of recommendation, essays
Renewable/Reapplication: No
Scholarship website: Direct Marketing/Marketing EDGE Educational Foundation Scholarship Program
9. Robert J. Yourzak Scholarship Award
This scholarship is made available by the Project Management Institute. It is for students who demonstrate financial need and who have leadership skills.
Amount: $2,000
Concentrations considered: Accounting, finance, executive leadership, business management, business administration, project management
Application deadline: May
Requirements: Two essays, resume, three letters of recommendation, transcripts, must be enrolled at an accredited institution
Renewable/Reapplication: Yes
Scholarship website: Robert J. Yourzak Scholarship Award
10. Miller Coors U.S. Education Leadership Fund
While this scholarship is available to a range of different study concentrations, it is almost exclusively awarded to those who are enrolled in a program with a business major such as finance, accounting, or business management. The Adelante Fund, which offers this scholarship, also offers a number of other scholarships and grants.
Amount: $3,000
Concentrations considered: Broad range of concentrations, but all relating to the field business
Application deadline: September
Requirements: Student must be of Hispanic background, must be enrolled in an approved study program, must show leadership skills, GPA of 3.0 minimum, must attend the annual leadership summit
Renewable/Reapplication: Yes
Scholarship website: Miller Coors U.S. Education Leadership Fund
11. Golden Key Undergraduate Achievement Scholarship
Golden Key offers a range of different scholarships and awards for various students. Their main focus, however, is on those enrolled in business programs who show excellent leadership skills.
Amount: $5,000
Concentrations considered: Any at undergraduate level
Application deadline: October
Requirements: Must show leadership qualities in their program, personal statement, one professional reference, transcripts
Renewable/Reapplication: No
Scholarship website: Golden Key Undergraduate Achievement Study
12. Gates Millennium Scholars
This is a scholarship provided by the Bill and Melinda Gates Foundation. It is an annual scholarship designed to help students who have demonstrated both financial need, and excellent leadership skills and capabilities. Up to 1,000 awards are provided each year.
Amount: Varies, up to $10,000
Concentrations considered: Any
Application deadline: January
Requirements: Essays, professional recommendations, transcripts, resume, must be of a minority ethnic background, GPA of 3.3 minimum, must be a first year student
Renewable/Reapplication: No
Scholarship website: Gates Millennium Scholars
13. Dell Scholars Program
Students can apply for this significant scholarship ($20,000) if they are able to demonstrate excellent academic promise and performance, as well as leadership skills.
Amount: $20,000
Concentrations considered: Business or technology major
Application deadline: Announced in April
Requirements: High school senior or college student, GPA of 2.4 minimum
Renewable/Reapplication: No
Scholarship website: Dell Scholars Program
14. Buick Achievers Program
This scholarship is available for those who demonstrate financial need. They must also show that they have leadership skills and that they have applied these in the local community. The awards are funded by the GM Foundation.
Amount: Ranges from $2,000 to $25,000
Concentrations considered: Business related STEM discipline
Application deadline: Varies
Requirements: Must be enrolled in an undergraduate degree, letters of recommendation, resume, community work proof, transcripts
Renewable/Reapplication: Yes
Scholarship website: Buick Achievers Program
15. Scarlett Family Foundation Scholarships
These scholarships are available to students from Tennessee who are able to demonstrate financial need. The award that is give will vary depending on the related qualifications and financial need of the student.
Amount: $2.500 to $15,000
Concentrations considered: Accounting, finance, leadership, administration, business management
Application deadline: Announced in September
Requirements: Enrolled in a four year business degree, GPA of 2.5, demonstrate financial need
Renewable/Reapplication: Not renewable, students can reapply
Scholarship website: Scarlett Family Foundation Scholarships
16. AFCEA Young Entrepreneur Scholarship
This scholarship is funded by the AFCEA and provided by various schools across the country. Various awards are provided, each one having a value of $2,000.
Amount: $2,000
Concentrations considered: Business and entrepreneurship related fields
Application deadline: Varies
Requirements: Student must run their own small business, GPA of 3.0 minimum, personal statement, resume
Renewable/Reapplication: No
Scholarship website: AFCEA Young Entrepreneur Scholarship
17. IMA Memorial Education Fund
This award is administered by the Institute of Management Accountants (IMA). It is available to graduate and undergraduate students alike. Decisions on awards are made based on demonstrated qualifications. The IMA offers a number of other scholarships and grants as well.
Amount: $1,000 to $5,000
Concentrations considered: Varies
Application deadline: February
Requirements: Must be enrolled full time in an accredited, four year program
Renewable/Reapplication: Yes
Scholarship website: IMA Memorial Education Fund
18. GEICO Achievement Awards
This is an award available to those who have shown excellent leadership skills within the community, and now have attained excellent academic skills as well.
Amount: $1,000
Concentrations considered: Technology, mathematics, finance, business
Application deadline: Varies
Requirements: GPA of 3.0, sophomore or junior, full time student
Renewable/Reapplication: Yes
Scholarship website: GEICO Achievement Awards
19. RentDeals.com Scholarship for Business Students
RentDeals.com offers scholarships to three students each year. The programs they have available are the Beautiful Minds Scholarship, the First Things First Scholarship, and the Dreamer Scholarship
Amount: $1,000
Concentrations considered: Management or business
Application deadline: Varies
Requirements: GPA of 3.0 minimum, essay, letter of recommendation, college or university enrollment, resume
Renewable/Reapplication: No
Scholarship website: RentDeals.com Scholarship for Business Students
20. Diabetes Scholars Foundation Award
This is the only scholarship in the country for which only those with type 1 diabetes can apply. The organization also provides financial assistance to type 1 diabetes patients and their families who wish to visit the foundation’s annual conference.
Amount: Between $1,000 and $5,000
Concentrations considered: Any
Application deadline: Varies
Requirements: Must be senior high school students, must have type 1 diabetes
Renewable/Reapplication: No
Scholarship website: Diabetes Scholars Foundation Award
21. A&F Business Consultants Scholarships
The A&F (Abbott and Fenner) company awards multiple $1,000 scholarships each year to students enrolled in a four year degree with a business concentration. The company wants to recognize and support those who have the ambition and desire to succeed.
Amount: $1,000
Concentrations considered: Business management or other forms of leadership
Application deadline: June
Requirements: High school juniors and seniors, essay
Renewable/Reapplication: Yes
Scholarship website: A&F Business Consultants Scholarship
Resources and References:
The Association to Advance Collegiate Schools of Business (AACSB) – Accrediting organization for business schools. (AACSB.edu)
The American Institute of Certified Public Accountants (AICPA) – Association for CPAs. (AICPA.org)
Accreditation Council for Business Schools and Programs (ACBSP) – Accrediting body for business schools. (ACBSP.org)
