Pursuing a Master of Business Administration (MBA) is a significant step toward advancing one’s career, acquiring strategic leadership skills, and opening doors to global opportunities. However, the high cost of an MBA program, especially at top business schools, can be a major hurdle for many aspirants. Fortunately, a wide range of scholarships are available worldwide to help offset the financial burden. These scholarships, offered by prestigious institutions, governments, and private organizations, are not just financial aids—they are endorsements of a student’s potential to lead and innovate in the business world.
Below is a curated list of the best MBA scholarships globally, recognized for their competitive nature, comprehensive benefits, and the career advantages they bring.
1. Harvard Business School – HBS Fellowships (USA)
Harvard Business School offers need-based fellowships to both domestic and international MBA students. These fellowships are awarded based on demonstrated financial need and typically average $40,000 per year. What makes HBS Fellowships exceptional is their commitment to affordability, ensuring that talented students from all economic backgrounds can attend.
Eligibility: Financial need
Amount: Up to $80,000 over two years
Application: Automatically considered after admission
2. Stanford GSB – Knight-Hennessy Scholars (USA)
Stanford Graduate School of Business partners with the Knight-Hennessy Scholars program to provide full funding for the MBA program. It covers tuition, living expenses, and travel. In addition to financial support, scholars benefit from leadership development programs and global networking opportunities.
Eligibility: All nationalities; requires separate application
Amount: Full funding
Application Deadline: September (year before enrollment)
3. INSEAD – Diversity and Excellence Scholarships (France/Singapore/Abu Dhabi)
INSEAD offers a variety of scholarships based on merit, diversity, and financial need. One of the most prestigious is the INSEAD Diversity Scholarship, which seeks to enhance the multicultural classroom experience. Awards range from €10,000 to €30,000.
Eligibility: Varies by scholarship; all students considered
Amount: Up to €30,000
Application: Requires separate scholarship essays
4. London Business School – Funded Scholarships (UK)
London Business School (LBS) offers multiple scholarships, including the London Business School Fund Scholarship and the Laidlaw Women's Leadership Fund. These scholarships are highly competitive and are awarded based on merit, need, and commitment to diversity.
Eligibility: All admitted MBA candidates
Amount: Partial to full tuition
Application: Some scholarships require essays or interviews
5. Rotman School of Management – Rotman Entrance Awards (Canada)
The University of Toronto’s Rotman School of Management offers numerous entrance scholarships, fellowships, and awards for MBA students. Scholarships include the Rotman Entrance Awards and the Rotman Indigenous & Black Student Scholarships, reflecting the school's commitment to inclusion.
Eligibility: All applicants automatically considered
Amount: Varies; up to full tuition
Application: Some scholarships require essays or interviews
6. DAAD Scholarships for MBA Programs (Germany)
The German Academic Exchange Service (DAAD) offers scholarships for international students pursuing MBA programs in Germany, such as the MBA in International Management at Hochschule Offenburg or the MBA at Mannheim Business School. These scholarships cover tuition fees and monthly stipends.
Eligibility: Graduates from developing countries
Amount: Tuition + living expenses + travel
Application Deadline: Varies by program
7. Chevening Scholarships (UK)
Funded by the UK government, Chevening Scholarships are offered to outstanding emerging leaders from over 160 countries. While not MBA-specific, many Chevening Scholars pursue MBA degrees at top UK institutions such as Oxford, Cambridge, and LBS.
Eligibility: Based on leadership potential and academic merit
Amount: Full tuition, stipend, travel
Application Deadline: November (year before enrollment)
8. Fulbright Foreign Student Program (USA)
The Fulbright Program offers scholarships to international students who wish to pursue graduate studies, including MBAs, in the United States. It covers tuition, airfare, a living stipend, and health insurance.
Eligibility: Non-U.S. citizens; academic excellence
Amount: Full scholarship
Application: Through U.S. embassies or Fulbright Commissions
9. Skoll Scholarship – University of Oxford (UK)
Offered at the University of Oxford’s Saïd Business School, the Skoll Scholarship is designed for MBA students with a strong background in social entrepreneurship. It covers the full cost of tuition and includes a living stipend.
Eligibility: Social entrepreneurs with a proven impact
Amount: Full tuition + living expenses
Application Deadline: January (round 2 admissions)
10. Asian Development Bank – Japan Scholarship Program (Asia-Pacific)
This program is aimed at citizens of ADB’s developing member countries who wish to pursue postgraduate studies in economics, management, science and technology, and other development-related fields. It funds studies in partner universities such as the University of Tokyo and the Asian Institute of Management.
Eligibility: Citizens of eligible ADB countries
Amount: Full tuition + monthly allowance
Application Deadline: Typically between March and May
Tips for Securing an MBA Scholarship
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Start Early: Application deadlines often fall months before MBA program deadlines.
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Tailor Your Application: Customize essays and documents for each scholarship.
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Demonstrate Impact: Show your leadership potential, professional achievements, and community involvement.
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Highlight Financial Need (if applicable): Many scholarships are awarded based on a combination of merit and financial need.
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Engage with Alumni: Networking with past recipients can provide valuable insights and mentorship.
Conclusion
Securing an MBA scholarship can be life-changing, turning an expensive dream into a realistic and achievable goal. With strategic planning, strong academic and professional records, and a compelling personal story, candidates from all backgrounds have the opportunity to benefit from world-class education without financial strain. As business schools and governments continue to emphasize diversity and inclusion, the number and range of scholarships are expanding—making now an excellent time to pursue global MBA opportunities.