According to the McKinsey Women in the Workplace report 2022, white women make up 27% of manager positions in the US and women of color make up just 14%. In C-Suite positions, the figures are even more stark. In the US, white women occupy 21% of these high-level positions and women of colour 5%.
That's why many business schools are aiming to increase representation of women in the workplace through master's degree scholarships designed to help women access jobs in management and launch successful careers.
Here is a roundup of some of the best business master’s degree scholarships available for women around the globe.
Best Master's Scholarships For Women
The American Association of University Women (AAUW) scholarship supports female scholars looking to pursue higher educational opportunities in the US.
The fellowship provides support for women who are not US citizens and have earned the equivalent of an American bachelor’s degree in their domestic countries. The aim of the fellowship is to provide women with an opportunity to further their education in the states before returning to their home countries to launch successful careers.
Successful master’s/first professional degree applicants will receive $20,000 in funding.
The Jane M. Klausman (JMK) Women in Business Scholarship program provided by Zonta International operates internationally, offering women from 37 districts scholarships of $5,000.
To this day the scholarship has distributed financial assistance to 713 women around the world. Districts range from Republic of the Congo and Thailand, to Australia and Canada. One applicant from each district can be considered for the international scholarship.
Candidates must be enrolled in an undergraduate program at the time they apply for the scholarship. The scholarship is available to women of all ages who are interested in gaining a postgraduate management education.
The Educational Foundation for Women in Accounting (EFWA) scholarship provides women with mentoring and accessibility to higher education in accounting. The foundation aims to empower women by encouraging them to enter the accounting profession and enabling access to equal opportunities.
The fund offers one-year scholarships ranging from $1,000 to $2,500 each for women interested in graduate scholarships in accounting. Applicants are chosen based on their extracurricular work, academic achievements and financial situation.
Amount: full payment of tuition fees
The British Council Women in STEM scholarship works in partnership with 19 UK universities with the aim of facilitating access to education for women from the Americas, South Asia, East Asia, Western Balkans, Central Asia, Brazil, Egypt, Mexico, and Turkey.
The scholarship provides women with a STEM undergraduate degree to further their education in the UK through a master’s degree in a STEM subject at a leading UK university.
The program aims to empower women looking to expand their careers in STEM-related fields. The main goal is to be a driving force for gender equality in STEM subjects and to increase opportunities for women by providing them with educational opportunities.
At partner universities in the UK, five female students are awarded. The extent of the scholarship may vary slightly but scholars can expect to receive full payment of tuition fees and a strong annual payment to go towards, or cover, accommodation costs and living expenses.
In an effort to break down the barriers for women in finance, FINCAD's scholarship supports women at master's degree level aspiring to pursue careers particularly in financial asset management, market risk management, and derivatives finance within capital markets.
The annual award gives one woman $20,000 to support her masters in finance. FINCAD will pay half directly to the winner and half to their business school to contribute to tuition fees.
Amount: 50% tuition fee payment
As part of a global campaign to increase the representation of women on boards and in leadership and management positions, the 30% Club scholarship partners with leading business schools to offer up to 50% tuition fee payments for female master's candidates.
Partner business schools for master's level degrees include ESMT Berlin which offers one scholarship opportunity up to $10,700 (€10,000). Candidates need to complete a scholarship essay as part of their application demonstrating a clear path towards leadership in their previous experience and aspirations.
HEC Paris is also part of the 30% Club and offers payment of 50% tuition fees for the first year of studies in its two year master's programs.
Top Master's Scholarships For Women Offered By Business Schools
With a commitment to closing the gender gap in business, London's Imperial College Business School offers generous scholarships for women in business across its master's programs.
The Women in Finance scholarship awards $20,000 to female candidates who have a strong first class honours degree or equivalent and can show impressive leadership skills and potential towards a career in finance.
The scholarship is offered across Imperial's Master in Finance, Master in Financial Technology, Master in Finance and Accounting, Master in Investment and Wealth Management, and Master in Risk Management and Financial Engineering.
Imperial College Business School is also partnered with the British Council Women in STEM scholarship program.
Amount: full payment of tuition fees for first year
Also striving to empower female leaders in the traditionally male-dominated world of finance and economics is Italy's Bocconi University.
The Women Awards offers full payment of tuition fees for the first year of study for those applying to Bocconi's Master in Finance program. Those awarded the scholarship can renew for the second year of the program provided they meet the merit requirements.
Amount: up to 70% of tuition fees
Vlerick Business School offers multiple scholarship opportunities across its master's programs for women in business entering a range of fields. Provided candidates also impress in the admissions test, Vlerick's scholarships offer payment of up to 70% of tuition fees.
The Women in Science scholarship is available for those on the Master in International Management and Strategy and the MGM: Business Analytics and AI programs. Whereas for women aspiring towards a career in finance, the Women in Finance scholarship is offered on the Master in Financial Management program.
Amount: $10,700 / $34,200
For women applying to ESMT Berlin's master's degrees, there are a range of scholarship opportunities available.
The Women's Academic Excellence Scholarship offers four scholarships up to $10,700 (€10,000) for those with outstanding academic achievement during their bachelors degree. The scholarship especially welcomes applicants from underrepresented countries in the developing world.
ESMT Berlin has also partnered with capiton to offer the Women in Private Equity scholarship with a commitment to improve the gender imbalance in this industry. Alongside the $34,200 (€32,000) scholarship, the one awarded candidate will also take part in a three to six month internship with capiton, giving them the chance to earn valuable experience in private equity.
Master's programs at ESMT Berlin include: Master in Global Management, Master in Innovation and Entrepreneurship, and Master in Analytics and Artificial Intelligence.