Fortunately, there are numerous types of MBA scholarships available. Whether you are an ethnic minority, a member of the LGBTQ+ community, or top of your class, there are programs all over the world that can offer full or partial funding, including those provided directly by business schools.
Even if money isn’t a concern, there are still plenty of reasons to consider putting your name in. From increased networking opportunities to the chance to work with industry professionals, receiving a scholarship offers more benefits than just financial support.
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1. Exclusive networking
One of the greatest parts of being accepted into a scholarship program is gaining access to a network of other like-minded professionals and students.
Whether it’s being informed of new job opportunities or simply having others to bounce ideas off, being part of a group can make a massive difference to your future career.
For example, the Forté Foundation Fellowship provides numerous global platforms where its members—mostly women—can connect. You can attend online workshops, join MBA forums, or engage in leadership conferences headed by top industry professionals to make new contacts and develop relationships.
One way to find out about scholarships is to attend events hosted by organizations such as The MBA Tour and The Master’s Tour, including Women in Business breakfasts and The MBA and Master’s Tour for Black, Hispanic, and Native candidates. These events take place in various locations globally.
"Attending these types of networking events will help you connect with faculty and MBA students. Plus, you will learn more about a business school and available scholarships, like Forté Fellowships," says Elissa Sangster, CEO of the Forté Foundation.
2. Improving your MBA resume
Aside from the practical benefits, simply being able to list a scholarship on your MBA resume can open many doors.
Particularly for those who apply for scholarships based on merit, being awarded one is a major plus for potential employers. Most scholarships are highly competitive. Obtaining one proves that you not only possess natural skill but also the hard work and determination needed to turn your abilities into a company asset.
3. More time to focus on your MBA studies
Easing the financial burden of paying for an MBA can also give you more time to focus on the course itself. Instead of spending your evenings working part-time, you can commit to catching up on course reading, watching seminars, or developing your own projects.
4. More time for extracurricular activities
Another advantage of landing an MBA scholarship is the increased freedom it gives you to factor socializing and other extracurricular activities into your budget. Often, some of the most valuable experiences an MBA offers include the chance to go on trips, attend events, and get to know your fellow candidates.
"It alleviated financial pressure, allowing me to fully engage in LBS’s academic and extracurricular activities. For example, I currently co-lead the Africa Business Club, serve as a school ambassador, and actively participate in competitions such as the Turner MBA Impact Investing Network & Training (MIINT)," says Precious Akinkuolie, an MBA student at London Business School and recipient of the Laidlaw Women’s Leadership Fund Scholarship.
5. Professional mentors
Some scholarship programs also provide students with access to professional mentors. Typically, these will be people with industry experience who can offer one-on-one support and guidance throughout your degree.
6. Global exposure
Many scholarships have alumni spread out all over the world, often in key roles across various industries. If your aim is to move to a different city or country, having geographically varied connections is a massive plus.
These connections can be made by attending online workshops or reaching out to other scholarship recipients across social media platforms.
7. Increased confidence
One of the most important benefits of a scholarship is the confidence boost it gives you. It’s a strong sign that others believe in you enough to invest in your potential.
"Beyond financial support, it has given me confidence, access, and a sense of belonging. It has reminded me that my story matters—and that with resilience and the right opportunities, seemingly impossible dreams can be realised," says Thuan An Quang, an MBA student at London Business School and recipient of the Laidlaw Women’s Leadership Fund Scholarship.
Léopold Van den Abeele, an MBA student at Nova School of Business and Economics, also notes the confidence that receiving the Lisbon MBA scholarship gave him: "I can say that receiving this scholarship helped me to start the year with the necessary confidence and the conviction that I had a place in this cohort."
"I came from a background completely outside of business (law), and doing an MBA was a big jump into the unknown for me. I saw the scholarship as confirmation that it wasn't as big a leap as I thought," he adds.
8. Pursuing your passions
Even for those who can afford to fund their own MBA journey, the looming reality of loan repayments often pushes people into sectors they don’t necessarily enjoy.
This can result in graduates entering higher-paying fields like tech and consulting, despite their passions lying in entrepreneurship or traditionally lower-paying industries such as social and economic development.
"Being selected as a Laidlaw Woman in Business scholarship recipient has allowed me to pursue business with purpose in a way I don't think would have been possible without the scholarship," says Melissa Sanchez, an MBA student at the University of Oxford, Saïd Business School.
So, when you’re searching for MBA scholarships to fund your degree, keep in mind that the benefits go far beyond financial gain. Scholarships offer opportunities to grow personally, professionally, and globally—setting you up for long-term success.
For more tips and tricks on how to land a scholarship and secure your place at business school, download the BusinessBecause MBA Scholarships Guide | Tips To Boost Chances of Success
