Pursuing a Master of Business Administration (MBA) is a significant investment in one’s education and career. Many Indian students aspire to enroll in renowned business schools worldwide, but the financial burden can be a major roadblock. However, the good news is that top business schools around the globe offer a plethora of scholarships specifically designed to support Indian students in their pursuit of an MBA.
In this article, we will explore the various scholarships offered by top business schools and which scholarships are available to Indian students at some of the world’s leading business schools.
How much scholarship can you receive from top business schools?
Not all schools provide data about the financial assistance given to their MBA students, but some do. For instance, Harvard Business School reveals that 50% of its MBA students receive aid, ranging from $2,500 to $76,000 annually. The average need-based scholarship for Harvard MBA students last year was $42,000 per year, totaling $84,000 over two years.
Meanwhile, Stanford Graduate School of Business awarded an average fellowship of approximately $44,000 per year, totaling $88,000 in need-based fellowships for the class of 2023. Unlike most U.S. business schools, Stanford GSB does not offer scholarships based on merit.
Contrary to common belief, most U.S. business schools, including those mentioned, extend scholarships and financial aid to international students. In Europe, excluding international students from eligibility would be impractical since they usually make up the majority, often over 90%, of the student body.
INSEAD, where 92% of the MBA cohort is international, offers more than 150 types of scholarships. Approximately 36% of students receive aid, averaging around €21.1K (about $23K). Other top European business schools also provide substantial financial aid to their international students.
HEC Paris, with a 95% international student population, distributes over €1,000,000 in aid annually through the efforts of the HEC Foundation.
London Business School, with 90% international students, offers 100 internal MBA scholarships and 38 external scholarships.
Similarly, IE Business School in Spain, with a 95% international student body, awarded €19M in the 2022-2023 academic year to students from over 100 countries.
MBA Scholarships offered by Top Business Schools
Here is information on MBA scholarships offered by top business schools. This is just brief information and we would recommend visiting each school’s website for more information.
Harvard Business School
- College-funded aid available.
- International students eligible for college-funded aid.
- Approximately 50% of Harvard MBA students receive need-based awards.
- Scholarships range from $2,500 to $76,000 per year.
- Offers need-based tuition assistance, fellowships, and summer fellowships.
The Wharton School
- College-funded aid available.
- International students eligible for college-funded aid.
- Offers Wharton Fellowship Program with various criteria.
- Also provides academic fellowships, entrepreneurial awards, and more.
- Military benefits available through the Yellow Ribbon Program.
Chicago Booth School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Offers merit-based scholarships and global innovator fellowships.
- Additionally, there are industry awards, leadership awards, and more.
- The David W. Fox Scholarship and Yellow Ribbon Program are available.
Stanford Graduate School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- The average Stanford GSB fellowship for the class of 2023 was around $44,000 per year.
- Offers a variety of fellowships, teaching assistantships, and the Knight-Hennessy Scholars Program.
- Bold Fellows Fund supports diversity and inclusion.
Northwestern Kellogg School of Management
- College-funded aid available.
- International students eligible for college-funded aid.
- About 62% of Kellogg full-time MBA students receive some form of financial aid.
MIT Sloan School of Management
- College-funded aid available.
- International students eligible for college-funded aid.
- Offers merit-based fellowships, with various criteria.
- Some fellowships are automatically awarded upon admission.
Columbia Business School
- College-funded aid available.
- International students eligible for college-funded aid.
- Provides a variety of fellowships, teaching assistantships, and research assistantships.
- Merit-based and need-based awards are offered.
- Partial-tuition scholarships are also available.
Yale School of Management
- College-funded aid available.
- International students eligible for college-funded aid.
- Approximately 54% of students receive aid.
- All applicants are automatically considered for merit-based scholarships.
Dartmouth Tuck School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Approximately 75% of students receive some form of aid.
- Tuck scholarships range from $10,000 to full tuition.
UC-Berkeley Haas School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Overall awarded $13 million in scholarships in 2022.
- Various fellowships, teaching assistantships, and research assistantships are offered.
Michigan Ross School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Scholarships range from $10,000 to full tuition.
- Offers fellowships, teaching assistantships, research assistantships, and merit-based scholarships.
- Dean’s Fellows receive full scholarships.
Duke Fuqua School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Provides merit-based scholarships with criteria such as academic achievement, leadership qualities, and more.
- Scholarships funded by Fuqua and corporate sponsors.
Cornell Johnson Graduate School of Management
- College-funded aid available.
- International students eligible for college-funded aid.
- Approximately 35% of students receive some form of aid.
- Merit-based funding and Park Leadership Fellowships are offered.
Virginia Darden School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Offers various fellowships, including Premier Fellowships that cover full tuition.
- Provides partial tuition fellowships and individual awards.
Washington Foster School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Offers merit-based scholarships, including Forté Fellowship, The Consortium Fellowship, and others.
Emory Goizueta Business School
- College-funded aid available.
- International students eligible for college-funded aid.
- Offers various fellowships, named scholarships, and military scholarships.
- Woodruff Scholars receive full MBA tuition and fees.
Indiana Kelley School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Approximately 50% of students receive merit-based aid.
- Scholarships range from $10,000 to full tuition.
Washington at St. Louis Olin Business School
- College-funded aid available.
- International students eligible for college-funded aid.
- Offers various institutional scholarships and fellowships, including the Forté Fellowship and US Military Veterans Fellowship.
Carnegie Mellon Tepper School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- All MBAs are considered for a Tepper School Scholarship at the time of admission based on overall credentials.
Georgetown McDonough School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Approximately 43% of students were awarded funding in 2021.
Georgia Institute of Technology Scheller College of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- More than half of incoming Full-time MBA students receive funding in the form of graduate research assistantships or fellowships.
Vanderbilt Owen Graduate School of Management
- College-funded aid available.
- International students eligible for college-funded aid.
- Offers merit-based scholarships and fellowships.
- Average amounts range from $5,000 per year to full tuition.
Notre Dame Mendoza College of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Approximately 97% of the Two-Year MBA Class of 2022 received scholarships.
- Provides merit-based and need-based scholarships, fellowships, and military-related aid.
Rice Jones Graduate School of Business
- College-funded aid available.
- International students eligible for college-funded aid.
- Offers merit-based scholarships based on academic merit and professional accomplishment.
- External scholarships and military-based funding are also available.
Rochester Simon Business School
- College-funded aid available.
- International students eligible for college-funded aid.
- About 90% of students receive aid.
- Provides various fellowships, including Consortium Fellowships, Leadership Fellowships, and Forté Fellowships.
Top MBA Scholarships for Indian Students
National Overseas Scholarship
If you’re an Indian student, you might be interested in the National Overseas Scholarship, which is offered by the Ministry of Social Justice and Empowerment. This scholarship can provide you with up to US$15,400 to help cover your costs. To qualify, you need to come from a family with an annual income of less than US$10,800 and be under 35 years old. You should also have at least a 60 percent score in your undergraduate degree, and it’s important to note that only two children from the same family can apply for this scholarship.
Fulbright-Nehru Master’s Fellowships
Looking to pursue your studies in the United States? The United States-India Educational Foundation offers the Fulbright-Nehru Master’s Fellowships. This funding can help with your tuition, living expenses, and related costs. While it may not cover 100 percent of your tuition, it also supports your J-1 visa application, provides accident and sickness coverage as per U.S. guidelines, and even includes round-trip economy class travel from your home city to your U.S. host institution. To be eligible for this one- to two-year scholarship, you’ll need to show leadership qualities, have a degree equivalent to a U.S. bachelor’s with at least 55 percent marks, possess at least three years of professional work experience, and be committed to giving back to your community after your studies.
Akhtarali H. Tobaccowala Fellowship
This fellowship, established in memory of Akhtarali H. Tobaccowala, a 1952 Chicago Booth graduate, is awarded to two students pursuing a full-time MBA at Chicago Booth, providing US$25,000 in financial aid.
GREAT Scholarships India
The GREAT Scholarship, funded by the UK government’s GREAT Britain Campaign and the British Council, is worth a minimum of US$13,600. To be eligible, you should be an Indian citizen with an undergraduate degree, motivation, and a genuine interest in your proposed subject area. You also need to meet the English language requirements of the UK university.
Inlaks Shivdasani Scholarships
If you’re an Indian student aiming for a full-time master’s program, including an MBA, in top American, UK, or European institution, you might want to look into the Inlaks Shivdasani Scholarships. To be eligible, you need to hold an Indian passport and live in India when you apply.
Felix Scholarships
If you’ve got your sights set on graduate studies and you’re an exceptional student from India, the Felix Scholarship is your ticket to explore a wide range of subjects at the University of Oxford, the University of Reading, and the School of Oriental and African Studies at the University of London.
Commonwealth Scholarships
If the UK is your destination of choice for your studies, you might consider the Commonwealth Scholarships. These scholarships cover your approved tuition fees, provide an approved airfare from your home country to the UK, and return at the end of your scholarship. In addition, they offer a living allowance of around US$1500 per month, increasing to US$1900 if you’ll be living in the London metropolitan area. To qualify, you need to be a citizen of or permanently reside in a Commonwealth country, have an undergraduate degree of a certain standard, and demonstrate that you can’t afford your education without funding.
Erasmus Mundus Scholarships
The Erasmus Mundus Scholarship, offered by the European Union, supports programs across various European countries. It’s a great option for those seeking full study abroad scholarships. If you meet the eligibility criteria, you’ll receive full funding for tuition fees, paid flights to and from your study country, and a living allowance.
GyanDhan Scholarship
The GyanDhan Scholarship is a merit-based opportunity for one Indian student each year who wishes to pursue a two-year postgraduate course in the US, Canada, UK, Australia, New Zealand, or Germany. To qualify, you should be an Indian resident with an undergraduate degree from an Indian institution. Your academic performance, GRE/TOEFL/IELTS scores, and statement of purpose or letters of recommendation will be taken into consideration. The maximum scholarship amount is around US$1,300, which can be used toward your tuition.
Stanford Reliance Dhirubhai Fellowships for Indian Students
Stanford Graduate School of Business provides financial support to up to five Indian nationals at the beginning of each academic year, with scholarships worth up to US$95,000 annually. This grant can be used for tuition, living expenses, and health coverage. To be eligible, you must be an Indian citizen, meet the Stanford MBA requirements, hold a graduate degree, achieve the minimum GMAT score, and demonstrate English proficiency through IELTS or TOEFL.
The Indian Trust Fellowship
The University of Chicago Booth School of Business offers two fellowships annually, each providing US$10,000 to cover your full-time MBA tuition fees. To qualify, you must demonstrate excellence in leadership, extracurricular activities, and academic performance. You should also have been living in India at the time of admission to the program and be committed to advancing the interests of women in business.
Orange Tulip Scholarship
If you’re considering studying in the Netherlands and are from a Neso country (Netherlands Education Support Offices, including India), the Orange Tulip Scholarship might be suitable for you. To be eligible, you must reside in one of these countries and not have completed an undergraduate degree or worked previously in the Netherlands. Different business schools offer this scholarship with varying application requirements and scholarship amounts.
