All the students who apply for an international MBA want to try their luck in getting any kind of scholarship. In this article, we will inform you about the GMAT scholarships and MBA scholarships for Indian students. The scholarship can vary from one form to another. However, there are no specific criteria that guarantee a scholarship or financial assistance. Scholarships or grants can be need-based or merit-based and as the opportunities are limited, it is recommended to apply early. From getting a high GMAT score to applying early, there are a lot of criteria that one needs to fulfil in order to be eligible for a GMAT scholarship for pursuing a good MBA program.

Students with average or low GMAT scores can also hope of getting a scholarship, depending on he/she must have something concrete to showcase to the admissions committee. The low GMAT score can be compensated with any achievement in sports or any extracurricular activity or anything impressive which sets the candidate apart from other applicants. Students generally have a perception that getting a 750 GMAT score or higher is enough for winning a scholarship. However, getting a scholarship based on a GMAT score may not be possible as schools look at the bigger picture and give consideration to the complete profile of the candidate. Students should also have a holistic approach while applying to top B-schools and they must give importance to their profile building as well. Even after fulfilling all the requirements and getting a 750 GMAT score, the scholarship is not guaranteed because of the stiff competition. Getting a high GMAT score also does not guarantee a scholarship at a top MBA program. However, an excellent work profile and a plethora of skills and achievements can always give you an upper hand over other aspirants.

Also, one of the most common mistakes students commit is that students treat the scholarship deadline the same as the admission deadline. Moreover, there are numerous GMAT scholarships available for international students, and requirements for all these vary. Students should always search the institutes or colleges to which they are applying for their specific set of requirements for gaining financial aid. Before applying for a scholarship, one should always check the eligibility criteria.

Types of MBA scholarships

Majorly there are three types of scholarships

• Merit-based scholarships
• Need-based scholarships
• External scholarships

Students are often confused between merit-based or need-based scholarships. We have simplified this and explained below the difference between both scholarships. Candidates must also be aware of the eligibility and criteria for applying to need-based and merit-based scholarships.

Merit-based scholarships

Merit-based scholarships are granted to students with excellent academic records or students having extraordinary achievements in extracurricular activities or sports. Here, the financial background of a student does not hold much relevance. There are various universities and educational institutes that offer MBA scholarships for Indian students.

Need-based scholarships

Need-based scholarships are given to students with less privileged backgrounds. Students with good academic records but having financial difficulty in meeting their tuition fees for higher education. We have given a list of GMAT scholarships below offered by top business schools.

General/External scholarships

Many agencies and organizations offer MBA scholarships to students. Many organizations also provide scholarships to MBA graduates. Students should know their GMAT scores for scholarships. Many colleges/universities offer scholarships to MBA aspirants based on their GMAT scores. So, candidates having good GMAT scores are rewarded by B-schools. However, this is not the case with every B-school.

MBA scholarships offered by top business schools

Below mentioned some of the scholarships and fellowships offered by top business schools globally to international Indian students.

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Some of the top B-schools offering different types of scholarships for international and Indian students:

Stanford Graduate School of Business

The Stanford Reliance Dhirubhai Fellowship: It is awarded to up to five students and covers the tuition and fees for the two-year program. Within two years of pursuing the MBA at the Stanford Graduate School of Business, the beneficiaries are required to return to India for two years and work for an Indian organization.

Wharton School of Business

• Emerging Economy Fellowships: As the name suggests, this scholarship is designed for talented students from emerging economies. Students who got admission into the Wharton MBA program are automatically considered for this scholarship. It includes funding for the two-year MBA program.
• Social Impact Fellowships: Students need to showcase leadership in non-profit organizations. It strengthens the leadership, operational and strategic skills of the graduates and undergraduate students. This program aims to make a positive impact in the world.
• Joseph Wharton Fellowships: This scholarship is named after the founder of the Wharton school of business, i.e., Joseph Wharton. all students who got admitted to Wharton are eligible for this scholarship. It is awarded to students with exemplary professional, personal, and academic records.

Booth School of Business

• The Zonis Fellowship: It is awarded to students from emerging economies. Students who have achieved excellent academic, extracurricular, and leadership achievements are eligible for this fellowship.
• Akhtarali H. Tobaccowala Fellowship: Those students who want to pursue a full-time MBA program from Chicago Booth School of Business and are based in India are awarded this fellowship. This scholarship was created for Indian students after a donation of $1 million by the Tobaccowala foundation.

Harvard Business School

• Horace W. Goldsmith Fellowship: This scholarship was established in 1988 by Horace W. Goldsmith. The recipients of this scholarship should have worked in a non-profit organization before applying for this fellowship. It is awarded to 7-10 students who are willing to join the non-profit sector after completing their studies from Harvard Business School. The $10,000 fellowship is given to the first year MBA students.
• The Robert S. Kaplan Life Sciences Fellowship: It is awarded to ten students who want to work in the life sciences. The $20,000 scholarship is given at the time of admission, preferably to the students who want to work in a science-related organization.
• HBS Fellowship Programs: It is a need-based fellowship awarded to the aspirants who have minimal financial resources to pursue higher education.

Haas School of Business

Dr. Tahir Fellowships: The $40,000 scholarship is preferably awarded to students who completed their undergraduate studies in Asia and are now planning to pursue a full-time MBA from Haas Business School.

Conclusion

Securing a GMAT-based scholarship is a strategic endeavor. By targeting a competitive score, applying to schools where your profile aligns with their mission, and tapping into India-specific external fellowships, you can significantly reduce the financial burden of your MBA. Remember that while the GMAT opens the door, it is your overall profile and the compelling narrative of your future goals that will ultimately secure the funding.