Scholarships for MBA is a common problem, and not just among those who come from low-income backgrounds. The problem with loans is the high rate of interest and the long payback period. That’s why scholarships are so popular. It’s free money! Over the years, MBA Crystal Ball consultants have helped tons of applicants get scholarships.
What are the scholarships?
Scholarships are generally discounts on the tuition fee. Which means you are not getting any extra money in your pockets. You’re just spending lesser. The proportion may vary, but it generally applies only to the tuition. You still have to worry about the other costs of studying – like accommodation, food, transportation, books, and study trips.
Why do universities offer scholarships?
There are two primary reasons why universities offer scholarships. The official (and rather philosophical) reason is to make it is easier for deserving candidates to join the program. While that’s true, the other reason is that universities are also competing with their rivals to attract the best candidates. These are called merit-based scholarships, as opposed to need-based. There are many external organizations that also offer scholarships,
How do business schools take scholarship decisions?
Check out any business schools website and they’ll talk about how they evaluate an application holistically’ while deciding admits and scholarships. Along with your GRE or GMAT scores, they will also consider the following: But despite the holistic approach, the little secret is that a higher GMAT does significantly improve your odds of being considered for a merit-based scholarship if you get an admit. Need-based scholarships are evaluated slightly differently. And a higher score improves your chances with this category too, but getting obsessed with a high score and neglecting the rest of the application is a bad idea. Our suggestion is to not just position yourself as a strong candidate to get into the program, but also significantly stronger than the other candidates who’ve got in. The question is – how? You can do this by balancing the list of business schools, where you are likely to be viewed as an above-average candidate. More on this later.
Do the MBA admission rounds influence scholarship decisions?
The admission round you apply it will make a difference. As a general rule, Round 1 is when the pot of gold at the end of the rainbow is filled up to the brim. So if you have impressed the Admissions committee with your application – apart from the cake (that’s an admit from a top school), your chances of getting a nice little cherry (in the form of a scholarship) will go up. But that doesn’t mean that the golden pot is empty in Round two. We’ve had clients who have got substantial funding in the second round of MBA admissions. The same criteria will apply in Round two for test scores, essays, recommendations, and interview. BUT the battle for freebies will get tougher. I have a low GRE / GMAT score.
Should I forget about scholarships?
What if you have a low GRE or GMAT score?
Should you forget about scholarships?
At MBA Crystal Ball, we have worked with some candidates who (at least on paper) would never seem to be prime candidates for scholarships, but we’ve been pleasantly surprised.