Guide to Business Management Scholarships

If you want to pursue a business education but are unsure how to pay for it, consider applying for business management scholarships. Many programs, organizations, and businesses grant financial aid to help students complete their business education.

Depending on the specific award, students can use scholarship funding for tuition or other education-related costs, such as books or housing. Many scholarships require applicants to belong to a certain demographic, reside in a certain location, or study a certain subject. Make sure to read eligibility requirements carefully to find scholarships that apply to your specific situation.

Business Management Scholarships

Students pursuing a business management degree can apply for multiple scholarships to reduce the overall cost of their education. The following scholarships provide financial support to students of different backgrounds and economic situations, as well as students studying specific areas related to business.

Award opportunities range from $500-$50,000 and apply to a mix of undergraduate, graduate, and postgraduate studies. Continue reading to find the right scholarship for you.

Tips for Business Scholarship Applications

Competitive business management scholarships may receive thousands of applications. Students can increase their chances of winning by carefully following deadlines and completing every part of the application. This section offers tips and advice for winning business scholarships.

Focus on business experience.

Business management scholarship programs often seek candidates with prior business experience. In their resumes, cover letters, or essays, applicants should connect their business experience with their current course of study and their future goals.

Business experience comes in many forms. For instance, applicants can discuss their experience during an internship or summer job. Entrepreneurs who founded a business venture should explain what they gained from their experience. Volunteering with a business organization or even helping out a parent with an organizational task can also provide valuable experience.

List top academic and life achievements.

Scholarship applicants should highlight their academic and personal achievements to bolster their application. Undergraduates can mention academic achievements like graduating at the top of their high school class. Similarly, graduate applicants should list any honors received during their bachelor's program.

Life achievements, such as an award for volunteer service or recognition as a community leader, also strengthen scholarship applications.

Prioritize writing the essay.

Many scholarships for business students require an essay. While it adds time to the application process, the essay provides an opportunity to stand out from other applications. Scholarship committees often rely on essays to understand an applicant's personality, career goals, and their impact on others or vice versa.

Students should prioritize the essay and plan to write an original essay for every scholarship application. They should allot themselves plenty of time to write and revise the essay.

Re-read and revise.

Scholarship applicants need to budget their time to revise their application and meet deadlines. A typo or grammatical error in a scholarship application can mean the difference between receiving a scholarship or not.

Applicants should set aside enough time to draft, revise, and proofread the essay portion. After revising and proofreading the essay, applicants should review the rest of the application for errors or mistakes.

Merit- and Need-Based Scholarships and Grants

Students can qualify for financial aid if they demonstrate exceptional performance or financial need.

Merit-based scholarships apply to students who demonstrate a high level of excellence. Organizations and colleges that award merit-based aid typically consider a student's standardized test scores, GPA, recommendations and professional or extracurricular achievements.

Students can also obtain need-based financial aid, depending on their situation. The U.S. government offers need-based aid, such as Federal Pell Grants and Federal Work-Study programs, to help students pay for college. Additionally, many state governments, private businesses, and college institutions provide need-based aid.

Be sure to fill out the FAFSA every year to understand your eligibility for need-based grants and scholarships. The FAFSA is also a prerequisite for low-cost federal student loans.

How to Make Your Management Degree More Affordable

In addition to scholarships, degree-seekers can lower their costs by choosing a less expensive program or accessing tuition assistance programs. By combining these strategies with scholarships, students can earn a degree while limiting their debt.

Assess spending.

Tuition makes up a major part of college costs; An in-state public college is typically much less expensive than an out-of-state or private college.

But students also spend money on books, living expenses, and other costs. By limiting these expenses and making a budget, learners can potentially save thousands of dollars.

For example, buying used textbooks or shopping around for cheaper prices online can add up to hundreds in savings. Additionally, many companies offer student discounts on clothes, travel, technology, and other expenses.

Start a college savings account.

Saving ahead makes it easier to pay for college. It is cheaper to save than to borrow. Students should start a college savings account as soon as possible. Compound interest can grow a college savings account every year, meaning each dollar saved will go further in the future.

Several types of savings accounts, including 529 college savings plans, offer benefits like tax-free withdrawals or tax incentives, depending on the state. Money in a 529 college savings plan accumulates earnings on a tax-deferred basis and is entirely tax free if distributions are used to pay for qualified higher education expenses. About two-thirds of the states will provide a state income tax deduction or tax credit based on contributions to the state's 529 plan.

Get company assistance.

Some companies offer tuition assistance plans. These plans typically reimburse college students for tuition costs at the end of the semester. Depending on the plan, degree-seekers may need to attend anaccredited program, enroll in a certain major, and/or maintain a minimum GPA.

Companies generally include tuition assistance plans in their employee benefits packages. Working students should research their options through their company's human resources department.

Consider a shorter program.

Business management students can often attend accelerated programs that expedite graduation. A shorter program can potentially save students money. Graduates can also enter the job market with their degree sooner, increasing their earning potential and reducing the opportunity cost of pursuing a postsecondary education.

In an accelerated program, learners complete coursework at a faster pace. In addition to accelerated programs, degree-seekers can look for schools with generoustransfer creditpolicies, including credit for work experience, to shorten completion time.

Frequently Asked Questions About Business Management Scholarships

Do most MBA students get scholarships?

Yes, nearly 50% of MBA students received aid from college grants and employer assistance.

Based on data from the graduate version of the 2019-2020 National Postsecondary Student Aid Study, 3.7% of students in MBA programs received private scholarships, an average of $8,273 per student. Institutional grants totaled 26.2% at an average of $10,470 per recipient. Employer aid totaled 27.6% and an average of $9,542 per recipient.

You can increase your chances of obtaining financial aid by applying to a wide variety of merit- and need-based scholarships and college programs.

Can you negotiate business school scholarships?

Yes, you can often negotiate in-house business school scholarships. Business schools want to admit strong candidates. Depending on the strength of your application and the program's resources, you may be able to request more funding, especially if you have more attractive financial aid offers from other programs.

What GPA do most business management scholarships require?

Minimum GPA requirements for business management scholarships can vary. For example, the Pell Grant has no minimum GPA but requires recipients to maintain satisfactory academic progress as determined by each university. Merit-based scholarships often require a minimum GPA of around 3.0 or higher. Be sure to check the minimum GPA requirements before applying for a scholarship.

How do I ask my business for a scholarship?

If your business offers tuition assistance, consult your benefit documentation or your HR department to learn how to apply. If your company does not have a formal tuition assistance benefit, you can approach management about covering some of your educational expenses. Remain respectful and highlight the ways in which your education will help you make an impact at the company.

Page last reviewed July 26, 2024.