MBA Scholarships At The Leading Business Schools
Business school is expensive – more so every year. Tuition, fees, and living expenses almost never go down year to year, and for the top schools they were always pretty high to begin with.
Not only that, but the ways to pay for an MBA have narrowed in the last two decades. For example, it was once common for employers to help defray (or outright underwrite) the steep price of admission, but these days such arrangements are increasingly rare. Meanwhile, B-schools take greater pride in the diversity of their MBA cohorts which means more under-represented groups, first-generation students, and military students — and these students need more help than the legacies and well-heeled admits of yesteryear.
All of this has led to B-schools offering ever-greater opportunities to offset their big price tags. Dozens — at some schools, hundreds — of need- and merit-based MBA awards are available in the form of scholarships, fellowships, grants, and other awards at the top MBA programs; Poets&Quants has collected them here for easy reference (see page 2). At most schools, MBA admits are automatically considered for awards that can rise to significant portions of the overall cost of the program. The bottom line: For a hard worker, there is always a way to finance an MBA.
Next page: Lists and links for fellowships and other awards at the top U.S. B-schools.
BIG NUMBERS: HIGHEST ESTIMATED TWO-YEAR COST FOR A U.S. MBA PROGRAM
2023 P&Q Rank | School | Estimated Total 2-Year Cost* | Estimated Total 2-Year Cost – 2022 | YOY Change | YOY % |
3 | $ 250,854 | $ 244,353 | $ 6,501 | 2.7% | |
7 | $ 249,518 | $ 241,237 | $ 8,281 | 3.4% | |
15 | $ 244,778 | $ 243,066 | $ 1,712 | 0.7% | |
1 | $ 243,044 | $ 234,032 | $ 9,012 | 3.9% | |
16 | $ 238,989 | $ 231,291 | $ 7,698 | 3.3% | |
4 | $ 237,691 | $ 228,917 | $ 8,774 | 3.8% | |
9 | $ 237,579 | $ 236,390 | $ 1,189 | 0.5% | |
2 | $ 237,222 | $ 226,917 | $ 10,305 | 4.5% | |
10 | $ 232,109 | $ 226,526 | $ 5,583 | 2.5% | |
6 | $ 229,175 | $ 237,993 | $ (8,818) | -3.7% |
*MBA1 + MBA2 (2022 + 2023)
THE COST OF AN MBA: UP, UP, UP
How many top-25 U.S. B-schools are now in the $200K club? Nineteen of 27 schools analyzed by Poets&Quants charge tuition and fees and estimate living expenses that, combined over two years, equal or exceed $200K. That’s up from 15 B-schools last year. Four more schools are currently on the threshold of that club, sitting at $196,000 or more. For the 2023-2024 school year alone, 21 of the 27 schools estimate an annual cost in excess of $100,000.
Tuition is the chief culprit in the rising cost of an MBA. The number of U.S. B-schools with tuition over $80,000 rose this year to seven from four, while the number with tuition over $75K grew to 13 one year after doubling to 12. The Wharton School at the University of Pennsylvania reports the highest tuition, at $87,370, up about 3% this year and more than 17% since 2019. Across the top 10, the average tuition growth in those five years is 8.9%; across 25 leading U.S. MBA programs, it’s even more: 9.5%.
The average two-year cost for a top-10 MBA is $236,873, up 2.4% from last year when it was $231,420. That’s up from $228,284 in 2021 and $223,750 in 2020 — a nearly 6% increase over four admission cycles. Across all 27 schools, the average cost is $215,619, up 2.3% from last year when it was $210,724 for 26 schools. In 2021, the average cost across 26 schools was $199,544.
In Europe:
At HEC Paris, tuition for the two-year program is €98,000 for the September 2024 intake, up from €87,000 in September 2023 (it will be €90,000 for the January 2024 intake). HEC estimates annual expenses to total around €25,000, or just under $28K, so the total student payout will be around €123,000 for the Class of 2026 — which comes out to about $135K for the whole 16-month program.
At INSEAD, an MBA program with two intakes, tuition fees for the August 2022 intake were €97,000 ($108,560), up from €91,225 a year earlier; and for the January 2023 intake, €98,500 ($110,239), up from €92,575. INSEAD estimates living expenses at €25,310 at its Fontainebleau, France campus (without a car), which translates to just over $28K, and €32,250 at its Singapore campus, which comes out to about $36K. Total for the INSEAD MBA experience — which is just 10 months long — is therefore as much as €130,700, or around $143K.
At London Business School, “tuition fees” are currently listed at £109,700 ($141,636) up in one year from £97,500. This number does not include living expenses, which are estimated by the school to be £30,000 per year — after all, London is one of the costliest cities in the world to live in. Adding all that up brings the grand total to £169,700, or around $220,000 — in line with the most expensive U.S. programs.
At IE Business School in Spain, tuition fees are €82,300 ($92,108), up an extraordinary 16% from €71,000 last year, and the total cost of an MBA is €153,300 ($171,570). At Spain’s IESE, tuition fees total €99,500 ($111,358), up from €93,500). Neither school estimates living expenses.
NO PARSIMONY IN EUROPEAN B-SCHOOLS WHEN IT COMES TO STUDENT AID
Many schools, but not all, publish data on how many of their MBA students receive aid, as well as the average amounts. At Harvard Business School, for example, 50% of MBA students get aid, with awards ranging from $2,500 to $76,000 per year. The average annual need-based scholarship for Harvard MBAs last year was $42,000, or $84,000 over two years. At Stanford Graduate School of Business, the average fellowship for the class of 2023 was approximately $44,000 per year or $88,000 in total awards in need-based fellowships. Stanford, rare among U.S. B-schools, does not offer merit-based scholarships.
At most U.S. B-schools, contrary to popular misperception, international students qualify for most scholarships and other aid. In Europe, it would be impossible to exclude internationals from eligibility, since they typically account for a vast majority of students — in many cases well into the 90% range.
At INSEAD, where the latest MBA cohort was 92% international, students can apply for more than 150 types of scholarship; about 36% do receive aid, at an average amount of €21.1K (about $23K). Some other top European B-schools:
At HEC Paris, whose MBA is 95% international, students receive more than €1,000,000 in aid every year thanks to the work of the HEC Foundation. Visit the school’s financial aid web page for more information.
London Business School, whose MBA is 90% international, offers 100 internal MBA scholarships, as well as 38 external scholarships. Visit LBS’ financial aid web page for more information.
IE Business School in Spain, which is 95% international, awarded €19M awarded in 2022-2023 to students from more than 100 countries. Visit IE’s financial aid web page for more information.
EXAMPLES OF AID AVAILABILITY IN U.S. MBA PROGRAMS
The availability of scholarships and other awards varies widely across the top U.S. MBA programs. See the next page for a handy reference guide. At the top of the 2023 Poets&Quants ranking, The Wharton School at the University of Pennsylvania has a fellowship program in which applicants are judged based on “unique personal qualities and background, academic achievement, exceptional professional development, and community involvement”; every admitted student has the opportunity to be considered. Wharton also offers half a dozen academic fellowships, four entrepreneurial awards and fellowships, four leadership fellowships, real estate fellowships, Whitney M. Young fellowships, and Yellow Ribbon Program grants of up to $20,000 to students with military experience.
Emory Goizueta Business School is one of the few top-30 U.S. B-schools where international MBAs are ineligible for college-funded aid. But if you’re a domestic student — which 50% of the Class of 2024 was — you have many options to find funding. Emory Goizueta offers 40 fellowships, 300 teaching fellowships, and 35 research assistantships; the Goizueta Business School Military Fellowship recognizes one or more current Goizueta MBA students with a fellowship and financial stipend up to $10,000 for each student to serve in a formal role to support the Goizueta Business School in its military recruiting efforts for all graduate level programs. Goizueta also has multiple scholars programs, including the Robert W. Woodruff Scholars, Emory’s most prestigious named scholarship, which includes full MBA tuition and fees and an annual $15,000 stipend guaranteed for the length of the Full-Time MBA degree for four students annually.
Atthe University of Notre Dame’s Mendoza College of Business, where international students are eligible for college-funded fellowships, assistantships, grants, or scholarships, nearly all students receive some form of aid: 97% of the Two-Year MBA Class of 2022 were awarded a scholarship. Notre Dame offers 135 fellowships in all, including Meyer Fellows, Brogan Fellows, and Forte Fellows, and has a strong Yellow Ribbon Program that offers significant benefits to qualifying veterans: For veterans who are 100% eligible, the university contributes $17,500 to be matched by the Veterans Administration, a total amount that can exceed full tuition and can also include other benefits such as books and additional stipends.
Next page: A complete list of the scholarships, fellowships, and other aid available at the leading U.S. B-schools.
SCHOLARSHIPS AT THE LEADING U.S. BUSINESS SCHOOLS
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Types of funding options:
Wharton Fellowship Program
Criteria includes unique personal qualities and background, academic achievement, exceptional professional development, and community involvement.
Every admitted student has the opportunity to be considered.
Only leverage for cost of tuition and other stated fees.
Funding for global immersion, leadership ventures and global modular course – the Wharton Student Experience Fund.
Military Benefits: Grants through the Yellow Ribbon Program up to $20,000
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive/average amount of aid received: Booth says this information is not publicly available but “Chicago Booth is pleased to have been able to increase the availability of hundreds of merit-based scholarships, removing many financial barriers, and making the school more accessible to deserving and accomplished students from all communities.”
Types of funding options:
Merit-based scholarships
Considers all Booth students, no application required
Chosen based on academic merit, prospective concentration, the quality of the interview, competitiveness, career goals, and life experiences.
Global Innovator Fellowships
Similar to merit-based awards, there is no additional application process for these fellowships—all applicants are considered and decisions are based solely upon the information provided within the application.
Industry awards: 3
Leadership awards: 4
Military awards: 2
David W. Fox Scholarship
Yellow Ribbon Program that offers no maximum match.
Regional awards: 7
Awards for second-year students: 2
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Average amount received: The average Stanford GSB fellowship for the class of 2023 was approximately $44,000 per year or $88,000 in total awards based on need-based fellowships.
Fellowships: 414
Teaching assistantships: 41
Research assistantships: 4
Knight-Hennessy Scholars Program: 100 students
Stanford GSB Bold Fellows Fund: Furthers Stanford University’s commitment to diversity and inclusion by augmenting Stanford GSB’s financial aid for MBA students with financial hardship and a commitment to the advancement of diversity, equity, and inclusion.
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive aid: 62% of Kellogg full-time MBA students have some form of financial aid whether it’s a loan or a scholarship.
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students/Average amount of aid received: About 50% of Harvard MBA students receive a need-based award, with awards ranging from $2,500 to $76,000 per year. The average annual need-based scholarship in 2022 was $42,000, or $84,000 over two years.
Need-based tuition assistance: 10% receive full-tuition scholarships.
Fellowships: 9
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Fellowships: Merit-based
Criteria includes academic excellence, professional achievements, potential to enhance MIT Sloan community.
Fellowships upon admission: 101
Students will be considered for these fellowship awards automatically, depending on their eligibility, and do not need to submit an additional application. Students are typically informed if they have received a fellowship upon notification of admittance to the school. This applies to U.S. citizens, permanent residents, and international students
Fellowships requiring separate applications: 11
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Fellowships: 989
Teaching assistantships: 1,018
Research assistantships: 74
Merit-based awards: Highly competitive and highly selective.
Need-based awards: Open to all students.
“Award amounts range from $10,000 to $30,000 for those who qualify and based on funds available (amounts can sometimes be higher in certain circumstances). Of those who apply, about half receive a need-based scholarship and the average award is approximately $20,000 for those selected. Although the percentage of recipients is high, students should not assume they will be awarded a need-based scholarship as these awards are not guaranteed. Awards are generally renewed for the second year of study.”
Offers partial-tuition scholarships to many qualified candidates, both domestic and international. Scholarships are mostly need-based; however, certain named scholarships have a merit component or have specific criteria designated by the donor.
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive aid: 54%
All applicants are automatically considered for merit-based scholarships. No separate application is required.
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive aid: 75%
Average amount received: Tuck scholarships range from $10,000 to full tuition, with the average being $30,065 per academic year.
Website: Tuck scholarship awards “are made possible through the generosity of Tuck alumni, corporations, and nonprofit foundations. There is no separate application process for Tuck scholarships.”
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Overall awarded $13 million in scholarships in 2022
Fellowships: 533
Teaching assistantships: 263
Research assistantships: 46
Website: Merit-based scholarships
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
“Awards are based on academic ability, professional and personal achievements, and potential to contribute to our community.” Scholarships range from $10,000 to full tuition.
Fellowships: 121
Teaching assistantships: 14
Research assistantships: 61
Merit-based scholarships: over 200
Dean’s Fellows: Awarded full scholarships
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Merit-based scholarships: Criteria for selection: Prior academic achievement, Demonstrated leadership qualities, Involvement in the community, Extracurricular activities, Professional accomplishments
Scholarships funded by Fuqua and other corporate sponsors
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive some aid: 35%
$1.5 million merit-based funding available per year. Awards over $14 million in scholarships each year to new students.
Park Leadership Fellowships: Provide 25 full-time tuition awards each year.
Park Fellows are selected on the basis of demonstrated leadership abilities, a record of community service, and academic achievement. Park Leadership Fellowships are only open to U.S. citizens who have applied to the Two-Year MBA program by round three.
Aid-funded teaching assistantships or research assistants: No, they are paid hourly
Website: Scholarships and Grants
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Fellowships: 107
Website: Fellowships and Scholars Programs
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive aid: 20-25%
Average amount received: majority of scholarships are full or half tuition awards
Fellowships: 427
Teaching assistantships: 1,247
Research assistantships: N/A
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
The total fellowship award amount is up to $30,000, disbursed in quarterly installments.
The UCLA Anderson FEMBA Dean’s Fellowship is awarded to new admits based on the strength of their admission applications and financial need
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive aid: (Fall 2021) 2/3 received aid, 20% received merit-based aid, 75% of aid is in the form of gift aid that doesn’t need to be repaid.
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Offers scholarships ranging from cash to out-of-state/international tuition waivers from $2,000 to full-tuition awards.
Offers 2nd-year MBA scholarships
Teaching/assistantships available but limited on availability
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive aid: 50%, some receive full coverage
Fellowships: 174
Premier Fellowships: Premier fellowships, the most prestigious awarded to students in the Full-Time MBA Program, provide full annual tuition and fees, a $5,000 stipend, and inclusion in a fellows-only resume guide.
Full-tuition fellowships
Partial tuition fellowships
Individual awards
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Teaching/assistantships available: No
Website: Merit-based scholarships:
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: No
Fellowships: 40
Teaching assistantships: 300
Research assistantships: 35
Robert W. Woodruff Scholars: Emory offers four Woodruff Scholarships, the Goizueta School’s most prestigious named scholarship, which includes full MBA tuition and fees and an annual $15,000 stipend guaranteed for the length of the Full-Time MBA degree. Woodruff Scholars are also invited to participate in the Scholars Academic Program.
Named Scholars, Goizueta Scholars, Other Named Scholarships provided to MBAs, Rosemary and John Brown Family Scholars Program
Military Scholars: The Goizueta Business School Military Fellowship recognizes one or more current Goizueta MBA students with a fellowship and financial stipend up to $10,000 for each student to serve in a formal role to support the Goizueta Business School in its military recruiting efforts for all graduate level programs (MBA, MS Business Analytics, Master of Analytical Finance).
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive merit-based aid: 50%
Average amount received: $10,000 or up to full-tuition
Fellowships: 275
Website: Tuition, Financial Aid & Scholarships: Dean’s Fellowships, Forte’s Fellowships, Global Fellowships, Kelley School of Business Merit Fellowship, ROMBA
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Institutional Scholarships & Fellowships (additional application required):
Milford and Leona Bohm Scholarship, Mr./Mrs. Spencer Olin Fellowship For Women, Reaching Out LGBTQ+ MBA Fellowship, US Military Veterans, Entrepreneurship Fellowship, Forté Fellowship, McDonnell International Scholars Academy
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Website: Varied Scholarships as well as all MBAs are considered for a Tepper School Scholarship at the time of the admission based on the overall strength of the admissions applications.
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive aid: 43% were awarded funding in 2021
Website: Varied Scholarships
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive aid: Each year, more than half of incoming Full-time MBA students receive funding in the form of graduate research assistantships or fellowships.
Fellowships: 30
Forte, National Black MBA Association, Prsopanica, Reaching Out MBA Fellowship, René A Simon Faculty
Teaching Assistantships: 20
Graduate assistants work with faculty and staff members for up to 14 hours per week in exchange for a monthly salary and tuition reduction. The estimated value of an assistantship may be as high as $93,000 depending on the type of award and residency status.
Research Assistantships: 20
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Average amount received: Ranges from $5,000 per year to full-tuition
All applicants are automatically considered for merit-based scholarship at the time of admission. Scholarships are awarded based on academic achievement, potential for excellence in a management career, leadership potential, extracurricular activities, application strength and potential to contribute to our community.
Dean’s Scholars Program & OneOwen Inclusion Award
Four Fellowship Opportunities: Forte, National Black MBA Fellowship, Prospanica Fellowship, ROMBA Fellowship
Website: Student Office of Financial Aid
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive aid: 97% of the Two-Year MBA Class of 2022 were awarded a scholarship.
Merit-based scholarships: Recipients are selected for these scholarships based on academic performance, prior work experience, GMAT or GRE scores, leadership potential, letters of recommendation, and each applicant’s personal statement. Applicants can indicate their desire to be considered for a scholarship on their application.
Need-based scholarships: Applicants can request need-based financial aid to fund their MBA experience. During the application, you will be able to indicate your interest in scholarships based on your financial need.
Fellowships: 135… Meyer Fellows, Brogan Fellows, Forte Fellows
Military-related aid: Yellow Ribbon (Notre Dame is proud to participate in the Yellow Ribbon Program, which offers significant benefits to qualifying veterans. For veterans who are 100% eligible, the University will contribute $17,500 to be matched by the VA, which is above the GI Bill® Private School reimbursement. This total amount can exceed full tuition and can also include other benefits such as books and additional stipends.)
Teaching/research/assistantships: 0
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
Merit-based scholarships: When you apply for admission, we automatically consider your credentials for scholarship; there are no additional steps. We consider all applicants (both international and domestic) who demonstrate a superior record of academic merit and professional accomplishment.
External Scholarships: Unfortunately, third-party scholarships for graduate students aren’t common. But we’ve compiled a small list of external scholarship resources for you to explore. We update the list as we become aware of outside scholarship new opportunities.
Military-based funding: your Chapter 33 annual cap has been exhausted, we will cover 50% of the remaining charges with a Yellow Ribbon Scholarship and the VA will match our 50% contribution. With a combination of your GI Bill benefits and Yellow Ribbon contributions, 100% of your MBA program costs can be covered!
30. Rochester Simon Business School
College-funded aid (fellowships, assistantships, grants or scholarships) available: Yes
International students eligible for college-funded aid: Yes
% of students who receive aid: 90%
DON’T MISS THIS IS WHAT IT COSTS TO GET AN MBA FROM A TOP BUSINESS SCHOOL and MINORITIES AT THE LEADING U.S. MBA PROGRAMS: 2/3 OF THE TOP 30 REPORT DECLINES
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