Studying abroad can be financially challenging for many meritorious students who often opt out due to the expensive course fee, visa charges, accommodation and food expenses. Therefore, scholarships help many to pursue their dreams.
News18 ‘Scholarship Guide’ brings the best and most prestigious grants for Indian students to study abroad, with most of them covering flight tickets, accommodation and course fee; and some also providing stipend.
MBA has continued to be one of the most employable degrees in India consistently for over the past three years, according to India Skill Report by AICTE. The Master’s in Business Administration (MBA) is no longer only for those who graduate in commerce stream but many engineering and arts graduates also take up specialisations in the course to increase their employability in their chosen fields. Many young working professionals also see MBA as a way to increase their salaries.
Pursuing an MBA does not have to burn a hole in your pocket. While most of the top tier colleges in India take students based on their Common Admission Test (CAT) score, many private colleges offer fee rebates based on CAT.
News18 brings you best scholarships for MBA courses.
QS World Merit Leadership MBA Scholarship
The Quacquarelli Symonds World Merit (QS WM) Scholarships is offered jointly between the World Merit charity organisation and the QS. The scholarship aims to provide financial assistance to young leaders and innovators.
Who can apply: Students willing to pursue an MBA can apply for the scholarship. Students need to attend a QS recruitment event either online or offline and be willing to start their MBA from the upcoming academic year and have an admission by the time of announcement of recipients in June.
Selection Procedure: Students need to submit an essay explaining an occasion where they demonstrated leadership abilities contributing to the Sustainable Development Goals set by the UN. As well as explain a challenge they overcame and the lesson they learned.
Where to apply: https://qs.topuniversities.com/scholarships/apply/6
Go Global MBA Scholarship for MBA studies
This scholarship is awarded by educations.com. Selected students receive USD 7,000. Young adults with some work experience wishing to upskill themselves with an MBA can apply for the scholarship. Students, however, should be willing to study in an international institute. This is open to candidates from across nationalities.
Who can apply: Applicants should have a work experience of not more than five years. Applicants also need to have a valid undergraduate degree and meet the language requirements for the programme in the country they are applying for.
Selection procedure: Applicants need to fill a form; selected ones will be called to submit an elevator pitch where they will have to showcase that they are globally-minded leader. Students also need to submit a short essay on the question: How will an MBA programme help you grow as a globally-minded leader and achieve your career goals?
Where to apply: https://www.educations.com/scholarships/go-global-mba-scholarship-20629#start
IDFC First Bank MBA Scholarship Program
IDFC Bank offers scholarships to 350 students every year to help them fulfil their MBA dream. The scholarship offers Rs 2,00,000 for two years of full-time MBA studies. Students’ leadership qualities and merit will be considered along with their financial situation.
Who can apply: Applicant should not be more than 35 years old. Since this is a need-based scholarship, students’ family income should be less than Rs 6 lakh per annum.
Selection Procedure: Applicants need to first secure an admission in MBA college. They need documents to submit proof of their academic performance as well as finances. The profiles will be shortlisted for scholarships.
Where to apply: https://www.idfcfirstbank.com/csr-activities/educational-initiatives/mba-scholarship
BK Birla Scholars Programme
The BK Birla scholarship offers to pay full fee of up to 10 people who wish to study a full-time MBA from London Business School. This is the school where Indian industrialist and philanthropist Kumar Mangalam Birla had studied.
Who can apply: Candidates who have great leadership potentially and are academically excellent can apply for this scholarship.
Selection Procedure: Applicants need to be the top 5% of the class. They also need to have required English test and GMAT score. Students need to submit reference letters and review.
Where to apply: https://www.london.edu/masters-degrees/financial-aid/search-for-funding/bk-birla-scholars-programme
Emerging Economy Fellowship
Students hailing from emerging economies including India can avail fellowships to study at Wharton Business School. There are a large number of funding options available at Wharton and students are automatically considered for the same at time of application.
Who can apply: Anyone who meets the admission requirements and has put in application for admissions are considered for Wharton Fellowships.
Selection Procedure: Each application is screened for the grants. Selection criteria include personal qualities and background, academic achievement, professional development, and community involvement.
Where to apply: https://mba.wharton.upenn.edu/tuition-financial-aid/
Felix Scholarship
The scholarship aims to support underprivileged students from developing countries including India. The scholarship can be availed to study at the University of Oxford, the University of Reading and the School of Oriental and African Studies (SOAS), and part of the University of London.
Who can apply: Candidates with a bachelor’s degree can apply, and need to give a recommendation from their chosen university.
Where to apply: Candidates can apply at the official website felixscholarship.org
Selection Procedure: Students need to get accepted at the university, which will recommend the students based on need and merit.
MOE Taiwan Scholarship Program
Students who wish to study MBA from Taiwan can avail the scholarship offered by the Taiwanese education ministry. As part of the scholarship, students receive up to NTD 40,000 for each semester as well as a monthly living allowance of NTD 15,000 or NTD 20,000.
Who can apply: Foreign nationals who are interested in studying in Taiwan-based colleges and eligible for admission can apply for the government-offered scholarship. Exchange student or those pursuing dual or joint degrees cannot apply.
Selection Procedure: Students need to submit their application to their local republic of China overseas mission. Selected candidates will be called for interviews. Students also have to secure admission in their colleges and degree programme.
Where to apply: https://english.moe.gov.tw/cp-24-16833-23C09-1.html
Manish Kumar, Chief Project Officer, Physics Wallah, told News18, “In India, some popular scholarships for MBA students include the CAT Scholarship, Aditya Birla Scholarship, and various state-specific scholarships. Scholarships including Fulbright, Chevening, and the Commonwealth Scholarship are available for Indian students pursuing an MBA abroad”.
For students who wish to attain a more affordable MBA, Kumar suggested “looking for countries with lower tuition costs, such as Germany, where some universities offer low or no tuition fees for international students.” He also added that India too has comparatively lower tuition fee as compared to many foreign universities.
Grants to Pursue MBA in India
For those aiming to study scholarship in India, many options based on their entrance exams score such as NMAT and CAT are open. Other major scholarship options include Rajesh Kaushik Memorial Scholarship, which offers Rs 1.5 lakh per annum, SG GSC India Talent Scholarship Programme, which is open to IIM applicants and offers full fee waiver to students, however, they need to be nominated via the institute and crack the interview.
Like in abroad, most of Indian colleges also offer specific scholarships. Grants offered by UGC as well as other government departments such as merit-cum-means based scholarship, postgraduate scholarships for professionals, postgraduate merit scholarship for rank holders are other options.
Many Indian organisations including Tata, Reliance, and ONGC also support students in their MBA journey.
Emerging Options
Many emerging destinations also offer scholarships for south Asian students including Indians. Some of the most popular options among these emerging options include Hong Kong’s HKUST MBA scholarship, Spain’s EADA Business School grant, Switzerland’s IMD Hilti Scholars Programme, Singapore’s NUS MBA Scholarships. MPower MBA scholarship, Forte Foundation MBA scholarship are other famous scholarships.
Students can also apply for scholarships offered by the specific universities or colleges where they have secured an admission. Those who are in need can apply for financial aids for admission in almost all top universities, however, those students might be asked to share supporting documents along with the admission file.
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