Scholarships for MBA Abroad for Indian Students

Pursuing an MBA Degree Abroad with a Scholarship

Acquiring a degree from overseas helps scholars discover a new language and explore that culture. Given the garnering prominence of an international MBA degree, aspirants get an opportunity for lucrative salaries.

MBA is a sought-after degree worldwide, allowing candidates to get placement opportunities abroad. But even after stellar educational records and profiles, some students cannot afford an international degree.

For them, acquiringa scholarship for an MBA abroad serves as a savior solution. Several scholarship programs are available for students from economically underprivileged backgrounds. Narrated below are the benefits of earning a scholarship program for MBA studies:

Cost of Studying MBA abroad for Indian students

An MBA is an expensive degree. The average cost of studying MBA for Indian students ranges between 40-50 lakhs. The cost also depends on the location and the university. Before we delve into the scholarships for MBA abroad let us understand the cost of studying MBA abroad for the top 6 countries.

• United States: The average annual tuition fee for MBA programs in the USA ranges from INR 21.41 lakhs to INR 70 lakhs, depending on the institution. For instance, Stanford Graduate School of Business charges approximately $82,455 per year, with total costs, including living expenses, reaching around $130,746.
• United Kingdom: MBA programs in the UK have average annual tuition fees of around INR 16.63 lakhs. However, top institutions may charge higher fees.
• Canada: The average annual tuition fee for MBA programs in Canada is approximately INR 13.58 lakhs. Top institutions may have higher fees.
• Germany: Germany offers some of the most affordable MBA programs, with average annual tuition fees of around INR 9.03 lakhs. Public universities often have lower fees compared to private institutions.
• Australia: The average annual tuition fee for MBA programs in Australia is about INR 17.30 lakhs. Institutions like Melbourne Business School may have higher fees.

• New Zealand: MBA programs in New Zealand are relatively affordable, with average annual tuition fees of around INR 11.42 lakhs. For example, tuition fees range between INR 18 lakhs and INR 34 lakhs for the entire course.

Types of MBA Abroad Scholarships

A scholarship caters to various student categories depending on the core criteria. Here's narrating the types in detail:

Merit-Based: The programs offer rewards depending on the eligible candidate's academic, artistic, and athletic merit. This typeof scholarshipfor MBA Abroadcovers tuition fees, internships, mentoring, and more. Eligible scholars can reshape their careers by pursuing an MBA with this program.

Need-Based: These scholarships are for talented candidates from financially underprivileged families. These scholarships offer a chance for studious aspirants to pursue education from a renowned international college or institute.

Country-Specific: Some scholarships are designed for scholars from certain nations. This type of program fosters international relations as well as cultural exchange.

The main objective is to strengthen the bonds between the two nations. Sometimes, it may require candidates to return to their home country to implement their acquired skills for their home country's development.

Specialized Scholarships: These programs target a particular group: minorities, women, or entrepreneurs. The prime motive is to promote diversity.

Top Countries that Offer Best MBA Scholarships

Given below are the top countries that offer MBA scholarships:

USA

Many US business schools offer MBA scholarships for Indian students to help reduce the high cost of MBA programs. The country houses some of the most prestigious B-schools with various specializations. MBA scholarships in the US are varied. An aspirant who wishes to study in the USA with a scholarship can attain further details from the following points:

• Fulbright Scholarships: Offering scholarships for international aspirants to pursue a graduate MBA degree in the country
• Harvard Business School Fellowships: The need-based financial assistance helps students enter the Harvard MBA program
• Stanford Reliance Dhirubhai Fellowship: Offers financial support to Indian nationals to pursue an MBA at the Stanford Graduate School of Business.

UK

The international environment, diverse academic history, and premium education standards make the nation a lucrative destination for MBA degrees abroad. The following UK scholarships for international students are tailored to assist international learners in exploring British culture and education:

• Chevening Scholarships: Awarded to excellent professionals to pursue a 1-year master's degree
• Oxford Pershing Square Scholarship: Available for scholars applying to the University of Oxford
• Oxford's MBA program. It covers the tuition fee and offers a living stipend
• Commonwealth Scholarships: Offering a chance to pursue postgraduate study in MBA and other programs

Australia

Renowned academic institutes, modern cities, and captivating landscapes make Australia a top-notch MBA destination. The education ecosystem in the country implements a practical approach to innovation and research. Here's a list of scholarships an MBA candidate can get:

• Australia Awards Scholarships: Offers a long-term reward for learners coming from developing nations (the Department of Foreign Affairs and Trade administers it)
• Melbourne Business School Scholarships: Available for international candidates (for both diversity-based and merit awards)
• AGSM Global Reach Scholarship: ACGM, or Australian Graduate School of Management, offers this for international MBA students

Canada

Each scholarship in Canada helps international scholars to pursue MBA studies. Narrated below are some of them:

• SEED or Canada-ASEAN Scholarships & Educational Exchanges for Development: For students belonging to ASEAN countries
• UBC or University of British Columbia: UBC offers scholarships for international students for MBA programs.
• OGS or Ontario Graduate Scholarship: Assists students in MBA graduate studies in Ontario

Germany

A scholar who wants to develop technical business acumen can choose Germany for MBA international studies. Here's a run-down of the top scholarship in Germany:

• Women's ESMT Academic Scholarship: ESMT or European School of Management and Technology (ESMT) offers the scholarship to female aspirants with solid leadership skills
• Frankfurt School of Finance And Management Scholarships: This scholarship is for international candidates who wish to pursue an MBA
• DAAD Scholarships: DAAD, or German Academic Exchange Service, offers scholarships for international students.

Fully Funded MBA Scholarships for Indian Students Abroad

Several institutions specifically offer fully funded scholarships to Indian students. Studying for an MBA abroad on a scholarship allows Indian students to gain international exposure while reducing the financial pressures associated with tuition and living costs. Universities in the UK, Canada, and Australia frequently offer scholarships for international and Indian students. Pursuing an MBA abroad can be financially demanding, but several fully funded scholarships are available to support Indian students. Here are some notable fully-funded MBA scholarships for Indian students abroad.

• Fulbright-Nehru Master's Fellowships: These fellowships offer full funding for Indian students to pursue a master's degree, including MBA programs, in the United States. They cover tuition, living expenses, and travel costs.
• Chevening Scholarships: Funded by the UK government, Chevening Scholarships provide full financial support for one-year master's programs, including MBAs, at any UK university. They cover tuition fees, living expenses, and return airfare.
• Commonwealth Scholarships: These scholarships are offered to students from Commonwealth countries, including India, to pursue master's and doctoral studies in the UK. They cover tuition fees, airfare, and a living allowance
• Rhodes Scholarship: One of the oldest and most prestigious scholarships, the Rhodes Scholarship offers full funding for students to pursue postgraduate studies, including MBAs, at the University of Oxford. It covers tuition fees, a living stipend, and travel expenses.
• Stanford Reliance Dhirubhai Fellowship: This fellowship provides financial support to Indian students pursuing an MBA at Stanford Graduate School of Business. It covers approximately 80% of the tuition and associated fees.
• INSEAD Deepak and Sunita Gupta Endowed Scholarship: Offered to Indian students demonstrating financial need and academic excellence, this scholarship provides significant financial assistance for the INSEAD MBA program.
• Australia Awards Scholarships: Funded by the Australian government, these scholarships provide full financial support for students from developing countries, including India, to pursue postgraduate studies, including MBAs, in Australia. They cover tuition fees, living expenses, and travel costs.
• Erasmus Mundus Joint Master Degrees: These scholarships offer full funding for students to pursue joint master's programs, including MBAs, across multiple European universities. They cover tuition fees, travel costs, and a living allowance.
• DAAD Scholarships: Offered by the German Academic Exchange Service, DAAD scholarships provide full financial support for international students, including Indians, to pursue postgraduate studies, including MBAs, in Germany. They cover tuition fees, living expenses, and travel costs.
• Rotary Peace Fellowships: These fellowships cover tuition and fees, room and board, round-trip transportation, and all internship and field-study expenses for master's degree programs, including MBAs, at select universities worldwide.

Top MBA Abroad Scholarships for Indian Students

Pursuing an MBA abroad can be financially demanding for Indian students. However, several scholarships are available to alleviate these costs. Below is a curated list of top scholarships for MBA abroad, their eligibility criteria, and the financial support they offer:

1. Fulbright-Nehru Master's Fellowships

• Eligibility:

  • Indian citizens with a high level of academic/professional achievement.
  • Must have completed the equivalent of a U.S. bachelor's degree with at least 55% marks.
  • Demonstrated leadership qualities and three years of professional work experience.
  • Commitment to return to India and contribute to societal development.

• Amount Provided:

  • Tuition fees, living expenses, and related costs.
  • Support for J-1 visa application, accident and sickness coverage, and round-trip economy class travel from India to the U.S.

2. Chevening Scholarships

• Eligibility:

  • Indian citizens with an undergraduate degree.
  • At least two years of work experience.
  • Meet the English language requirements of the UK university.
  • Commitment to return to India for a minimum of two years after the award.

• Amount Provided:

  • Full tuition fees, monthly stipend, travel to and from the UK, and additional grants to cover essential expenditures.

3. Stanford Reliance Dhirubhai Fellowship

• Eligibility:

  • Indian citizens with a bachelor's degree.
  • Demonstrated leadership potential and personal qualities.
  • Commitment to return and work in India within two years of completing the MBA program.

• Amount Provided:

  • Up to $95,000 total for the two-year MBA program at Stanford Graduate School of Business.

4. Inlaks Shivdasani Foundation Scholarships

• Eligibility:

  • Indian citizens with a first-class degree.
  • Must have secured admission to a top institution abroad.
  • Candidates should be below 30 years of age at the time of application.

• Amount Provided:

  • Up to $100,000 covering tuition fees, living expenses, and one-way travel.

5. JN Tata Endowment for Higher Education

• Eligibility:

  • Indian nationals with a consistently good academic record.
  • Graduates from a recognized Indian university.
  • Candidates should be under 45 years of age at the time of application.

• Amount Provided:

  • Loan scholarships range between ₹1,00,000 and ₹10,00,000.

List of Scholarships for Women to Study MBA Abroad

Presenting below is the list of MBA abroad scholarships for women:

• University of London's Global MBA Scholarship for Women (for candidates with a graduation degree, three years work experience, and TOEFL/IELTS scholar or 92/6.5 respectively)
• IMD's Nestle MBA Scholarships for Women (total amount: CHF 25,000)
• Foundation Rainbow Bridge MBA Scholarship Program (for Asian and African Women only)
• ESMT Women's Academic Scholarship (partial/ full scholarships)
• INSEAD Alumni Fund Women's Scholarship (need-based & non-need-based categories of scholarships for meritorious women aspirants)
• ESADE Women of the World Scholarship (granted to women who can bring excellent perspectives & experience to their MBA education)

How to get a fully funded scholarship for an MBA abroad?

Securing a fully funded scholarship for an MBA abroad is a competitive yet achievable goal for Indian students. By following a strategic approach, you can enhance your chances of obtaining financial support for your international MBA studies.

1. Research Scholarship Opportunities

Begin by identifying scholarships that cater to Indian students pursuing an MBA abroad. Notable programs include the Fulbright-Nehru Master's Fellowships, Chevening Scholarships, and the Stanford Reliance Dhirubhai Fellowship. These scholarships offer substantial financial aid, covering tuition fees and living expenses.

2. Understand Eligibility Criteria

Each scholarship has specific eligibility requirements. For instance, the Fulbright-Nehru Fellowship requires applicants to have at least three years of professional work experience and demonstrate leadership qualities. Ensure you meet the academic, professional, and personal criteria before applying.

Prepare a Strong Application

A compelling application is crucial. Focus on:

• Academic Excellence: Maintain a strong academic record.
• Professional Experience: Accumulate relevant work experience that showcases leadership and initiative.
• Personal Statement: Articulate your career goals, reasons for pursuing an MBA, and how the scholarship will help you achieve them.
• Letters of Recommendation: Obtain strong endorsements from professionals or academics who can vouch for your capabilities.

4. Prepare for Standardized Tests

Many MBA programs and scholarships require GMAT or GRE scores. Achieving a high score can significantly enhance your application. 700+ GMAT is considered to be a good score. Additionally, proficiency in English, demonstrated through TOEFL or IELTS scores, is often mandatory.

5. Apply to Multiple Scholarships

Increase your chances by applying to various scholarships. Each program has its selection process and criteria, so diversifying your applications can be beneficial.

6. Highlight Leadership and Community Involvement

Scholarship committees value candidates who have demonstrated leadership and a commitment to community service. Engage in activities that showcase these qualities and include them in your application.

7. Stay Informed About Deadlines

Scholarship deadlines vary and are often well in advance of program start dates. Create a timeline to manage application submissions effectively.

8. Seek Guidance

Consult mentors, professors, or professionals who have experience with international MBA programs and scholarships. Their insights can provide valuable guidance throughout the application process.

By diligently following these steps, you can enhance your prospects of securing a fully funded scholarship for an MBA abroad, paving the way for a transformative educational experience.

Conclusion

An international MBA degree allows graduates to be at the forefront. But it all depends on the approach of the aspirant. To pursue an MBA in foreign countries with scholarships, candidates must approach the application with due diligence to highlight their strengths. The aspirant can send it via an email to the mentioned ID or apply through the college or university's official website.