Though earning an MBA is ultimately a fruitful endeavor, the initial cost can leave students tapped out. Luckily, more schools are making an effort to help talented students ease the financial burden of getting a degree, via scholarship support. Many institutions now have a host of resources that counter-balance the intimidating price tag of pursuing an MBA.
Los Angeles-bound b-schoolers will be pleased to learn that UCLA’s Anderson School of Management is a leader when it comes to lightening the financial load of its students. According to Fortune, Anderson has increased its scholarship funds by more than 100 percent since 2009. We’ve laid out some of Anderson’s most promising MBA scholarship resources.
Types of Fellowship Opportunities
- Merit: Anderson provides a variety of merit fellowships to strong applicants upon admission. Awardees are determined by the UCLA Anderson Fellowship committee and extend over two-years.
- Donor: Donor Fellowships are awarded upon admission based on certain criteria, like community involvement and financial need. These fellowships are available through the beneficence of alumni, corporate, foundation and individual owners. In addition to the fellowships granted upon admission, students can apply for certain donor fellowships during their second year. The second year award recipients are determined by factors such as grades and community involvement.
- External: Students also have the opportunity to earn funds to support their education via private organizations. Anderson has a database called GRAPES (Graduate & Postdoctoral Extramural Support), that allows prospective students to search from over 600 awards, scholarships and grants to find a resource that meets their needs.
- Consortium: Anderson offers Consortium Fellowships for promising students. Though candidates have been historically Hispanic, African American and Native American, Consortium has evolved to consider any permanent U.S. residents who exemplify its mission. Especially strong Consortium awardees will be eligible for full tuition and fee fellowships.
- Nozawa: This endowment provides aid for foreign graduate students, particularly those from Japan. The award exists to promote research and enhancing knowledge of management and business in the Pacific Basin Region and the U.S.
General Outside Funding
Anderson offers a multitude of opportunities for students to receive outside funding for their education. Anderson partners with establishments like the Fulbright Program, which is sponsored by the Bureau of Educational and Cultural Affairs, and awards nearly 8,000 merit-based grants per year to students in over 160 countries. Anderson students can also apply for more specific fellowships, such as The James and Mary Dawson Scholarship, which is directed to students of Scottish or British descent who are in need, or the United Methodist Church Scholarship, which is granted only to applicants who are full members of The United Methodist Church.
Outside Funding for Women
Many MBA programs are eager to encourage women to enter the once male-dominated b-school world. To further this mission, Anderson offers a couple of scholarship opportunities specifically geared toward women. American Association of University Women offers both citizens and foreigners the opportunity to earn a variety of fellowships and grants. The P.E.O. International Peace Scholarship is geared toward international female students.
Outside Funding for Diversities
Anderson students are welcome to apply to the approximately 30 external foundations that provide funding to students with diverse backgrounds. Among these programs are the CONICYT Scholarships, which are offered specifically to citizens of Chile, and the Financial Support to Norwegian Students Abroad, which, as its title suggests, offers grants to Norwegian students. Students from Spain are eligible for several awards, including Fundacion Caja Madrid, Eduarda Justo Foundation, Instituto de Credito Oficial and a variety of others.