MBA Scholarship Guide

When it comes to MBA scholarships, planning your professional future is key. A typical requirement is proven interest in pursuing a business-related career. Whether your plans are to become an entrepreneur or to become a C-level executive at an existing company, make sure everything you do – from the courses you take to the organizations you join to the volunteer work you do – is aligned with your business career goal.

Scholarship awards come in all shapes and sizes, from a few hundred to tens of thousands of dollars and from big name companies to small local organizations. Big awards are great, and if you meet all requirements, you certainly should apply for them. But keep in mind the bigger the award, the more competitive it is. Don't rule out smaller scholarships, and remember, small amounts can add up.

Have you noticed that a lot of scholarships are created in memory of someone, or have a distinct stated purpose? Pay close attention to such information and find a way to incorporate it into your application, particularly if an essay or interview is required. Scholarship providers like to reward applicants who best fit their program's intent or mission. Florida State University MBA student Arkin Buyukozturk did just that and was awarded his school's prestigious Rollo William Gilbert Knight Scholarship. “I had to write a two-page essay and explain how my values matched up with what they were looking for,” he said.

Most scholarship websites list past award recipients. Read what's written about them and see what they all have in common. More likely than not, that's what the award committee will be looking for in the next recipient. You might also want to consider contacting past winners for advice.

If you're a big hobbyist, find a club that offers a scholarship to its members. You'll be stunned how many hobby groups offer scholarships to their fellow enthusiasts. You'll probably be looking at a relatively small pool of applicants, too.

Many companies provide funding to employees who want to pursue an industry-related advanced degree and are interested in remaining with the company once the degree is earned. And an MBA is almost always industry-related. These funds often come in the form of a scholarship, and some of these scholarships are open to former employees as well. It never hurts to ask.

It's easy to depend on the internet when searching for scholarships but that can be a big mistake. There are plenty of scholarship opportunities that are hard, if not impossible, to locate online. Visit your school's financial aid office and talk to community members and organizations. They may have the inside scoop on smaller, locally-sponsored scholarship opportunities. Other places to try include your local library, job fairs, and business events or conventions. Arkin Buyukozturn notes, “A lot of times scholarships and other opportunities are announced at these events.”

You can assume the majority of applicants meet all the award requirements and probably have similarly impressive lists of accomplishment. So, the best chance you have of demonstrating your uniqueness is in the application essay. The mistake most people make is to use the same essay, with a few modifications, for every application. This may be the faster option but if you don't tailor your essay to every application, the committee won't see why you're the right fit for the scholarship. It will require more work, but be sure to write a new and thoughtful essay for each application, taking into close account the specific essay requirements and scholarship's stated purpose.

If your scholarship requires an interview, prepare for it like you would an interview for your dream job. Consider the questions you'll likely be asked and prepare your answers ahead of time. And dress appropriately. That goes for online interviews as well.

Applying for an MBA scholarship is not the time to be shy. Scholarship committees like applicants with a lot of academic and extracurricular accomplishments, but they won't know about them if you don't tell them. You don't want to be arrogant, but you do want to highlight major accomplishments, awards and memberships that make you qualified for the scholarship. The business world is all about confidence and the ability to make a sale – what better way to show you're ready for this industry than by selling your strengths to land a scholarship.

Grade point average is almost always a primary consideration for MBA scholarship committees. If your GPA starts to drop, meet with professors and advisors to see what you can do to get back on track immediately.

Everyone has access to everything you put online, and that includes scholarship programs. Make sure your clean up all your social media accounts, deleting and avoiding anything that may be inappropriate or otherwise damaging to your scholarly and professional image before sending in your applications.

Even as he approaches the end of his MBA studies, Arkin Buyukozturk says, “I'm always looking for scholarships because I've put in a lot of hard work and time to really have a positive impact, so I'm always looking for new ways to fund my education.” New scholarships can pop up anytime and every bit of financial aid can help, even if you're about to enter your last semester.

It's important to not leave the issue of funding your MBA until after you've chosen your program. Marissa Almeida, who received a full-tuition scholarship through her MBA program at the University of Florida, made funding discussions a top priority when speaking with recruiters at the colleges she was considering. “Having open conversations with recruiters [about funding] was important,” she said. “If they told me there was no financial aid available, I would tell them that their program wasn't the right one for me.”

While you should apply to as many scholarships as possible, it's also important to really focus on awards that are aligned with your own personal values and goals. This should hopefully make the process of applying less stressful and lead to better, more meaningful opportunities. “I don't think I've ever done something with the specific intention of receiving some kind of financial support or award,” says Arkin Buyukozturk. “I get involved with things because I'm passionate about them and they're a good match for my skills and abilities, and have the most potential for personal growth and professional development.”