It seems like MBA business schools">M7 doles out tons of cash to MBA admits.
1. Who do they usually give the cash to? I've heard anything from ultra-high GMATs to low incoming salary.
2. It'll be great if some of you could post your pre-MBA backgrounds (GMAT, work experience, etc.) and the amount of cash you received.
3. Do schools choose NOT to give cash to admits with consulting/finance backgrounds since they expect them to make 140k+ post MBA?
Thanks.
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Curious as well. Very curious.
They seem to give a lot of scholarships to people with extraordinary accomplishments, URMs and people from very non-traditional backgrounds.
The reason it may be more difficult to get a scholarship from a consulting/finance background is because they are so many of these people applying to BSchool. In a sense, they are over represented.
>ultra high gmats kek
You don't have to be super special to get money. I'm pretty average in regards to top MBA programs, but still walked away with merit scholarships: full-ride at second tier (20-30 range in rankings) and half-tuition ($30k/yr) at the M7 I will be attending.
For reference, 720 GMAT, 3.65 GPA, started in i-banking and switch to internal consulting at a F500. White male from U.S., average ECs.
Just because you don't have a 3.95 GPA, 780 GMAT, URM etc. doesn't mean you won't get any money. Schools want a well-rounded class, and money is a key player in convincing people of all backgrounds to attend.
I'm in a similar situation as dew2229. I'm likely in the top 1% of pre-MBA income in my class and I was awarded a scholarship for more than half of tuition. White/Male/Finance. I think scholarship money is pretty much used solely to entice people to come to the school. If they suspect you'll go elsewhere and really want you, they'll throw money your way. Simple as that (I think).
I agree with this. Also, some of the M7 (e.g., Booth, Wharton) have a reputation of being more generous than others.
Agree with CompBanker and dew2229 that scholarship money is most generally used as a tool to entice candidates whom the school anticipates will have competing offers.
I also get the sense (read: opinion, not fact) that international students fare well when it comes to scholarships. My guess is that this is more a case of schools' desiring a well-rounded class (in terms of the number of countries represented that it can boast about) than feeling the need to lure those particular students away from other schools.
High gmat score - something I've heard elsewhere also - seems like a more plausible explanation for schools a bit further down the rankings that are focused on bringing up their stats (i.e. average GMAT). I doubt this is the case for the top 10ish as those schools all see plenty of high gmats they ding, nevermind considering applicants a candidate for scholarship money based largely on that one data point.
Profile: White/male/finance (though BO with previous accounting exp) 750 GMAT; 3.3 GPA; CFA & CPA Matriculating at top-10 MBA program this fall (no scholarship); offered 1/2 tuition scholarship from one of the ~11-15 schools
Why did you give up that half tuition scholarship?
Have any of you ever asked (or is it considered ok to ask) for scholarship money from a school after being accepted and not given any merit scholarships? I read an article recently that you can do this, saying something along the lines of "School X is my top choice but I've received several offers/money from other schools and this will be a big factor in my decision"
.
Yeah, it happens somewhat regularly from what I can tell. The schools don't always give-in to requests, but it is worth a shot if it truly is your situation.
Fellowships/Scholarships in Business School (Originally Posted: 11/23/2010)
For those of you who received a scholarship/fellowship offer from a business school, did you have to interview with them or were you just handed an acceptance letter with 'UR PAID FOR HOMEY' stamped across it?
and what schools as well :>
.
Had to write an essay on top of the other materials, I guess they already figured out what your personality was like through the interview for admission. I didn't receive a full reimbursement but something like 20% of the program cost FYI
Same as Buster....conducted interview as part of my app but was required to write an additional essay for the scholarship. Also, I'm not sure how many people do this, but I ended up negotiating and getting alot more money.
I got into two tier-one schools, with $10K scholarship/year to each then got into a tier-two school with 50% scholarship. Knowing full well I wasn't going to be able to finance the remainder of the cost at either of the tier-ones, I used them as leverage with the tier-two and got them to give me 75%.
Bottom line, NEVER accept the initial offer...try for more. Like almost anything else, its negotiable.
Take care and good luck.
about your choice tho, i know someone who got accepted into harvard with no scholarship and a state school with full scholarship and chose the money over the name. he's still kicking himself about it. sometimes it's worth taking a loan for. and many banks will give you the money if you were accepted into a tier1 bschool.
Yeah I know what you're saying...I will always wish I had a pedigree name on my resume (and the network that goes along with it) if for no other reason than for my ego.
I really had no choice though...I was entering b-school in summer '08 and I was literally laughed at when I asked banks for 50-60K * 2 yrs only 3 or 4 months after bear collapsed (banks were still scared out of their minds at the time).
Thankfully, the drop-off for me wasn't nearly as severe as going from Harvard to state school.
Take care and happy thanksgiving
just as a heads up, if you go the route of saying you have competing offers / scholarships, BE PREPARED TO SEND THE ACTUAL DOCUMENTS STATING SAID OFFERS/SCHOLARSHIPS! Don't lie / BS. I know schools have asked for this and from what I can tell it is pretty standard procedure. .
Merit Scholarship for MBA (Originally Posted: 12/27/2010)
I imagine there are plenty of people from good schools, GMAT > 750, MBB/BB IB applying to MBA business schools">M7 schools, so there probably isn't a need for those schools to give out as much merit aid to get attractive candidates to sign...what are the top schools that are more generous with merit aid?
I heard MIT gives lots of full rides (10 I believe), more so than Harvard, Wharton, and Standford. This is for merit, like you requested. However, this is all I know on the subject. You never know until you apply though. Good Luck.
I know a bunch of people who got cash thrown at them from Wharton. Typically they were the types of candidates who got into HBS/Stanford though, so I think you've got to be "above average" to expect any substantial cash from schools in the MBA business schools">M7. I don't believe HBS gives merit scholarships, only need (if you dig around, this information is online at HBS.edu or Business Week).
Kellogg
http://www.kellogg.northwestern.edu/programs/fulltimemba/tuition_financ…
Generally, unless you are a member of an under-represented demographic group, you'll have to drop down one "tier" in prestige from the that of the best school you get into top get serious merit money. That is to say, if your a shoe-in for the MBA business schools">M7, then you'll likely get very significant merit money from schools in you're "safety" range (Cornell/Yale/CMU). That said, almost everyone gets something ($5K - $10K) from their "match" schools.
You'll have to do your own cost-benefit analysis on the money/prestige trade-off once you have a few acceptances in hand. Personally, I took the money and it ended up working out quite well from me. It's definitely not the path for the risk adverse though.
This is really good info, thanks. I think I'm a possible match for MBA business schools">M7 schools (3.8+ UG GPA, 750+ GMAT, MBB, varsity sports in college) but I'm definitely going to apply to at least one school like Michigan, UVA or Duke, partially for the potential $ and partially for the lifestyle.
MBA Scholarships - Websites or programs? (Originally Posted: 03/07/2007)
Anyone know of any scholarship websites or programs? I know some BB's sponsor a few.
Is there any strategy to trying to get a scholarship, other than be the best candidate you can be?
Is it okay to say in your interviews or application documents that part of your decision will hinge on scholarships and tuition costs?
I wouldn't say anything in your application or interview about your decision "hinging" on scholarship awards. It would come off as presumptuous.
There's the Consortium Fellowship, which is geared towards minorities. http://www.cgsm.org/universities/index.asp
Technically you don't have to be a minority to get it, but I think you have to show support for the mission of the organization or something.
don't expect much in the way of MBA scholarships.
You're supposed to make so much after the MBA, so they make you take out loans. An MBA or law student has much better income potential than some PhD in Literature...they get grants and fellowships, you get loans.
Yeah, that's what I thought. Fortunately I have most of the funds but if there were any scholarships out there...
Also if you are a naturalized citizen to the US or the child of 2 naturalized citizens, you can apply for the Soros Fellowship for New Americans.
I know for a fact that there are top tier schools that give out some free money. It's not a ton, and it only covers part of your first year. But, if you're a good candidate, it can be found. The websites of the schools typically describe what's available.
Just popped in to say that most people do not receive a scholarship to go to school. At my school, 30% of students will receive a scholarship. I'd venture a guess to say the range is anywhere from 15-50%. Often, schools will report a "Percent getting Aid/Loans", but no pure scholarship percentage. The Aid/Loans percentages tend to be in 60%-80% range.
As CompBanker mentioned, the most probable methodology of scholarship award is on the basis of you choosing another school over them. Simply, if the school wants you, they'll throw some money at you to help their odds that they get you. Even still, as long as you have a plan, the MBA has a pretty solid ROI. With 0% scholarship, the majority have gone on to have very successful post-MBA careers. I would say not to count on a scholarship - you can't expect someone to give you such a strong ROI via the MBA, then increase that ROI through "free" money. It's just not a reasonable expectation.
Applying for Scholarship in B-School Application (Originally Posted: 01/12/2015)
So I'm probably way over-thinking this but in my business school application theres a whole section devoted to applying for scholarships/financial aid.
Do you think what you put here really affects your acceptance? I'm wondering if I should say I don't need any financial aid so that it's more likely I'll be accepted?
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