Guide to Scholarships for MBA Abroad for Indian Students

Types of MBA Scholarships in the USA

Students can receive multiple types of scholarships for an MBA to study in USA. These are:
1. Merit-Based Scholarships: These types of grants are distributed based on the student's academic performance, such as test scores, GPA, extracurricular activities participation, volunteering, and other professional achievements. To be awarded merit-based scholarships, universities may consider scholar's applications directly without requiring separate paperwork.

2. Need-Based Scholarships: These grants are meant for students facing a financial crisis. Thus, they are awarded based on the submission of the documents. Moreover, most institutions demand separate applications to demonstrate that they are actually facing financial constraints. Hence, based on these, you will be offered need-based scholarships.

3. Diversity Scholarships: Various B-Schools in the USA reward diversity by giving various scholarships and grants where international students will pay the same tuition cost as domestic students do. Hence, this way, they can attract more and more students to their university. For those wondering, how to get scholarship for MBA in the USA make sure to check your eligibility and arrange the documents in advance to apply before deadline.

4. External Scholarships: There are not just universities that can offer grants to international students to study in their country. Many private organizations, Government schemes, and sometimes even well-known employers award MBA scholarships for Indian students to study in top countries such as the USA or the UK.

Moreover, students have to apply separately for such grants within the deadline. Make sure to apply for these scholarships at the earliest to get maximum consideration.

Also, if you want to know how to get scholarship for MBA, you can connect with one of our experts and get free counselling session today! Further, let's explore the top MBA colleges in the USA offering diverse specializations for Indian students. Hence, read the following section!

Also Read: Here is How to Get Fully Funded Scholarship for MS in USA!

Best MBA Colleges in the USA for Indian Students

Among the many prestigious Business Schools in the USA, a significant number are affiliated with renowned US-based universities. These institutions are known for their exceptional educational environment, state-of-the-art facilities, vibrant cultural diversity, unparalleled industrial exposure, and a remarkable employability rate. They are the stepping stones to your future success. Here's a list of the top 10 MBA colleges in the USA:

BUSINESS SCHOOLS WITH THEIR QS GLOBAL MBA RANKINGS	AVERAGE TUITION FEE FOR INTERNATIONAL STUDENTS
#1 Stanford Graduate School of Business, Stanford University	USD 120,0100 / Year
#2 The Wharton School, University of Pennsylvania	USD 85,540 / Year
#3 Harvard Business School, Harvard University	USD 74,360 / Year
#6 Sloan Business School, Massachusetts Institute of Technology	USD 83,450 / Year
#7 Columbia Business School, Columbia University	USD 78,110 / Year
#12 Kellogg School of Management, Northwestern University	USD 77,260 / Year
#13 Haas Business School, University of California Berkeley	USD 72,940 / Year
#14 Booth School of Business, University of Chicago	USD 75,919 / Year
#15 Anderson School of Management, UCLA	USD 71,368 / Year
#17 NYU Stern School of Business, New York University	USD 55,789 / Year

These Business Schools are part of various well-known universities in the US. They are not only popular in the country, but you can find them made their place in top Business Schools across the world. Further, let us check the ROI for these top MBA colleges in the States.

Also Read: An Ultimate Guide on MBA in USA for International Student

ROI for Top MBA Colleges in the USA

The Return of Investment or ROI is the most important factor when it comes to pursuing an MBA degree from top US colleges. So, the graph below presents the tuition fees against the annual salary offered to candidates graduated from these top B-schools.

Hence, check out the reasons for their popularity and what specializations they offer for students. Read on the following section!

List of MBA Specializations in the USA

Specialized MBA programs allow students to build their expertise in a particular field or domain to progress in a related industry. Hence, as a part of the MBA specialization, students will have to learn particular chosen subjects during their course period. Hence, to study an MBA course in the USA, students will come across various specializations to choose from. So, we've prepared a list of these popular MBA disciplines-

MBA SPECIALIZATIONS	BEST UNIVERSITIES FOR PURSUING AN MBA COURSE
MBA in Business Analytics	Massachusetts Institute of Technology, Sloan Business School University of Pennsylvania, The Wharton School University of Chicago, Booth School of Business
MBA in Marketing	Stanford Graduate School of Business Michigan Ross School of Business UCLA Anderson School of Management
MBA in Finance	University of Pennsylvania, The Wharton School Stanford Graduate School of Business Harvard Business School Columbia Business School University of Chicago, Booth School of Business
MBA in International Business	University of South Carolina Moore Harvard Business School Georgetown University McDonough NYU Stern School of Business Florida International University
MBA in General Management	University of Pennsylvania, The Wharton School Harvard Business School Columbia Business School Northwestern University, Kellogg School of Management University of Chicago, Booth School of Business
MBA in Entrepreneurship	Harvard Business School Massachusetts Institute of Technology, Sloan Business School
MBA in Supply Chain Management	Massachusetts Institute of Technology, Sloan Business School
MBA in Healthcare Management	University of Maine Colorado University Denver Business School
MBA in Innovation Management	Stanford Graduate School of Business MIT Sloan School of Management Harvard Business School University of Pennsylvania, The Wharton School
MBA in Investment Management	NYU Stern School of Business, New York University Columbia University

Let's check out various MBA scholarships in the US for Indian students to pursue their courses in the States. Scroll down and read the following section!

MBA Scholarships in the USA for Indian Students

Do you know there are many partial and fully funded MBA scholarships for Indian students? These are distributed by some of the top business schools in the USA. Hence, here's a list of MBA scholarships in the States offered by the B-schools:

• Harvard University Scholarship
• Kellogg Scholarship (Kellogg School of Management)
• Sloan School of Management
• Wharton School of Business Scholarships
• Columbia Business School
• Tuck School of Management Scholarships
• Chicago Booth School of Business Scholarship
• Tuck School of Management
• UCLA Anderson Scholarships
• NYU Stern School of Business Scholarship

Let us look at some of the MBA scholarships in USA in detail:

Also Read: Best Scholarships for Studying Abroad by Indian Government

Harvard Business School Scholarships

Harvard University offers multiple grants to deserving candidates across the world. These awards are for students who want to pursue an MBA from Harvard B-School.

HARVARD BUSINESS SCHOOL SCHOLARSHIPS
Horace W.Goldsmith Fellowship	The Horace W. Goldsmith Fellowship is only distributed to up to 10 students who are open to work for the non-profit sector. Further, only first-year students are eligible to get a reward of $10,000. Moreover, to be eligible for this grant, one must have functioned in any non-profit sector full-time.
HBS Fellowship Program	Such grants are provided to students who enrolled in an MBA program and get admitted to the college but require funds. Moreover, according to Harvard B-school, around 50% of its management class gets the reward of $32,000 through this fellowship program every year.
Application Deadline	The application must be submitted after being admitted to the Harvard MBA program.

Kellogg School of Management

The Kellogg School of Management provides a merit-based scholarship for students who want to study for an MBA in the USA. This award is distributed to deserving students who demonstrate a good academic score during the admission process. Some scholarships include

KELLOGG SCHOOL OF MANAGEMENT
Donald P. Jacobs International Scholarship	Initiated by Donald Jacobs, who was dean of Kellogg School of Management. This scholarship is awarded to all international students who wish to pursue a Master's of Marketing Management course or any 2-year program. Hence, students who successfully enrol in these courses are automatically considered for this scholarship program.
Diversity Scholarships	This grant is an initiative to increase diversity among students at Kellogg School of Management. Hence, to be eligible for this award, they must demonstrate their academic excellence and leadership qualities.
Application Deadline	It depends upon the program application deadline (refer to the official website of university)

Sloan School of Management

This Business School offers merit-based scholarships for MBA courses. Some include-

SLOAN SCHOOL OF MANAGEMENT
Master's Fellowship	This grant is available for all students despite their academic backgrounds. Meanwhile, the scholarship amount ranges from USD 5000 up to full tuition fee coverage. This fellowship is designed to increase the diversity among students in class.
McKinsey Award	This award is open to all MBA students studying at MIT Sloan regardless of their academic and professional background. Yet, it is awarded to up to 4 students for the first year of their course. Lastly, applicants are shortlisted by the university admission committee based on the application submitted and interview.
Application Deadline	June 2024

Tuck School of Business

The Tuck School of Management is a part of the prestigious Dartmouth College. It offers various scholarships, sponsorships, and fellowships to all the deserving candidates admitted to the college. Meanwhile, the financial rewards range from USD 10,000 to full tuition fee coverage, depending on the student's academic achievements, leadership qualities, and versatility. Hence, to pursue an MBA program, you can check out the following grants:

DARTMOUTH COLLEGE TUCK SCHOOL OF MANAGEMENT SCHOLARSHIPS
Centre for Business & Society	There are 2 programs offered by the Centre for Business & Society to provide financial aid to all the deserving candidates. It provides support to the Tuck graduates who intend to join any non-profit organization or public sector. Lastly, candidates must demonstrate exceptional academic performance or professional achievements.
Merit Based and Need Based Scholarships	The rewards distributed via this scholarship range from $5000 to full coverage of tuition fees. Students will be informed by the university’s admission committee regarding the status of their scholarship. Moreover, students are selected for this scholarship program on the basis of their submitted biographical essay.
Application Deadline	Same as your MBA program application deadline (for more information, refer to the university official website).

Let's check out what benefits one can get after receiving an MBA scholarships in USA!

Benefits of MBA Scholarships

Let’s explore how an MBA scholarship can open doors for aspiring business leaders like you. Hence, let’s check out what benefits you can get after receiving an MBA scholarship to study abroad:
1. Reduce Finance Burden: Pursuing an MBA is a great investment, especially when it comes to studying in the US. However, the tuition fees and other expenses come with a big price tag. Hence, USA Scholarships for Indian Students can ease this problem by covering up to full tuition fees, living expenses, and even study materials.
2. Access to Prestigious Institutions: With a scholarship reward, you can get into top B-schools to pursue your MBA course. With this, you can get access to world-class faculty, top facilities, and an extensive network of industry professionals.
3. Personal Development: Regardless of academic achievements, an MBA scholarship provides multiple opportunities and options to improve. Hence, personal development is one of them. You’ll get the chance to attend various workshops, meet industry people, and more.
4. Enhanced Career Prospects: Lastly, holding an MBA degree from a renowned Business School can get you enhanced career opportunities as well as higher earning potential. Hence, it will help you in your future professional journey.

Moreover, students can even check out various government scholarship for MBA students to study in any foreign country.
Further, pursuing an MBA from the US means fulfilling certain admission conditions before completing the application form. We’ve curated the next section, covering the same pointers. Check it out!

Admission Requirements to Study an MBA in the USA

Just like enrolling in a particular course requires you to meet certain criteria, one must be eligible to get into an MBA program in the USA. Hence, here are some of the general requirements set by the universities:

• Bachelor's Degree from a Recognized University or an Educational Institution with required GPA scores.
• For any Management course, you need to showcase at least 2-3 years of work experience in related domain
• Required Graduate Management Admission Test (GMAT) scores.
• English Language Proficiency Test results, like IELTS, TOEFL, PTE, or SAT.
• An updated resume or CV
• A well-drafted Statement of Purpose (SOP).
• 2 Recommendation Letters from previous employers or your educational provider.

Moreover, for more details on the LOR drafting process, check out the sample Recommendation Letter and more here.

Other than these, students need to arrange various documents in scanned soft copies that they can attach while filling out the application form for an MBA program in their desired university.

Documents Required to Study for MBA in the USA

Here are the 13 essential documents that must be kept handy before beginning your university application process. Let's discuss them as per US universities' requirements:

1. Passport

This is the most crucial document every student would need to study overseas. Thus, you are advised to apply for a passport in advance if you don't have one in hand. Since you will have it ready before enrolling for your desired program. In addition to this, if you've your passport already, ensure it's valid for the next 6 months after your return flight date.

2. Resume / Curriculum Vitae

The second most important document is your resume, which must include your previous academic records, such as your aggregate converted to GPA score (as per US university's measure). Moreover, it also contains details, such as any internship records (if applicable), previous employment history, any completed project during UG studies, and any participation in extracurricular activities or awards received.

3. Academic Transcripts

One of the crucial documents any student would need for an MBA course in the States is a transcript from their previous college. It's an official document that is provided by the university that demonstrates the scholar's overall academic performance. Moreover, the transcripts must include grades from each year of the UG program for applicants planning to pursue an MBA course in a US university.

4. Grade Reports and Pass Certificates

Students are also required to submit copies of the necessary mark sheets and pass certificates that illustrate their scores in a particular subject. For instance, to study for an MBA program, scholars have to achieve a good score in relatable subjects in their bachelor's program. Moreover, Indian applicants to be eligible for an MBA in the USA are required to submit 10th and 12th grade, as well as all the degree certificates during the application process.

5. Letter of Recommendation (LOR)

A LOR that symbolizes your qualities, skills, achievements, and experience at the academic or professional level must also be attached along with other papers during the application filling process. Moreover, it should come from any college professor or senior employee from your previous organization. An MBA program must reflect the candidate's management skills, such as leadership qualities, interpersonal communication, etc.
Moreover, if you need guidance on drafting a perfect LOR for your US university application process, feel free to reach out to the services at Gradding.com.

6. Different Exams Report Card

Universities in the States require students to take certain entrance exams to get a successful enrolment in their courses. Hence, check the program requirements you're applying for, and keep your scorecard ready with the appropriate scores before enrolling for your course choice. Some essential exams to pursue an MBA are:

• GMAT: Required for admission into B-schools in the USA.
• IELTS / TOEFL: Required for students whose first language is not English. Hence, they need to take any of the exams to demonstrate their proficiency in English.

Other important documents include-

7. Statement of Purpose (SOP)
8. Work Experience Letters from Internship or Jobs
9. Essays Highlighting Your Interest in Chosen Program or Field
10. Financial Proof, such as Bank Statements or Any Sponsored Letter
11. Portfolio / Research Proposals / Project Descriptions from Students Enrolled in a Research-Based Program
12. Certificates of Extracurricular Activities
13. Confirmation Copy for Submitted Application

Jobs After Graduation for MBA Students in the US

According to the news and reports, it’s mentioned that the starting salary offered to an MBA graduate is USD 115,490 per annum. Also, a Stanford graduate can make up to USD 250,000 yearly, while the average salary for an MBA in the USA is approx. USD 68,000 per annum. Even if you have this question running in your head, ‘Does MBA students get stipend?’ the answer is Yes. Since it’s a Master’s program, every international student deserves to get a stipend. Moving further, let’s discuss post-completing MBA Salary in USA with the job profiles:

JOB TITLE	AVERAGE SALARY PER YEAR
MBA IN INVESTMENT BANKING
Financial Analyst	USD 101,728
Executive Assistant	USD 104,864
Investment Banking Analyst	USD 188,878
MBA IN FINANCE
Senior Financial Analyst	USD 105,255
Financial Controller	USD 104,471
MBA IN BUSINESS ANALYTICS
Business Strategist Analyst	USD 110,366
Business Application Analyst	USD 108,000
Business & Data Analyst	USD 98,279
MBA IN MARKETING
Marketing Executive	USD 107,949
Marketing Director	USD 186,642
Senior Product Manager	USD 235,242

In conclusion, pursuing an MBA course in the US can be a little expensive. However, getting scholarships for MBA abroad is not an easy task. It requires a lot of research, time, and effort to get a positive response. Moreover, many business schools in the US provide merit-based and need-based rewards to deserving candidates across the world. Hence, don’t miss out on the chance. Refer to their official websites to learn about the application procedure and deadline. Lastly, if you wish to seek more financial assistance based on MBA USA scholarship, check out Gradding.com services and book a call with our experts today!