How to Secure MBA Scholarships from Top Business Schools

In 2024, Harvard Business School awarded $53 million in MBA scholarships. That makes up 28% of tuition fees for all students, or an average fellowship award of $92,000 for the class of 2025. HBS is not alone in providing financial aid to its students. All top business schools– including M7 and S10 – give out massive scholarships for MBA programs. 

But with the fierce competition for seats in the best programs, how can you land an MBA scholarship? After placing 600+ students into the world’s top business schools and securing over $2 million in scholarships per year, we’re divulging four fail-proof strategies that helped our applicants seal their dream offers. 

Before exploring these expert-vetted tips, let’s examine why the prestigious business schools award substantial scholarships to fund an MBA in the first place:

Why Do Business Schools Award MBA Scholarships?

Most business schools grant four different types of scholarships to their applicants to solve a multitude of challenges faced by students. It is important to note, though, that each of these financial aids comes with its own set of criteria.

Need-Based Scholarships

A need-based scholarship is awarded to students who demonstrate a financial hardship. They are designed to help families with limited resources afford higher education, ensuring access for those who may otherwise be unable to do so. The aids are often part of a broader financial aid package, and may be awarded automatically based on information provided in applications

Some elite programs (MIT Sloan, Columbia, Chicago Booth) provide both need and merit-based funding for exceptional students. Only HBS and Stanford GSB offer need-based scholarships in M7. At some schools, the lines blur, as candidates may receive both kinds of consideration (e.g. INSEAD).

With MBA costs around $234,000 for two years at top schools, these institutions recognise financial barriers and offer customised aid packages combining scholarships and loans. While rarely covering full costs, these need-based scholarships significantly reduce financial burden, making prestigious programs more accessible regardless of economic background.

Merit-Based Scholarships

Top business schools offer merit-based scholarships to recognise and attract academically outstanding candidates. 

While more competitive than need-based aid, these merit-based scholarships are perfect for high-impact leaders. Take the example of our youngest Crimson MBA client, to attended HBS MBA: Akash. 

With relatively short work experience, Akash’s chances of securing admission to M7 MBA programs were slim. Initially aiming for a seat at INSEAD, he didn’t even think of applying to Harvard or Stanford. 

However, his notable academic strengths, international background, and impressive level of responsibilities despite his young age, along with clear yet ambitious career goals, motivated us to push him to do so. His standout profile, backed by strategic vision and risk of an untraditional essay, helped him land offers from INSEAD, Kellogg, and HBS — with an 85% scholarship.

Read more: Akash's MBA Triumph: Realising his Potential with Crimson's Guidance.

Graduate-Level Leadership Development Programs & Diversity Scholarships

This category targets specific candidates based on their ethnicity, gender, and industry. Apart from enhancing diversity and inclusion, schools offer the funds to attract highly-qualified candidates from underrepresented pools.

Stanford University exemplifies this approach with its prestigious Knight-Hennessy Scholarship (KHS) - a comprehensive, fully-funded aid awarded to students who demonstrate independence of thought, purposeful leadership, and civic mindset.

To provide firsthand insights into the program, we recently hosted Jeffrey Reppuci (MBA/MPP, Stanford GSB), a Knight-Hennessy Scholar, for an exclusive webinar where he shared how the program has shaped his leadership journey and opened doors to unique opportunities across Stanford and beyond. (watch video).

Here are a few examples from M7 schools:

• Harvard’s RISE fellowship for candidates who have demonstrated exemplary commitment to serving Black/African American, Hispanic/Latinx, and other marginalised communities of colour within the US, prior to enrolling at HBS.
• Wharton’s Forté Fellowship for women leaders
• Stanford's Tillman Scholars Fellowship for military veterans

To leverage these, you have to fill out a separate form for the scholarships, given that you meet the specific criteria. 

External Scholarships

Top business schools also encourage their applicants to explore external scholarship opportunities. Private foundations, corporations, non-profit organisations, communities, and even some government agencies offer financial aid to elite MBA applicants.

Similar to others, these external alternatives have their unique eligibility requirement, and typically involve a separate application process. Some popular scholarship in this category includes: 

• The Consortium: Promotes diversity through scholarships available at select U.S. MBA programs
• Fulbright Program: U.S. government scholarship for students pursuing an MBA in the U.S.
• Forte Foundation: Supports the development of female leaders.
• Corporate sponsorship: Many companies -  especially in consulting, finance, tech, or energy - offer full or partial sponsorships to high-potential employees pursuing an MBA, often in return for a commitment to return post-graduation

The best part is that the external fellowships can be paired with the ones you receive from your school, thus reducing your overall financial burden. However, this will require proactive scholarship research on your part. You’ll need to identify and apply to the relevant opportunities to stand the best chance. You can speak to one of our MBA Coaches to understand which is the best fit for you.

4 Keys Strategies to Securing an M7 MBA Scholarship

Now with the basics off the table, here are four strategies for securing the MBA scholarship at your dream business school:

1. Check Your Eligibility for Need, External and Diversity based Scholarships

Many applicants receive some scholarship without applying for it (possibly a tactic to accept their admission offer), but if you’re aiming for close to a full ride, take your time to research the different MBA scholarships that your ideal business schools offer. Many schools offer more than one kind of scholarship, but since every aid comes with its own set of parameters, gauge which one would best suit you.

For example, if you’re a military veteran, you might qualify for Wharton’s Yellow Ribbon Program, which awards $20,000 per fall and spring semester. If you get the scholarship, you can save $80,000 over your two-year MBA program. 

For female applicants, the Wallman Fellowship by the University of Chicago Booth School of Business can be a great option. The school will waive your full tuition fee if you can demonstrate outstanding leadership and a commitment to advancing women in business. 

The goal is to choose a scholarship, understand its criteria, and tailor your application to highlight those specific qualities and experiences. The most important part is to align your personal story with the financial aid, thus increasing your chances of securing the funds. 

2. Build a Remarkable Personal Story

Our Crimson MBA coaches unanimously vouch for this: you need an exceptionally connecting, inspiring, and unique personal story. The strategy has helped many of our applicants earn impressive scholarships — 90% from GBS, 85% from HBS, and full-rides from Kellogg — to put a few in numbers. 

Admissions officers at top schools want a diverse, well-rounded class for their program. That’s why they seek applicants whose application, essay, and interview tell a compelling story about how they’ll add value to the campus. 

Our applicant, Balaj, was offered multiple scholarships worth over $150,000 leveraging the storytelling strategy. Drawing on his experience of being raised by a single mother, his MBA coach helped him shape a powerful narrative around his commitment to advancing women’s empowerment, reframing his personal journey and professional accomplishments into a compelling vision for impact. The story worked because it was deeply personal and credible. As an Indian male applicant, a profile that might typically seem at odds with a women’s empowerment narrative, he was able to overcome scepticism by grounding his vision authentically in his own upbringing, having been raised by a single mother

Balaj was extended the following: 

• Wharton MBA ($60,000)
• Kellogg MBA ($80,000)
• Booth MBA ($40,000)
  

3. Leverage Early Admission cycles: Round 1 & Round 2

While scholarships often run dry in the last round, R1 and R2 are when the schools are brimming with funds. As the new cycle starts, admission committees are more open to awarding a large portion of the funds to early applicants as their full financial aid budgets are intact.

Schools also leverage merit-based scholarships to attract highly qualified candidates early in the admission cycle. Columbia Business School, for example, explicitly mentions that they prioritise applicants who complete their admission application by the R1 or R2 deadline.  Your early application signals a strong interest in the program, potentially enhancing your scholarship prospects. This timing advantage is significant considering approximately 40 - 50% of each incoming class is selected during the first round.

All this together makes R1 & R2 a great opportunity to secure both: a spot at your dream business school and a substantial financial aid package.

4. Aim for a 695+ on Your GMAT

A great GMAT score - think 695 and above - is a sure-shot way to highlight your application in front of the admissions board. But a high score doesn’t just get you noticed, it can also greatly help your scholarship outcome. If you need a more structured approach, consider our GMAT practice plan. It’s designed for professionals juggling a demanding full-time job, exam prep, and MBA admissions together. 

Download your free GMAT Practice Plan. 

Expert Roadmap to MBA Scholarships

Elite MBA admissions are a complex process. From choosing the right program and scholarship opportunities to applications and interviews, every step requires deep research, focus, and preparation. Our M7 MBA experts have guided hundreds of applicants into their dream business schools while saving substantially on scholarships.

Get this expert assistance in your MBA journey. Book your free 1:1 consultation with a coach today.