MBA scholarships for Indian students around the world
Harvard gave away close to $36 million in scholarships in the year 2017 and the average annual scholarship award per student is about $ 35,000. In fact, over 50% of Harvard’s students receive need-based scholarships which means that such aid need not be returned. If the cost of a program is one of your concerns, then understanding how much aid you will get from the business school becomes one of the key considerations. While Harvard is one of the top business schools, schools from around the world, small or big offer some form of merit-based of need-based scholarships. In fact, contrary to popular opinion, MBA scholarships for Indian students are not a rarity at all. Many students get them every year.
According to the latest report by the US Embassy and Consulates in India, the number of Indian students in the US has risen to a record level of 186,000 and this is an increase of over 21,000 compared to last year.
Considering that some of the best talents come from this region, top business schools are doing their best to attract the best talent to their schools as it helps the school improve its image and ranking as well.
For Kunal Khosla, choosing the Rotman Business School was made easy when the specialization he desired was being offered here and he qualified for the MBA entrance award making the program affordable as well.
So, candidates for an MBA program need to consider several aspects about their overall expenses, apart from return on investment before sending in their applications. To give you some perspective, here’s a quick look at how prospective students look at funding their MBA expenses:
A knowledge of the available scholarships in a business school along with the eligibility criteria will ensure that your application is on target. Let’s take a look at the scholarships available to Indian applicants at top business schools in the US and Europe:
Top MBA scholarships for Indian students in USA:
Despite several apprehensions and uncertainties over immigration, Indian applicants continue to pick USA as the top destination to secure their MBA degree. According to a report published in Forbes, students continue to choose top schools from the USA with Harvard and Stanford occupying the top spots.
Out of the international students in the US, 17.3% of them are Indians putting India behind China in the list of countries sending students to the US for higher studies.
Scholarships are the easiest way to secure an education especially for those with humble backgrounds. Sangeet Ranjan is the recipient of the Stanford Reliance Dhirubhai Fellowship for the year 2018.
Having grown up in a small town in Bihar and facing considerable monetary challenges he was not sure about being able to follow through to a good school. The full scholarship from Stanford will now help him achieve his goals.
1. Stanford University- Graduate School of Business:
Stanford Reliance Dhirubhai Ambani Fellowship: This was instituted by the Reliance group to help Indian nationals in financial need. They are required to return to India after graduation to work here for a minimum of two years. The scholarship offers up to $145,000 covering tuition and any associated fees for the two-year study.
2. University of Chicago- Booth
- India Trust fellowships: This is a one-time award given to Indian nationals who are interested in advancing women’s issues. This is a merit-based scholarship of value $10,000 typically awarded to two students in a year. Students with exceptional leadership qualities and excellent academics will be preferred.
- The B. Akhtarali H. Tobaccowala fellowship: Indian nationals signed up for the full-time MBA program in this school can avail this scholarship. Candidates can mention their eligibility for the same at the time of application.
- Ramakrishnan Family Scholarship: This endowment fund was established by Guru Ramakrishnan for Indian nationals and is available for outstanding students and those who can show financial need.
- Marvin Davis Scholarships: These scholarships are provided for international students who can show outstanding performances in academic and extra-curricular activities along with exceptional leadership abilities.
3. HAAS School of Business, Berkeley:
Tahir Fellowship Endowment Fund: This fellowship awards $40,000 to candidates who have completed their undergraduate studies from Asia.
4. Columbia Business School:
- Board of Overseers China-India Fellowships: Students of the MBA program are eligible for this scholarship if they are able to prove academic and professional promise. Global leaders form a part of this elite group of board members who pick the deserving candidates. Students from China and India are awarded scholarships which are renewed for the second year as well.
- There are merit-based scholarships awarded to deserving Indian students under the Bishan Singh Kochhar Fellowships and the Board of Overseers-India Fellowships as well.
5. University of Virginia, Darden School of Business:
Franklin Family fellowship: This scholarship was initiated by Dr. Carl Mason Franklin and his wife. The scholarship is awarded to the top first-year full-time MBA students from the Asia-Pacific Region.
IRC International Scholarships: These scholarships are awarded to one international student enrolled in the MBA program and such a candidate will be awarded a half tuition.
6. Yale School of Management:
Chapman Scholarships: This is a general merit scholarship established by Mr. Chapman and the preference is given to students from Africa, India, China, Russia and Commonwealth of Independent States.
7. Wharton Business School, UPenn:
Emerging Economies Scholarships: Scholarships are provided for those candidates who belong to emerging economies from around the world.
8. Washington University, Olin Business School:
Mc Donnell International Scholar Academy awards full-tuition scholarships to those who have graduated from IIT Delhi or Jawaharlal Nehru University, Delhi. A separate application has to be made for this scholarship and an annual stipend of $25,000 will be given to deserving candidates.
TOP MBA SCHOLARSHIPS FOR INDIAN STUDENTS IN EUROPE
Europe may not sound like the best as far as MBA programs are concerned but that is changing fast and one of the reasons for that is that schools such as INSEAD are turning up the ante by offering equally competent courses for a shorter duration. Another concern for students is that while the costs of such programs in the US have been on the rise, the salary increases after the completion of such courses has not seen a similar surge.
For instance, after weighing in on the several options, Srinivas Masti picked ESMT Berlin for his MBA degree where he is currently pursuing a full-time MBA. ESMT, Berlin offers ESMT Asia Scholarships for up to three deserving candidates who can show residence in any of the Asian (South, East or Australasian) countries.
- INSEAD ALUMNI FUND– Diversity Scholarships: Indian nationals can apply for this scholarship by indicating their eligibility during application. The scholarship is worth € 13,000.
- INSEAD Christina Law Endowed Scholarships for Asian Women is offered to women who are born and raised in any of the Asian countries and the amount of award can range between € 8,000 to € 12,000.
- Syngenta MBA scholarships are offered to students who are part of the MBA program either in Singapore or France. With € 22,500 being offered per year, this is a scholarship worth applying for.
Emerging Markets Scholarships:
- INSEAD Deepak and Sunita Endowment fund offers € 25,000 to deserving candidates from emerging economies who can demonstrate financial need.
- INSEAD June Endowed Scholarship awards €10,000 to deserving candidates from developing countries who can show financial need.
- HEC Foundation Excellence Scholarships: All International candidates enrolled in the MBA program are eligible to apply for this scholarship. Ashish Mamgain, is a recipient of this scholarship for the year 2017 and this was based on his scholastic and extracurricular achievements during his undergraduate years.
- Eiffel Excellence Scholarships: This scholarship is provided to students coming from emerging economies and this provides the student a monthly allowance of € 1,181. This scholarship covers one international return trip along with social security cover and cultural activities.
- Charpak Scholarship of Excellence: The French embassy in India affords scholarships to students traveling to France for masters and they award up to € 615 per month for up to 10 months of such study. You could apply for an extension of such a scholarship as well.
London Business School:
- Monica and Navin Valrani fellowship provide £ 27,850 for Indian nationals in the program. This fellowship is geared towards women specifically.
- London Business School India Scholarship: All successful MBA applicants from India will be considered for this scholarship which offers £ 35,000 towards the tuition fees.
- The Vodafone Group Foundation, The Sir Christopher Grant Awards contributes £ 27,850 towards the fees of students enrolled in the MBA program.
- Great India Scholarships: This scholarship is available to Indian students enrolled in the Masters in Management program at LBS. The maximum scholarship provided under this is £ 10,000 per student which is a one-time payment and such an aid is provided for two students per year.
- Great University of Cambridge Scholarship: India offers a scholarship to Indian students applying to the Judge School of Business. With HMG being the funding partners, the value of the scholarship is £ 20,000.
Oxford, Said Business School:
- EMBA Director’s scholarships: This scholarship is available to students coming from emerging economies and it covers the program fees up to a maximum of £ 20,000.
- Rhodes Scholarships: This scholarship amounts to £ 69,533 and is awarded annually to 5 Indian scholars who have taken admission into the MBA program at the Oxford, Said Business School.
- ESMT Asia Scholarships: These scholarships are offered to candidates coming from South/ East Asian or Australasian countries. There are three such scholarships to be awarded in a year and those looking to promote business development in their respective countries will have a stronger chance at gaining this scholarship.
- Emerging markets scholarships: Citizens from developing and emerging markets can apply along with reference letters and proof of steady career progression. A solid GMAT score along with great academics can further strengthen your case.
TOP MBA SCHOLARSHIPS FOR INDIAN STUDENTS IN AUSTRALIA
According to the Australian High Commission in New Delhi, the number of Indian students studying in Australia is at an all-time high. According to the numbers in November 2017, the number of Indian students was up by 14.65% as against similar studies in the year 2016 and it now stands at more than 68,000 students studying in several institutions across the country.
There may be several reasons that have contributed to the rise, universities such as New South Wales, Deakin, Queensland and Canberra have reported a higher number of applicants for last year.
Australian universities provide aid in the form of scholarships to international students and apart from this, government aid is also available. These scholarships can cover living expenses, tuitions fees and in some cases travel as well. Let us look at a few of the scholarships available in business schools here:
Melbourne Business School:
- Asian Development Bank-Japan Scholarships: These scholarships provide generous assistance to students from India (and a few other participating countries). This scholarship covers the complete tuition fees, accommodation, living expenses, airfare (return) and insurance costs during the time of the study.
Macquarie University, Graduate School of Management (MGSM):
- The Macquarie international Women’s scholarships: This scholarship will enable female candidates from the Indian region to benefit. This scholarship provides AUD 11,000 towards tuition fees for the entire duration of the course.
Australian National University:
- Study Canberra India Scholarships: This scholarship provides aid of AUD 10,000 those students who are part of the MBA program in the school.
UNSW Business School, Sydney:
- UNSW Future of Change India Scholarships: This was launched to help high-performing individuals enrolled in the MBA program here. It provides an aid of $ 10,000 up to full tuition scholarships.
Monash Business School, Monash University:
- Dean’s Leadership in Emerging Economies scholarship: With the intention of supporting leaders in emerging economies, this scholarship provides a full fee waiver (value up to $73,600). In order to be eligible, the candidate has to show career progression and a concrete plan to contribute to your country’s development (socio-economic).
TOP MBA SCHOLARSHIPS FOR INDIAN STUDENTS IN CANADA
Ever since Donald Trump was elected as the President of the US and The UK has tightened its Visa norms, Canada has been seeing a jump in the number of students applying to Canadian Business Schools. For instance, the University of Toronto’s Rotman School of Management has 56 Indians out of the 350 students in the class of 2019.
Thanks to the increasing interest from this region, several business schools are queuing up to entice the best students from this region by offering scholarships and fellowships to make the offers more interesting. Here’s a look at some of the scholarships you may be eligible for when you apply for an MBA degree here in Canada.
Rotman School of Management:
- Regional Awards: Every year, a student from one of the mentioned countries including India is eligible to receive $ 50,000 under the Rotman Regional Scholarship program. This was designed to bring about a more balanced distribution of candidates in the program.
- JN TATA Endowment for Higher Education of Indians provides a scholarship based on the decision of the trust and this can amount up to a total of ₹. 10,00,000.
- Aga Khan Foundation: This foundation accepts applications from students applying to post-graduate studies and the aid they provide take the form of a 50% scholarship and 50% loan. However, these are a need-based aid and therefore you will need to provide the requisite information to prove such need.
Schulich School of Business:
- Dean’s Entrance Award- India: This scholarship provides $15,000 for students enrolled in the Schulich “MBA program in India”. This will be based on academic excellence and merit.
- Dean’s International Bursary: This is a need-based scholarship and it awards $15,000 to deserving candidates part of the MBA Schulich program in Hyderabad, India.
- Kamlesh G Moorjani Scholarship: A scholarship of $5,000 will provide in recognition of academic excellence and merit to those candidates who are enrolled in the MBA program in India.
- International Student MBA Welcome Bursary: It awards $2,500 to an international student enrolled in the MBA program in Canada.
The University of British Columbia, Sauder School of Business:
- Talent Scholarships for International students: Indian applicants can apply for a scholarship of up to $40,000 through this scholarship.
- Hari Varshney scholarship: This scholarship covers one half of the tuition fee for Indians (including some other regions as well) enrolled in the MBA program
- Madhu Varshney scholarship: This scholarship is similar to the above and it also covers one half of the tuition fee for deserving candidates from India (including other regions as well)
There are several scholarships available for those looking to pursue an MBA and it is important to evaluate which one of them can bring down the overall cost of the program and apply accordingly.
While these scholarships are based on different criteria’s, what is common for all of them is that they are given to candidates who are passionate and highly-driven. Research well about the eligibility criteria for such scholarships and apply well in advance to ensure you have the best chance available to you!
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