MBA is considered the old war horse in the corporate world. It opens up a gateway of opportunities that can help you climb the ladder of success if done right. Holding the putative master’s degree isn’t just enough, but the accreditation and brand value associated with it plays a major role. However, that can leave a dent in your expenses. How big of a dent? Well, that depends on one’s financial stature. But most MBA graduates would join hands in unison to agree that it is most likely on the expensive side. So it all boils down to how one manage their finances. Which brings us to the key idea of the article – best scholarship options for MBA aspirants.
Managing finances includes planning, budgeting, allocating, and then finally utilizing. The crux of every step is planning, and it has to be done meticulously. Although budgeting differs from person to person, the former combined with some robust execution could help in eliminating the zeroes at the end of your final budget amount. One of the crucial ways you in which you can limit the amount of money that you are spending is to find the right financial aid in the form of scholarships. Yes, folks, we found our elixir. Unlike discounts in supermarkets, you can club one or two, if not more, of these scholarships to get the best possible deal.
With that, let us dive into the types of scholarships for MBA aspirants.
Types of scholarships for MBA
“It is the endeavor of the Institute that no student be denied the opportunity to pursue the two-year post-graduate programmes for want of adequate financial resources.”, the statement put out by IIMs. This has set a precedent for the rest of the B-schools across the nation to come up with their own ways to support students. Let alone these colleges, many banks, and corporate companies have stepped forward to take the weight of financial burden off our shoulders by introducing a distinct number of scholarships.
There are mainly two types that are up for grab :
- Need-based scholarships
- Merit-cum-need-based scholarships
Need-Based Scholarships for MBA
Need-based scholarships are usually provided by the Government, banks , or the institutes themselves to aid their students in financial difficulties. Usually, the scholarship amount is decided based on different criteria such as annual family income, ownership of assets, and the number of dependents in the family.
IIM Bangalore, for example, welcomes students to apply for this financial aid whose annual household income falls below INR 8,00,000. Students with financial difficulties arising from sudden unforeseen circumstances are also permitted to apply.
The Financial Aid Committee of IIMB undertakes a two-step process for deciding the number of awardees and amount of aid. In the first stage, the students are given a financial status score based on four criteria – Annual Gross Household Income (including income of the student if employed before joining IIMB and outstanding loans if any, provided they were not taken for conspicuous consumption), Household Savings, Real Estate Assets, and Other Assets. Based on this score, selected students are called for a personal interaction with a faculty panel.
During these interactions, faculty panels evaluate the financial need of the student, as well as establish the genuineness of the details provided by them in the application and assign a financial need score. Based on these scores, applicants are provided 20%, 40%, 60%, 80% or 100% financial aid.
Likewise, different institutes will have their own way of offering students need-based scholarships.
The key takeaway here would be to look up the scholarships offered by various business schools that you’re interested in by visiting their official website.
Banks and the Government offer a need-based scholarship when you get into a reputed institute. A few of them are :
IDFC FIRST Bank MBA Scholarship
This is a need-based scholarship of INR 2,00,000 for two year full-time MBA program. It’s awarded to students who have secured admission in B-schools based on their academical merit. Further, they must have a family income of less than 6 lakhs per annum.
Ministry of Social Justice and Empowerment Department of Persons with Disabilities (PwD)
This scholarship is given to people with disability having not less than 40% of their bodily parts disabled. The individual must possess a disability certificate issued by any competent medical authority. The scholarship awarded is INR 2,55,000 per year.
IIMB PGP Alumni First Batch (1976) Scholarship
This scholarship is given to a differently-abled woman student (or a differently-abled male student, if there is no eligible female student) from PGP. It keeps alive the memory of the PGP batch of 1976 and their association with the institute. The scholarship carries a purse of INR 75000, a medallion, and a certificate.
Merit-Based and Merit-cum-need-based Scholarships
If you dig deep enough you will come to know there are as many merit-based scholarships as there are stars in the sky. The more you gaze, the more you will find. This particular type of scholarship has an array of subsets to it. Scholarships start covering right when you start, during and after the completion of the course based on your academics, the sector chosen to work after graduation, willingness to become an entrepreneur, and various other parameters. The below list are some of the mainstream scholarships that exist out there :
Aditya Birla Scholarship
This famous merit-based scholarship for MBA is given to PGP students from select colleges. Both the first and the second year students are eligible. Students who are granted the scholarship during the first year are eligible to apply for renewal in the second year. This happens provided they belong to the top 25% of the batch in the first year. The scholarship amount is INR 1.75 lakh per student.
OP Jindal Engineering and Management Scholarships (OPJEMS)
This merit-based scholarship for MBA is given to PGP students in their second year. The first ten toppers of the 2nd year, based on the academic performance in the first year, are eligible to apply. After which there will be an online test conducted by OP Jindal Group out of which one student from each academic year will be awarded. The scholarship amount is INR 1.50 lakh.
Citi Women’s Leader Award
This is a merit scholarship for MBA that covers the second year’s tuition expenses. Students selected are from the top 25% of the batch at the end of the first year. The nomination is done by the institute. The students are selected on the basis of their Statement of Purpose and subsequent interviews scheduled by the Citi Group.
Societe Generale Global Solution Centre India Scholarship
This is a means scholarship for MBA that covers the entire tuition fee. Candidates are selected from the neediest applicants pool in the first year and thereby subsequent interviews are conducted.
Siddhartha Padam Award:
This scholarship is awarded to a PGP student who is on the Director’s Merit List. Moreover, the student must have got the highest CGPA in the Economics, Finance & Accounting core courses in the first year. It carries a cash prize of INR 50,000, a medallion, and a certificate.
Hindustan Unilever / T Thomas Scholarship
This merit-cum-means scholarship is given by Hindustan Unilever Limited to one PGP second-year student, a sum of INR 1 lakh
Yes Bank’s Future Ready Scholarship
This scholarship of INR 2 lakhs is open to students who belong to the top 20% of the batch based on the CGPA at that time, and are members of at least one student committee.
Runwal Education Trust Scholarship
This scholarship is given to a PGP student based on the academic performance in the 1st year and the student’s financial need. The scholarship carries a purse of INR 100000, a medallion, and a certificate.
Ministry of Tribal Affairs Scholarship (ST)
The Ministry of Tribal Affairs, Government of India invites applications for the National Scholarship for Higher Education for Scheduled Tribe students of PGP’s first year. This is a means scholarship that covers tuition expenses in full.
Employment in Social Sector Scholarship
This scholarship reimburses the recipient one-third of the fees at the end of each year of work for the first three years in the social sector.
NTPC Scholarship Scheme
This scholarship amounts to INR 48,000 per year. Students who belong to SC/ST/PwD categories and are in their second year of management studies, having passed the first-year examination in one attempt, are eligible for this scholarship.
Ministry of Social Justice and Empowerment Scholarship (SC)
The Ministry of Social Justice and Empowerment Government of India invites applications for the National Scholarship for Higher Education for Scheduled Caste students from Meritorious SC students PGP first year which covers the tuition expenses in full.
Apart from the above scholarships, students can also apply for other State Government Scholarships routed through financial aid and scholarship office.
Final Thoughts
Making adequate research and maintaining a research sheet will prove to be immaculate at the time of the admission process. Therefore it is always recommended to take some time out, lay out a plan, look up the websites of various different institutions including banks and then decide on how to proceed. But folks, the prelude to all of this is to prepare and crack the examination. You will have ample amount of time to figure out the finance part after CAT gets over, so it is advisable to attack the exam first.
One need not be perfect in order to get the job done, but can choose to chase it and meet excellence along the way. All the best for your preparation! – Hitesh
To know more about the intricacies of financing your MBA , have a look at our video explaining the same in depth
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