The average cost of an MBA education—including two years of tuition plus fees—is nearly $200,00 across the top 25 B-schools.
But, experts say, there are ways for students to secure partial scholarships, or even full rides for their MBA education. Fortune recently delved into a few strategies to secure funding and avoid paying full cost at a top B-school.
“I would strongly suggest that candidates who are looking to get a free MBA spend time bolstering their candidacies prior to applying to business school. Merit-based scholarships are given on the strength of an applicant’s profile, and therefore to stand out, candidates should take time to assess their profiles,” Shaifali Aggarwal, founder and CEO at Ivy Groupe, a boutique MBA admissions consulting firm, tells Fortune. “Spending time on their authentic narrative and ‘connecting the dots’ in their story are also important with respect to putting their best foot forward to secure a merit-based scholarship.”
GOT A UNIQUE BACKGROUND? ASK FOR A SCHOLARSHIP
If you have a unique background, especially in a field that B-schools are passionate about, you may be more likely to receive a scholarship, experts say.
“A year or two ago, we saw anyone who had vaccine-related experience was in really high demand as a student. People like these might receive generous scholarships directly from the school,” David White, founding partner and admissions consultant at Menlo Coaching, tells Fortune. “Candidates with an expertise in artificial intelligence (AI) and entrepreneurship have been in high demand as well.”
CHECK IF YOUR EMPLOYER OFFERS TUITION ASSISTANCE
Many employers will offer to fully pay or partially fund an employee’s MBA education—usually in return for a commitment of tenure after degree completion.
“Work through your current employer so they pay the full or partial tuition or negotiate a signing bonus from the employer that hires you once you’ve graduated from business school,” Isabel Peña Alfaro, of Fortune, says. “The signing bonus could cover your business school fees and expenses.”
RESEARCH NON-PROFIT FELLOWSHIPS
Another potential way to secure a free MBA is through non-profit organizations, which often offer fellowships for underrepresented minorities.
“In some cases, these organizations also financially support students who have advocated for underrepresented minorities, even if the candidate isn’t a minority,” Alfaro says.
Stanford’s Graduate School of Business (GSB) is incredibly selective. The program, which ranks number one in P&Q’s “Top Business Schools” ranking, follows its mission, “Change Lives, Change Organizations, Change the World,” to heart and seeks out top-tier candidates who can fulfill that ethos.
Stacy Blackman, founder of Stacy Blackman Consulting, recently discussed Stanford’s 2022-23 MBA essays and offered insight into what admissions officers are looking for and how applicants can best position themselves for success.
ESSAY A: WHAT MATTERS MOST TO YOU, AND WHY?
For this essay, we would like you to reflect deeply and write from the heart. Once you’ve identified what matters most to you, help us understand why. You might consider, for example, what makes this so important to you? What people, insights, or experiences have shaped your perspectives?
Blackman says Essay A is all about what motivates you and why. Motivations, according to Blackman, can range from personal history to big-picture goals.
“This essay should not be explicitly career related (and the most persuasive essays are likely not career oriented at all),” Blackman says. “However, some of your themes will likely continue in the following essay, which may focus more on your career. For example, you may have a personal passion that also has led you into a related career aspiration. Your character should shine through, and ideally, introspection and honesty carry through the entire set of essays. To generate ideas, try brainstorming for a few days. Ask friends and family what values they see you demonstrating in your life and choices.”
To gather ideas, Blackman recommends applicants to start with some journaling and self-reflection.
“Review your personal history for ideas,” she says. “When you look back at your life, what do you admire and regret about your choices? Are there moments in your life that have led to a change in direction? Who has impacted your decisions? These are the kind of questions to ask yourself as you brainstorm topics for this essay.”
ESSAY B: WHY STANFORD?
Describe your aspirations and how your Stanford GSB experience will help you realize them. If you are applying to both the MBA and MSx programs, use Essay B to address your interest in both programs.
When approaching Essay B, Blackman says it’s important to specifically list out the reasons why you want to attend Stanford GSB.
“Stanford GSB wants to know your aspirations will be uniquely satisfied by the program. As a result, school research will help you explain how academics and community matter to you,” Blackman says. “Be as specific as possible to provide evidence that you have done your research. Have you met current students and alumni? Who are the professors you are excited about? What are the unique programs? Is Stanford’s culture appealing to you, and why? Think about using specific examples, like the career path of one particular alum you admire.”
Similar to Essay A, it can be helpful to do some self-reflection on where you see yourself post-MBA.
“Envision your life in twenty years,” Blackman says. “Where do you live? How do you spend your days? What is your favorite activity? Does this vision fit into your career aspirations? Don’t be shy about your ambitions. Once you have identified your dream career, make sure an MBA is a big part of achieving your plans.”
Next Page: Harvard Business School faculty reading list
Harvard Business School Releases 2022 Summer Reading List
With summer in full swing, Harvard Business School (HBS) staff shared some of their favorite books to read. From mystery novels to classic memoirs, here are the HBS staff favorites of 2022.
SAY NOTHING: A TRUE STORY OF MURDER AND MEMORY IN NORTHERN IRELAND BY PATRICK RADDEN KEEFE
Say Nothing is a nonfiction narrative that traces the disappearance of Jean McConville, a woman from Northern Ireland, who was kidnapped and murdered by the Provisional Irish Republican Army (IRA).
“The decades-long account that Keefe lays out following McConville’s abduction winds through the streets of Belfast to the halls of power in London and Dublin and across the Atlantic to the archives of Boston College without missing a beat,” Steve Church, Senior Communications & Change Management Specialist, Information Technology at HBS, says.
THE METHOD: HOW THE TWENTIETH CENTURY LEARNED TO ACT BY ISAAC BUTLER
Butler’s The Method follows the cultural history of Method acting—a linear journey from Moscow to New York to Los Angeles, and a foundational idea in the art of acting.
“The book is worth the price of admission just for the description of the second staging of The Seagull by the Moscow Art Theatre,” Bryan Fletcher, Senior Director of Content Production, HBS Online, says. “It charts the process of modernizing acting all the way to Frances McDormand. Totally engrossing and perfect for summer.”
BLEAK HOUSE BY CHARLES DICKENS
From classic novelist Charles Dickens, Bleak House tells the story of the Jarndyce family as they wait to inherit money from a disputed fortune.
“It’s not as well-known as some of his other works, but it has all the hallmarks of a great Dickens novel: vivid, colorful characters; insightful portraits of London society, from the tippity-top down to the dirtiest gutter; a convoluted plot, in this case involving a generations-long lawsuit called Jarndyce v. Jarndyce; and, of course, orphans,” Amram Migdal, Senior Case Researcher, Case Research & Writing Group at HBS, says. “It’s been a surprisingly fun and rewarding read so far.”
See the full HBS Staff 2022 Summer Reading List here.
