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Almost half of MBA graduates from the top business schools had at least $100,000 of debt, according to a 2018 Bloomberg Businessweek survey. While MBA salaries can help you repay college debt quicker, it may take years. Scholarships can help cut your total MBA debt.
Private companies, nonprofit organizations, and colleges and universities offer MBA scholarships. Unlike loans, you do not need to repay scholarships. This can help reduce the amount of federal and private loans to fund your education.
Corporate MBA scholarships support those earning an advanced degree in business. Private companies often have scholarship programs for employees and non-employees.
Banks and investment firms like Bank of America, Wells Fargo, and Orbis offer scholarships to support business students.
Corporate scholarships fund students with particular backgrounds, interests, and career goals. These factors can influence application requirements and your major. Our alphabetical list of scholarships only includes corporate scholarships for business students or those pursuing MBAs.
AfterCollege Business Student Scholarship
- Who can apply: Students enrolled in an undergraduate or graduate degree in business with a minimum 3.0 GPA.
- Amount: $500
- About the program: AfterCollege builds career networks at colleges and professional organizations around the United States. Applicants must submit personal details, education and work history, and information about their skills for consideration.
Bank of America MBA Fellowship - Global Investment Banking Program
- Who Can Apply: Open to first-year Black/African American, Hispanic/Latino(a), and Native American students. First-year veteran students, LGBT students, students with disabilities, and women pursuing an MBA can also apply.
- Amount: Unspecified
- About the program: To apply, candidates submit a resume, a cover letter, and an essay about their career goals. Students must enroll in a business school accredited by Association to Advance Collegiate Schools of Business (AACSB).
Bank of America MBA Fellowship - Global Research Summer Associate MBA Program
- Who Can Apply: Open to first-year students who identify as Black/African American, Hispanic/Latino(a), Native American, military veteran, and LGBT, Students with disabilities and women pursuing an MBA may also apply. Applicants must also seek a summer associate internship with Bank of America.
- Amount: Unspecified
- About the program: To apply, candidates submit a resume, a cover letter, and an essay about their career goals. Students must enroll in a business school accredited by AACSB.
Forté Foundation Fellowships
- Who Can Apply: Individuals of all nationalities and gender identities who enroll in one of the Forté Foundation's partner institutions.
- Amount: Unspecified
- Dedicated to advancing the role of women in business, the Forté Foundation fellowships provide networking and mentorship opportunities.
- About the program: Recipients must take part in Forté Foundation programs and further the Forté mission at their institutions.
Goldman Sachs MBA Fellowship
- Who Can Apply: Open to first-year Black, Hispanic/Latino(a), Native American, and women MBA students pursuing a summer associate position with Goldman Sachs.
- Amount: $35,000
- About the program: Recipients of the Goldman Sachs MBA fellowship work at one of the company's locations in North America. Successful candidates receive an offer of employment with Goldman Sach.
Orbis MBA Fellowship
- Who Can Apply: Open to all incoming MBA students with no demographic or work experience requirements.
- Amount: $15,000
- About the program: Orbis's MBA fellowship is designed for students interested in investment careers. The application process includes a stock analysis and a formal interview.
QS World Merit Community MBA Scholarship
- Who Can Apply: First-year MBA students who demonstrate socially responsible leadership and the ability to motivate others can apply.
- Amount: $5,000; Two scholarships available
- About the program: As a global charity, QS World Merit seeks to make the world more equal. The community MBA scholarship supports students who plan to use their MBA or executive MBA to make a difference in their communities.
QS World Merit MBA Leadership Scholarship
- Who Can Apply: First-yearMBA or executive MBA students who demonstrate leadership and contribute to sustainable development.
- Amount: $10,000
- About the program: Applicants must attend a QS event and submit an essay about a challenge they overcame and the lesson they learned.
QS World Merit Women's Scholarship
- Who Can Apply: Students who identify as women entering their first year of an MBA program or a master's degree in another discipline.
- Amount: $5,000
- About the program: Designed to support students with social awareness who seek to reduce social inequality. QS World Merit's women's scholarship applicants must attend a QS event as part of the program.
Wells Fargo Corporate & Investment Banking MBA Diversity Fellowship
- Who Can Apply: Open to first-year MBA students from underrepresented groups applying to the Wells Fargo's investment banking summer associate program.
- Amount: $35,000
- About the program: Applicants must attend an in-house diversity recruiting event and submit an essay for consideration. Successful interns may renew their scholarship for a second year and receive an offer of employment with Wells Fargo.
Common Questions about Corporate Scholarships
Can corporations deduct scholarships?
Corporations can write off scholarships as a business expense If they follow guidelines established by the Internal Revenue Service. Deductible scholarships must meet the requirements for individual grants. Private foundations established by the company award scholarships. .
How do companies benefit from giving scholarships?
Companies may benefit from giving scholarships through tax deductions. Scholarships also allow companies and corporations to give back to communities, help underrepresented populations, and foster excellence in their industry. Offering scholarships can also boost the public's perception of a company.
What is a corporate scholarship?
Corporate scholarships are awarded by foundations created by private companies. Many corporate scholarships provide support for employees and their dependents, while others offer funding assistance within a specific discipline or among a particular population.
What should I ask about scholarships?
To find out about scholarships, you should ask the financial aid office at your college or university. If you are applying to a school, reach out to their financial aid representatives for information about the types of scholarships available, when to apply, and how to optimize your chances of receiving aid.
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