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Scholarships for MBA Abroad: A Comprehensive Guide for Indian Students

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MBA scholarships for Indian students

Table of contents

Introduction
Advantages of Studying for an MBA Outside of the Country
Types of MBA Scholarships for Indian Students
Some Important MBA Scholarships for Indian Students
Eligibility Criteria and Application Process
Tips on Obtaining Scholarships For MBA Studies
Common Challenges Faced by Indian Students
Conclusion

Introduction

For many Indian students, the chance of pursuing an MBA in a foreign country can result in a life that they have always hoped for. Getting an admission in a renowned international Business school, experiencing a foreign culture firsthand and expanding one’s global professional network is second to none. However, the fees that are charged can often become unaffordable which results in a roadblock for a lot of students in their journey.

For students needing help with adequate finances, several organizations provide scholarships for Indian students who wish to pursue an MBA abroad. With this detailed guide, we will look at the various categories of MBA scholarships, their eligibility criteria, the application procedure as well as useful tips for getting these scholarships.

Advantages of Studying for an MBA Outside of the Country

There are several advantages to pursuing an MBA degree outside your country including, but not limited to:
  • Cultural and Global Exposure
Studying aboard for an MBA gives one the chance to gain a new perspective of a foreign country that entails the culture, market, and even the way business is conducted.
  • Developing Professional Connections:
Doing an MBA in a different country allows you to connect and network with professionals around the world, opening gates for more career prospects in the future.
  • Better Job Opportunities
Secure an MBA from one of the best business schools, and your job perspective on an international scale will definitely increase.
  • Personal Growth
Going to a different country to gain an education can change your life, as this experience will aid you in nurturing skills such as assimilability, perseverance and greater autonomy. All these factors not only have a positive impact on your employability, but also hep you grow as a person.

Types of MBA Scholarships Indian Students Are Eligible For

As Indian students, there are quite a few scholarships for Indian students offered to you which include:

Scholarships Based on Merit

These scholarships are awarded to students based on their outstanding academic record and performance on the GMAT and other range of achievements. They enhance their illustrious potential. A few examples are Stanford Graduate School of Business Fellowship and Wharton MBA Fellowship.
  • Stanford Graduate School of Business Fellowship: This is awarded to candidates with demonstrated exceptional academic and GMAT performance along with other achievements.
  • Wharton MBA Fellowship: This type of subsidy is offered to students who possess a high potential for academic success in addition to leadership and other qualities.
  • London Business School Scholarship: This type of subsidy is offered to students who possess a high potential for academic success in addition to leadership and other qualities.
  • ISB Merit Scholarship: These are awarded to students with exceptional set of traits such as noteworthy leadership skills, strong academic inclination, and many more.

Need-based Scholarships

Need based scholarships are given to students who have financial difficulties and are unable to afford an MBA degree in a different country without help. They assist eligible students with some amount of money. Such programs include the Fulbright-Nehru Fellowship as well as the Chevening Scholarship.
  • Fulbright-Nehru Fellowship: Given to applicants who cannot afford an MBA degree overseas without assistance.
  • Chevening Scholarship: Given to applicants with financial difficulties and are potential leaders.
  • Stanford Reliance Dhirubhai Fellowship: Awarded to students who show significant financial need and have outstanding academic performance.
  • The Paul Foundation Scholarship: Given to applicants with demonstrated economic hardship and possess leadership capabilities.

Country Specific Scholarships

Country specific scholarships promote cultural exchange and diversity by supporting students from specific countries. They fund students pursuing an MBA in a particular country. Examples include Fulbright-Nehru Fellowship (USA) and Chevening Scholarship (UK).
  • Fulbright-Nehru Fellowship: For Indian students pursuing MBA in USA.
  • Chevening Scholarship: For Indian students pursuing MBA in UK.
  • Erasmus Mundus Scholarship: For Indian students pursuing MBA in Europe.
  • Australia Awards Scholarship: For Indian students pursuing MBA in Australia.

Corporate Scholarships

Corporate scholarships are awarded to students who show potential in their industry or field. They invest in future talent and leaders. Examples include Google MBA Scholarship and Citi MBA Scholarship.
  • Google MBA Scholarship: For students who show potential in technology.
  • Microsoft MBA Scholarship: For students who show potential in technology.
  • Citi MBA Scholarship: For students who show potential in finance.
  • Tata Scholarship: For students who show potential in various industries including technology, finance and healthcare.
Here are some well-known MBA scholarships for Indian students:
Scholarship Name Awarding Organization Eligibility Criteria
Fulbright-Nehru Fellowship US-India Educational Foundation (USIEF) Indian citizens with a bachelor’s degree, minimum 3 years of work experience, and a valid GMAT score.
Stanford Reliance Dhirubhai Fellowship Stanford Graduate School of Business Indian citizens with a bachelor’s degree, minimum 2 years of work experience, and a valid GMAT score.
ISB Scholarship Indian School of Business (ISB) Indian citizens with a bachelor’s degree, minimum 2 years of work experience, and a valid GMAT score.
Chevening Scholarship UK Government Indian citizens with a bachelor’s degree, minimum 2 years of work experience, and a valid GMAT score.
Erasmus Mundus Scholarship European Commission Indian citizens with a bachelor’s degree, minimum 2 years of work experience, and a valid GMAT score.

Eligibility Criteria and Application Process

The criteria for qualifying for an MBA scholarship vary from one awarding body to another. While these may differ across various universities, countries and scholarship guidelines, the following is but a general guideline:
  • These include a bachelor's degree, minimum years of relevant work experience.
  • Passing score on standardized tests per the requirement of the scholarship.
  • Proficiency in English.

Application process

  • This usually involves an on-line application along
  • Submission of the required copies of transcripts
  • Recommendation letters from professors
  • Personal statement or essay as demanded by the institute.
MBA study abroad scholarships

Tips on Obtaining Scholarships For MBA Studies

It is an extremely tight competition for MBA scholarships, and the following tips on how to maximize one’s chances can help:
  • Look diligently
Search for perspectives and scholarships favorable to one’s profile. Use the whole online resource, from search engines about scholarships to websites promoting the same.
  • Plan ahead
Researching and applying for scholarships at least 6-12 months before the commencement of your MBA program. This way, you meet the required deadlines, leave time for applications, etc.
  • Give a good application
Make an effort to submit it complete with no mistakes, and testify strengths and achievements, as well as any other requirements for applying. Such work should include writing convincing personal statements and letters of recommendation and checking that any transcripts and test scores are in order.
  • Follow up with the scholarship provider
After submitting the application, it is always a good idea to call or email the desperately eager scholarship provider for confirmation of receipt of the application and, if appropriate, the status of that application.

Common challenges faced by Indian students include:

It is an extremely tight competition for MBA scholarships, and the following tips on how to maximize one’s chances can help:
  • Competition
There is sometimes severe competition among candidates for MBA scholarships.
  • Financial constraints
Many Indian applicants may find it impossible to shoulder MBA study abroad in how circumstances are in India.
  • Language barrier
Indian students may need to take language proficiency tests to fulfill the requirement of English proficiency tests like TOEFL or IELTS.
  • Cultural differences
Cultural differences and their nuances might cause a student to rethink things while abroad.
  • Visa constraints
Indian students have to go through cumbersome visa process and abide by the visa conditions prescribed by the authorities.

Conclusion: 

Studying abroad for an MBA can be a life-changing experience, broadening the perspectives of Indian students by enhancing their professional network and improving their career prospects. However, it could be prohibitively expensive.

To make studying abroad possible, several organizations provide scholarships for MBA abroad to Indian students. With efforts and assistance from various organizations, Indian students can strengthen their efforts for the same.

Various education loan options are present here at Qckloans for the MBA abroad. Our collaborative partner, Career Gyan, provides thorough guidance and counseling that allows students to know how to make informed decisions for their careers and education.

We hope this guide helps you in your search for MBA scholarships. Good luck with your applications!

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