Scholarships for MBA studies in India and Abroad
Masters of Business Administration (MBA) has been one of the most sought after courses since the 90s, and rightly so. In today’s competitive world, it is not important to merely know your skills, but also to master the art of managing people and gain an expertise over your subject. MBA allows you to do just that, but the cost of pursuing the degree has been crashing the roof, which makes accessibility quite a challenge. It may range from anywhere between 5-6 lacs in India to 30-35 lacs outside the country. And we are talking only about the school fees here!
A lot of students have been resorting to education loan, but starting your career with a double-digit-lacs loan on your head might not be the best move. Fortunately, here’s where scholarships come to the rescue, for studying in or outside the country.
Where does it all begin?
Scholarships are usually need-cum-merit based, but there are a lot of institutes willing to give meritorious students that extra edge over others. As you must have rightly assumed, the availability of such scholarships are scarce and quite difficult to achieve due to tough competition, but contrary to popular belief, the good things in life are definitely not easy.
Scholarships, which are merit based, would take into account your 10+2 results, as well as your entrance examination percentile. Needless to say, the performance in your academics has to be consistently above average, and has to meet the bare minimum requirements of the specific scholarship.
A need-cum-merit based scholarship would also take into account your economic status. Usually, the students belonging to families with an annual income of less than 4 lacs INR are given preference for such scholarships.
The details of what popular scholarships entail are discussed further herein.
All work and no play make Jack a dull boy
If there was ever a situation where this statement fit most appropriately, it was in the very context of applying for scholarships. Essentially, scholarships are literally providing free education to students, and moreover education which, more often than not, costs more than 25 lacs. It is but obvious that institutes and grants would be more interested in a student who is an overall achiever, rather than someone who might or might not be good at rote learning.
Extracurricular activities, essays, recommendations from authorities, communication & people skills, and interviews play a major role in the process of application for scholarships.
Popular Scholarships for MBA in India
It is not surprising that some of the top B-schools of the country are the ones whose scholarships are most in demand. After all, basic economics says that the higher the demand, the more is the cost!
Here is a compilation of some of the most popular scholarships for MBA in the country:
- Amity Business School
- 100% Scholarship:Minimum 93% aggregate marks (excluding Physical Education, Fine Arts & Performing Arts) in Class 12 of CBSE/ICSE Board and 80% marks in graduation.
- 50% Scholarship:Minimum 88% marks aggregate in Class 12 of CBSE/ICSE and 75% marks in graduation.
- Indus Business Academy, Bangalore
- Merit-cum-means scholarships:Five scholarships of Rs. 10,000 each.
- Corporate scholarships:Two scholarships of Rs. 10,000 each.
- Scholarship of Rs 30,000: 80% aggregate marks in class 10, class 12 and graduation.
- Entrance test based scholarships: 60% aggregate marks in class 10, class 12 and graduation and the following percentile in entrance tests:
- Rs 40,000:90 percentile or above in CAT /XAT, or 99 percentile or above in MAT/ ATMA/ CMAT/ State Govt. tests.
- Rs 30,000:80 percentile or above in CAT /XAT, or 96 percentile or above MAT / ATMA /CMAT / State Govt. tests.
In case a student is eligible for both the above-mentioned criteria, they can choose the best option.
- Indian Institute of Management, Ahmedabad
The institute provides need-based scholarships, the amount of which is decided on the basis of annual gross family income and other factors.
The other scholarships are as follows:
- Family Income Linked Tuition Fee Waiver Scheme:Students whose total family income does not exceed Rs. 6 lacs in the last financial year are eligible.
- IIMA Special Scholarships (need-based):Students whose gross annual family incomes did not exceed Rs. 2 lacs during the last financial year are eligible for waiver up to full tuition fee. Family income is taken to mean the income of parents/guardians and spouse. It does not include income earned by the student or the student’s siblings.
- Industry Scholarships (need-based):for other need based category.
- SC/ST Scholarships: 150 per month for 10 months for all SC/ST students.
- GOI Merit-cum-Means Scholarships:Maximum of 25 percent of students (of the non-sponsored student body) of first and second year. Each scholarship is worth Rs. 2,200 per annum.
Aditya Birla Group Scholarships (merit-based): 1.25 lac per student p.a. (PGP I & II).
- OP Jindal Engineering and Management Scholars (merit-based):The final selection is done through an on-line test and a personal interview (PGP I & II).
- Ocwen Scholarship for Competence in Academics: The final selection is done through a research paper and PI, and is given to one first year student.
- ONGC SC/ST Merit-cum-Means Scholarships:Selected SC/ST candidates annually.
- Other Scholarships:Awarded by various State governments to students from those states.
(There are around 20 more such scholarships. Do you want me to detail each scholarship or provide the links to the college websites?)
Popular Scholarships granted to Indian Students for MBA abroad
It is no secret that Indian brains are in demand all over the world, and consequentially, a lot of institutes across the globe are more than willing to grant scholarships to meritorious Indian students to study abroad. Here are some of the most widespread scholarships for pursuing your MBA from outside the country.
- British Council IELTS Scholarship Award for Indian Students: Indian students who have taken a recent IELTS test with the British Council are eligible. Open to students of all levels studying in an English-speaking country outside of India.
- Inlaks Shivdasani Foundation scholarships: Scholarships for Indian students, below the age of 30, to study abroad in North America or Europe.
(There are many more such scholarships. Do you want me to detail each scholarship or provide the links?)
Always keep options open
When it comes to career choices and scholarships, it doesn’t hurt to keep all options open. We have detailed the major scholarships available for Indian students for pursuing MBA, either in India or outside. Our advice? Check your availability for all, and apply wherever you fit the bill. Moreover, it is important to apply to Government and private scholarships, as well as scholarships offered by the educational institutes themselves.
They say that if you hang out with five smartest people, you will be the sixth one. You would be surprised to find how networking well with MBA students, especially those on scholarships, can help you bag one yourself! Keeping yourself informed from all the correct sources is the first step to achieving the target. Here’s to expensive courses and free education!
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