Financing an MBA is a common problem, and not just among those who come from low income
backgrounds.
Even if you get into a top MBA program, chances are you'll not be able to afford it, if
you rely only on your personal savings.
You'll have to look at other sources of funding like education loans and scholarships.
The problem with loans is the high rate of interest and the long payback period.
That's why scholarships are so popular.
It's free money!
Over the years, MBA Crystal Ball consultants have helped tons of applicants get scholarships.
Based on our experience, we'll share how you can maximize your odds of getting scholarships.
For that you'll first need to understand what scholarships are, how scholarship decisions
are taken, and then create a plan for yourself.
So make sure you watch the video till the end.
What are scholarships?
Scholarships are generally discounts on the tuition fee.
Which means, you are not getting any extra money in your pockets.
You're just spending lesser.
The proportion may vary, but it generally applies only to the tuition.
You still have to worry about the other costs of studying – like accommodation, food,
transportation, books, and study trips.
Why do universities offer scholarships?
There are two primary reasons why universities offer scholarships.
The official (and rather philosophical) reason is to make it is easier for deserving candidates
to join the program.
While that's true, the other reason is that universities are also competing with their
rivals to attract the best candidates.
These are called merit based scholarships, as opposed to need-based.
There are many external organizations that also offer scholarships, but we won't cover
them in this video.
How do bschools take scholarship decisions?
Check out any bschool website and they'll talk about how they evaluate an application
'holistically' while deciding admits and scholarships.
Along with your GRE or GMAT scores, they will also consider the following:
But despite the holistic approach, the little secret is that a higher GMAT does significantly
improve your odds of being considered for a merit based scholarship, if you get an admit.
Need based scholarships are evaluated slightly differently.
And a higher score improves your chances with this category too.
But getting obsessed with a high score and neglecting the rest of the application is
a bad idea.
Our suggestion is to not just position yourself as a strong candidate to get into the program,
but also significantly stronger than the other candidates who've got in.
The question is – how?
You can do this by balancing the list of bschools, where you are likely to be viewed as an above
average candidate.
Do the MBA admission rounds influence scholarship decisions?
The admission round you apply in will make a difference.
As a general rule, Round 1 is when the pot of gold at the end of the rainbow is filled
up to the brim.
So if you have impressed the Admissions committee with your application - apart from the cake
(that's an admit from a top school), your chances of getting a nice little cherry (in
the form of a scholarship) will go up.
But that doesn't mean that the golden pot is empty in Round 2.
We've had clients who have got substantial funding in the second round of MBA admissions
too.
The same criteria will apply in Round 2 for test scores, essays, recommendations and interview.
BUT the battle for freebies will get tougher.
I have a low GRE / GMAT score.
Should I forget about scholarships?
What if you have a low GRE or GMAT score?
Should you forget about scholarships?
Not yet.
If you have something solid to offer (maybe not as impressive as an Olympic medal, but
something that gives you extra points for diversity or uniqueness), you can keep some
of those hopes alive.
At MBA Crystal Ball, we have worked with some candidates who (at least on paper) would never
seem to be prime candidates for scholarships, but we've been pleasantly surprised.
Is there a fool-proof way to get scholarships?
Candidates who've done a little market research tell us interesting stories about admissions
consultants who have looked at their profiles and promised them admits and scholarships.
Don't fall for such promises.
Many unranked MBA programs have marketing tie ups in various countries.
Their agencies can offer on-the-spot admits and scholarships.
That's a different ball game.
However, if you are aiming for the best international MBA colleges, forget scholarships, no one
can guarantee an admit or even so much as an interview call.
How to improve your odds of getting a scholarship
Here's the 2-phase process that we've followed at MBA Crystal Ball for most of our scholarship success stories:
Phase 1 – Create a solid Application Strategy - Start early.
Give yourself 1-2 years just for the preparation phase.
- Analyze your profile objectively and thoroughly.
Understand your strengths and weaknesses.
- Do the basic groundwork in terms of choosing and prioritising your pre-MBA accomplishments
- Make sure you have a clear and credible post-MBA goal.
And a convincing answer to the simple-but-tricky Why MBA question.
- Know how to select MBA colleges from the huge list.
Choose the MBA schools based on your appetite for risk.
Categorise the programs as Ambitious, Stretch, Practical, Safe and Backup.
These are categories we use in our MBA MAP process.
- If you want scholarships, include more 'Practical' schools and a few 'Safe' schools in your
target list.
If financing isn't an issue, choose more from the 'Stretch' and 'Ambitious'
range.
Phase 2 – Focus on the Execution By now, you have a list of the right bschools
where your profile is likely to be among the top of class.
All the introspection work you did in the previous phase will help you now while working
on each application.
But there's no point in blindly jumping into essay writing because you think your
English is good.
Spend time on structuring and packaging your ideas.
It's a common approach to write one set of essays and then copy paste them across
applications.
That's a bad idea.
Make sure you tackle each application independently.
Customise your essays for each school, since similar sounding essay topics may still have
nuances to address. Be careful on that point.
We've shared many tips on writing MBA application essays on our blog.
Check out the links in the description.
Ensure that your recommendations, resume and interviews are aligned and take the narrative
further.
There you have it.
Not really rocket science.
The 2-phase process is simple, logical and tested over a long period.
And this is what's got most of the applicants good admits and a decent amount of scholarships.
If you need some professional help, drop us an email.
If you aren't ready for professional support yet, don't worry.
There's plenty on our website to get you up to speed and put in a strong set of applications.
Good luck.
Hope you get into a good school with lots of scholarship money. Bye.
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