Business School Scholarships for International Students: A Comprehensive Guide

Pursuing a business degree is a valuable investment, opening doors to global opportunities and career advancement. However, the cost of business school can be a significant barrier, especially for international students. Fortunately, numerous scholarships are available to help international students finance their business education. This article provides a comprehensive overview of business school scholarships for international students, covering various programs, eligibility criteria, and application processes.

World Bank Scholarships

The World Bank’s Development Economics Vice Presidency (DEC) offers scholarships to students and young researchers, contributing to the World Bank’s mission of forging new dynamic approaches to capacity development and knowledge sharing in the developing world. This initiative is an important component of the World Bank’s efforts to promote economic development and shared prosperity through investing in education, capacity building, and developing human resources in the developing world. Since 1982, the DEC’s scholarship programs have helped to form a pool of over 7,000 well-trained and experienced development professionals and scholars, transforming their countries and positively impacting future generations.

Joint Japan/World Bank Graduate Scholarship Program (JJ/WBGSP)

Since 1987, the Joint Japan/World Bank Graduate Scholarship Program (JJ/WBGSP) has enabled more than 7,000 mid-career professionals from 160 developing countries and Japan to complete graduate degrees in development-related fields. The Government of Japan solely funds the JJ/WBGSP on an annual basis.

Robert S. McNamara Fellowships Program (RSMFP)

Since 1982, the Robert S. McNamara Fellowships Program (RSMFP) has provided support to young researchers on a wide variety of topics in development-related fields. Currently, the program connects promising young researchers to World Bank research, data resources, and technical expertise. Selected fellows are hosted as a cohort at the World Bank in Washington D.C. and work on DEC research projects, receiving formal training and participating in policy relevant research.

Japan Indonesia Presidential Scholarship Program (JIPS)

The Japan Indonesia Presidential Scholarship Program (JIPS) is no longer accepting applications. With a one-time $10 million grant from the Government of Japan, this scholarship supported three cohorts (2008-2010) of 43 Indonesian PhD students to study abroad under the sponsorship of one of the program’s ten partner Indonesian universities.

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Aga Khan Foundation Scholarship

The Aga Khan Foundation provides a limited number of scholarships each year for postgraduate studies to outstanding students from developing countries who have no other means of financing their studies. Scholarships are awarded on a 50% grant: 50% loan basis through a competitive application process once a year in June or July.

Harvard Business School (HBS) Scholarships

Harvard Business School (HBS) offers need-based scholarships to both domestic and international students. HBS Scholarships are gifts that do not need to be paid back, with awards ranging from $2,000 to $87,000 per year. Approximately 50 percent of students receive a need-based scholarship from HBS, and the average scholarship is approximately $100,000 over two years.

How Need is Determined

The financial aid team determines financial need based on the following factors:

Gross income from prior three years
Assets
Socioeconomic background
Undergraduate debt

Scholarships are based on a standardized formula for all students. Students with higher earnings contribute at a higher rate than students with lower earnings. 10 percent of students (those with the greatest financial need) receive full tuition scholarships. If you are married and/or have children, a portion of your spouse’s income and assets, as well as the higher cost of living, are also considered.

How to Apply

To apply for financial aid at HBS, you will need to submit:

The MBA Financial Aid Application
The Certification of Finances Form -- for non-US Citizens and Permanent Residents
Income verification documentation from the prior three years; i.e., federal tax returns, W2s, etc.
The online Free Application for Federal Student Aid (FAFSA) -- for US Citizens and Permanent Residents
Additional supporting documentation if requested by MBA Financial Aid

You can only apply for financial aid after your admission to HBS.

Your Financial Aid Package

Each financial aid package is different and may include a combination of need-based scholarships and student loans. Some HBS students receive additional funding through HBS Complementary Fellowships. As part of the shared investment, HBS students meet the remaining cost of their MBA using personal savings, a student loan, and/or outside funding. Employer sponsorship and loans are considered outside scholarships for financial aid purposes. Students who receive employer loans or sponsorships are generally not eligible for HBS Scholarships.

The financial aid team encourages you to explore different avenues of funding-including external scholarships, student loans, and Complementary Fellowships -to supplement any need-based HBS Scholarship and meet the Cost of Attendance. HBS Scholarships are funded by alumni. HBS tries to pair alumni and scholarship recipients who share similar backgrounds or aspirations to create meaningful connections between past HBS classes and those that follow.

University-Specific Scholarships

Many universities offer scholarships specifically for international students pursuing business degrees. Here are some examples:

University of Pittsburgh

International first-year students who complete their applications by February 1 are automatically reviewed for merit-based scholarships. A separate application is not required. In order for an application to be considered complete, the admissions committee must receive the online application, required academic records, and test scores by February 1. This means that documents and test scores should be submitted at least 1-2 weeks before February 1 to ensure the admissions committee receives them by the deadline.

Incoming international first-year students are considered for international student merit-based scholarships. Transfer and adult students are encouraged to seek potential scholarship funding through the University’s scholarship database, PittFundsMe. PittFundsMe helps ensure that financial barriers never hinder your pursuit of education at the University of Pittsburgh. In addition to scholarships, the university provides financial education resources to help you make informed decisions about budgeting, managing expenses, and planning for the future.

Southern New Hampshire University (SNHU)

Charles and Barbara Bickford International Scholarship: The scholarship shall be awarded to graduate or undergraduate international student(s) studying on the Manchester campus.

Hassa Jadvani Memorial Scholarship: Supports students enrolled in the Graduate School of Business. Preference will be given to students enrolled in the International Business or Finance curriculum using standard need and academic criteria.

Li Xu Scholarship Fund: This fund was established in memory of SNHU student Li Xu (aka Oscar). undergraduate or graduate students who demonstrate the strong giving and sharing spirit of Li Xu by showing their commitment to the needs of new students.

External Scholarship Programs

Several organizations and foundations offer scholarships to international students pursuing business degrees. Here are a few examples:

Jane M Klausman Women in Business Scholarship: Scholarships for women in business to gain funding for university.

International Business Masters Scholarships: Merit-based scholarships for international students studying a business-related master’s degree (accounting, marketing, management etc.) at the University of Auckland’s business school in New Zealand.

Barcelona GSE Tuition Waivers and Scholarships: Merit-based scholarships and tuition waivers for international students at the Barcelona Graduate School of Economics in Spain.

ACFE Ritchie-Jennings Memorial Scholarship Program: Scholarships for international students to study in the US on a degree related to the study of fraud.

Buick Achievers Scholarship Program: Undergraduate scholarships for business majors and STEM students in the US.

GE/LNESC Scholarship: Scholarships for minority students to study in the US at undergraduate level on a business or engineering program.

Mark Beaumont Scholarship Fund: US scholarships for students interested in pursuing careers in interactive entertainment (e.g., video game development).

Recognizing Exceptional Student Leaders: Scholarships for business majors with leadership skills in the US to gain partial funding for their studies.

MPOWER MBA Scholarship

MPOWER Financing offers an MBA Scholarship with awards of up to US$5,000 to be applied to tuition, fees, or expenses at the winner’s school of attendance. Two additional winners will be awarded a US$2,000 scholarship and US$1,000 scholarship.

Eligibility and Application

Entrants must enter once during the Scholarship period. Any Entry that does not comply with these Terms and Conditions is void. All Entries become the property of MPOWER and will not be acknowledged or returned. The scholarship period ends on August 31, 2026, at 11:59 pm EST. Only entries submitted and received during the Scholarship Period will be eligible. MPOWER is both the official timekeeper and final arbiter of eligibility for each Scholarship.

Only the actual student may participate in the MPOWER MBA Scholarship, and the completion of the online entry form by any family member or other individual or entity will disqualify such Entry from this Scholarship. All entries will be judged based on the quality of the essay question response. MPOWER will review all applicable and valid Entries and select finalists based on the selection criteria. A panel of three judges will then review the finalists’ applications and select the winners. Prior to any decision, MPOWER reserves the right to conduct interviews and/or request additional information from any Entrants related to their Entry. The Judges’ decision is final and binding.

Terms and Conditions

Employees (including their immediate family [for e.g., spouse, parents, siblings, and children], and household members) of MPOWER Financing (the “MPOWER” ), its affiliates, subsidiaries and those of any agent, vendor, or supplier of MPOWER, are not eligible. Eligibility is contingent upon agreement to, compliance with, and fulfillment of all requirements set forth herein. Participation in the MPOWER MBA Scholarship constitutes an entrant’s full and unconditional agreement to these Terms and Conditions and MPOWER’s decisions, which are final and binding in all matters related to the MPOWER MBA Scholarship. Entry constitutes permission (except where prohibited by law) to use entrant’s university name, state, country of origin, and/or essay question response for purposes of advertising, promotion, and publicity in any and all media now or hereafter known, throughout the world in perpetuity, without additional compensation, notification, permission, or approval. Any Entry found to contain erroneous, expired, canceled, fraudulent, or fake information is void.

There are no substitutions permitted for any awarded Prize. A Prize will only be awarded to the person submitting the Entry and may not be sold, assigned, or otherwise transferred (“Transfer”). Any Scholarship details or attempted Transfer shall be void. Winners will be notified within one month of the submission deadline. All decisions (including but not limited to eligibility determinations) will be final and binding and are not subject to challenge or appeal. Prize awards are subject to MPOWER’s verification of winners’ eligibility. All winners will be required to submit (without alteration and in the form provided by MPOWER) a completed and signed Affidavit of Eligibility and Liability & Publicity Release (the “Release”).

Winners are solely responsible for the payment of any applicable federal, state, and local taxes associated with their acceptance and receipt of any Prize. MPOWER shall have no liability for any winner notification that is lost, intercepted, or not received by the potential winner for any reason. If any potential winner does not respond within the time required by MPOWER, or if any winner notification is returned as unclaimed or undeliverable to a potential winner, or fails to timely return the Release to MPOWER, the Prize for that Scholarship will be awarded to an alternative winner selected by the Judges based on the results of the aforementioned judging criteria. Following MPOWER’s verification of winner’s eligibility and receipt of the executed Release from a winner, MPOWER shall pay the Prize on winner’s behalf, directly to winner’s school of enrollment.

Texas A&M University

International students currently enrolled at the College Station campus who are not sponsored may be considered for university scholarships. International students may apply for university scholarships by completing the University Scholarship Application. Students must meet the specific requirements for each scholarship to be considered for funds. Being eligible for a scholarship does not guarantee funding. Students may apply for scholarships through the University Scholarship Application. For Summer and Fall scholarships, the application is open October 15 - February 1. For Spring scholarships, the application is open September 10 - October 12. Students should complete all sections of the application by following the appropriate instructions. The essay section must be completed to be considered for most scholarships. The Texas Application for State Financial Aid (TASFA) is the application for need-based financial aid such as the International Texas Public Education Grant (ITPEG) or the Mexican Citizens with Financial Need Waiver.

Other Funding Options

Student Loans

If scholarships do not cover the full cost of your business education, student loans can be a viable option. SNHU, for example, notes that students may qualify for the International Student Loan Program, which offers loans for up to the full cost of your education with repayment terms up to 25 years. This loan is available for both graduate and undergraduate programs, but not for Intensive English.

On-Campus Employment

International students with F-1 or J-1 status may seek on-campus work for a maximum of 20 hours per week when classes are in session. While jobs are available on campus, it may not always be possible to have a full 20 hours all the time; new students may have difficulty finding a job with limited previous work experience and being new to campus. Openings to be a Residence Assistant become available from time to time. These positions require living in a campus residence hall and being responsible for assisting students on a floor. RA awards include a scholarship, a stipend, and a reduced rate on a single room accommodation.

Tax Implications

It is important to understand the tax implications of scholarships. If your scholarship exceeds tuition and required fees, the taxable portion may be reported to the IRS on Form 1042-S, and tax may be withheld at a rate of 14% or more depending on visa status, unless a tax treaty exemption applies. Any tax withheld will be charged to your student account.

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