15 Fellowships to Fund Your MBA and Application Expenses

Feb 13, 2024
Young female Asian MBA student, wearing a white shirt, sitting with books and a laptop. Her male mentor stands beside her, wearing a white dress shirt.
The Access Fellowship offers preparatory support and resources for funding your MBA application, with particular consideration for underrepresented minorities and women.

Pursuing a Master of Business Administration (MBA) can be a great way to learn professionally applicable business skills in an academic setting. However, funding an MBA can be a costly endeavor. Even applying to programs can be pricey due to application fees! Thankfully, many fellowships exist to help aspiring businesspeople of various backgrounds study for their MBAs at a reduced cost. This list of 15 fellowships to fund your MBA and application expenses provides applicants with options to make their journey more financially viable. These fellowships provide funding options for underrepresented and under-resourced MBA applicants, women, students committed to social impact, LGBTQ+ students, and people of all nationalities.

Not ready to apply yet? Make sure to bookmark these fellowships and save them to your ProFellow account.

The Consortium MBA Fellowships

The Consortium is a network that connects the brightest students in the US with leading Master of Business Administration (MBA) programs and corporate partners. Every year, The Consortium awards merit-based, full-tuition fellowships to top MBA candidates with a proven record of promoting inclusivity in school, their jobs, or their personal lives. The fellowship is renewable for a second year, provided the recipient completes the first year with good academic standing. To be eligible for a Consortium membership and fellowship, applicants should be a US citizen/permanent resident, possess a bachelor’s degree from an accredited four-year institution, and demonstrate their commitment to The Consortium’s mission. Individuals of any race or ethnicity are welcome to apply.

Fellowship recipient Ife Ibitayo discusses his journey to becoming a Consortium MBA Fellow at UCLA Anderson in his interview with ProFellow!

Admit Access Fellowship

The Access Fellowship is a program that offers MBA preparatory support to individuals who are underrepresented and under-resourced in the application process. The program aims to provide underrepresented minorities and women with a comprehensive curriculum, individualized test preparation, admissions support, and career resources. The package is valued at over $5,000 and includes free GMAT/GRE preparation with Magoosh, free GMAT test vouchers, 1:1 admissions consulting, other valuable tools, and fee waivers. Program staff, MBA students, and alumni serve as mentors to help Fellows through the process. Although people of any nationality can apply, U.S. residency is required to be eligible for the Fellowship.

Bord Bia Marketing Fellowship (MSc International Marketing Practice)

The Bord Bia Marketing Fellowship invited graduates with 2-3 years of experience to apply for an internationally recognized master’s in international Marketing Practice. The learning program takes place in Ireland, where fellows gain hands-on experience with top Irish food companies and are placed with international clients in overseas markets such as Dubai, New York, Shanghai, and more. Benefits include 100% tuition fee coverage, a tax-free bursary of €39,300 – €45,000 per 18 months, professional development, and skills training in Ireland.

Columbia Business School Fellowships

Columbia Business School provides full- and partial-tuition fellowships for exceptionally talented students based on criteria such as academic excellence, personal and geographic background, leadership, and professional experience. There is no separate application process for merit-based fellowships, as the school identifies potential recipients among prospective applicants from the August entry cohort. Multiple fellowships are offered, contributing to program funding, and some may be renewable for a second year.

Forté Fellows Program

The Forté Foundation provides fellowships for women interested in pursuing MBA education on a full-time, part-time, or executive basis at participating business schools. Benefits for fellows include participation in the Forté conference, networking opportunities with executives, access to the alumni association, special invitations to job openings at partner companies, and leadership development. Because only select schools offer awards for part-time and executive students, applicants should contact the admissions representative.

Goldman Sachs MBA Fellowship

The Goldman Sachs MBA Fellowship recognizes exceptional students who, in alignment with the company’s business principles, have positively impacted their community. These principles include professional work, teamwork, dedication to the firm, client-centered services, and business integrity. Fellows receive a $35,000 award and a Summer Associate salary. After completing the summer internship, fellows are given a full-time offer of $40,000 and a potential signing bonus. Applicants must be first-year MBA students looking for a summer associate position at Goldman Sachs to be eligible.

Knight-Hennessy Scholars Fellowship

Stanford University, in Stanford, California, offers over 100 fully-funded graduate degree programs, including DMA, JD, MA, MBA, MD, MFA, MS, PhD, and joint and dual degrees. Eligible applicants from any country can apply, provided they hold at least the equivalent of a US bachelor’s degree. Students selected for the Knight-Hennessy Scholars program will receive a housing and academic stipend to live in the Stanford graduate community at the Denning House, dedicated to fostering interaction between scholars and distinguished visitors. Fellows also receive up to 3 years of tuition and a travel stipend.

Marsh McLennan RISE MBA Fellowship Program

In partnership with the National Black MBA Association (NBMBAA) and Fisk University, Marsh McLennan has created a global MBA fellowship program called RISE. RISE stands for Racial Inclusion and Social Equity, and it is a part-time Fellowship Leadership Development Program. This program provides MBA/Master’s degree candidates and recent graduates identifying as Black, African-American, or Afro-Caribbean in the US, UK, and Canada with an enriching curriculum and tools to learn how to advocate for social justice within a business environment. The paid fellowship lasts eight months and includes an immersive social justice program through the John Lewis Center for Social Justice at Fisk University.

MBA Purposeful Growth Summer Fellowship

The PG MBA Fellowship is a highly selective, 10-week virtual program that offers participants more than 50 hours of learning, reflection, and practice to grow purposefully into a high-impact professional. The program covers a wide range of topics, including the latest thinking and practice in social and environmental impact and the skills and personal development tools required to navigate a successful purpose-driven career. The Fellowship helps fellows enhance their learning and performance during their summer internships while also providing them with lifelong tools needed to navigate a successful and purposeful career after completing their MBA.

NAIC MBA Fellowship Program

The National Association of Investment Companies (NAIC) has established a 10-month MBA Fellowship Program for diverse second-year MBA students. The program is designed to introduce them to the world of diverse-owned alternative investment firms. The MBA Fellowship is entirely virtual and accepts applicants from all over the United States. Fellows are expected to work at least 10 hours weekly on NAIC assignments and receive $3,000 monthly for compensation. The total program stipend is $30,000. The Fellowships are remote positions, and travel is only required for occasional NAIC meetings. NAIC will cover travel expenses. The program runs from early September until the end of June.

Orbis Investment Management MBA Fellowship

Orbis offers a cash award of $15,000 to incoming first-year MBA students who are passionate about investing. This award can be used towards tuition fees and other course-related expenses. There are no specific demographic criteria or previous work experience requirements for the award; however, applicants should have stock analysis knowledge. All MBA students enrolled in an accredited program are eligible to apply.

Reaching Out LGBTQ+ MBA (ROMBA) Fellowship

The ROMBA LGBTQ+ Fellowship is an initiative by several top business schools and the Reaching Out organization to support the development of the next generation of LGBTQ+ business leaders. Each Fellow is awarded a minimum scholarship of $20,000 and has access to exclusive leadership programming, including a retreat to kick off the fellowship. The scholarship is available at several business schools, and the schools themselves select fellows. To be eligible for the scholarship, applicants must demonstrate their leadership roles in LGBTQ+ organizations on their resume and self-identify as LGBTQ+. The application deadlines for the fellowship are the same as those of the MBA program at the respective business schools.

Roy H. Park Leadership Fellows Program

The Roy H. Park Leadership Fellows Program is a prestigious two-year fellowship that covers the full tuition for up to 25 Cornell Johnson College of Business students with exceptional leadership potential. In addition to coursework, Park Fellows participate in enriching leadership development programs. These include a cohort of 25 learning partners for developing leadership skills, a two-year developmental sequence focused on personal, interpersonal, team, and system mastery skills, a constant cycle of experiential learning and reflection, and a track record of leadership performance that is established through contributions to the school and surrounding community. Please note that only US citizens are eligible to apply for this program.

Sainsbury Management Fellowship

The Sainsbury Management Fellowship (SMF), funded by the Gatsby Charitable Foundation, is the MBA scholarship project of the Engineers in Business Fellowship. The program enables engineers of high career potential to undertake a full-time MBA course at major international business schools. Successful candidates will receive £50,000 for a full-time MBA degree at select US and European universities. Applicants who live and work in the UK, with a first degree in engineering, allied technology, or science discipline, and are typically domiciled in the UK are eligible to apply. Up to 10 awards are given each year.

Samvid Scholars Program

The Samvid Scholars Program is a scholarship designed for graduate students who are passionate about making a positive impact on society. The program aims to support and empower future leaders and change-makers by providing financial aid for graduate study and leadership development. Scholars are granted up to $50K annually to cover tuition and fees for two years of study in a qualifying graduate program. To be eligible, candidates must be pursuing a full-time graduate program lasting two years or longer at a university in the United States. The scholarship is available for graduate students in the following programs: MD, MBA, JD, MPP/MPA, MPH, and MS/MA in social sciences or STEM. Applicants must have a minimum undergraduate GPA of at least 3.5.

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