Funding the cost of an MBA degree is a key concern for applicants around the world with many expecting some form of financial assistance. Insights from the 2018 QS TopMBA.com Applicant Survey revealed that the majority of applicants (52.9 per cent) expect scholarships to be the largest funding source in how their degree is financed.
Significantly, 41 per cent of respondents globally said they would not consider studying in a particular program if they weren’t to receive a scholarship. This figure was 45.9 per cent in Asia Pacific.
Business schools have been responding to this expectation from applicants.
The survey said that according to recent data from the Graduate Management Admission Council, 61% of 2017’s MBAs received scholarships based on financial need, merit, or a combination of the two. This is up from 41% in 2014.
A traditional source of sponsorship for MBA students in the form of employer sponsorship appears to be drying up as employers express concerns about retaining those staff and losing out on a return on the investment. Similarly, many employees don’t want to be tied down to one employer in this way. The survey showed that only 9.7 per cent of applicants indicated company sponsorship would be their largest funding source.
In Australia, most schools will offer a variety of scholarships, some available to all students to apply for and some restricted to certain ethnic groups or indicating other selection criteria.
Here are five MBA programs in Australia offering scholarships which are broadly available:
University of Queensland – UQ Business School is offering up to fourteen 25 per cent tuition-fee waiver scholarships to outstanding students commencing the MBA program (and MBA articulation pathway) each year.
Deakin University – The Faculty of Business and Law is offering 50 scholarships per year to international students who enrol in the Deakin University Master of Business Administration, Master of Business Administration/Master of Leadership, and Master of Business Administration (Healthcare Management) programs. The value is a 20 per cent fee reduction of the total course cost.
University of Adelaide – Adelaide MBA offers a range of scholarships across a range of categories to ensure its program is widely accessible to capable candidates. General scholarships are available in the categories of academic excellence, community achievement, emerging leaders, financial need and international. They typically cover between 10 to 50 per cent of the MBA tuition fees.
Macquarie Graduate School of Management, Macquarie University – Macquarie Graduate School of Management provides a range of scholarships that reflect its links with industry, the corporate sector and alumni network. Scholarships are available for Australian and International students in several categories and provide up to 25 per cent of tuition fees.
University of Western Australia (UWA) Business School – University of Western Australia MBA offers a suite of scholarships to assist MBA full time students with the transition into study. As well as scholarships offered by donors and the school itself companies such as BHP Billiton and Clough also provide scholarships, with BHP offering nine MBA scholarships ranging in value from $32,000 to $60,000 in value.