Studying an MBA program can be a costly business – however it is a decision that you won’t regret as it’s guaranteed to boost your career prospects.
If you have no joy finding funding – or if you only have partial funding for your MBA program – you can apply for a Prodigy Finance loan. Prodigy Finance is a loans company that offers tailor-made funding for MBA students by assessing the students' future earning potential based on past achievements to determine your individual loan affordability. It's the ideal choice for MBA students, and you can find out more about Prodigy Finance here.
Here's everything you'll need to know about scholarships and bursaries for MBA students in the UK.
Ways to find MBA scholarships
The first place to start looking for your MBA scholarship is the business school you are attending. Every business school will have a list of scholarships and bursaries available for their students, and it's only a matter of spending the time sifting through them working out which apply to you. Be prepared for some work as many business schools, like the Cambridge University's Judge Business School, have a long list of scholarships and bursaries aimed specifically at their MBA students and then you've got those scholarships and bursaries that are aimed at students at the university in general. Speak to lecturers and professors along with current and former students who will have some knowledge about funding. Check through all of the course details as you apply as many business schools, like the Queen Mary University of London, will offer scholarships and bursaries to many students on registration to the course. If you are already working, then try your employer, as many large companies will have scholarships and bursaries available for their staff. Finally, there are plenty of websites devoted to keeping track of scholarships and bursaries for all sorts of postgraduate study, including MBAs, so sign up for a few email alerts. And don’t forget that once you have been accepted on an MBA program you are eligible to apply for one of our Postgrad Solutions Study Bursaries worth £500.
MBA scholarships for domestic & international students
The scholarships available for domestic students for a specific business school tend to be listed on their website, and many large corporations will offer scholarships through certain business schools as well. If you have already studied at the university that the business school is associated with, then you will most likely find that there is a scholarship or bursary available for alumni. For students who are refugees or displaced persons, there are often specific scholarships available for them, just like these at the University of London. International students will find that the British Council has plenty to offer postgraduate students, including MBA students, who wish to study in the UK, and that the scholarships and bursaries are often country specific.
How to apply for an MBA scholarship
Scholarships and bursaries cover around 30% of current MBA students funding, and this means that competition for funding is fierce. Start by applying early and give the university/organisation that you have applied to a call if you haven't had any sort of reply after a week or so. Make sure that your application for a scholarship or bursary is factual and convincing. It’s a good idea to get someone else to read through it before you send it off. If you have applied for a scholarship or bursary from the business school you will be attending and you don't get the answer you're looking for, then do ask if they can offer any alternatives or any extra funding. There will be a budget for financial aid each year, so you never know when there might be some room left in that budget for you.
Please note that the information here does not constitute financial advice. Prodigy Finance is one of many potential funding options for international postgraduate students. Other student funding options are available and Postgrad.com advises you to research all your options thoroughly before making such a commitment. Postgrad.com accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713.