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Home » MBA Articles » MBA - Marketing Articles » Some tips on how to increase your chances for getting more money

Some tips on how to increase your chances for getting more money

CLICK HERE : Expert Suggestions on Computer Based CAT : 2017 - 2018

A big question on the mind of many an MBA applicant: “How do I get a scholarship?”

“It's a question that everybody asks,” says Garry Cooke, assistant dean for student recruitment at the University of Illinois at Chicago’s College of Business Administration (UIC).

Indeed, an MBA is expensive, and when you include living expenses and the opportunity cost of taking a year or two off from work, the grand total for getting the degree might seem astronomical. Fortunately for many cash-strapped applicants, many business schools tend to award scholarships to promising MBA applicants.

This year, for instance, China’s CEIBS awarded around 12 million yuan (around 1.85 million USD) in merit scholarships, which was distributed to some 80 students, covering between 20 to 80 percent of tuition costs for each recipient.

At NYU’s Stern School of Business, around 20 percent of all admitted students receive merit-based scholarships, the majority of which are awards for either full tuition or half tuition.

Merit scholarships are just that: they’re given out based on how well an applicant has done, often in past academic and work endeavors.

“These are awarded based on applicants' academic and professional achievements, personal accomplishments, interview performance and potential contributions” to the MBA class, according to Yvonne Li, the director of admissions and career services at CEIBS.

How do business schools make these decisions? In terms of potential contributions to an MBA class, “work experience is very important,” says Christine Cordt, MBA marketing manager at the Frankfurt School of Finance & Management, since a student with a strong background will be able to bring a lot to the table during class discussions.

Additionally, according to Cordt, when awarding scholarships, the Frankfurt School will also look at valuable contributions outside of class, such as a willingness to organize class events. 




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