Scholarship for an MBA program at Harvard Business School in the USA. Who will issue a grant for an MBA University of Westminster, UK

A significant proportion of students abroad study at business schools for free - with grants from companies, investors or the state. In Russian business schools, sponsorship programs are just emerging.

An entrepreneur from St. Petersburg, Sergei Stepanov, decided to get an MBA degree a year ago. At that time, Stepanov, who had a small company in the IT field, decided that he had reached the ceiling in business and now he needed to “pump up” himself, and at the same time acquire useful connections in the business environment. Choosing between specialized Russian and foreign programs, Sergey chose the latter. There was an opportunity to study for free. In addition to an internationally renowned educational brand, the foreign business school provided the opportunity to receive education under special grant programs.

Almost every European or American business school offers applicants scholarships and grants that fully or partially cover the cost of training, and in some cases also living expenses. Schools participating in The Financial Times top 20 rating have more than a hundred programs, financial support for which varies from $5 thousand to $30 thousand per year. Students can receive grants for talents and abilities (merit-based) or due to financial need (needs-based). A wide range of opportunities is open to socially vulnerable segments of the population and all kinds of minorities, special scholarships are issued on the basis of gender and nationality (for example, grants for people from third world countries or countries with developing economies).

About 60% of business school students in the world, according to the rector of the Moscow School of Management Skolkovo Marat Atnashev, receive financial support. For example, at Harvard College, 55% of all students, including the business school, attend college on a college scholarship. Most often, the sponsors of preferential education are large businesses, private investors (successful entrepreneurs and graduates of educational institutions), as well as educational institutions themselves.

“Western business schools do not skimp on grants, because for them such programs are another full-fledged sales channel. The education of “free” students is usually paid for by sponsors: large companies, private investors or the state,” comments Andrey Kolyada, rector of the EMAS business school.

Russian sponsors are just learning

The cost of training in Russian business schools starts from 360 thousand rubles, but for most programs you will have to pay at least 500-700 thousand rubles. Joint educational projects with international schools will cost even more, especially after the collapse of the ruble.

At the same time, Russian business education cannot boast of a large number of sponsors. Corporations prefer to train employees at corporate universities. Successful entrepreneurs who are potentially ready to support young talents can be counted on one hand. And the government doesn’t seem to see much value in sponsoring MBA programs. There are many reasons why the Russian segment of business education lags behind the global trend: the immaturity of domestic business, an unformed culture of nurturing and supporting talent, and the economic crisis.

“Differences with the West are rooted in fundamentally different approaches to charity as an element of civil society. The fate of the Russian “Dynasty” with its grants and scholarships is well known to everyone (Dmitry Zimin’s family social investment fund was included in the list of foreign agents in 2015 and ceased its work. - RBC+),” complains Sergei Filonovich, dean of the Higher School of Management of the National Research University HSE.

Litsia Tsarenko is one of 20 Moscow entrepreneurs whose studies under the joint MBA program of RANEPA and Kingston University London in 2014-2016 were sponsored by the Department of Science, Industrial Policy and Entrepreneurship of the city of Moscow. The grant amount covered 70% of the cost of the program, which included two on-site internships in the UK and Singapore. “I received a grant from the Moscow government easily: I submitted documents and passed an interview. The program turned out to be extremely useful, it helped me improve my knowledge in the field of international business and reach a new personal and professional level,” recalls Tsarenko. However, this government initiative was not continued.

Nevertheless, there are opportunities for training under grant programs in the Russian market. One of such programs is the MBA from Kingston University London and RANEPA with a grant of £1,500, funded by an English university. Another example of educational charity in Russia is the program of the Moscow School of Management Skolkovo, sponsored by the school’s partners, including the founder of Wimm-Bill-Dann David Yakobashvili, the head of the board of directors of Sibur Leonid Mikhelson, as well as NOVATEK, “ M.Video", International Paper and B&N Bank. The amount of grants is up to €30 thousand.

“We strive to contribute to the formation of future business leaders in Russia, to changing the investment climate, and to supporting the sustainable nature of business,” says Keith Townsend, President of International Paper Russia, which has supported the Skolkovo Moscow School of Management grant program since 2012.

During the existence of the program, the school received about 2,000 applications and more than 50 grants were awarded, says Marat Atnashev.

“At first I filled out a detailed questionnaire with work experience, hobbies, achievements, a motivation letter, then there were serious tests in which I had to solve various problems. Then an English test for grammar, listening, reading and speaking. The final stage is an interview with the founders of the school,” Vera Pronkina, the owner of the company Studcloud.ru, who received an educational grant in 2016, recalls the stages of admission.

Cumulative effect

“The grant program is an opportunity to improve the quality of the MBA group, saturate it with talented people, which will ultimately have a positive impact on the level of education and the image of the school,” says Andrey Kolyada. However, according to him, in Russia most schools pay for grants from their own money, which is why their number is so small. Not all business schools can afford this, especially during a crisis. Starting this year, EMAS Business School also launched a grant program. The amount of financial support is 50% of the cost of training for the ExecutiveMBA, or a little more than 360 thousand rubles.

Most industry experts see the emergence of such programs as a good sign. Moreover, many Russian large companies and foreign players have already joined the development of this trend.

“Grants are not charity, but social investments, the effect of which we will be able to see in five, ten, twenty years. Business leaders’ support for grant programs is an indicator of their willingness to invest in the creation of the future business elite and the development of the Russian economy,” notes Marat Atnashev.

Russian business will become stronger and will move from solving immediate problems to long-term strategic planning, an integral part of which will be investments in human capital, the rector of EMAS is confident. “For now, macroeconomic conditions leave no other choice. Therefore, the process when business starts financing grants - companies will begin to systematically attract talent, either directly through targeted grants, or through promoting the company as a grant provider - is a matter of the near future,” says Andrey Kolyada.

Next up is information for applicants planning to get an MBA in Russia: about grants, scholarships, discounts and educational loans.

General trends

There are two ways to save on tuition.

• The first is to receive a scholarship, grant, allowance.
• The second is to use employer funds and student loans.

Both the first and second financing options in Russia, as well as in the CIS market, are poorly developed. Generally accepted global trends (compensation for the cost of MBA education for talented and low-income students) are just beginning to appear in Russia, and then in minimal quantities.

Most schools pay for grants and scholarships with their own money, so such offers are few. Sometimes a scholarship fund is formed from monetary contributions from investors and sponsors, donations from alumni, and proceeds from international foundations.

Many business schools don't even try to create or offer scholarships, but simply offer tuition discounts to applicants. The size of the discounts is not comparable to the amount of the grant or scholarship, but it is a clear signal that the business school is ready to support and invest in promising students.

Discounts on training

There are two types of discounts provided by schools - corporate and individual.

1. The first option is provided for corporate contracts, when, for example, 5-10 or more company employees enroll in an MBA program at once.
2. Individual discounts are provided for those who have previously received a bachelor's or specialist's degree in a specific educational institution upon a one-time payment of the full cost of training, upon preliminary execution of an agreement. You can get a discount based on recommendations; there are also regional discounts (for listeners living and working in the regions of the Russian Federation). In general, discounts help reduce tuition costs by 5-25%. Discounts on distance learning programs can reach even 70%.

Discounts are offered both at top Russian business schools and at lesser-known educational institutions.

1. The Integral Business School is ready to reduce the cost of MBA education by 25% for people with higher education in management or economics.
2. The State University Graduate School of Business gives a 15% discount for a one-time payment of the cost of the MBA program.
3. Moscow Business School pricing offers a flexible system of discounts for corporate clients: from 5% to 20% depending on the number of students.
4. AIBEc provides partial funding for students. The decision on this, as well as the amount of compensation, is made on an individual basis.
5. IBDA RANEPA offers a whole scattering of discounts: to those applying on the recommendation of an IBDA graduate (5%), to students from the Ural, Siberian, Far Eastern districts and Kazakhstan (5%), subject to full payment for the program (20%). Legal entities that send at least two employees for training can receive a discount in the range of 5-10%.
6. A systematic approach to discounts is also used at the MIRBIS business school. They have a reduction in tuition fees for students not from Moscow and the Moscow region, corporate discounts (up to 20%), discounts for MIRBIS graduates (up to 15%), discounts for one-time payment (10%) and for applicants with minor children (5% ). The school also reduces the cost of study for students with an economic or management education and graduates of the Presidential Program.

“The line of discounts for business school students is the best option,” says Fedor Fedorov, Director of Marketing and Development at MIRBIS Business School.

“We talk about the MBA program as an educational service; In my opinion, “Black Fridays” and “sales” are still not very applicable, because... are more suitable for goods sold in retail chains and online stores. MIRBIS carefully monitors client requests, which, as a rule, creates a range of discounts. But this does not exclude special promotions. For example, on the occasion of the 30th anniversary of the MIRBIS Business School, we launched the “Bring a Friend” campaign, and for those applying for an MBA in the fall – a “Hot Summer” discount. It is possible that we will also offer non-price bonuses for those applying for an MBA.”

Grants and scholarships

The mechanism for financing MBAs with the help of scholarships is poorly developed on the Russian market. But grants are much more developed.

1. In July 2018, RANEPA announced the second wave of grants for MBA and EMBA programs jointly with Kingston University London. The grants are designed for two-year MBA and EMBA programs for 2018-2020. in the amount of £1,500 and £3,000 respectively. You had to submit your documents and pass the entrance tests by August 20. As a result, in 2018 the business school issued four grants: two for £1,500 and two for £3,000.
2. The Moscow School of Management Skolkovo annually holds a grant competition in the amount of €15,000 to €60,000. In 2018, applications were accepted until September 7. The selection of candidates takes place in three stages. First, a package of documents and an essay is prepared, and the Talent Q test (analogous to the GMAT) is taken. The second stage is an interview with a representative of the school, the third is the defense of the author’s project and the public solution of the business case. .
3. EMAS Business School presents 10 grants of $1,500 each for the International Executive MBA program. You can choose full-time or part-time study; the school additionally pays for travel and accommodation in Moscow for nonresident students.
4. From time to time, a grant competition is held by the Stockholm School of Economics in Russia. Thus, in the fall of 2017, Executive MBA General Management programs in English and Russian were funded. The school covered up to 75% of the cost of tuition. The grant competition for the 2018-2019 academic year has not yet been announced.

Education loans

Russian business schools, as a rule, do not promote their own credit programs and rarely cooperate with credit institutions. Therefore, you will have to apply for an educational loan directly to the bank and without the mediation of the school.

Loan terms depend on the loan size, curriculum, work experience and income. Almost all banks offer preferential lending conditions, when during their studies the student pays only interest on the amount issued. The loan balance is paid upon completion of the MBA program. Loan rates are higher compared to North America or Europe: 7.5-20% in Russia versus 3-7% in Western Europe and the USA. Loans are designed for 5-15 years.

1. Post Bank offers the “Knowledge is Power” loan program, under which you can receive 400 thousand rubles. for 8.5 years at 14.9% per annum.
2. At Citibank you can get an education loan in the amount of 1 million rubles. for a maximum period of 5 years. Interest rate – from 12.9% to 20%.
3. Zapsibcombank offers an educational loan that will cover up to 80% of the cost of training. Loan term – up to 5 years, annual interest rate – 11.5%.
4. Until recently, Sberbank provided educational loans with government support at 7.5% per annum. The loan covered the full cost of training, and the loan term was equal to the period of study + 10 years. At the moment the program is temporarily suspended.

The package of documents required to obtain an education loan varies depending on the financial institution. It is necessary to provide a passport of a citizen of the Russian Federation, a 2-NDFL certificate, and an agreement with an educational institution. If the loan is secured by property (real estate, car), then documents confirming ownership of such property are required. Some banks require a life and health insurance contract.

Do you dream of a stunning career in business? If so, it's time to think about an MBA. And, despite the fact that the cost of studying for an MBA program is often several times higher than regular tuition, many business schools provide opportunities to obtain a diploma for free or almost free. Harvard is one of them.

Why apply for an MBA

Why study for those who are already working? After all, one of the requirements of MBA programs is to have at least 3-5 years of work experience. In fact, education also opens up new career prospects in this case.

An MBA education will help you retrain if you want to change your field or become a specialist in several of them. In addition, there are also narrow specializations in the study of specific industries (for example, finance, marketing, media business, etc.)

Also, an MBA is an excellent basis for becoming a good leader and studying the field of business and business administration. For many world-famous companies, an MBA degree is one of the most important criteria when recruiting personnel for management positions.

And, MBA is useful contacts and connections, both teachers and other business participants.

Now let’s talk about how to avoid spending a fortune on an MBA education. Scholarships!

University of Westminster, UK

Westmister Business School offers scholarships that cover between 20 and 75% of tuition fees. Preference is given to specialists working in non-profit organizations. A 50% scholarship is also provided for women. Program start: January 5, 2015, total cost of study: £11,500. In order to be nominated for a scholarship, you must be enrolled in the university and send an application with a motivation letter by mail.

University of California, USA

Scholarships for two years of study at the Haas School of Business of the University of California for international students. Admission Deadline: March 12, 2014, Scholarship Application Deadline: April 8, 2014. Last academic year, the school provided approximately $5.5 million in student funding.

HHL Leipzig Graduate School of Management, Germany

Provides scholarships for foreigners for Full-Time and Part-Time MBA Programs; admission requirements include the result of the GMAT exam (result of at least 650 points) and a good level of grades in the first education. The application deadline is April 6, 2014.

ESMT, Germany

Another opportunity to get an MBA for free in Berlin. All students who are accepted into the full course of the program are automatically considered for a scholarship. Requirements: good knowledge of English. Scholarship in the amount of 58,000 euros: covers flights, insurance, accommodation, training. The application deadline is September 2014.

Erasmus University, Netherlands

A scholarship of 10,000 euros for a two-year full-time program at the Rotterdam School of Management. The total cost of training is 34,000 euros. Start of training – January 2015. Application deadline – October 1, 2014.

MIB School of Management of Trieste, Italy

The scholarship is for foreigners not older than 27 years old (as of August 30, 2014), with a minimum of three years of work experience and an academic degree, as well as good knowledge of English (it is recommended to provide a TOEFL, IELTS certificate). The scholarship covers 50% of the tuition fee. The application deadline is July 31, 2014.

Harvard Business School, USA

$80,000 for a two-year business administration program at Harvard Business School from the Boustany Foundation. The scholarship also covers travel and accommodation costs. Application deadline is May 31, 2015. Tuition is $95,100. Total: an MBA from Harvard will cost $15,000, fantastic!

These 7 scholarships for next year are far from the limit of opportunities for free (or significantly cheaper) education at world universities and business schools. You just need to set a goal and find the ideal offer for yourself.

If you don't have enough savings for a full-time MBA course and don't want to resort to traditional loans, there is at least one alternative source of funds for your studies. This is a scholarship or grant given by the school itself. Unfortunately, there are not as many scholarships for Russian students as, for example, for Indians, Arabs, Mexicans or African Americans - there are quite a few “national” scholarships for them. But something can still be found for the citizens of our country.

Conventionally, scholarships are divided into rewards for talent (merit-based) and assistance based on needs (needs-based). If you are denied the first one, you should not hesitate to apply for the second one. There are special scholarships that are awarded to students from countries with developing economies - as a rule, Russia is included in this category.

Having analyzed more than 100 scholarships offered by business schools from the top 20 Financial Times, we have selected the most profitable options that Russian students can apply for. Links to a complete list of grants and scholarships from these schools are attached.

INSEAD

INSEAD Marguerre Endowed Scholarship for Entrepreneurial Talent

Scholarship amount: €11,000 (if two scholarships per year) or €22,000 (if one). The school determines the number of scholarships each year based on the quality of applications.

Issued to students from Eastern Europe and Russia who, after graduation, want to start a business related to Hi-Tec. The founder of the award, owner of the Swiss company Octopharma, Wolfgang Marker, graduated from school in Fontainebleau back in 1972 and has been encouraging future startups since then. To receive a scholarship, you need to convince Marker in a 500-word essay that your product or service is needed by humanity, and that your business plan can be implemented.

Chicago Booth

Merit-Based Scholarship

Scholarship amount: $10,000–$30,000 per year.

The best students are selected based on test results, essay scores, and work experience. Please note that the scholarship is issued for a year - that is, you may be left without it for the next year of study.

The Harper Fellowships

Scholarship amount: $25,000 per year (for 2 years of study).

This scholarship is awarded to students with outstanding leadership and academic performance. From GMAT, TOEFL and university grades it is revealed how well a person studies, and from essays and recommendations - whether he is a leader. It should be noted that such vague requirements are common. Schools do this on purpose - in order to select truly bright individuals from a larger number of students who meet the general parameters.

The Herman Family Fellowship

Scholarship amount: $50,000.

The selection criterion for scholarship recipients is simple - resumes and essays of women entrepreneurs are considered. The businesswoman who offers the most convincing plan and has the most entrepreneurial experience “covers” half the cost of studying in Chicago.

The James M. Kilts Marketing Fellowship

Scholarship amount: $25,000 per year (for 2 years of study)

The scholarship is awarded to promising specialists in the field of marketing - those who have chosen the direction of Marketing Management and do not plan any moves from this industry. Marketers are “identified” by their existing achievements, which are confirmed by a package of documents. Each year, 5–8 students receive such scholarships.

The Zonis Fellowship

Scholarship amount: $25,000.

This amount will be given to students from developing countries (including Russia) who have demonstrated excellent leadership qualities, excellent academic performance and high social activity. They are selected based on test results, essays, place of work and position before admission.

The Distinguished Fellows Program

Scholarship amount: full-tuition scholarship (that is, a scholarship that fully covers the cost of education) for 2 years + $20,000 each year for the entire duration of study.

Awarded to the best students with the most outstanding leadership qualities and excellent management abilities.

Harvard Business School

HBS Fellowship Program

Scholarship amount: determined individually.

The scholarship is awarded based on the financial need of the student. Any special merits or talents are not taken into account. The committee looks at pre-MBA income and also reviews all the financial information the student submits and determines the amount. Every student admitted to HBS is eligible to apply for this scholarship. Fellows receive an average of $23,500, according to the generous business school's website.

The Robert S. Kaplan Life Sciences Fellowship

Scholarship amount: $20,000.

This scholarship has an interesting history. It was founded in 1983 by scientist Robert Kaplan, who dreamed of young scientists entering the MBA program at Harvard and turning into first-class managers from science. $20,000 is for students majoring in biology or human sciences (medicine, anthropology, sociology, etc.). Preference will be given to students who have any awards or a strong record of publications and plan to pursue a career in science-related business (or non-profit organizations). Scholarships are given to freshmen only. Typically, 10 students per year receive financial assistance.

Horace W. Goldsmith Fellowship

Scholarship amount: $10,000.

Designed for students working in the non-profit sector. If you worked for a public organization or led social projects, this scholarship is for you. Every year 7–10 students receive it.

Stanford School of Business

Siebel Scholars Program

Scholarship amount: $35,000.

At the end of the first year, the school selects students based on the following criteria - the highest grades, leadership qualities, cooperation with the business school community. Those who best meet the criteria become fellows. There can be no more than five of these per year.

Wharton

Emerging Economy Fellowship

Scholarship amount: $20,000.

The scholarship is intended for students from countries with developing economies, including Russia. The selection is based on a variety of information in the submitted documents - as a rule, it is given to the most needy and most clearly demonstrated managers. If you don't receive this scholarship, don't be discouraged - the school's website says that about 30% of students pay for their tuition through sponsors, and emphasizes that you can apply for several scholarships at once.

Columbia Business School

The Meyer Feldberg Distinguished Fellowship Program

Scholarship amount: fully covers the cost of training.

The school selects the best of the best in areas such as entrepreneurship (including social), finance, and military affairs. Selection criteria - place of work, position, professional experience of the student.

MIT Sloan

The Class of 2004 Diversity Scholarship

Scholarship amount: from $5000.

A rather exotic scholarship was organized by graduates of the school in 2004. Their course was extremely diverse - students from all continents, with different experiences, from different industries studied. After graduating, they decided to maintain a diverse student body. The scholarship is awarded to students with unique experience, education and even nationality.

The McKinsey Award

Scholarship amount: $10,000.

The selection of scholarship recipients is simple - you need to study better than everyone else or, if everyone studies well, be an excellent student. Evil tongues say that this is how McKinsey recruits “nerds” who are perfect for working at the lower and middle levels of consulting. Four freshmen receive the scholarship.

London Business School

LondonBusiness SchoolAnnual Fund Scholarships

Scholarship amount: up to £20,000.

The most widespread and at the same time quite large scholarship is at the London Business School. It can be obtained by successful students who have demonstrated academic (determined by GMAT and TOEFL) and professional (by resume and recommendations) success and can not only attend the MBA program, but also enrich it with their experience. There were 25 such people in 2009.

Place of study: IMD – Lausanne, Switzerland

IMD offers several scholarships for MBA studies. Applicants may apply for multiple scholarships at once, but may only receive one scholarship. Scholarship holders are selected by a committee, the main criteria for awarding a scholarship are: admission of the candidate to study in the MBA program, confirmation of intention to study in the program (through making the first payment).

Scholarships:

1. MBA Class Scholarship for Emerging Markets. The scholarship amount is CHF 200,000. The scholarship is open to citizens of developing countries who have an excellent academic record (GMAT), good recommendations and stable career development.
2. I MD MBA Future Leaders Scholarships ( Future Leaders Scholarship). The scholarship amount is CHF 30,000. 3 scholarships are awarded to candidates who demonstrate excellent leadership skills. To receive a scholarship, you must write an essay (maximum 750 words) on the topic: “ It has been said that success in business requires flexibility to be responsive, but also commitment to a recognized set of values. Discuss using your personal and professional experience“.
3. IMD MBA Alumni Scholarships. The scholarship amount is CHF 30,000. 5 scholarships are intended for citizens (candidates do not have to be residents) of the regions: Asia, Africa, Middle East, Latin America, Eastern Europe, Central Europe, Western Europe, North America, Oceania. To receive a scholarship, you must write an essay (maximum 1000 words) on the topic: “ Identify one tangible social, business or cultural issue in your region or country which you consider a priority to address. Why would you choose this issue and what makes you care about it? How would you, as a business leader (not a 3rd party or government), personally address it and ensure your business action has a sustainable impact?“
4. Nestlé Scholarship for Women(scholarship for women). The scholarship amount is CHF 25,000. Priority for scholarships is given to women from developing countries. To receive a scholarship, you must write an essay (maximum 750 words) on the topic: “ Many have discussed that greater diversity in the Top Management team of an organization is good for profits and customers. What would you recommend as ways to achieve greater diversity?“
5. Jim Ellert Scholarship– The scholarship amount is CHF 20,000. Priority for scholarships is given to citizens of Africa, Central/Eastern Europe, and the Southeast Asian Peninsula. To receive a scholarship, you must write an essay (maximum 500 words) on the topic: “ Why I would like to do an MBA at IMD?“
6. IMD MBA Merit Scholarships– The scholarship amount is CHF 10,000. 5 scholarships are available to candidates who demonstrate exceptional qualities upon entry.

Admission requirements:

• Bachelor's degree or equivalent from an accredited institution;
• GMAT at least 600 (80% of students have a score between 620 and 750);
• at least 3 years of work experience after receiving a bachelor's degree;
• the candidate must be at least 25 years old;
• excellent knowledge of English (teaching in English);
• knowledge of another language other than English.