What criteria you must meet to receive a full scholarship at a renowned US business school

Unlock a full MBA scholarship at a top US business school. Learn the key criteria, from GPA and GMAT to leadership and unique contributions, to secure funding for your degree.

What criteria you need to meet to get a full scholarship at a top-ranked US business school

A business administration degree can be expensive, with some of the best programs in the US costing over $200,000. And yet, the degree is worth it: after graduation, the average salary of MBA graduates is 77% higher than that of people with only a bachelor's degree – a salary difference that can expand to up to $3 million over 35 years of work.

Given these prospects for higher compensation and the enormous demand for MBA programs, admissions experts say it is difficult – but possible – to get a merit-based full scholarship at a top business school. The criteria for these scholarships are rarely published and can vary by school or even academic year.

"It's really more of an art than a science," says Shaifali Aggarwal, founder and CEO of Ivy Groupe, an MBA admissions consulting firm. "I wish there was a formula, but I think it's really about thinking about leadership and impact – it's about what kind of unique angle or perspective you bring to the class."

The surest way to qualify for an MBA is to excel in as many aspects of the application as possible. But even a candidate with only a few outstanding aspects can land a full scholarship at a top business school.

Identifying schools that offer full scholarships

Schools may offer full scholarships to entice applicants to accept their offers. Schools known for high scholarships include Columbia Business School, New York University's Stern School of Business, Northwestern University's Kellogg School of Management, and the University of Chicago Booth School of Business.

"Some schools have bigger budgets than others," says Scott Edinburgh, founder of Personal MBA Coach, an MBA admissions consulting firm. If a full scholarship is a high priority, applicants should extend their search beyond elite schools. "We would target other schools."