Business Management Scholarships
October 6, 2021
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Business management scholarships help future business professionals afford their degrees while acquiring less student debt. Earning a bachelor's degree can cost as much as $46,000 per year at a private university, and many top MBA programs charge more than $70,000 per year in tuition. Fortunately, business management students benefit from various scholarship opportunities.
This guide introduces multiple scholarships for business students at the undergraduate and graduate levels. It also offers tips for winning scholarships and advice on lowering the cost of a business management degree.
Scholarships for Business Management Students
Business management students at the undergraduate and graduate levels qualify for multiple scholarships. Professional associations, private foundations, and universities support business majors with scholarship funds. Some of these scholarships provide $10,000 or more toward a degree. In addition to the following scholarships, degree-seekers can find opportunities based on factors like their background or career focus.
Who Can Apply: The Government Finance Officers Association (GFOA) awards the scholarship to support graduate students pursuing careers in public finance. Winners receive $20,000 toward their degree.
Who Can Apply: This scholarship supports students pursuing careers in state and local government accounting. Applicants must submit a recommendation letter. The award provides $10,000 for an upper-level undergraduate or graduate student.
Who Can Apply: GFOA supports minority students preparing for a career in state or local government finance with this $10,000 scholarship. Applicants must be attending a business administration, public administration, accounting, finance, or economics program.
Who Can Apply: This scholarship supports part-time graduate students planning to work in state and local government finance. Applicants must submit a recommendation letter and show at least two years of employment history with a state or local government. The scholarship awards $10,000.
Who Can Apply: GFOA awards the $5,000 Jeffrey L. Esser scholarship to help state and local government employees advance their careers in public finance. Applicants must show at least three years of state or local government employment.
Who Can Apply: The Ohio State University offers a full tuition scholarship to a member of the National Black MBA Association. The graduate-level scholarship provides up to $50,000 in tuition support for the recipient.
Who Can Apply: College students attending an accredited institution with a minimum 3.0 GPA qualify for this opportunity. Applicants must submit an essay on their career goals. They can optionally submit a video to bolster their application.
Who Can Apply: Students in the UK and the U.S. qualify for this scholarship, which supports future entrepreneurs with a $750 award. Applicants must submit an essay explaining their entrepreneurial idea and how the scholarship will help them achieve that goal.
Who Can Apply: Accounting students in Illinois qualify for this scholarship program. Applicants must attend an illinois college and show proof of financial need, leadership abilities, and academic achievement.
Who Can Apply: Students who create a business plan infographic can apply for this $1,000 scholarship. Applicants should design their infographic around a business in the restaurant, nonprofit, transportation, clothing, or startup industry.
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Winning Tips for Business Scholarship Applications
Competitive business scholarships may receive thousands of applicants. Students can increase their chances of winning by carefully following deadlines and completing every part of the application. This section offers tips and advice for winning business scholarships.
- Focus on Business Experience
Business management scholarship programs often look for candidates with business experience. On their resume or in a cover letter or essay, applicants should connect their business experience with their current course of study and their future goals.
Business experience comes in many forms. For instance, applicants can discuss their experience during an internship or summer job. Entrepreneurs who founded a business venture should explain what they gained from their experience. Volunteering with a business organization or even helping out a parent with an organizational task can also provide valuable experience.
- List Top Academic and Life Achievements
Scholarship applicants should highlight their academic and personal achievements to bolster their application. Undergraduates can mention academic achievements like graduating at the top of their high school class. Similarly, graduate applicants should list any honors received during their bachelor's program.
Life achievements, such as an award for volunteer service or recognition as a community leader, also strengthen scholarship applications.
- Prioritize Writing the Essay
Many scholarships for business students require an essay. While it adds time to the application process, the essay provides an opportunity to stand out from other applications. Scholarship committees often rely on essays to understand an applicant's personality or their career goals.
Students should prioritize the essay and plan to write an original essay for every scholarship application. They should allot themselves plenty of time to write the essay and revise it.
- Re-read and Revise
Scholarship applicants need to budget their time to revise their application and meet deadlines. A typo or grammatical error in a scholarship application can mean the difference between receiving a scholarship or not.
Applicants should set aside enough time to draft, revise, and proofread the essay portion. After revising and proofreading the essay, applicants should review the rest of the application for errors or mistakes.
Think Outside the Box: Paying for a Business Degree
In addition to scholarships, degree-seekers can lower their costs by choosing a less expensive program or accessing tuition assistance programs. By combining these strategies with scholarships, students can earn a degree while limiting their debt.
Tuition makes up a major part of college costs, but students also spend money on books, living expenses, and other costs. By limiting these expenses, learners can potentially save thousands of dollars. For example, buying used textbooks or shopping around for cheaper prices online can add up to hundreds in savings.
Many companies offer student discounts on clothes, travel, technology, and other expenses. Check out our tips on budgeting for college students for more.
Saving ahead makes it easier to pay for college. Students should start a college savings account as soon as possible. Compound interest can grow a college savings account every year, meaning each dollar saved will go further in the future.
Several types of savings accounts, including 529 college savings plans, offer benefits like tax-free withdrawals or tax incentives, depending on the state. Future business management students can also begin setting aside money every month in a regular savings account.
Some companies offer tuition assistance plans. These plans typically reimburse college students for tuition costs at the end of the semester. Depending on the plan, degree-seekers may need to attend an accredited program, enroll in a certain major, and/or maintain a minimum GPA.
Companies generally include tuition assistance plans in their benefits packages. Working students should research their options through their company's human resources department.
Business management students can often attend accelerated programs that expedite graduation. A shorter program can potentially save students money. Graduates can also enter the job market with their degree sooner, increasing their earning potential.
In an accelerated program, learners complete coursework at a faster pace. In addition to accelerated programs, degree-seekers can look for schools with generous transfer credit policies, including credit for work experience, to shorten completion time.
Scholarship Resources for Business Students
Business students qualify for many scholarship opportunities. Professional associations, private foundations, and government agencies all offer business management scholarships for students at accredited colleges and universities. This section introduces some resources for business management majors seeking financial aid.
The Association of Latino Professionals For America awards scholarships to student members. Applicants must demonstrate Hispanic origin or DACA status. The scholarship supports students at two-year and four-year institutions, including graduate programs. Applicants must major in business, accounting, finance, or a STEM field. The scholarship requires a minimum 3.0 GPA and an essay.
Women pursuing a business management degree qualify for several scholarship opportunities through ABWA. Offered through the Stephen Bufton Memorial Educational Fund, the Empowering Women Through Educational Scholarships program supports women in business. Since 1953, the fund has distributed over $17 million in scholarships.
Business majors considering careers in project management qualify for several scholarships and awards. For example, the Donald S. Barrie Award provides $1,000, while the James R. Snyder International Student Paper of the Year Award grants $500.
The FAFSA qualifies applicants for federal grants, loans, and work-study programs. The federal student aid program distributes $120 billion in aid each year, making it one of the most important sources for financial aid. Students who meet income eligibility requirements may qualify for Pell Grants and subsidized student loans. Undergraduates must submit the FAFSA annually to qualify.
Genevieve Carlton
Genevieve Carlton holds a Ph.D. in history from Northwestern University and earned tenure as a history professor at the University of Louisville. An award-winning historian and writer, Genevieve has published multiple scholarly articles and a book with the University of Chicago Press. She currently works as a freelance writer and consultant.
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