How to win a scholarship is always a hot topic for MBA and Master’s applicants all over the world. You can improve your chances to win scholarships by a carefully planned strategy for school selection and test preparation.
Find expert advice in the summary of the Q&A live session conducted by PrepAdviser in January 2015. Iliana Bobova, Head of Admissions Consulting at PrepAdviser, answers the questions of potential applicants from different parts of the world. Candidates are at different stages of their preparation for MBA or Master’s admission.
Check out: List of MBA Scholarships for 2015/2016
Q: Are there specific scholarships for people that do an MBA in another country within the European Union?
A: There are different types of scholarships provided by business schools. Some of them are for candidates from certain countries or regions. Business schools are the major source of scholarships. Funding from a third party may come from a bank, from your employer, or from an association, for example one supporting women in business. You can also check for EU funding for MBA study in the EU with the Ministry of Education or the local agency which administers programmes such as Erasmus.
Q: What are the key aspects looked for in a Master’s candidate? What makes them choose one person over another for admission and scholarship?
A: Universities provide scholarships to the people whom they would like to attract to their programme. So, first you have to make sure you are a really strong candidate for the school and the programmes so that the school will want to keep you. It is crucial also that you meet all requirements for admission and for the scholarship for which you are applying. Check all details carefully.
Q: Is there some kind of “universally great business school candidate”?
A: Although the basic requirements for admission to MBA programmes may seem similar, every business school has a different preferred student profile. It is very important that you have the right approach to school selection. Do not try to adapt to the schools. Just select the schools and programmes which are best for you.
Q: How important is the GMAT score to get a scholarship? Do only people that get 700+ get scholarships at top MBAs?
A: Hi. GMAT is very important if you will apply for merit-based scholarships as many business schools provide ‘automatic’ scholarships if you have a high score (700+). Anyway, the GMAT always makes a good impression and demonstrates your potential for management education. Even if you apply for other types of scholarships, the GMAT will help you.
Q: What are the main differences between EU and US schools regarding profiles and GMAT score to get a scholarship?
A: There is a section on PrepAdviser called ‘Debate of the Month’ which is focused on the topic ‘American vs European MBAs’. You will find a lot of interesting facts and statistics there. Find all articles here. Feel free to post additional questions below each article.
Q: Could you just confirm if a high GMAT score (over 600) can help for admission when our previous academic experience was average? I have not yet taken the test.
A: A high GMAT score can really help a lot. Make sure your GMAT score is above the average score of the schools and programmes to which you are applying for admission. 600 will be quite low for some schools, but perfectly fine for others. Do your research.
Q: I’ve just started thinking about the MBA but I’m giving myself a year to prepare it, so hopefully I’ll be able to get a high score. I’m totally new to the subject and just registered today to the PrepAdviser website. I’ll first try to see if I have the right profile for MBA before starting anything.
A: Great! Welcome to PrepAdviser! You can take the opportunity for a profile evaluation in the PrepAdviser forum and ask any additional questions in the forum and below the blog posts by different experts.
Q: I am from the Czech Republic and I want to do my MBA in Prague. What different types of scholarships are available? How to find out?
A: It is best that you visit the business schools which you are interested in and get all the details about available scholarships and other types of financial assistance. Since you are Czech and would like to study in the same country, campus visits are a great way to 1) get personal impressions of the schools 2) get all details about financing. Prepare well in advance, so that you can get the details which are not published on the website. Please also check the options for bank loans.
Q: What are the best ranking types to see for MBA and EMBA before applying?
A: You have to start by building your own list of selection criteria and only then consult media rankings and check only those which are relevant to your own criteria. Find practical tips in the Blog article ‘Which Are the Best MBA Rankings?’
Take the opportunity to join our next chat sessions covering a variety of topics on MBA and Master’s admission.