Getting an MBA can open big doors in the world of business, but it’s also very expensive. For many people, the high cost makes it hard to take this important step.
That’s where scholarships come in. They can help cover tuition, fees, and other costs, making the dream of an MBA more possible even for those returning to school later in life.
The good news? There are many scholarships made especially for women, underrepresented groups, and even scholarships for women over 40 who want to become business leaders and make a career shift.
In this blog, we will share some of the best MBA scholarships out there, how to apply, and tips to boost your chances.
Why Scholarships for Women and Minorities Matter
Business schools and corporate leadership roles have long been dominated by certain groups, leaving many women and minorities underrepresented.
Scholarships help change that by opening doors that might otherwise remain closed due to financial barriers. These scholarships do more than just cover tuition; they send a message that diversity matters.
They support women and minority students in gaining the education and skills needed to lead, innovate, and make a difference in their communities and industries.
When more voices are heard in boardrooms and business decisions, companies become more creative, fair, and successful. Supporting women and minorities through scholarships helps build a stronger, more inclusive future for everyone.
Types of MBA Scholarships Available
There are different types of MBA scholarships designed to help students from all backgrounds. Here are the main types you should know about:
- Merit-Based Scholarships: These are given to students with strong academic records, leadership experience, or high GMAT scores. You don’t have to show financial need—just prove that you stand out.
- Need-Based Scholarships: These are for students who can’t afford the full cost of an MBA. You usually have to share financial documents to qualify. Many schools offer these to make education more accessible.
- Identity-Specific Scholarships: These scholarships support students based on gender, race, ethnicity, or background. For example, there are awards just for women, Black or Hispanic students, LGBTQ+ candidates, and more. They’re designed to boost diversity in business schools.
These scholarships support students based on gender, race, ethnicity, or background. For example, there are awards just for women, Black or Hispanic students, LGBTQ+ candidates, and more. They’re designed to boost diversity in business schools.
General Scholarships for Women & Minority MBA Applicants
These scholarships are open to both women and minority applicants and are designed to promote diversity, leadership, and access in MBA programs.
1. The Consortium for Graduate Study in Management Fellowship
This full-tuition fellowship supports African American, Hispanic American, and Native American students pursuing MBAs at top partner schools.
It promotes diversity in business leadership and builds a powerful alumni network. Applicants apply through a centralized system and must show academic strength, leadership ability, and a commitment to community service.
2. Forté Foundation MBA Fellowship
This fellowship is offered to women accepted into Forté partner schools. It supports women with strong academics, leadership potential, and a passion for advancing women in business.
The fellowship includes tuition help, exclusive networking, and access to Forté career resources, helping women succeed both in business school and beyond.
3. Reaching Out MBA (ROMBA) Fellowship
ROMBA helps LGBTQ+ students, including women and people of color, who are pursuing MBAs. Partner schools provide financial aid and leadership development.
Fellows also attend the annual ROMBA Conference, connecting with companies, mentors, and peers committed to LGBTQ+ inclusion in business.
4. Management Leadership for Tomorrow (MLT) MBA Prep Fellowship
MLT offers a career prep program for Black, Latinx, and Native American students planning to attend business school.
It includes one-on-one coaching, GMAT help, leadership development, and direct connections to admissions officers. MLT also offers access to its large, supportive alumni and employer network.
5. Posse Foundation Graduate Program
The Posse Foundation supports diverse students with leadership training, tuition aid, and a tight-knit support group called a “Posse.” While more common at the undergraduate level.
Some Posse programs extend into graduate school and help students build confidence and thrive in academic and professional spaces.
6. Paul & Daisy Soros Fellowships for New Americans
This fellowship awards up to $90,000 to immigrants and children of immigrants pursuing graduate education, including MBAs.
Applicants must show academic promise, creativity, and a commitment to the United States. It celebrates the contributions of New Americans and supports diverse leadership in all sectors.
7. Robert Toigo Foundation MBA Fellowship
The Toigo Foundation supports minority students pursuing finance-related MBAs. It offers financial help, career guidance, summer internship support, and access to influential mentors.
The program helps create strong, ethical leaders and increases diversity in finance and investment careers.
8. Gates Millennium Scholars Program (Legacy Support)
While the original Gates Millennium program ended, its legacy continues through alumni initiatives and partnerships that support minority graduate students.
It was one of the largest diversity scholarship programs, offering full funding and mentorship to high-achieving students in fields like business, science, and education.
Women-Only MBA Scholarships
These scholarships are designed exclusively for women pursuing an MBA. They aim to close the gender gap in business leadership by supporting women with strong academic potential, leadership experience, and a drive to make an impact.
9. Jane M. Klausman Women in Business Scholarship (Zonta International)
This scholarship supports women studying business at the undergraduate or graduate level. Offered in over 30 countries, it provides up to $8,000 based on academic excellence, leadership, and commitment to pursuing a career in business. It’s designed to help close the gender gap in management and decision-making roles.
10. AAUW Career Development Grant
The American Association of University Women (AAUW) offers this grant to U.S. women looking to advance or change their careers.
It provides funding for graduate-level study, including MBA programs, and prioritizes women of color and those entering nontraditional fields. Grants can be used for tuition, books, and living expenses.
11. Chicago Booth Wallman Fellowship
This full-tuition fellowship is offered to underrepresented women pursuing an MBA at the University of Chicago Booth School of Business.
It aims to support future women leaders through financial assistance, mentorship, and networking opportunities, helping break down barriers in business and finance careers.
12. London Business School Women’s Scholarship
LBS offers several scholarships for outstanding female MBA candidates, including awards worth up to £20,000.
These scholarships are merit-based and seek to promote gender diversity in business leadership. Applicants are evaluated on academic achievement, leadership potential, and commitment to empowering women in business
13. MIT Sloan Collamore-Rogers Fellowship
This fellowship is awarded to women MBA candidates at MIT Sloan who show strong leadership, academic success, and community involvement.
It helps reduce the financial burden of graduate study and encourages more women to take on top roles in business, technology, and entrepreneurship.
14. Oxford Saïd Women’s Scholarship
Oxford’s Saïd Business School offers several scholarships to exceptional women MBA students.
These awards aim to increase the number of women in top business programs and support those with leadership experience, professional achievements, and a commitment to advancing gender equity in the workplace.
15. AGSM Emerging Female Leaders Scholarship (UNSW)
The Australian Graduate School of Management offers this scholarship to women with leadership potential entering their MBA program.
It covers partial to full tuition and supports women working in business, government, and social sectors who are ready to grow into senior leadership roles.
16. UBC Sauder Women in Business Leadership Scholarship
This scholarship supports women enrolled in the MBA program at UBC’s Sauder School of Business in Canada.
It is awarded to applicants who demonstrate strong leadership skills and a commitment to gender diversity in the workplace and beyond.
17. Hult Women in Business Scholarship
Hult International Business School offers this award to women who show leadership, drive, and a passion for business. It recognizes women with high potential and helps reduce tuition costs so they can pursue their MBA without financial stress.
18. Frankfurt School Women in Business Award
This scholarship offers up to a 30% tuition discount for women MBA candidates at the Frankfurt School of Finance & Management.
It is given based on academic performance and professional achievements, and encourages more women to advance in global business leadership.
Intersectional Scholarships (Women + Minority Identity)
These scholarships support applicants who identify with both gender and racial/ethnic minority groups.
They are meant for women of color, Black, Latina, Native American, Asian, and other underrepresented backgrounds who bring unique perspectives to business leadership.
19. NBMBAA x Forté Foundation Fellowship
This award supports Black women pursuing MBAs at Forté partner schools. It offers tuition support, access to Forté’s women-in-business community, and NBMBAA’s career network.
It recognizes leadership, service, and a commitment to increasing diversity in the corporate world.
20. Prospanica Foundation MBA Scholarships
These scholarships support Hispanic and Latina women earning graduate business degrees. Awards range from $2,000 to $5,000 based on academic merit, financial need, and community service.
Applicants must be Prospanica members and demonstrate leadership potential and a connection to the Hispanic community.
21. AAUW Selected Professions Fellowship
This fellowship supports minority women entering male-dominated graduate fields, including business, law, and STEM. It awards up to $25,000 for full-time study.
The goal is to help women of color break into professions where they are significantly underrepresented.
22. Native Forward Scholars Fund (formerly AIGC)
This fund provides tuition assistance to Native American women pursuing graduate degrees, including MBAs. Applicants must be enrolled tribal members.
It supports Indigenous women in achieving academic success and contributing to their communities through business and leadership roles.
23. Latinas in Business MBA Scholarship Fund
This scholarship helps Latina women pursue MBAs, especially those committed to entrepreneurship or corporate leadership.
Awards are given based on leadership, financial need, and a clear plan for giving back to the Latinx community through business innovation.
24. Golden Key Women of Color Business Scholarship
Offered through the Golden Key Honour Society, this scholarship supports women of color in business-related graduate programs.
It recognizes academic excellence, leadership, and a commitment to making an impact in business and community spaces.
25. American Indian Graduate Center (AIGC) MBA Scholarships
This funding opportunity supports Native American and Alaska Native women pursuing MBAs. It provides tuition support and professional development resources to help Indigenous women thrive in business and leadership.
26. Asian Women Giving Circle (AWGC) Fund
This fund offers scholarships and grants to Asian American women pursuing leadership in business, arts, or social justice.
Though not always MBA-specific, the support is available to those using business skills for cultural and community impact.
27. African Women’s Development Fund Scholarship
This fund supports African women in leadership and development roles. It provides grants for graduate education, including MBAs, especially for women focused on social change, gender equity, and community building in Africa.
28. HBCU MBA Women Scholarship Fund
This scholarship is designed for alumnae of Historically Black Colleges and Universities (HBCUs) pursuing MBAs. It supports leadership development and creates opportunities for Black women in business and finance.
University-Based Scholarships for Women and Minorities
Many top business schools offer scholarships that support women and minority students directly through their MBA programs.
These awards often combine financial aid with leadership development, mentorship, and DEI-focused programming
29. Harvard Business School Forward Fellowship
This fellowship provides up to $30,000 per year to MBA students from lower-income backgrounds.
Many recipients are women and underrepresented minorities who have overcome financial hardship and are supporting families.
It aims to create equal opportunities in business education.
30. Stanford GSB Diversity and Women’s Leadership Fellowship
Stanford Graduate School of Business awards this fellowship to women and underrepresented minority students who demonstrate inclusive leadership.
It helps reduce financial barriers and encourages recipients to continue advocating for equity and representation in business.
31. Wharton Whitney M. Young Jr. Fellowship
Offered by Wharton, this fellowship honors students who promote social justice and diversity, often awarded to women of color.
It supports those with a strong record of service, leadership, and a desire to uplift underrepresented communities through business.
32. Berkeley Haas Diversity Scholarship
This merit-based scholarship is awarded to MBA students who actively contribute to diversity, equity, and inclusion.
Women and minority applicants with leadership experience and a passion for creating inclusive workplaces are encouraged to apply.
33. Yale SOM Women in Management Scholarship
Yale School of Management offers this award to women with a demonstrated commitment to leadership, community engagement, and gender equity in business.
It supports women entering the MBA with plans to lead and make a social impact.
34. Columbia Women in Business Scholarship
Columbia Business School offers this scholarship to high-achieving female MBA candidates.
It’s given based on academic performance, leadership potential, and involvement in empowering women in the workplace or through nonprofit/community efforts.
35. Tuck School of Business Diversity Scholarships
Tuck offers partial scholarships to students who enhance the diversity of its MBA community. Women, minorities, and those committed to DEI causes are encouraged to apply and are considered automatically during admissions.
36. Georgetown McDonough Diversity & Women’s Fellowship
This fellowship supports MBA students who show leadership in diversity efforts, with a focus on women and underrepresented minorities.
It includes tuition support and opportunities to engage in DEI events and mentorship during the program.
37. UNC Kenan-Flagler Women’s Leadership Award
Given to women MBA candidates who show strong potential in leadership and community building.
The scholarship provides financial support and aims to help more women become senior leaders in business and public service.
38. USC Marshall Diversity & Women’s Scholarship
USC Marshall School of Business awards scholarships to women and minority MBA students based on merit, leadership, and contributions to diversity.
Recipients often take active roles in DEI clubs and leadership projects during their studies.
Additional Notable Scholarships
This category includes unique scholarships and fellowships from professional groups, nonprofits, and global organizations that support women and minority MBA applicants.
These awards may focus on specific industries (like STEM or finance), career goals, or leadership in social impact and are often open to a wide range of graduate students.
39. Cornell Johnson Roy H. Park Fellowship
This full-tuition fellowship is for U.S. citizens pursuing an MBA at Cornell. It supports outstanding leadership and community service.
Many recipients are women and minorities dedicated to ethical leadership, social impact, and professional excellence in business.
40. Zonta International Amelia Earhart Fellowship
Primarily for women in aerospace and STEM, this $10,000 fellowship also benefits women pursuing dual degrees in business and technology.
It promotes female leadership in scientific and technical fields with real-world impact.
41. INSEAD Women’s Scholarships
INSEAD offers several scholarships for women from around the world entering its MBA program.
Awards are merit-based or need-based and aim to increase female representation in global business leadership across regions and industries.
42. Darden Women’s Scholarships
University of Virginia’s Darden School of Business offers several merit-based scholarships to high-achieving women MBA candidates.
These awards support future female leaders with strong academic backgrounds and clear leadership goals.
43. C200 Scholar Award
This $25,000 scholarship is given to outstanding first-year women MBA students who show strong leadership, entrepreneurial drive, and a commitment to promoting women in business.
It includes access to mentorship and networking with senior female executives.
44. National Black MBA Association Scholarships
NBMBAA offers multiple scholarships to Black MBA students, including awards for women who show academic excellence, leadership, and community engagement.
The association also provides networking and career opportunities.
45. Hispanic Scholarship Fund (HSF)
HSF supports Hispanic and Latina MBA students with awards based on merit and financial need.
Scholars gain access to networking, leadership development, and career resources across various industries.
46. Congressional Hispanic Caucus Institute (CHCI) MBA Award
CHCI offers scholarships to Latinx students in graduate school, including business. Ideal for those pursuing careers in public service or social entrepreneurship, the program also provides mentorship and policy leadership opportunities.
47. Native American Finance Officers Association MBA Scholarship
This scholarship supports Native American students entering finance and business careers.
Applicants must be affiliated with a federally or state-recognized tribe and demonstrate leadership and academic promise.
48. American Association of University Women (AAUW) International Fellowships
This fellowship supports non-U.S. women pursuing full-time graduate study in the United States.
Applicants from underrepresented countries and those pursuing MBAs or related fields are encouraged to apply.
49. Ford Business Scholarship (Golden Key International Honour Society)
This scholarship supports underrepresented women in graduate business programs. Applicants must be members of Golden Key and demonstrate academic achievement, leadership, and a desire to make a difference.
50. National Society of Hispanic MBAs (now Prospanica) Scholarship
These scholarships help Hispanic and Latina MBA students cover tuition and school-related expenses.
Awards are based on leadership, academics, and contributions to the Hispanic business community.
51. Weidenfeld-Hoffmann Trust Scholarship (Oxford)
This program supports students from developing and emerging economies, including women and minorities, who pursue an MBA or other graduate programs at Oxford.
It emphasizes leadership, public service, and global impact.
52. Mandela Rhodes Scholarship
Open to African students, this award covers graduate study for those who show leadership and community commitment.
Though more common in other fields, MBA students focused on ethical leadership may qualify.
53. P.E.O. Scholar Award
A U.S. and Canada-based award that supports women in graduate programs, including MBA students. Awards are given based on merit, need, and leadership potential.
54. P.E.O. International Peace Scholarship
Supports international women pursuing graduate study in the U.S. or Canada. It provides partial funding and aims to foster peace through education and female empowerment.
55. Laurels Fund for Women in Accounting
For female graduate students pursuing accounting or related business fields. It supports women seeking leadership roles in finance, audit, or public policy and encourages gender equity in accounting.
How to Strengthen Your Scholarship Application
Winning an MBA scholarship, especially one aimed at women and minority students, takes more than just good grades.
Scholarship committees want to see who you are, what you’ve overcome, and how you’ll make an impact. Here are key tips to make your application stand out:
- Tell Your Story Honestly and Clearly: Use your essays to explain your background, goals, and values. Talk about challenges you’ve faced and how they shaped your ambition. Be real, your story matters just as much as your stats.
- Highlight Leadership and Impact: Whether you led a project at work, started a student group, or volunteered in your community, show how you make things happen. Even small leadership roles can show big potential when you explain your impact clearly.
- Demonstrate a Commitment to Diversity: Many scholarships look for people who support inclusion. Share how your work or life experience contributes to creating more inclusive spaces, especially in business or education. Show how you’ll pay it forward.
- Tailor Each Application: Don’t use the same essay everywhere. Adjust your answers to fit what each scholarship values, whether it’s social justice, entrepreneurship, financial need, or promoting women in business.
- Get Strong Letters of Recommendation: Ask mentors, professors, or managers who truly know you. A strong letter should speak about your strengths, character, and leadership, not just your resume. Give them time and details to write a great letter.
- Show Career Vision: Be clear about how an MBA fits your goals. Scholarship reviewers want to invest in someone with direction. Whether you want to lead a startup, work in finance, or support your community, share your “why.”
- Proofread and Polish: Typos and unclear writing can hurt a strong application. Read your work out loud, ask a friend to review it, or use a writing tool. Clear, confident writing shows you’re serious
Its a Wrap
Pursuing an MBA is an important move toward leadership, but the cost can be overwhelming, especially for women and minority students.
Thankfully, many scholarships are designed to lower these barriers and help you access the education you deserve.
These scholarships recognise your potential, value your background, and support your goals. Don’t hesitate to apply, take time to research, share your story with confidence, and show how you plan to create change.
With determination and the right support, your MBA goals are within reach. Start with a scholarship that reflects your ambition as clearly as you do.
