MBA Admissions Tip: Can I Negotiate A Scholarship for Business School?
Can I negotiate a scholarship for my MBA program?
When decisions are released, excitement among the applicant pool can be palpable. After months of hard work and significant introspection, many candidates are rewarded with offers from their dream programs. Some of those offers come with scholarships; money that helps defray the significant financial burden of taking two years away from work, while also paying considerable tuition costs and living expenses.
If Only My Top-Choice Had Come Through with a Scholarship…
Of course, many candidates might receive scholarship at one or two programs, but not at their ideal program. This leads to an age-old question: Can an applicant negotiate scholarship money with his or her ideal program? Schools often express frustration around negotiating for a scholarship that wasn’t originally offered, but the reality is they may prefer to negotiate, rather than lose a candidate completely. As such, many programs are typically open to the request.
You are in the best position to negotiate if you have a scholarship offer from a school that the program in question believes is a peer school, or even one from a higher tier. So, for example, if MIT / Sloan offers you a scholarship, then Northwestern / Kellogg might be inclined to listen to a scholarship request. You may not receive the equivalent of the original offer from the first school, but you may receive an offer that goes at least part of the way towards making up the difference.
If you don’t have scholarship offers from peer schools, you can still use other offers as a means to “bargain,” but you would be in a less favorable position to negotiate.
There are cases where you might not have other admissions offers, or other scholarship offers to use as points of negotiation, but some economic shift now means that the MBA program you want to attend is now more cost prohibitive. One example of this would be for an international student whose home country exchange rate has shifted significantly against the MBA program’s home currency. Schools may be open to trying to help out, a little.
5 Components to Negotiating a Scholarship for an MBA Program
Whatever the reason for your negotiation, there are key steps you must follow when drafting a request:
- Reiterate your thanks for the offer of acceptance
- Reiterate why the program is best suited for you to achieve your goals (make this more than just surface level; you need to demonstrate a true passion to join the school)
- Describe why the competing offer, or your change in personal circumstances, has made the opportunity harder for you to pursue
- Ask if they will be able to offer some form of help (scholarship)
- Thank them again for the original opportunity to attend the program, with the hope that you will be able to pursue your goals
This should go without saying, but it is imperative to remain humble and polite in tone; you will not secure scholarship dollars by threatening the program in question
Requests should be made in writing, either word or PDF, via email. You should try to submit the request to an adcom contact you’ve made through the process, which might include the person who called you, notifying you of your admissions. It can be helpful to include any letters of scholarship offers from other program(s) as an attachment, since many schools will ask for proof at some point.
It Never Hurts to Ask!
Finally, keep in mind that there really isn’t a downside in making a request like this; you won’t get much in life if you never ask! Of course, you will also have to be prepared to remain humble and gracious, regardless of the outcome.
MBA Applywire
Hello Alex,
Decided to post my deferred MBA specification after binging the Clear Admit podcast with you and Graham. Love the show and thank you for providing valuable, anecdotal advice for the world's aspiring MBA students!
I'm planning to apply to the aforementioned MBA programs as a deferred applicant, looking to obtain some work experience before matriculation.
I am currently in my senior year at a top 2 public university in California, majoring in a social science. I originally transferred from my local community college with a 4.0, and will most likely finish out my current quarter at the four-year university with the same GPA.
Ever since the beginning of community college, I have been involved in student organizations: I was the president of a business leaders student org, and a treasurer for an honors society during community college. I am also a founding member and VP of an economics club at my four-year university.
In addition, from the beginning of high school to before I transferred to a four-year university (6+ years), I volunteered and founded a recruitment program at my local senior center that harbored over 100 new volunteers. While the org was not an NGO, it did provide caregiving services for senior citizens in our local community.
I have had 3 wealth management internships: a top 10 mega RIA, a boutique firm, and a top 5 wirehouse. I have a return offer, which I plan to pursue, from the wirehouse and plan to partner with a senior advisor as an associate advisor on a 1.3B+ AUM portfolio. This will involve financial advisory and investment management services for UHNW clients, but I also foresee greater involvement and client ownership as I obtain my requisite designations.
I also founded a social enterprise that has received over 200K in pre-seed angel investment funding. I am working with a lean group of software engineers and social scientists to supply affordable business consulting and accounting for small businesses. While the startup is still in the seed stage, I plan to continue working on this throughout my pre-MBA career alongside my role in wealth management.
Not sure if this is relevant or something I should include in my application, but I also had a few side gigs during school to help pay for tuition. I worked as a server for over 3 years during the latter half of high school and throughout community college. I was also an account analyst in the university's department of wealth management during the first year. Then, I picked up an AI data annotation gig for the second year. One of the main reasons for choosing community college after high school was the cost savings, so it was imperative that I worked during college to help pay for tuition.
My intention in obtaining an MBA is to learn more about entrepreneurship or social entrepreneurship, looking to combine the explosion in the current tech/AI market with social impact. Also looking to learn management fundamentals for mid/late-stage startups.
While I do not have a test score at the moment, I do plan to take the GMAT Focus at the end of the month. I am hoping to get around the median scores of the M7; 685+. Also hoping to crush the quant component of the GMAT to mitigate quantitative doubts, but hopefully, some of my internship experiences with investment management help. I also took some entrepreneurship classes at the four-year university that involved accounting principles.
Looking for some advice on whether I am aiming too high. I am almost viewing my deferred application as an opportunity to shoot for the stars, but at the same time, I don't want to fall too hard. Any other advice on how to clean up my application is also welcome!
GPA: 4.0 Undergrad (Business Admin/Accounting)
Work Experience: 8 Years as an IT Director/Information Security Director
Test Results: Hoping to get a waiver but am willing to take an exam
Targeted Programs: Hoping to get into Kellogg Part-Time/Evening/Accelerated Full-Time, or Stanford preferred but open to options
I also do have my PMP and CISSP, which are not relevant pre se but was asked if I had one before. I am going to get CPA once I finish MBA or part of MBA due to state requirements. I am also white and have owned businesses and do have copyrights and trademarks due to a brand I own.
Does this profile seem good enough? I did have one of the admissions officers ask why even get an MBA, but I want one, and feel they are valuable. Also, scholarships would be cool but plan on self-funding if scholarships are unavailable.
Short-term: Short-Term (Post-Graduation, Pre-MBA):
After completing my undergraduate degree, I plan to work full-time in management consulting or a strategy/finance-oriented role within India. In the short term, my goal is to gain rigorous exposure to problem-solving, business fundamentals, and decision-making across industries by working closely with organizations that are navigating growth, transformation, or operational challenges. I aim to build a strong foundation in analytical thinking, stakeholder management, and execution while developing a practical understanding of how businesses operate on the ground in an emerging market context. These early professional experiences will help me identify real-world gaps where scalable, responsible business solutions can create meaningful impact.
Long-term: Long-Term (Post-MBA):
In the long run, I aspire to leverage an MBA from a top global institution to transition into leadership roles where I can build or scale impact-driven ventures at the intersection of business, finance, and social development. Drawing from my background in grassroots social work and exposure to entrepreneurship and consulting, I aim to work in impact investing, social entrepreneurship, or leadership roles within mission-driven organizations, with a focus on education, financial inclusion, and livelihood creation. My ultimate goal is to create sustainable business models that deliver measurable social impact while remaining financially viable, particularly in developing economies like India.
I am planning to apply for Deferred MBA this year. I am currently in the final year of my college at IIM Jammu