Paying for a Master’s in Management requires a lot of money, so it’s no wonder why so many students are in search of Master’s in Management scholarships. There are not many organizations or schools that offer scholarships for Master’s in Management programs in the United States, but they are common in other parts of the world.
Pursuing a Master’s in Management is attractive because of the career options it can unlock for you. If you first get your Bachelor’s Degree in Management, you will be able to transition easily into a Master’s in Management program. Online management courses can also help you get there. Read on to learn more about how to get a Master’s in Management scholarship.
What Is a Master’s in Management?
A Master’s in Management, often referred to as an MIM, is a postgraduate academic degree. It covers general management, organizational knowledge, and entrepreneurship. It’s a more affordable alternative to a Master’s in Business Administration (MBA). An MIM is geared toward students who want to learn about a variety of managerial practices and marketing strategies in either a local or international context.
How Much Does a Master’s in Management Cost?
You can expect to spend an average of $30,000 to $120,000 to get a Master’s in Management. However, the cost of studying for an advanced degree like a Master’s in Management varies. For instance, the cost of getting the degree online will be much lower than if you choose to attend classes on campus. For this reason, online programs have become much more popular.
Master’s in Management Salary: How Much Can You Earn?
The average salary for someone with an MIM degree is $77,000 annually, according to Payscale. However, this figure will vary considerably depending on the company you work for, your job title, location, and experience, among other key factors.
Is a Master’s in Management Worth It?
If you are an ambitious person hoping to achieve great things in the business world, an MIM will help you reach your goals. A Master’s in Management will allow you to take advantage of opportunities to further your career. To carve out your niche in business, excellent management skills are key. An MIM can help you acquire those skills while expanding your network and earning potential.
How to Pay for Your Management Graduate Degree with Master’s in Management Scholarships
In most cases, applicants for a Master’s in Management scholarship must already be enrolled in a relevant master’s program to be eligible. Some scholarships are aimed at specific applicants based on gender, location, or academic performance. To apply, you likely need to submit letters of recommendation from your professors or employers.
Most MIM scholarships will only cover part of your tuition fees, and many are offered annually for each year that you attend your program. Full-ride MIM scholarships are rare. Those that do exist are usually awarded to students who have shown exceptional academic performance and a record of leadership.
Best Master’s in Management Scholarships: Overview
Obtaining a Master’s in Management, especially in a foreign school, requires a lot of funding. Fortunately, some schools offer scholarships to graduate students that want to study management. Below, we show you some of them.
|Organization||Scholarship Name||How Much It Covers|
|ESMT Berlin||Outstanding Student Leadership Scholarship||$9,035|
|HEC Paris||HEC Foundation Excellence Scholarship||Partial or full tuition|
|London Business School||London Business School Merit Scholarship||$15,860|
|ESSEC Business School||ESSEC Academic Excellence||40% of tuition|
|Henley Business School||Master in Management Scholarship||$10,570|
|Cranfield School of Management||Latin America Taught Scholarship||$6,610|
|WHU Otto Beisheim School of Management||WHU Excellence Scholarship||25% of tuition|
|The University of Sydney||Master of Management Scholarship||Full tuition|
|Durham University||Masters International Scholarship||$9,910|
|Maastricht School of Management||Academic Excellence Scholarship and Women Ambassadorship Scholarship||50% of tuition|
Best Master’s in Management Scholarships: In Detail
Getting a Master’s in Management scholarship will help reduce the financial burden associated with obtaining this degree from a top business school. Some MIM scholarships cover only part of the tuition. Others cover the full amount, while others go even further and also take care of living expenses. Below are the best Master’s in Management scholarships.
ESMT Berlin offers several partial scholarships to cover the cost of pursuing an MIM, including the Outstanding Student Leadership Scholarship, Women’s Scholarship, Digital Future Summit MIM Scholarship, and Net Impact Sustainability Scholarship.
The recipient of the Outstanding Student Leadership Scholarship receives $9,035. To qualify for this merit-based scholarship, you must have displayed exceptional leadership by taking positions in student clubs, student government, and volunteer projects. As part of the application, talented candidates must write an essay highlighting why they think they should be the recipient.
Students who have a non-French diploma are eligible for this scholarship program, which can cover part of the tuition or all of it. You don’t need to provide extra documentation to apply as the awards are given out based on academic excellence. The students with the best grades and scores on standardized tests will be invited for an interview, after which the winners will be selected. This scholarship is sponsored by school alumni.
The London Business School Merit Scholarship is given based primarily on financial need and, secondarily, on academic performance. All applicants of the Early Career Programs are eligible. Successful candidates will receive up to $15,860.
The major focus of this scholarship is to promote academic excellence. Highly motivated international students with a strong academic record and an impressive Graduate Management Admission Test (GMAT) score will be eligible.
The ESSEC Academic Excellence Scholarship covers up to 40 percent of the tuition fee. Other ESSEC scholarships include Diversity of Geography and Profiles, EIFFEL, and Life Scholarships.
This scholarship opportunity is awarded to students based on academic merit and professional experience. Outstanding candidates are shortlisted and invited for an interview conducted by the program director.
To apply for this scholarship, you first need to be accepted into the MIM program. Once you submit your scholarship application, a specialized team will review it and send it to a scholarship panel for consideration if successful. These scholarships are open to any nationality.
The Cranfield School of Management provides students from Latin American countries with special MIM scholarships based on merit. To be eligible, students must be permanent residents of a Latin American country like Argentina, Brazil, Guatemala, Haiti, Mexico, and Venezuela.
Scholarship recipients receive $6,600 and no application fee is required. However, the Latin American Taught Scholarship cannot be awarded in conjunction with any other scholarship from the Cranfield School of Management, and only full-time students are eligible.
The WHU Otto Beisheim School of Management awards scholarships to students who have outstanding academic records. The scholarship covers 25 percent of the tuition fee for successful applicants. Moreover, eligible students don’t have to apply for the program: they are automatically shortlisted based on their academic performance.
This scholarship offered by the University of Sydney Business School aims to promote academic excellence and diversity. It covers the full cost of tuition for the duration of the program, but students must be enrolled full-time to qualify. To retain the scholarship, they must maintain an average mark of 70. Applicants must be residents of New Zealand or Australia.
Like many of the other scholarships listed here, this scholarship rewards students who have an excellent academic record, covering up to $9,910 of the recipient’s tuition. Candidates must have received their undergraduate degree at an educational institution not based in the UK.
Academic Excellence Scholarship and Women Ambassadorship Scholarship | Maastricht School of Management
These scholarships each cover up to 50 percent of the winner’s tuition fees. For the Academic Excellence Scholarship, applicants must have excellent academic performance and extensive professional experience and score 650 or more on the GMAT.
The Women Ambassadorship Scholarship is for female applicants. To apply, they must write a 1,000 to 1,500-word personal statement on the challenges faced by women in leadership. Female candidates from any country can apply.
How to Pay for Your Management Graduate Degree Without Scholarships: Alternative Financial Aid Options
Studying for a Master’s in Management degree can be financially draining. It becomes even more stressful if you need to relocate. However, there are some alternative financial aid options to foot the bill for your MIM tuition fees. Aside from academic scholarships, you can get financial assistance and a stipend for living expenses for your MIM program through some of the options listed below.
"Career Karma entered my life when I needed it most and quickly helped me match with a bootcamp. Two months after graduating, I found my dream job that aligned with my values and goals in life!"
Venus, Software Engineer at Rockbot
One of the top options to pay for a postgraduate degree is to secure a student loan. If you choose this option, make sure you choose a low-interest loan. Paying close attention to all the clauses and requirements is important. You can even get an attorney to take a close look at the terms and conditions of your loan before signing.
Most postgraduate students take on a part-time job to help pay for their schooling. Part-time employment will give you money for living expenses and cover some tuition. The best part-time jobs can pay reasonably well and help reduce your financial burden significantly.
Some charitable trusts are willing to disburse scholarship funds, with some viewing this as an opportunity to promote research. Although the grants offered may be small, they are a good way to cover at least some of your school costs.
In recent years, crowdfunding has become a very popular way of paying for health care, helping up-and-coming artists and musicians, and launching daring business ventures. Some students have also successfully used crowdfunding to get financial assistance for their educational pursuits.
However, crowdfunding campaigns don’t always yield success. To make crowdfunding work for you, you need to actively leverage your social media networks and provide frequent updates about the campaign’s progress and your schooling.
Should You Apply for Master’s in Management Scholarships?
If you intend to enroll in a Master’s in Management, you should definitely apply for a scholarship. Attending a master’s is expensive, and a scholarship can reduce the financial burden substantially. If you become the recipient of a scholarship, you will be able to focus solely on your academic studies instead of worrying about paying back a loan.
Master’s in Management Scholarships FAQ
Yes, various business schools offer need-based scholarships and merit-based scholarships to fund a college education focusing on management. There are even several opportunities targeting women and members of minority groups such as African Americans and Native Americans. Often, these academic scholarships are given to a full-time student who shows great leadership potential and an entrepreneurial spirit.
As an MIM graduate, you can work as a human resources manager, sales manager, and general operations manager, among others.
The first step is to ensure you meet the requirements for the program. Some universities only accept applicants who have some professional experience. You will then have to submit an online application. Depending on the university, you may also have to take a standardized test, such as the GMAT or GRE.
Often, Master’s in Management (MIM) and Master’s in Business (MIB) refer to the same type of program. The terms are often used interchangeably but an MIM and an MIB can have slightly different curricula in some situations.
About us: Career Karma is a platform designed to help job seekers find, research, and connect with job training programs to advance their careers. Learn about the CK publication.