This is awesome. Firstly thanks a million Baccardisprite 😃 It just motivated me a lot. 3 more questions.
1. Since you had mentioned about scholarships, How much % of tuition fee will be waived based on scholarships in afore mentioned US bschools (MIT-Sloan, Kellogg, Haas-Berkeley, and Babson) ? A range in percentage points will do. The question may be too dumb but as I said earlier I had just started my work with MBA plans.
2. How much weightage is given to GMAT Scores when considering scholarships ? Is it more favorable to people who have High GMAT Scores or they look upon other factors as well as in Your acads, GPA, work ex contribution ?
3. I was looking for ISB in your suggestions. How good is it for my needs ? 3 reasons - low cost, good for entrepreneurship, post mba job in India.
Thanks once again, that was really helpful in n number of ways.
Regards,
msv87
1. In MIT-Sloan, the only program which offers a near guaranteed scholarship as a 50-65% of the tuition fees is the MIT-LGO program which is a dual MBA/MS degree. Extremely competitive to get in (please refer website for details). In Kellogg and Haas, scholarships are rarer, and very selectively given. Babson, due to its endowment, and the nature of its program & the career aspirations of its graduates, has a few more scholarships to give out, but again - all scholarships are extremely competitive. The scholarship amounts vary as a % of tuition, but can be between 10-100% of the tuition.
2. Instead of just a high GMAT, which is important, there're several criteria that adcomms would use in order to judge whether a candidate deserves a scholarship:
- Well rounded profile, including a high GMAT (740+ helps), excellent career progression, a suitably diverse background
yet exceedingly solid candidate. Strong recommendations from people who know you, who have observed your strengths & areas of improvement / development (that an MBA would at least partially address), and able to rationalize why an MBA would help you at this stage of your career / life.
- Passion for the school's program, and genuineness of commitment to attend if offered a scholarship. This is visible through the candidate's profile, story through the essays and the interviews. All schools like to have high GMAT scorers; but along with that - schools will offer scholarships only to those MBA applicants who they feel "will" accept the offer & attend the program. IF a candidate who applies to Babson (for e.g) is so perfect, that the Babson adcomms believe that he/she will get into Harvard, Stanford, Wharton - they're
unlikely to offer a scholarship to that candidate. IF a candidate is solid, well rounded, academically well inclined, and (most importantly) highly likely to achieve the career of his/her choice in the medium to long term,
and the adcomm wants such a candidate in their school - a scholarship is also more likely. Very often, faculty
and adcomm are jointly making decisions to award scholarships to MBA applicants.
- Scholarships for MBAs are competitive & rare purely because the MBA is a professionally inclined qualification. The MBA's contribution to research and insight generation (e.g helping a faculty member) is normally minimal to rare. Faculty may however, see some exceptions, and offer the opportunity to the candidate to work with them on their research projects / interests.
3. Yes, I missed ISB, and it IS a school you can / should consider. Again, you do have a somewhat diverse profile and career interest. You would be able to go back to a corporate job with your skills & attitude, and you could now / later become a successful entrepreneur. IF you bring a sold GMAT to the table and round off a good profile, you'll probably help your case for a scholarship even in ISB.
Overall - concentrate on getting admits to the school(s) you would genuinely be happy to attend, then worry about the scholarship. If you deserve it, it will come.
All the best
Baccardisprite
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Accenture will giv me plenty oftime to study but i am not too bent on software...