Unlocking Your Future: Navigating Scholarships for MiM Programs

For recent graduates eager to launch their career, a masters in management (MiM) degree acts as a key to unlock an array of job opportunities across diverse industries and geographies. 

While this advanced degree promises a wealth of benefits, there is a cost to it: tuition fees. They can be a significant concern at top business schools, where fees can stretch into tens of thousands. 

Fortunately, many academic institutions offer a wide range of financial aid including scholarships and bursaries. Scholarships not only alleviate financial burdens but also act as a validation of your potential, providing a strong vote of confidence in your abilities.

Navigating the funding landscape for MiMs

There are a multitude of scholarship opportunities offered by various business schools, governmental organizations, private foundations, and corporations. From partial tuition waivers to fully-funded scholarships, each opportunity caters to a diverse array of candidates, including domestic and international students, students with exemplary academic records, those with extraordinary leadership potential, and individuals hailing from diverse backgrounds.

“In Europe, universities often offer full tuition waiver scholarships or 50 percent tuition-waivers,” says Paolo Cancelli, director for student outreach and support at Bocconi University in Milan, which runs the Master of Science in Management. “Students can add on paid work inside the university such as being a student ambassador, helping with campus visits or open days,” he adds.

Bocconi offers full merit scholarships covering 100 percent of the tuition fees to academically strong and motivated students. There’s no need to fill out a specific application as the best candidates may be offered merit awards at the same time as an admission offer. Bocconi also offers 50 percent tuition-fee waivers connected to diversity and multiculturalism.

Maximize your chance of securing financial aid 

“In many universities merit scholarships are based on academic excellence, motivation, relevant extracurricular activities such as internships or volunteering. So do your best during your undergraduate studies and maximize every chance to exit your comfort zone and learn from different experiences,” Cancelli says.

Besides business schools and universities, he suggests that prospective MiM students look for country-specific support: many governments offer scholarships for local students (like Federal Student Aid in the US) to study abroad (like Norway) or for local and international low-income students (like in Italy).

“Moreover, many universities provide zero-interest-rate loans or special funding options offered by alumni, donors or companies,” adds Cancelli.

Elsewhere, there are plenty of options in different locations across the globe. UCD Michael Smurfit Graduate Business School in Dublin, Ireland, offers numerous scholarships for students ranging from 50 percent to full tuition costs. Scholarships are awarded based on various criteria: it could be based on merit, financial need or designed to support historically underrepresented groups of students.

The war for talent: why schools offer scholarships 

Many business schools are in the current process of raising additional funds to support the best and brightest students, in what is a competitive market for international admissions.

Over in Barcelona, Spain, ESADE Business School has increased its scholarship budget by as much as 15 percent in the past year, to a €4.6 million overall pot. In total, 307 students with outstanding academic results but insufficient financial resources have been able to study at ESADE this year thanks to scholarships covering up to 100% of tuition fees, as well as living expenses in some cases.

Additionally, some schools offer innovative financing models for their MiM candidates. One such institution is Frankfurt School of Finance and Management, which launched a model known as the “Generation Contract” in collaboration with finance group Brain Capital.

Under this model, successful applicants have the opportunity to pursue their studies at Frankfurt School without the burden of tuition fees, at least initially. Instead, repayment of fees is deferred until after the students have entered into a successful career and attained a minimum gross income of €30,000 per year.

At that point, they begin repaying a fixed percentage of their earnings over a period of 10 years. If graduates find themselves earning below the €30,000 minimum income in any year, the repayment year is postponed, providing financial breathing space. Moreover, the maximum repayment amount is capped, offering protection against unforeseen financial challenges.

Beyond financial support, Brain Capital goes the extra mile to assist students with personalized career guidance throughout their academic journey and beyond. This includes coaching for interviews and salary negotiations. So there is much more to financial aid than the money.