External Scholarships for Online MBA Students: A Complete Guide
| 7 Min Read
Paying for a Master of Business Administration (MBA) out of pocket is rarely the only option, and it shouldn’t be. Between employer tuition assistance, federal aid and institutional awards, most students combine several funding sources to make an online MBA program like the one at The University of Tulsa (UTulsa) affordable, and MBA scholarships are one of the most overlooked pieces of that mix.
External scholarships are awards funded by organizations outside your school: professional associations, corporate foundations and nonprofits that want to invest in the next generation of business leaders. Unlike institutional aid, which is awarded and administered by the business school itself, external scholarships for MBA students are earned through a separate application, deadline and set of criteria. In most cases, students in fully online or part-time MBA programs qualify for them the same way on-campus students do.
This guide breaks down what MBA scholarships are available externally, which recurring awards are worth applying for, where to find them and how to submit an application that gets noticed. By the end, you’ll have a clear picture of how external funding fits alongside the aid your business school already offers.
What Are External Scholarships, and Why Do They Matter for MBA Students?
External scholarships are financial awards for MBA students that come from a source outside the university, such as a professional association, a corporate foundation or an independent nonprofit, rather than from the business school’s own scholarship budget. Because the money isn’t tied to a single school’s endowment, external scholarships can often be applied toward any accredited program, including online options.
This matters because institutional aid has limits. Business schools set aside a finite pool of scholarship dollars each year, and much of it goes to a small number of highly competitive, merit-based awards decided during admissions. External scholarships expand the pool of MBA scholarships available to any admitted student, not just those chosen for a school’s own limited awards. According to Forté Foundation, Forté Fellows have collectively received more than $595 million in tuition-focused awards from partner business schools, funding that exists entirely outside any single school’s own budget.
External scholarships also come with fewer strings than loans. They don’t need to be repaid, and, as long as the money goes toward tuition and required fees, most scholarship funds are not taxed. According to the IRS, scholarship funds used for tuition and required course fees are tax-free for degree candidates, while money used for room, board or travel is generally treated as taxable income. Knowing that distinction upfront helps you budget an award accurately against your UTulsa online MBA tuition costs rather than assuming the full amount is spendable.
Which MBA Scholarships Should You Apply for This Year?
A handful of MBA scholarships recur every year and are worth building into your funding plan regardless of which business school you attend. The list below focuses on nationally recognized programs with a track record of funding graduate-level, MBA-focused study, several of which explicitly welcome part-time and online applicants.
Forté Foundation MBA Fellowship
The Forté Foundation MBA Fellowship is a merit- and mission-based tuition award for women pursuing an MBA at a partner business school. Fellows are considered for funding as part of the standard admissions process, so no separate scholarship application is required. However, part-time and executive-track fellowships are only available at select partner schools.
National Black MBA Association Scholarships
The National Black MBA Association awards scholarships to graduate students pursuing an MBA or related master’s degree, funded both nationally and through more than 30 local chapters. Since 1970, NBMBAA has supported Black professionals pursuing business leadership roles, and its scholarship programs are open to students in full-time, part-time and online formats who meet membership and academic criteria.
The Consortium for Graduate Study in Management
The Consortium for Graduate Study in Management is a nonprofit alliance of member business schools that awards full- and partial-tuition fellowships to MBA candidates committed to reducing underrepresentation in business leadership. According to The Consortium, members may be eligible for full or partial tuition support at any of its partner schools. Consortium fellowships are tied to specific member schools and typically favor full-time enrollment, so confirm current program eligibility before applying if you’re pursuing an online MBA.
Association- and Industry-Specific Awards
Professional associations tied to your field, including accounting, finance, marketing, healthcare management and energy, frequently fund scholarships for graduate students planning a career in that industry. These business school scholarships tend to be smaller than flagship fellowships but are also far less competitive, since eligibility is often limited to members of a specific trade or professional group.
Employer and Foundation-Sponsored Awards
Many large employers and corporate foundations fund scholarships for graduate business students, either directly or through a partner organization, particularly for employees pursuing a degree relevant to their industry. If you’re already working while completing your online MBA, check with your HR or professional development office before assuming your only funding options are personal ones.
Where Can You Find Online MBA Scholarships?
Reliable online MBA scholarships come from a few consistent sources, not endless generic search results. A little targeted searching goes a long way toward separating real, active awards from expired listings.
Start with professional associations related to your industry or identity. Women in business, veterans, first-generation graduate students and specific racial or ethnic groups all have dedicated scholarship pipelines through national organizations. Many of these groups maintain active scholarship databases and update deadlines annually, which makes them more reliable than generic scholarship search sites. According to the Graduate Management Admission Council (GMAC), several national organizations maintain dedicated, recurring scholarship and fellowship programs specifically for underrepresented MBA candidates.
Your employer’s HR or tuition assistance office is another underused resource, since even companies without a formal tuition reimbursement policy sometimes maintain relationships with industry foundations that fund employee education. Finally, ask your business school’s financial aid office directly. At UTulsa’s online MBA program, for example, the admissions and financial aid team can point you toward external scholarships past students have used successfully, since those awards are known to work well for the school’s student population.
Strengthen Your Application and Build Your Funding Plan
Most external scholarships for MBA students are competitive, but a strong application comes down to a few consistent habits, and pairing that effort with a clear picture of your total funding plan is what makes an online MBA degree like UTulsa’s affordable.
Start early. Many of the largest MBA scholarships, including association-based and fellowship programs, set deadlines months before a term begins, some tied directly to your admissions timeline rather than a fixed calendar date. Missing that window often means waiting a full year for the next cycle.
Tailor each essay to the organization’s mission rather than reusing a single generic statement. Scholarship committees read hundreds of applications built around the same “why I want an MBA” narrative; the ones that stand out connect the applicant’s specific goals to the funding organization’s specific purpose, whether that’s advancing women in business, supporting a particular industry, or increasing representation in management roles.
Finally, keep a running list of every scholarship you apply for, including amounts, deadlines and required documentation. Most students underestimate how much of this work is administrative rather than creative, and a simple tracker prevents missed renewals or duplicate paperwork down the line.
Graduate students who receive financial aid overall receive a substantial average benefit. According to the National Center for Education Statistics (NCES), the average recipient attending school full-time received $22,400 in aid. That’s a reminder that layering scholarships for MBA students on top of your tuition plan can substantially reduce what you pay out of pocket.
Ready to build your full funding plan? Explore funding options for your UTulsa online MBA degree and see how scholarships fit alongside tuition and aid.
About The University of Tulsa’s Online MBA
The University of Tulsa’s online MBA is a 100% online, AACSB-accredited program you can complete in as few as 12 months, with full-time and part-time options across seven industry-specific concentrations. No GMAT is required to apply, and courses are taught by faculty with direct industry experience, making the program accessible for working professionals balancing a career with graduate study.
Combining external scholarships with a clear tuition plan is one of the most effective ways to fund an MBA without pausing your career. UTulsa’s online MBA degree gives working professionals a flexible way to put that plan into action.