Veterans transitioning from military service into civilian careers seek higher education as a path forward. An MBA is a prestigious and powerful degree that opens doors in business and leadership. However, the cost of an MBA program can be prohibitive for many veterans. Fortunately, there are MBA scholarship opportunities specifically designed for veterans. This extensive guide provides veterans with all the information needed to identify and apply for the top MBA scholarships available in 2024.
MBA Scholarship Value and Importance for Veterans
The total cost of attending a full-time, two-year MBA program ranges from $80,000 to $200,000 at private institutions in the U.S.[1] Part-time and online MBA programs also incur significant tuition expenses over multiple years. With the G.I. Bill and Yellow Ribbon Program, the Department of Veterans Affairs assists with some education costs. However, these benefits often do not fully cover expensive graduate degrees.
MBA scholarships for veterans aim to fill the gap between veterans’ educational benefits and out-of-pocket costs. Receiving an MBA scholarship significantly reduces the financial burden and makes pursuing an MBA degree more feasible. It allows veterans to focus on their education without the stress of massive student loan debt. Scholarships also increase veterans’ competitiveness for admission into top MBA programs.
For employers, veterans bring invaluable leadership skills, work ethic, and discipline cultivated through military service. However, without an MBA, veterans may lack the business training and commercial networks that scholarships help provide. An MBA opens up important career opportunities that scholarships help veterans achieve, such as management consulting, investment banking, and senior leadership roles.
Cost of Attendance Breakdown
To understand the value of MBA scholarships, it is important to comprehend overall MBA costs. The table below shows sample two-year full-time MBA cost of attendance figures for the class of 2024 at some top schools:
| School Name | Tuition and Fees | Living Expenses | Total Cost of Attendance |
| Harvard Business School | $78,976 | $20,600 | $99,576 |
| Stanford Graduate School of Business | $84,800 | $24,960 | $109,760 |
| Wharton School (UPenn) | $78,000 | $30,000 | $108,000 |
| MIT Sloan | $72,000 | $23,628 | $95,628 |
| Columbia Business School | $84,660 | $28,236 | $112,896 |
As seen above, total costs range considerably based on tuition, fees, and estimated living expenses. Scholarship support can cover any component of cost and greatly ease the financial burden for veterans. Let’s explore the most prestigious MBA scholarships available.
Top National MBA Scholarships for Veterans
Several leading national foundations provide generous MBA scholarships exclusively for veterans. These tend to be the most competitive awards but come with substantial financial support and prestige.
Shelton Veterans MBA Scholarship Program
- Amount: Up to full tuition and fees at any AACSB-accredited, full-time MBA program
- Eligibility: Veterans from any branch/conflict, 3 years of work experience
- Application Deadline: December 1, 2023
- Website: sheltonveterans.org
As the foremost national scholarship for veterans, Shelton covers the entire direct cost of an MBA. Recipients receive leadership development and a supportive alumni network. Shelton scholars have attended top schools like Harvard, Stanford, and Ross. This is the premier opportunity for veterans to earn an MBA debt-free.
MBA Veterans Fellowship
- Amount: $30,000 award
- Eligibility: Post-9/11 era veterans, outstanding academics/leadership
- Application Deadline: January 2, 2024
- Website: mbavets.org
The MBA Veterans Fellowship provides $30,000 to help offset living expenses and indirect costs. Finalists are interviewed, and one scholar from each military service branch is selected. Fellows connect through conferences and events during their MBA studies.
Henry E. and Nancy Horton Bartels World War II Foundation Scholarship
- Amount: Varies based on need, up to full tuition assistance
- Eligibility: WWII era veterans or direct descendants, strong academics/leadership
- Application Deadline: December 31, 2023
- Website: bartelsfoundation.org
This foundation honors the service of World War 2 veterans and their families. Competitive applicants receive funding towards the full cost of attendance at any nationally ranked, full-time MBA program. Multi-year support is sometimes awarded.
The national-level scholarships have extremely low acceptance rates, given the prestige and resources offered. Careful preparation is required to craft a compelling application profile demonstrating excellent leadership and academics befitting these elite opportunities.
School-Specific MBA Scholarships for Veterans
In addition to national foundations, many top MBA programs offer their own institutional scholarships explicitly for military veterans. Applying directly to schools increases applicants’ chances of receiving an award.
Harvard Business School Military/Veteran Scholarship
- Amount: Up to $30,000 per student
- Eligibility: Active duty or veterans of any military branch
- Deadline: HBS MBA application deadlines
Harvard acknowledges veterans’ sacrifice and service through this need-based scholarship. Funds help cover costs not met through G.I. benefits. No separate application – automatic consideration for admitted students indicating veteran status.
Stanford Graduate School of Business Veterans Scholarship
- Amount: Varies based on need; up to half of tuition
- Eligibility: Veterans of any rank with honorable discharge
- Deadline: SGSB MBA application deadlines
Stanford provides substantial support as it recognizes veterans’ leadership qualities. Top veterans are selected during the admission process and informed of their scholarship along with acceptance news.
MIT Sloan Veterans Scholarship Program
- Amount: Covers approximately 1/3 of the total cost of attendance
- Eligibility: Post-9/11 veterans with 3+ years work experience
- Deadline: MIT Sloan MBA Round 1 & 2 deadlines
This prestigious technology school offers multi-year scholarships exclusively through the MBA admission process. Strong candidates highlight their service background in application essays and interviews.
Kellogg Veterans Initiative Scholarship (Northwestern)
- Amount: $5,000 – $10,000 per student
- Eligibility: All honorably discharged veterans
- Deadline: Kellogg MBA application deadlines
Northwestern’s program considers military experience favorably in the application review. Selected Kellogg vets receive partial scholarships as well as career coaching and mentorship resources on campus.
School-specific awards differ in prestige but increase one’s odds versus national competitions. Highlighting veteran status prominently through applications and interviews improves the chances of MBA admission and matching scholarship support at top programs.
State-affiliated and Corporate MBA Scholarships
Beyond national foundations and business schools, additional funding opportunities exist at the state level and corporate partnerships.
State Grants and Affiliated Scholarships
Many states offer tuition assistance, reduced rates, and veteran-focused scholarships at public colleges and universities. For example:
- Ohio has the “Ohio War Orphans” scholarship for dependent children/spouses of deceased or disabled veterans.
- New York established the “Tuition Benefits for Active Military, Veterans and their Families” program that waives tuition at SUNY and CUNY schools.
Check a home state’s Veterans Affairs Department website for all available education funding exclusive to resident veterans. Additionally, private universities in different states sometimes offer reduced veteran admission rates.
Corporate Partnership Scholarships
Many firms offer MBA scholarships for veterans as part of diversity recruiting initiatives and talent pipelines. Notable examples include:
- The JPMorgan Veterans Fellowship covers tuition/housing costs at top 15 schools.
- PwC’s Veterans IN education program funding an online MBA.
- The BAE Systems Scholarship available to employees pursuing higher ed.
checking corporate websites informs candidates of scholarships supporting their MBA/career goals while also fulfilling hiring needs.
Application Requirements and Timeline
MBA scholarship applications follow structured processes requiring forethought and preparation ahead of deadlines. Carefully review instructions regarding necessary application components for each opportunity, including:
- Resume: Highlight military and civilian accomplishments, roles, and skills. Tailor each resume to the specific opportunity.
- Essays: Craft compelling personal statements conveying career aspirations, leadership qualities, and how military experience relates. Maximize essay length limits.
- Letters of Recommendation: Request from commanders, supervisors, or professors able to validate strengths. Allow recommenders ample time.
- Transcripts: Provide undergraduate and graduate transcripts. Explain any blemishes appropriately.
- Test Scores: Include GMAT/GRE scores, if required. Register early for upcoming test dates if applying on upcoming deadlines.
As deadlines range between late fall and early winter, begin scholarship applications over the summer to avoid last-minute mistakes or delays. Have essay drafts reviewed by mentors. Request reminders from recommenders to submit on time. Submit completed applications well ahead of deadlines when possible. Communicate proactively with points of contact if issues arise. Thorough preparation maximizes the strength of veteran candidates’ scholarship portfolios.
Interview Preparation
The most competitive national scholarships, such as Shelton and MBA Veterans Fellowship, involve intensive interview processes. Interviews are opportunities for candidates to wow selection committees. Candidates should:
- Research the foundation, scholarship program history, and selection committee members if possible. Tailor responds accordingly.
- Practice answering interview questions out loud. Common questions revolve around military service, leadership qualities, transition to civilian life, and career aspirations.
- Prepare real-life examples from service that demonstrate core values like leadership, resilience, and commitment to purpose.
- Bring a printed resume and be well-versed to discuss education, work, and volunteer experiences beyond what is on paper.
- Make eye contact, maintain a firm handshake, and exude confidence while discussing strengths. Show comfort speaking about achievements without arrogance.
- Ask thoughtful questions to selectors demonstrating interest in their work and insights sought for success.
- Send prompt thank you letters following interviews to selected committee members, restating appreciation for their consideration and service.
With practice interviews, candidates can demonstrate themselves as top selections most deserving of elite scholarships through poise and thoughtful, thorough responses during live interviews.
