Top 5 MBA Scholarships for Women in 2023

In recent years, the business world has witnessed a growing number of women making their mark as leaders and entrepreneurs. To further support and encourage this trend, various organizations, institutions, and foundations have introduced MBA scholarships exclusively for female candidates. These scholarships not only help women pursue their aspirations in business, but also empower them to overcome financial barriers. In this article, we will present the top five MBA scholarships for women in 2023, highlighting their scholarship amount, eligibility criteria, and application processes. Keep reading to save valuable time and money on your journey to an MBA!

1. Forté Foundation Fellowship

The Forté Foundation offers fellowships to exceptional women pursuing MBA degrees at partner business schools. These fellowships cover partial or full tuition costs and provide access to a powerful network of professional women in business.

Amount: Up to $25,000 for each fellow

Deadline: N/A (see below for details)

Top schools that provide Forté fellowships:

• Columbia Business School
• Harvard Business School
• MIT Sloan
• Kellogg (Northwestern)
• Ross (University of Michigan)
• Marshall (USC)
• Haas School of Business (UC Berkeley)

Eligibility Criteria:

• Exhibit exemplary leadership in one or more of the following: academic leadership, team leadership, community leadership, and creative leadership
• Represent a diversity of educational and work backgrounds, career goals, ethnicities, citizenship/nationality, sexual orientation, and gender identities/expression
• MBA degree candidate at Forté partner school
• Demonstrate a commitment to Forté’s mission of launching women into fulfilling, significant careers through access to business education, opportunities, and a community of successful women
• Additional requirements may be set by individual schools (for example, alignment with the school’s mission or core values)

Application Process:

• All applicants will be considered and selected for the Forté fellowship program automatically upon submitting their application to a partner business school; no separate forms or submissions are required.

2. Jane M. Klausman Women in Business Scholarship

The Jane M. Klausman Women in Business Scholarship, provided by Zonta International, supports women who are pursuing undergraduate or master's degrees in business management. This scholarship program recognizes outstanding achievements and provides financial assistance to deserving candidates

Amount: Up to $8,000 for each recipien

Deadline: April-June, 2024

Eligibility Criteria:

• Must be a woman of any age studying a business program in specific specializations (accounting, economics, finance, business management, business technology, information technology, marketing, operations management, human resources management, international business, or entrepreneurship) at an accredited institution
• Must show outstanding potential and be in a Zonta district/region
  • Applicants from areas without Zonta clubs can apply for international scholarships through a Zonta district/region
• Applicants must be enrolled in at least the second year of an undergraduate program through the final year of a master’s program
  • The application should be submitted to the local Zonta club during this enrollment period

Application Process:

• Begin the application process with a Zonta club
• Ensure all application materials are received by the printed deadline at a Zonta club (usually between April and June)
• If you downloaded the application from the Zonta International website, contact a Zonta club for deadline information
• If the contact information is not on the application, find the nearest Zonta club using the Club Locator or email Zonta International Headquarter

3. Reaching Out MBA Fellowship

The Reaching Out MBA (ROMBA) Fellowship is awarded to LGBTQIA+ individuals and their allies, including women, who are pursuing an MBA. This fellowship provides financial support, mentorship, and access to a supportive community during the recipient’s time in business school.

Amount: Up to $20,000 for each fellow

Deadline: N/A (see below for details)

Eligibility Criteria:

• All applicants in the following programs are eligible for the fellowship, regardless of sexual orientation, gender identity, or gender expression
• Have showcased academic or LGBTQ+ community leadership
• Possess diverse backgrounds, career goals, ethnicities, citizenship/nationality, sexual orientation, and gender identities/expression
• Have a willingness to advocate for Reaching Out MBA Inc.'s mission

Application Process:

• Each participating school is responsible for identifying and selecting its Reaching Out LGBTQ+ Fellows; there is no application form specific to the fellowship.
  • Ways you can get yourself identified and selected:
    • Self-identify as LGBTQ+ on your MBA application
    • Demonstrate LGBTQ+ leadership roles on your resume
    • Express interest in business schools’ on-campus LGBTQ+ Clubs
    • Share your LGBTQ+ leadership experiences in your application essays
• Student informs Reaching Out that they are interested in applying for the fellowship and at which schools
• Student receives offer of admission and of fellowship directly from school
• Student selects school of choice and confirms fellowship acceptance
• Upon student’s confirmation, school notifies Reaching Out of its selected fellow

4. The P.E.O. International Peace Scholarship

The P.E.O. International Peace Scholarship is designed to assist women from countries outside the United States and Canada who are pursuing graduate degrees, including MBAs. It provides financial aid to support educational endeavors and promotes peace and understanding.

Amount: Up to $12,500 per recipient

Deadline: TBA for next cycle

Eligibility Criteria:

• P.E.O. International Peace Scholarship Fund supports women outside the U.S. and Canada pursuing advanced degrees in the U.S. or Canada.
• Recipients should intend to return to their home countries and contribute to global peace.
• To qualify for the first scholarship, applicants must have a full year of coursework remaining and be enrolled and in residence for the entire school year.
• Doctoral students solely working on dissertations are not eligible for first-time applications.
• International students at Cottey College can apply for a scholarship.
• U.S. and Canadian citizens or permanent residents are ineligible, except for those with tax residency only.

Application Process:

• Eligibility must first be established – eligibility forms usually due around December
• Send in the completed application with all required materials
  • Typically includes:
    • Completed application form
    • Personal statement
    • Proof of admission
    • Transcripts
    • Letters of recommendation
    • Financial documentation
    • Resume
    • Proof of citizenship
• Applicants will be notified if they received the scholarship usually by May

5. Laidlaw Foundation Women's Business Education Scholarship

The Laidlaw Foundation Women's Business Education Scholarship is a prestigious opportunity designed to empower and support aspiring female leaders in their pursuit of higher education in business. This scholarship aims to address the gender disparity in business education by providing financial assistance to exceptional women who are passionate about making a significant impact in the business world. To date, over 300 women have received support from the Women's Business Education Scholarship to earn an MBA at Columbia Business School.

Amount: Up to the full tuition amount

Deadline: N/A (see below for details)

Eligibility Criteria:

• Must be enrolled or planning to enroll at Columbia University
• Must identify as a woman
• Must demonstrate a passion for business and gender equity

Application Process:

• Apply directly through the business school; no separate application is required

If you are a woman considering an MBA, check out these additional resources to assist you along your application journey:

• Applying to and Succeeding in an MBA Program as a Woman
• A Guide to MBA Financial Aid
• 4 Expert Tips on Paying for Business School
• MBA Scholarships for the Top 10 Business Schools
• An Expert Coach's Top Tips for Non-Traditional MBA Applicants
• What Are MBA Adcoms Looking for in Resumes