Dear BusinessBecause,
I want to apply to an MBA, but will need some financial support. I understand that scholarships are one good option, but I'm unsure if any apply to me.
As someone with an interest in volunteering and community service, I want to know if there are there are any social impact-related scholarships available?
The Answer
This week's Applicant Question is answered by Claudia Lucas, director of admissions and marketing at the Lisbon MBA.
To encourage MBA applicants who have work experience in the social innovation sector, some programs offer MBA scholarships in order to make their MBAs more accessible.
The Lisbon MBA, for one, has designed a Social Impact scholarship.
This allows students to develop a strong sense of responsibility, and broaden their competencies in order to become inspiring leaders and catalysts for social and economic change.
Who is eligible for a social impact scholarship?
The Lisbon MBA Social Impact Award is exclusive for students of the International MBA program.
It’s available to all successful applicants who have worked in voluntary and non-governmental roles for at least two years.
The scholarship covers the cost of MBA expenses, and up to half of the tuition fees. It’s a way to help students fund their business education, so they can dive deep into the topics of social responsibility and sustainability.
What makes a good MBA for social impact?
When looking for a good MBA for social impact, it’s important to consider the kind of people you will be studying alongside.
Diverse, global cohorts will give you the best insight into a wide range of social and environmental issues that impact the world today, as well as diverse views on what some solutions might be.
At the Lisbon MBA, for instance, our unique value proposition relies on delivering to our students a truly global experience, founded on a holistic development and a hands-on learning approach.
This is why we are committed to recruiting diverse cohorts each year, with the help of scholarships like the Social Impact Award.
Tips for scholarship applications
When it comes to applying for scholarships, it’s a good idea to start as early as possible. This ensures you make the most of all the opportunities that apply to you, and don’t miss any key deadlines.
The Social Impact Scholarship deadline is May 4 each year, with a second round open until July 4, and a third open until admissions begin on September 30. The deadline for the Women in Business Awards is October 23.
Along with scholarship-specific criteria, schools are looking for a good academic record, strong career development, and how applicants will contribute to their MBA cohort.
It’s also important to clearly state how the MBA will help you achieve your career goals, and ensure that these goals are feasible.
What other kinds of scholarships can MBA applicants apply for?
At the Lisbon MBA, we have several scholarships available—each designed to prepare students to thrive in an increasingly connected but dramatically changing world.
One great example is the Entrepreneur Scholarship, which is available to applicants who aspire to start and manage their own businesses after their MBA, or wish to have a leadership role in their family business.
Other available scholarships include the Merit Scholarship, the Lisbon MBA Scholarship, and the Women in Business Award.
The Merit Scholarship, awarded to applicants with exceptional academic track records, covers up to 50% of tuition fees. The Lisbon MBA Scholarship is open to all applicants whose presence in the classroom will increase diversity, and the Women in Business Award supports women with proven professional achievements and career progression.
Ask an admissions expert a question
Next week, you'll have the chance to ask Kate Richardson, senior consultant at MBAMission, anything you like about getting into business school. 
Since her time on the MBA program at Chicago's Booth School of Business, Kate has had a keen interest in the student recruitment process. Here, she was a member of the Dean's Student Admissions Committee, and coached first-year students on their resumes.
Before joining MBA Mission, Kate worked with boutique consulting firm, Axiom Consulting Partners.
Got a question you'd love Kate to answer? Submit your question
