“An investment in knowledge pays the best interest.” (Benjamin Franklin)
One of the main reasons which holds people back from applying to study for an MBA (besides the fact that you have to go back to school, to study during weekends… but that’s only a matter of motivation) is the high cost.
Indeed, an MBA is often expensive, and the first question which comes to your mind is “will it be worth it?”
Well, according to Benjamin Franklin, one of the founding fathers of the United States (not a Mr Nobody, let’s say…), the answer is a convincing and resounding “YES!”
Now, the second question that can come to your mind is, “Dear Benjamin, where can I find all that money to finance my MBA?”
Certainly, nowadays there are many banks which are more than willing to give you a student loan, with low interest rates and deferred repayment. But, even better, MIP offers you several types of financial aid which can make your MBA much more affordable.
Contributions are mostly merit-based and based on academic excellence, personal and professional achievement, particularly strong leadership potential, and superior interpersonal skills.
But which are these contributions?
- You can find all the information you need about MIP’s financial aid program in the specific section of MIP’s MBA website. I’ll try to summarize the main ones:
Early Bird Waiver: “first come, first served”, they say. MIP awards a 1,500 € contribution to applicants who submit their application by a given date – look on the MIP website or contact the Recruitment Team to check the deadline for the specific intake. - Travel Support Program: MIP offers contributions of up to 60% of the tuition fee to international and Italian candidates living abroad in order to make it easier for them to get to the school every month.
- Expat Tuition Fee Contribution: MIP offers contributions of up to 30% of the tuition fee to international candidates already living and working in Italy.
- MIP4Women: in order to develop and nurture a culture of women in management, MIP offers contributions of up to 6,000 € to female participants.
- Assistantship: Assistantships are sponsorships for students of the MBA who serve in a supporting educational or research role within the program. There are up to 2 assistantships to be awarded, covering up to 30% of the tuition fee for the course.
- GMAT-based contribution: 30% of the tuition fee goes to the highest achievers in terms of GMAT scores.
- Entrepreneurship contribution: 2 contributions of up to 20% of the tuition fee are offered to entrepreneurs or entrepreneurs-to-be.
- High-Flyer Award: 30% of the tuition fee is awarded to two applicants who possess outstanding leadership potential.
If you would like to check with regard to the availability of a specific contribution, to verify your eligibility or to ask for more details, you can contact the Admissions Team and evaluate all the opportunities with the MIP representatives.
Now, how best can you apply for a scholarship?
I won’t bother you with technicalities, such as “Pay attention to whom to address your application”, “Only use generic forms of address”, “Draw attention to your primary qualifications”, “Use clear and concise language”, “Be honest”, etc. … You can easily find this information on Google.
I just want to give you a few tips from a person who has already applied for scholarships.
First things first: ask yourself why YOU should be chosen. Why YOU, and not someone else? Margaret Mead, an American anthropologist, once said:
“Always remember that you are absolutely unique. Just like everyone else.”
And that’s absolutely true! We often apply for scholarships or for a new job, saying, “I’m smart, I have strong relational skills, I am a natural born leader, …”. Well, guess what? 80% of the people who applied have written the same thing as you did. Don’t feel that unique anymore, right?
So, try to express something about yourself which makes you stand out from the crowd. This could be based on facts, experiences, projects… Just be yourself, in your unique way, not the standard candidate you think the school (or a company) is looking for.
Secondly, think about why you chose this school and this program. Consider all your motivations, including the personal and professional ones. Choosing an MBA is a big step both for your life and your career. You don’t want to seem to have chosen it blindfold, right?
Finally, ask for constructive criticism from reliable sources (like me, for instance*). This is not a step people usually take, but it can be extremely useful for making a good application. Don’t be too proud! You’re not (yet) the best at everything, so you can ask for a little help from professors or students already enrolled in graduate schools. They’ll surely have a clearer understanding of what the university wants from its students.
Well, that’s it. These are my practical (and not boring, I hope) suggestions to use when applying for an MIP scholarship. And remember, maybe Benjamin Franklin cannot help you in getting one, but without any doubt, YOU can!
*I actually may not be such a reliable source, but of course I’ll be glad to help if you need some advice.
About the author
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Marco Di Salvio
Student of the International Part Time MBA at MIP Politecnico di Milano. |
