The representation of women in business schools and leadership roles is growing, but gender parity in MBA admissions has been fickle. While some business schools have met the fifty-percent mark–with USC Marshall being the first top-tier program to do so with its Class of 2020–class profiles can fluctuate. In order to address the challenges faced by women entering business school, a number of MBA fellowships and scholarship programs are available.
These challenges can include imposter syndrome and lack of confidence, issues that are perpetuated in a cyclical manner; the less that women are admitted to business school, the less that women feel confident enough to apply. GMAC also suggests that financing an MBA can be a significant barrier that dissuades women from applying, proving the importance of MBA fellowship programs.
In this article, we will share practical advice for women applying to business school programs. We will outline the resources available in MBAs, including fellowships and scholarships, and explain where to find support.
Crafting a Strong MBA Application as a Woman
Crafting a strong MBA Application as a woman means addressing, and dismantling, the challenges that we outlined in our opening paragraphs.
This means showcasing leadership, resilience, and impact. Application essays are a great place to explain and demonstrate these qualities. Candidates should ensure that they include concrete examples of leadership experience and collaboration, highlight any unique experiences they have gained, and are clear on their career aspirations. Research what values target schools prioritize, and think about how your mindset, achievements, and aspirations align with these.
When it comes to selecting examples of these qualities, Clear Admit Co-Founder Graham Richmond notes that “we hear a lot” of “instances of underselling.” He explains that “as an applicant, it’s important to remember that ‘leading from the middle’ or ‘managing up’ are very legitimate and valuable experiences to share. We see applicants of all backgrounds underestimating their roles in this regard, so it’s a helpful reminder that it can pay dividends to ‘widen the lens’ here and not assume that the only valuable instances of leadership, resilience, and impact have to be those that come when leading from the front.”
The tendency to undersell crops up in interviews as well, where women are more likely to include disclaimers about their experience or undersell their capabilities. One way to tackle this is to think about yourself—and your application—as a brand. What are your “brand’s” qualities, what evidence supports those qualities, and what can your brand offer?
Seeking Support
The people who know best about successful MBA applications for women are, unsurprisingly, the women who have been successfully selected for MBAs. During your application process, don’t hesitate to reach out to female alumni networks, professionals with MBAs, or even current students at your target schools. These women may have insider tips to share with you, details on the challenges they faced and how they overcame them, or even just be able to offer some support.
Leveraging MBA Fellowship Programs for Women
Across the world’s top business schools, 39% of full-time MBA students are women. This number is certainly an improvement since the last 20 or so years, when the number stood at 28%, but there is undoubtedly still an imbalance.
In order to even the playing field, a number of MBA fellowship programs are available to women. These MBA fellowships aim to lower the financial burden that women often face when pursuing a graduate degree—both in the lead up, during, and after an MBA, since the fellowships reduce the necessity of loans.
Both business schools and MBA-focused institutions offer these scholarships and fellowships.
Institutions Offering MBA Fellowships
The Forté Foundation
The Forté Foundation, which partners with 50 business schools, has been supporting women in business since 2002. The foundation researches the barriers that women face and attempts to dismantle them; its MBA fellowships are one way in which it does this.
The fellowships are competitive, selecting women from diverse backgrounds who can demonstrate outstanding leadership abilities.
Financial Women’s Association MBA Scholarships
The Financial Women’s Association’s (FWA) MBA scholarship supports women in the San Francisco Bay Area who are pursuing careers in accounting, finance, or the financial services industry. The program offers financial support—having awarded more than $3 million dollars in grants since 1985—as well as career development and networking events.
American Association of University Women Fellowships
The American Association of University Women (AAUW) offers grants and fellowships for women pursuing MBAs—or any other academic work. In the 2023-24 academic year, AAUW provided more than $6 million in funding to 285 fellows and grantees, including authors, community leaders, and scholars.
Business Schools with MBA Fellowships
Business schools offer scholarships and fellowships to women in MBAs. A few examples of business schools that do so are as follows:
London Business School
London Business School offers several scholarships, all of which are awarded to women who can make an impact in both business and society. These include:
- The 30% Club Scholarship, awarding up to 50% of tuition fees.
- The AHEAD Scholarship (A Higher Education Advancing Diversity), which is open to candidates from developing economies and is worth $35,000.
- The Kearney Australia New Zealand Women’s Scholarship Program, which is open to MBA candidates from Australia and New Zealand. No need to apply for this program; all successful eligible women MBA applicants are automatically considered.
INSEAD
INSEAD’s scholarships for women on MBAs include:
- The Groupe Galeries Lafayette Endowed Scholarship, which is worth $12,000. It is open to all women who demonstrate dedication to serving customers.
- The Judith Connelly Delouvrier Endowed Scholarship, which is worth $15,000. This scholarship is merit-based and is awarded to one student in every MBA class.
- The INSEAD Piet and Wina Van Waeyenberge Endowed Scholarship, which is worth $15,700. This program is open to female engineers.
The Wharton School
Awarded to women with outstanding leadership abilities, UPenn Wharton’s scholarships are sponsored by the Forté Foundation. Standing true to Forté’s values, these programs select applicants who are committed to lifting up other women in business. Awards usually cover a large portion of tuition and offer extended networking opportunities.
Applying to MBA Fellowships for Women
Many of these MBA fellowships will require an essay-based application from incoming women candidates. In order to maximize your chance of success, essays should exhibit both a clear career vision (and how the scholarship will help you achieve it) and demonstrable impact.
You should also ensure to include in your application details of how you plan to use your MBA to boost opportunities for other women in the business world—both during the MBA program and in your subsequent career. This is especially important when applying to Forté Foundation MBA fellowships or partner schools, since the foundation looks out for “ambassadors for gender equality.”
Finding Community & Support as a Woman in Business School
Many business schools have begun initiatives in order to provide community and support for women in MBA programs.
The following is a (by no means exhaustive) list of women-focused MBA clubs. Each club platforms several events, such as networking or conferences for women.
- Carnegie Mellon Tepper: Women in Business and Allies for Gender Equality. This club leads a leadership conference in Spring, alongside ongoing programming.
- Chicago Booth: Booth Women Connect. This group runs conferences and networking events.
- Cornell Johnson: Women’s Management Council. The council runs networking events every month.
- Duke Fuqua: Duke MBA Association of Women in Business. This association runs a Women’s Leadership Weekend for prospective students every fall.
- Georgetown McDonough: Georgetown Graduate Women in Business. This group runs an annual conference for women.
- Harvard Business School: Women’s Student Association. Hosts Welcome Weekend, Speaker Series and more.
- Northwestern Kellogg: Women’s Business Association and Kellogg Center for Executive Women. This group runs events for prospective students.
- NYU Stern: Stern Women in Business. This club runs a conference every Spring.
- Texas McCombs: Graduate Women in Business. This group runs a symposium for Women in Business Leadership.
- USC Marshall: Graduate Women in Business. This club runs a Women’s Entrepreneurship Summit.
Other conferences and networking events, for both prospective and current women MBA students, may occur outside of business schools—for example with affinity groups such as the aforementioned Forté Foundation, who run a Women in Leadership conference. Networking with other women at these events will help provide both career and MBA application guidance.
Conclusion
With so many options for support out there—whether that be financially in the form of MBA fellowships, or more generally—women should feel confident to apply to the MBA programs of their dreams. Leverage the skills that you have built over your career, be bold in your own achievements, and don’t be afraid to lean on offers of mentorship.
