Getting an MBA from a world-class university is a dream for many professionals. Unfortunately, the cost of tuition, living expenses, and relocation can easily climb into six figures, making it out of reach for most.
The good news? Every year, a handful of fully funded MBA scholarships open their doors to exceptional candidates from around the globe. These awards don’t just cover tuition—they often include stipends for living costs, travel allowances, and access to powerful leadership networks.
If you’re aiming for admission in 2025, here’s a detailed guide to some of the best fully funded MBA scholarships for international students—plus practical tips for securing one.
What Does “Fully Funded” Mean for an MBA?
The phrase “fully funded” can vary depending on the program and the sponsor. For most MBA scholarships, it means:
- Full tuition and mandatory university fees
- Living stipend to cover accommodation, meals, and personal expenses
- Travel allowance, often including one round-trip flight each academic year
- Sometimes health insurance or funding for additional learning experiences
It’s worth noting that some scholarships (like Chevening) have a tuition cap for MBAs, which means you may need to cover any amount beyond that limit.
Fully Funded MBA Scholarships for International Students
Knight-Hennessy Scholars – Stanford University, USA
The Knight-Hennessy Scholars program at Stanford University is widely regarded as one of the most prestigious graduate funding opportunities in the world, offering full financial support to outstanding students who want to make a lasting difference on a global scale.
Open to applicants from any country, the scholarship funds up to three years of graduate study at Stanford, including the MBA at the Graduate School of Business or a dual degree that combines the MBA with another Stanford program. It covers full tuition and mandatory fees, provides a generous living stipend, and even includes an annual travel allowance. More than just funding, Knight-Hennessy offers scholars a place in a diverse, interdisciplinary community of change-makers—engineers, lawyers, doctors, entrepreneurs—united by a desire to address the world’s most pressing problems. Successful candidates demonstrate exceptional academic ability, a record of leadership, and a clear vision for tackling an issue that will still matter decades from now, with a persuasive case for why Stanford is the ideal launchpad for their mission.
Oxford–Pershing Square Graduate Scholarships – University of Oxford, UK
The Oxford–Pershing Square Graduate Scholarship is a rare opportunity for driven individuals who want to combine deep subject expertise with advanced business skills. Offered through the University of Oxford’s 1+1 MBA program, it funds a two-year journey that begins with a one-year master’s degree in a chosen field, followed by the MBA at Saïd Business School.
The award covers the full tuition fees for both degrees and provides a grant toward living expenses each year, allowing recipients to focus entirely on their studies and career development. Pershing Square scholars join a select, high-impact network supported by the Pershing Square Foundation, gaining mentorship, leadership training, and access to global events.
The ideal applicant can articulate how the combination of a specialized master’s and an MBA will equip them to address major global challenges—be it in health, climate, technology, or social justice—and has a clear, actionable plan for creating large-scale change after graduation.
Skoll Scholarship – Oxford Saïd Business School, UK
For social entrepreneurs and innovators determined to scale their impact, the Skoll Scholarship at Oxford Saïd Business School offers a fully transformative experience. This award covers the full cost of MBA tuition and provides a contribution toward living expenses, enabling recipients to immerse themselves in Oxford’s rigorous business training without financial worry.
makes the Skoll Scholarship exceptional is its focus on individuals who have already demonstrated a tangible track record in tackling pressing social or environmental problems—whether through launching a start-up, leading a non-profit, or driving change within an existing organization.
Beyond funding, scholars gain entry into the influential Skoll community, a global network of change-makers committed to building a fairer, more sustainable world. Applicants stand out when they present clear evidence of the impact they have already achieved, the lessons they have learned along the way, and a concrete vision for how the MBA will enable them to multiply that impact.
Mo Ibrahim Foundation Scholarship – London Business School, UK
The Mo Ibrahim Foundation Scholarship at London Business School is a fully funded opportunity created to support exceptional African nationals who aspire to earn an MBA from one of Europe’s most respected business schools.
Each year, one outstanding candidate receives full tuition coverage for the MBA, providing access to LBS’s world-class faculty, diverse cohort, and powerful global network without the burden of tuition fees. The scholarship reflects the Foundation’s mission to promote leadership, governance, and sustainable economic development in Africa.
Ideal candidates are those who have already demonstrated strong leadership potential in business, public service, or community initiatives, and who have a clear plan for using their MBA to make a positive difference on the continent. With its location in London—a hub for international finance, entrepreneurship, and policy—this scholarship offers recipients both academic excellence and the connections to drive change at scale.
BackPack-Excellence Scholarship for Women – IMD Business School, Switzerland
The BackPack-Excellence Scholarship for Women at IMD is a life-changing award aimed at talented women who may have thought an MBA was beyond their reach due to financial or personal obstacles.
This fully funded scholarship not only covers the full tuition for IMD’s one-year MBA program but also provides living expenses, allowing recipients to fully dedicate themselves to their studies and professional growth. IMD is known for its small, highly diverse classes and intensive focus on leadership development, making it a powerful environment for personal transformation.
The scholarship seeks women with exceptional leadership potential who have overcome significant challenges and who are committed to using their education to uplift others. Successful applicants share compelling personal stories of resilience, show a track record of achievement, and articulate a clear vision for how they will create a positive ripple effect in their communities and industries.
William R. Berkley Scholarship – NYU Stern School of Business, USA
The William R. Berkley Scholarship at NYU Stern is designed to attract top-tier talent to one of New York City’s leading business schools. Awarded to exceptional candidates who demonstrate outstanding academic achievement and leadership potential, this scholarship covers full tuition and fees for the MBA and provides additional stipends to support living costs.
Situated in the heart of Manhattan, Stern offers unmatched access to global finance, technology, media, and start-up ecosystems, making it an ideal choice for ambitious professionals seeking to accelerate their careers in one of the world’s most dynamic cities. Berkley Scholars benefit from close engagement with faculty, industry leaders, and the school’s influential alumni network. Candidates who stand out present a clear and compelling case for how their career ambitions align with New York’s unique opportunities and how they will contribute to Stern’s collaborative, innovative community.
Chevening Scholarships – UK Government
The UK Government’s Chevening Scholarships are among the most recognized global awards for one-year master’s degrees in the United Kingdom, open to citizens of over 160 eligible countries and territories. Funded by the Foreign, Commonwealth & Development Office and partner organizations, Chevening generally provides full financial support, including tuition, a living stipend, travel, and visa costs.
However, for MBA programs, tuition funding is capped at £22,000, meaning that if your chosen MBA costs more, you will need to secure additional funding to cover the difference—some universities co-fund to make up the gap. What makes Chevening truly special is its unparalleled alumni network, which spans politics, business, media, and civil society across the globe.
The program seeks individuals with strong leadership potential, at least two years of work experience, and a commitment to return home for at least two years after their studies to apply what they have learned. Applicants stand out when they can clearly link their MBA goals to their country’s development priorities and demonstrate a plan to create measurable impact upon returning.
Commonwealth Master’s Scholarships – UK Government
The Commonwealth Master’s Scholarships, funded by the UK Government through the Commonwealth Scholarship Commission, are aimed at talented individuals from low- and middle-income Commonwealth countries who would otherwise be unable to study in the UK. The award covers full tuition fees, provides a monthly living allowance, and includes travel costs, making it a genuinely fully funded option for eligible MBA programs.
The scholarships are awarded in line with key development themes, such as promoting global prosperity, strengthening health systems, or supporting environmental sustainability.
Recipients join a long-standing and respected alumni network that includes leaders across government, academia, and business. Ideal candidates have strong academic credentials, a clear professional plan, and a deep commitment to contributing to the development of their home country. To stand out, applicants should align their proposed MBA studies with one of the program’s priority themes and present a realistic strategy for applying their new skills to drive positive change after graduation.
How to decide which fully funded MBA scholarship fits you
- Start with your “impact narrative.” Almost all full‑fund awards prize leadership aimed at a bigger‑than‑you problem. Whether that’s climate mitigation, financial inclusion, health equity, or SME growth, your essays should connect your past, target industry, and specific post‑MBA roles to measurable outcomes.
- Map the benefit structure to your budget. A “full tuition” award without a stipend in an expensive city may still leave a large funding gap. Conversely, a stipend‑heavy award can make a slightly higher tuition school affordable.
- Align school strengths with your post‑MBA plan. If you’re a social entrepreneur, Skoll at Oxford is a natural fit; if you want West Coast tech/product roles or deep multi‑disciplinary exposure, Knight‑Hennessy + Stanford GSB is powerful.
- Apply early. Many full awards are either Round‑1 biased or have separate scholarship deadlines that precede later rounds.
- Build credible references. Ask recommenders to speak to leadership under ambiguity, stakeholder influence, and integrity—traits these committees value.
Frequently asked questions
Is Chevening really ‘fully funded’ for MBAs?
Chevening fully funds many one‑year master’s degrees, but MBA tuition is capped at £22,000. If your MBA charges above the cap, you must fund the difference (sometimes with university top‑ups). Budget accordingly.
Do I need to apply separately for these scholarships?
Usually, yes—or you must meet an earlier program deadline (e.g., KHS has its own application; Skoll requires an extra step; Pershing Square ties to the 1+1 MBA process; some school‑funded awards are automatic like LBS’s Mo Ibrahim).
Can I combine awards?
Sometimes. For example, Knight‑Hennessy funds up to three years; your Stanford program manages any additional years. For external awards with caps (e.g., Chevening), schools or colleges may co‑fund. Always check stacking rules.
What are my chances?
Ultra‑competitive. Focus on fit (mission alignment), evidence (impact you’ve already delivered), and clarity (a specific, credible plan for after graduation).
Conclusion
Fully funded MBAs are rare—but they are attainable when your purpose, track record, and school fit align. If you build a crisp, impact‑oriented narrative and hit the right deadlines, you’ll give committees compelling reasons to invest in you.