An MBA abroad will help them become senior managers, consultants, entrepreneurs, financiers, or global businesspeople. However, they will have to pay for an international business education. The scholarships will make the international MBA much cheaper. But where should Southeast Asian and ASEAN candidates start to look for money?
Scholarships for Southeast Asians for their MBA Studies are found through several channels. There are scholarships designed specifically for Southeast Asian or ASEAN applicants and other scholarships, which are meant for international students and are offered as leadership scholarships, merit scholarships, professional experience scholarships, or need-based scholarships.
It would be best for applicants to search the following sources: business schools, ASEAN or regional programs, government scholarships, international scholarships, and companies. It could save time and help them receive money that corresponds to their nationality, professional experience, and MBA ambitions.
MBA Scholarships Offered Directly by Business Schools
B-schools would be a good start for the search for MBA scholarships internationally. Many schools have their own scholarship funds which may sometimes give generous financial assistance without asking applicants to seek the necessary funds elsewhere.
School scholarships may vary in terms of criteria – academic excellence, leadership, entrepreneurship, professional success, diversity, or financial need. Sometimes scholarships are regional. INSEAD, for instance, has scholarships for financial need, merit and leadership, diversity, and geography. The school’s scholarship finder helps future applicants to browse scholarships depending on their profiles and eligibility.
What you may do is look through the scholarship sections of all the MBA programs you have selected. You should not believe that a particular scholarship must have such words as “Southeast Asia” or “ASEAN” in order to be relevant for your application. International students may be eligible for wider scholarships which are not restricted by nationality.
Take into account timing. For example, at INSEAD, scholarships are tied to the MBA application process, and applicants get access to the scholarship portal after their MBA application submission.
MBA Scholarships for South East Asian and ASEAN Students
A regional search becomes very relevant when it narrows down the field of competing candidates to those from the specified region.
A good example of this category is the INSEAD Witt Scholarship for Southeast Asia. This scholarship is meant for gifted candidates from Southeast Asia other than Singapore who can prove their financial needs. One scholarship worth between €20,000 and €25,000 is awarded by INSEAD each year. Candidates are selected based on the school’s financial aid process.
Another good example is the Chevening ASEAN Scholarship that offers another chance for eligible candidates from ASEAN countries to pursue their one-year master’s degree in the UK. It covers any field; hence, an eligible MBA candidate should think about this scholarship in addition to the regular Chevening scholarship.
This clearly demonstrates the importance of searching for scholarships based on your nationality. A scholarship targeting Southeast Asian nationals might exclude one or two nations from that region. Always refer to the official rules of eligibility for each scholarship.
Government Scholarships for Southeast Asian MBA Applicants
The second possible source of financial aid to an MBA program for Southeast Asian students is government scholarships, which may be provided either by the home government or by the government of the destination country.
In regard to the latter type, it is worth considering the Australia Awards Scholarships offered by the Australian Government to Southeast Asian students. According to the official website of Australia Awards, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, and Timor-Leste are the countries that participate in Australia Awards with different eligibility criteria and priority fields.
Nevertheless, one should be aware that a scholarship offered by Australia Awards does not automatically mean any possible MBA. The study program offered by this award has to be consistent with development priorities identified for each country; thus, it is recommended to consult the country profile of each participant.
In addition to that, the amount of money that a government scholarship may offer varies depending on individual circumstances. Besides covering tuition and living costs, some government scholarships may cover additional travel or insurance costs, or require returning home upon completion of studies. Thus, for instance, the recipients of Australia Awards Scholarships have to leave Australia within two years after scholarship completion.
International Scholarships Available to Southeast Asian MBA Students
Not all scholarships have to be specially tailored for business studies or the citizens of Southeast Asia. International scholarships could also offer opportunities to qualified MBA candidates.
They are usually based on leadership, experience, impact, and future contribution to society. Chevening Scholarship is one example. The scholarship program covers all subjects of study, but pays attention to leadership qualities, professional experience, and the candidate’s plans for the future.
However, one should make sure that the scholarship program allows one to study an MBA and also that the money offered will be enough to cover MBA tuition. Currently, the Chevening program only pays up to £22,000 for an MBA, which means that an MBA scholarship holder will have to find additional funding for the remaining tuition payment.
It is an important difference when researching fully funded MBA scholarships. It means that the scholarship program covers essential costs of living and studying, but still requires additional funds from the MBA student for tuition payment.
Employer-Sponsored MBA Funding for Southeast Asian Professionals
Those people who are currently employed in companies based in Southeast Asia should remember that employers could be an additional source of MBA funding.
Banks, consulting companies, IT companies, multinationals and regional companies might offer tuition reimbursement or professional development grants. In addition, some companies might even allow the employee to take leave in order to pursue an MBA program related to their job.
Before applying for any scholarship, one should check the employer’s education or leadership development program. One should find out if the employer requires the candidate to be enrolled in a certain MBA program, if the employer pays the university directly or reimburses the employee, and if there is a requirement to stay in the company after graduation.
Employer’s contribution to the tuition payment does not have to be full in order to be helpful. It will significantly decrease the sum needed to pay the tuition payment from your own budget.
Scholarships Based on Your MBA Study Destination
Students from Southeast Asia may also consider scholarship options linked to their preferred study destination.
UK-bound applicants can explore business school scholarships along with scholarships of the UK government and regional bodies. Applicants who want to study in Australia must investigate both scholarship opportunities provided by the universities in Australia and Australia Awards scholarships offered by the government. MBA students who plan to enter European business schools must research financial aid programs of the chosen institutions; in particular, some universities offer geography-based or need-based MBA scholarships.
This strategy will make the search process more targeted. Rather than looking for scholarships for Southeast Asian MBA students at random, you should start with the universities and countries that match your career interests and then move on to find scholarships related to them.
You may also use the same strategy when searching for scholarships for MBA programs at universities in North America and other popular destinations for business schools. Eligibility criteria may depend on the university, applicant’s nationality, program of studies, degree sought, and work experience.
Where to Search for MBA Scholarships Online
You should start the search on the website of the business school. Pages called scholarships, financial aid, funding, and MBA scholarships will be the best sources of information for you; there you can find detailed data on scholarship amount, eligibility requirements, deadlines, etc.
Government scholarship portals are another important source. You have to explore scholarship agencies, education ministries, foreign affairs departments, and embassies’ websites. Thus, in the case of Australia, the information you are interested in can be found on the website of Australia’s Department of Foreign Affairs and Trade.
The websites of regional organizations and well-known scholarship platforms will be useful for finding additional scholarship options. However, you should use these sources only for preliminary research. It is necessary to go back to the official website of the provider of the scholarship to verify that it is real and available at the moment.
What Southeast Asian MBA Applicants Should Prepare for Scholarship Applications
Many scholarships require more than filling in an MBA application form. One should be ready to provide academic transcripts, a CV, recommendation letters, professional experience, a personal statement, and proof of financial and national eligibility.
The best scholarship application is the one that shows how one’s professional achievements relate to the goal of obtaining an MBA degree. One should not say “I am a good leader”. Instead, they should talk about the success achieved as the leader of the team, growth of revenue, improvement of some process, starting a new project, expansion of the company, or any other achievement of this kind.
The career goals of the applicant should be concrete. The applicant should explain how their future role and how obtaining the MBA degree will help them become an MBA graduate and how the scholarship will be useful in this process.
In case of government-sponsored scholarships, the application rules should be followed especially carefully. As regards Australia Awards, there are separate instructions for each country, and the application system requires one to submit original work written by oneself.
Conclusion: Where Should Southeast Asian Students Start Looking?
MBA Scholarship Search for Southeast Asian Students is wider than searching for scholarships having “Southeast Asia” in the title.
First of all, one should look for MBA scholarships among the schools which they really like to attend. Then one should search for those scholarships which target specifically Southeast Asian and ASEAN applicants, government-sponsored scholarships, international scholarships for leadership, and scholarships sponsored by employers.
The best way to search for MBA scholarships for Southeast Asian students is not to waste one’s time on scholarships for which they are not eligible. So one should be careful about official eligibility criteria. Fully funded scholarships may not include some expenses, as was noticed for the current Chevening Program.
The best MBA scholarships for Southeast Asian students are those matching one’s profile – their nationality, professional experience, leadership achievements, preferred school, and career goals.
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