The Sainsbury Management Fellows MBA scholarship scheme rises to £500,000 per annum to encourage more diverse applications and to offset the cost of studying for an MBA.
To inspire more graduates to acquire business education and to offset the rising cost of attending business school, the Sainsbury Management Fellows (SMF) MBA scholarship funding is being boosted by 67%, rising to £500,000 per annum. Each year 10 successful graduates will be awarded £50,000 each towards MBA study at one of 14 international business schools, including Harvard, Stanford, LBS and INSEAD.
Along with the increase in funds is an expansion of who can apply for a scholarship. Historically, the SMF scholarship was exclusively for engineers; now the eligibility criteria embrace engineering and technology professionals whose first degree is in allied technology and science disciplines such as physics and computer sciences.
Lord Sainsbury said, “Sainsbury Management Fellows have contributed to the growth of the UK and world economy, across all economic sectors. Since the scheme began in 1987, over 275 new businesses have been founded and Sainsbury Management Fellows have generated £4.5 billion worth of economic wealth and have created 18,000 jobs.
“I am pleased that my Gatsby Foundation continues to support the Sainsbury Management Fellows’ Scholarship scheme. I hope that, by increasing the amount of the scholarship, we will encourage and enable even more people – from a wide range of backgrounds – to apply for the award in future.”
Rising costs of MBAs: Over the last six years, average business school fees have increased by 19% in Euros and 31% in US Dollars.[1] An MBA galvanises career prospects and income but studying for an MBA at a top international school is a big financial commitment given the fees, living costs and loss of salary for up to two years of studying.
SMF Taha Dar, a recent scholarship awardee who is studying at London Business School and a recent winner in the Great British Entrepreneur Challenge for co-founding SearchSmartly said: “My objective when choosing to pursue an MBA was to arm myself with the skills and experience that could allow me to one day pursue my own business. The SMF scholarship has played a key role in this journey, and I know it will continue to do so.
“Giving up my job to study for the MBA was a big decision. The scholarship has significantly mitigated the costs and risks associated with the change in career direction. Future applicants will benefit even more now that the individual scholarship is £50,000.”
Applications for a Sainsbury Mangement Fellows Scholarship should be made via the Royal Academy of Engineering’ website.
[1] Analysis conducted by Engineers in Business Fellowship which runs the Sainsbury Management Fellows Scholarship
