Welcome to our exclusive series on MBA scholarship secrets! In this article, we will delve into the incredible story of Ankur Gigras, an IIT Madras graduate and former McKinsey consultant, who managed to secure a 100% full scholarship for his MBA at Harvard Business School (HBS). He not only succeeded at HBS, but he also received a full scholarship to Stanford Graduate School of Business (GSB). Today, Ankur will reveal the strategies and steps he took to fund his prestigious MBA education completely free of charge. If you’re curious about how to finance an MBA without breaking the bank, read on!
Key Takeaways:
- Strategic application planning is crucial for maximizing your chances of securing an MBA scholarship.
- Invest time and effort into achieving high GMAT scores to strengthen your MBA admission prospects.
- Writing compelling, personalized essays that showcase your authentic self can make a significant impact on scholarship committees.
- Prepare well for MBA interviews by researching common questions and practicing your responses.
- For Indian applicants, Ankur shares valuable insights on how to navigate the MBA application process successfully.
The Importance of Strategic Application Planning
When it comes to securing MBA scholarships, strategic application planning is key. Ankur Gigras, a successful MBA scholarship recipient, credits his careful planning for his full scholarships to Harvard Business School and Stanford Graduate School of Business. By strategically applying to different schools in different rounds, Ankur increased his chances of success.
Advertisements
One important tip Ankur shares is to research and apply for MBA scholarships. Many applicants are unaware of the funding opportunities available, and by taking the time to search for and apply to these scholarships, candidates can significantly increase their chances of securing financial assistance for their MBA programs.
To provide a practical example, here is a comparison of Ankur’s application results for HBS and GSB:
| Application Round | Harvard Business School | Stanford Graduate School of Business |
|---|---|---|
| Round 1 | Accepted (with full scholarship) | Denied |
| Round 2 | Denied | Accepted (with full scholarship) |
As you can see, Ankur strategically applied to his top choice school, Harvard Business School, in Round 1, and although he was denied admission, he received a full scholarship. In Round 2, he applied to Stanford Graduate School of Business and was accepted with a full scholarship. This example highlights the importance of planning and applying strategically to maximize opportunities for MBA scholarships.
GMAT Prep for Harvard/Stanford Business School Admissions
Scoring high on the GMAT is crucial for gaining admission to top business schools like Harvard and Stanford. Ankur Gigras, who secured full scholarships to both institutions, emphasizes the importance of dedicated preparation and a calm mindset during the exam.
Ankur recommends utilizing online GMAT prep resources and dedicating several months to studying. Practice tests are essential for building test-taking skills and familiarizing oneself with the format and timing of the exam. He suggests creating a study schedule and sticking to it, ensuring consistent and thorough preparation.
Advertisements
“Consistency, practice, and maintaining a calm mindset are key to achieving high GMAT scores,” says Ankur. “By investing time and effort into GMAT preparation, applicants can significantly increase their chances of admission into top-tier business schools.”
Additionally, Ankur advises applicants to seek out study groups or online forums where they can exchange resources, tips, and study materials. Collaborating with others can provide fresh perspectives and enhance learning.
GMAT Prep Tips:
- Utilize online GMAT prep resources
- Dedicate several months to studying
- Take practice tests to build skills
- Create a study schedule and stick to it
- Collaborate with study groups or online forums
Preparing diligently for the GMAT exam is essential for aspiring business school students. By following Ankur’s tips and maintaining a focused mindset, applicants can maximize their chances of achieving high scores and securing admission to prestigious institutions.
Writing Compelling and Personalized Essays
One of the crucial components of a successful MBA application is the essay. It provides applicants with an opportunity to showcase their unique experiences, motivations, and aspirations. To stand out from the competition, it is essential to write compelling and personalized essays that resonate with the admissions committee.
When writing MBA essays, it is important to be authentic and genuine. Admissions officers can quickly identify essays that lack sincerity or have been heavily edited by others. Therefore, taking the time to reflect on personal experiences and genuinely express oneself is crucial. Collaborating with friends or mentors can be beneficial for brainstorming ideas, but it is essential to maintain the authenticity of one’s voice throughout the writing process.
“The essay is your chance to tell your story and help the admissions committee understand who you are beyond your academic achievements. It’s important to make a personal connection and show why you are passionate about pursuing an MBA,” says Ankur Gigras.
In addition to authenticity, personalization is another key aspect of writing impactful essays. Admissions officers are interested in knowing how an applicant’s experiences and goals align with the values and offerings of their MBA program. Therefore, it is crucial to demonstrate a clear understanding of the school’s curriculum, culture, and resources, and explain how these aspects will contribute to achieving one’s career objectives.
Table: Elements of a Compelling MBA Essay
| Element | Description |
|---|---|
| Authenticity | Showcase your genuine self and avoid exaggeration or pretense. |
| Personal Connection | Make a connection between your experiences, goals, and the MBA program. |
| Research | Demonstrate a clear understanding of the school’s curriculum, culture, and resources. |
| Structure and Clarity | Organize your essay in a coherent manner and communicate your ideas effectively. |
| Proofreading and Editing | Ensure your essay is free from grammatical errors and typos. |
Nailing the MBA Interview
Preparing for the MBA interview is a crucial step towards securing admission to top business schools. Here are some tips to help you navigate the interview process and increase your chances of success:
- Do your research: Familiarize yourself with the school’s curriculum, faculty, and values. This will demonstrate your genuine interest and allow you to ask insightful questions during the interview.
- Practice, practice, practice: Mock interviews with friends or professionals can help you refine your answers and improve your delivery. Anticipate common interview questions and prepare concise and compelling responses.
- Show authenticity: Be yourself during the interview and let your true personality shine through. Admissions committees value genuine candidates who are self-aware and confident.
- Highlight your achievements: Use specific examples to illustrate your accomplishments and demonstrate your potential to contribute to the MBA program. Quantify your achievements whenever possible.
- Prepare thoughtful questions: At the end of the interview, when given the opportunity, ask insightful questions that show your interest in the school and your eagerness to learn and contribute.
Remember, the interview is an opportunity for the admissions committee to get to know you better and assess your fit with the program. Approach it with confidence, enthusiasm, and a genuine desire to learn and grow.
Quote:
“The interview is your chance to make a lasting impression. Be prepared, be authentic, and show your passion for the MBA program.”
By following these tips, you can enhance your interview performance and increase your chances of securing a spot at your dream MBA program.
MBA Application Tips for Indian Applicants
When it comes to pursuing an MBA, Indian applicants face unique challenges and opportunities. Here are some valuable tips to help Indian applicants increase their chances of success:
1. Highlight Your Diversity
Indian applicants often come from highly competitive backgrounds with strong academic and professional achievements. To stand out among the pool of applicants, it’s essential to highlight your unique experiences and perspectives. Emphasize how your cultural background and global outlook can contribute to the diversity of the MBA program.
2. Leverage Your Network
Networking plays a crucial role in the MBA application process. Reach out to current students, alumni, and professionals who have previously been admitted to your target schools. Seek their guidance and insights to better understand the application requirements and selection criteria. Building strong connections can also lead to valuable recommendations and mentorship opportunities.
3. Demonstrate Leadership Potential
MBA programs value candidates who demonstrate leadership potential. As an Indian applicant, showcase your leadership experiences in both professional and extracurricular settings. Highlight your ability to navigate diverse teams, manage complex projects, and drive positive change. Use concrete examples to illustrate your leadership skills and impact.
By following these tips and approaching the MBA application process strategically, Indian applicants can increase their chances of securing admission to top-tier MBA programs.
Financial Preparation in High School
When it comes to financing your college education, starting early can make a significant difference. High school is the perfect time to begin saving and exploring opportunities to earn money for college expenses. By taking proactive steps during your high school years, you can set yourself up for a more financially sound future.
Part-Time Jobs for College Savings
One of the most effective ways to save money for college is by taking on part-time jobs during high school. These jobs not only provide you with income but also teach valuable skills such as time management and financial responsibility. By allocating a portion of your earnings towards your college savings, you can gradually build up a substantial amount over time.
| Job | Average Hourly Wage | Monthly Earnings |
|---|---|---|
| Babysitter | $12 | $480 |
| Retail Sales Associate | $10 | $400 |
| Tutor | $15 | $600 |
As you can see from the table above, even part-time jobs with relatively low hourly wages can help you save a significant amount per month. By working during weekends or evenings, you can balance your studies and work responsibilities while still contributing to your college fund. Consider exploring various job opportunities in your local area and choose one that aligns with your interests and schedule.
Exploring Scholarships and Contests
Besides part-time jobs, high school is also an opportune time to apply for scholarships and participate in contests. Many organizations and institutions offer scholarships specifically for high school students, and even small amounts can add up over time. Additionally, participating in contests can not only be rewarding in terms of prizes but can also boost your profile and increase your chances of receiving scholarships.
- Research local and national scholarships that are available for high school students
- Check with your school’s guidance counselor for scholarship resources
- Participate in essay contests, science competitions, or other academic events
By actively seeking out scholarship opportunities and participating in contests, you can maximize your chances of securing additional funding for your college education.
Scholarships and Contests in High School
While applying for scholarships and participating in contests during high school may seem like a small effort, it can have a big impact on financing your college education. Even the smallest scholarship amounts can accumulate over time and significantly help with college expenses. It’s important to be proactive and take advantage of opportunities that can provide financial support.
High school scholarships are available for various fields, including academics, sports, arts, and community service. These scholarships recognize exceptional achievements and provide financial aid to deserving students. By showcasing your talents and accomplishments through applications and interviews, you can increase your chances of securing scholarships for college.
| Scholarship Name | Eligibility Criteria | Amount |
|---|---|---|
| Academic Excellence Scholarship | Top performing students with a minimum GPA of 3.5 | $1,000 |
| Athletic Achievement Scholarship | Outstanding athletes with notable accomplishments | $2,500 |
| Community Service Scholarship | Students actively involved in volunteer work and community initiatives | $1,500 |
In addition to scholarships, participating in contests can also help you save for college. Contests ranging from essay writing to science projects often offer cash prizes or scholarships as rewards. These contests not only provide financial benefits but also give you an opportunity to showcase your skills and stand out among other applicants.
Some popular contests for high school students include the National Merit Scholarship Program, Intel Science Talent Search, and Scholastic Art & Writing Awards. By participating in these contests and submitting your best work, you can not only potentially win financial support but also gain valuable experience and recognition.
Financial Aid and Application Fees
When it comes to applying for college, the expenses can quickly add up. From application fees to standardized testing costs, the financial burden can be overwhelming for many students. However, there are ways to alleviate some of these costs through fee waivers and other financial aid options.
One of the first things to consider is requesting application fee waivers. These waivers can be obtained through the Common Application or by directly contacting the colleges you are applying to. They are typically available for students who demonstrate financial need or meet certain eligibility criteria. By utilizing these fee waivers, you can save a significant amount of money on application fees and allocate those funds towards other college expenses.
In addition to application fee waivers, it’s important to explore other financial aid options that can help cover the costs of college. Many colleges and universities offer need-based and merit-based scholarships to eligible students. These scholarships can provide financial assistance for tuition, books, and other expenses. It’s important to research the specific scholarships available at each institution and determine if you meet the criteria.
Remember, funding your college education is possible with careful planning and by exploring all available financial aid options. By utilizing fee waivers for college applications and exploring scholarships, you can significantly reduce the financial burden of the application process and increase your chances of obtaining the necessary funding to pursue your higher education goals.
| Financial Aid Options | Description |
|---|---|
| Application Fee Waivers | Obtained through the Common Application or directly contacting colleges, these waivers can save you money on application fees |
| Need-Based Scholarships | Colleges and universities offer scholarships to students who demonstrate financial need |
| Merit-Based Scholarships | Based on academic achievement, these scholarships are awarded to top-performing students |
Saving Money on Standardized Testing
Standardized tests like the SAT and ACT can be costly, adding to the financial burden of college applications. However, there are ways to save money on these tests through fee waivers. Fee waivers cover not only the cost of the test but also the option to send scores to colleges and universities. This can significantly reduce the expenses associated with standardized testing.
To obtain fee waivers for the SAT or ACT, students can check with their high school guidance counselors or contact the testing organizations directly. It’s essential to meet the eligibility criteria for fee waivers, which are typically based on income or participation in government assistance programs. By utilizing fee waivers, students can save money on multiple test attempts, enabling them to achieve their best possible scores without financial constraints.
| Benefits of Fee Waivers for Standardized Testing |
|---|
| 1. Cost Savings |
| 2. Access to Multiple Test Attempts |
| 3. Opportunity to Send Scores to Colleges for Free |
In addition to fee waivers, students can save money on test preparation materials. Instead of purchasing new prep books, consider buying used books, borrowing from friends, or accessing online resources. Many websites offer free or low-cost practice tests, study guides, and video tutorials to help students prepare for the SAT or ACT without breaking the bank.
By taking advantage of fee waivers and cost-effective test preparation resources, students can save money on standardized testing, making the college application process more affordable and accessible.
Merit-Based Scholarships and Financial Aid
When it comes to financing higher education, merit-based scholarships and need-based scholarships play a crucial role in providing students with the financial support they need to pursue their academic goals. Understanding the differences between these two types of scholarships can help students navigate the application process more effectively and increase their chances of securing funding.
Merit-based scholarships are awarded based on a student’s exceptional achievements, whether it be academic excellence, leadership skills, athletic prowess, or artistic talent. These scholarships are typically offered by universities and colleges as a way to attract top-performing students. Merit-based scholarships are highly competitive and often require a separate application that highlights the student’s accomplishments and contributions. Recipients of merit-based scholarships are chosen based on their demonstrated abilities and potential to excel in their chosen field of study.
Need-based scholarships, on the other hand, are awarded to students who demonstrate financial need. These scholarships take into account a student’s family income, assets, and overall financial situation. The goal of need-based scholarships is to ensure that students from lower-income backgrounds have access to the same educational opportunities as their peers. The eligibility criteria for need-based scholarships may vary from one institution to another, but they often require the submission of financial documents such as tax returns and FAFSA forms.
Both merit-based scholarships and need-based scholarships are valuable resources for students seeking financial aid. By researching and applying for these scholarships, students can alleviate some of the financial burdens associated with pursuing higher education and focus on their academic and personal growth.
Table: Comparison between Merit-Based and Need-Based Scholarships
| Criteria | Merit-Based Scholarships | Need-Based Scholarships |
|---|---|---|
| Selection Criteria | Based on exceptional achievements and talents | Based on financial need |
| Application Process | Separate application highlighting accomplishments | Submission of financial documents |
| Competition Level | Highly competitive | Varies based on the number of applicants |
| Purpose | To attract top-performing students | To provide equal access to education |
| Amount of Aid | Varies based on the scholarship and institution | Varies based on financial need |
It’s important for students to thoroughly research the scholarships available to them and tailor their applications accordingly. By highlighting their achievements, talents, and financial need, students can improve their chances of securing merit-based or need-based scholarships to fund their education. Furthermore, consulting with college financial aid offices can provide valuable insights into the application process and help students navigate the complex world of scholarships and financial aid.
Conclusion
In conclusion, Ankur Gigras’ journey serves as an inspiration for aspiring MBA students looking to fund their education. Through strategic planning, dedication to academic excellence, and extensive scholarship research, Ankur was able to secure full scholarships to prestigious programs like Harvard Business School and Stanford Graduate School of Business.
Financing an MBA degree can be a daunting task, but Ankur’s story demonstrates that it is possible to fund higher education through various funding options. By following Ankur’s advice and utilizing available resources, students can increase their chances of securing scholarships and grants to cover the cost of their MBA studies.
It is important for students to explore all avenues of funding, including merit-based scholarships, need-based scholarships, and financial aid programs offered by their target schools. Additionally, researching and applying for external scholarships, participating in contests, and taking advantage of fee waivers and savings opportunities can further help in financing an MBA degree.
By adopting Ankur’s strategic application planning techniques, achieving high GMAT scores, writing compelling essays, nailing the MBA interview, and making financial preparations early on, aspiring MBA students can pave the way towards obtaining a full scholarship and making their dreams of a top-tier education a reality.
FAQ
What is Ankur Gigras’ secret to funding his Harvard MBA for free?
Ankur Gigras strategically planned his application, achieved high GMAT scores, wrote compelling essays, and prepared thoroughly for interviews.
How did Ankur increase his chances of success when applying to Harvard Business School and Stanford Graduate School of Business?
Ankur applied to different rounds at each school to maximize his opportunities. He advises applicants to research and apply for MBA scholarships as well.
What were Ankur’s tips for GMAT preparation?
Ankur dedicates several months to GMAT preparation and recommends extensive practice to build test-taking skills and maintain a calm mindset during the exam.
How did Ankur approach his MBA application essays?
Ankur focused on authenticity and personal connection in his essays. He collaborated with friends for brainstorming and feedback, ensuring consistency between his essays and recommendations.
How did Ankur prepare for his MBA interviews?
Ankur researched common questions, sought advice from previous applicants, and practiced his responses. He emphasizes the importance of staying calm and authentic during interviews.
What advice did Ankur have for Indian applicants?
Ankur suggests strategizing application rounds, prioritizing GMAT preparation, researching MBA scholarships, personalizing essays, ensuring consistency between essays and recommendations, and being prepared for unexpected interview questions.
How did Ankur and his friends financially prepare for college during high school?
Ankur and his friends took on part-time jobs to earn and save money for college, providing them with financial freedom and the ability to allocate a portion of their income towards college savings.
What tips did Ankur provide for saving money during the college application process?
Ankur advises utilizing application fee waivers, which can be requested through the Common App or directly contacting the colleges. He also mentions the availability of SAT fee waivers for low-income students.
How did Ankur recommend saving money on standardized testing?
Ankur suggests utilizing fee waivers for standardized tests like the SAT, which cover the test cost, sending scores to colleges, and provide opportunities for multiple test attempts. He also recommends buying used prep books or accessing online resources for test preparation.
What is the difference between merit-based and need-based scholarships?
Ankur notes that while Harvard and Stanford offer need-based scholarships, many other schools provide merit-based scholarships to attract top candidates regardless of financial need.
How can aspiring MBA students increase their chances of funding their education for free?
By following Ankur’s advice, including strategic planning, strong academic performance, thorough scholarship research, and utilizing available resources, aspiring MBA students can increase their chances of securing full scholarships at prestigious programs like Harvard and Stanford.
Source Links
- https://www.collegeadvisor.com/resources/how-i-paid-for-college-harvard/
- https://www.mbacrystalball.com/blog/2013/11/18/stanford-business-school-vs-harvard/
- https://poetsandquants.com/2014/11/20/mba-scholarships-top-business-schools/
Advertisements
