Scholarships And Funding Options For African Students Pursuing A Business Master’s In Europe

European business schools dominate business master’s rankings year-on-year and welcome a globally diverse cohort of students. 

As a continent that can promise both affordability and strong career connections—two key factors for those applying from Africa—it’s no surprise that Europe is popular among students from the region. 

However, pursuing a business master’s degree anywhere in the world comes with the need to consider living costs and tuition fees. The good news is business schools are eager to encourage students to apply, and can often help break down any financial barriers. 

That’s why many top business schools in Europe offer scholarship and funding opportunities. Here, we break down the range of scholarships available to study in Europe open to African applicants. 

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What types of scholarships are available? 

Scholarships for African students:

As prospective students across African countries look towards Europe as a top study destination, business schools are increasingly offering scholarships specifically for African students, helping to remove financial restraints and increase the global diversity of their master’s programs. 

At the UK’s London Business School, for example, students can apply for a number of different scholarships targeted solely toward those applying from Africa. Among others, these include the Mo Ibrahim Scholarship, covering 100% of tuition for one successful MBA applicant; the Gary Lubner Scholarship, available to applicants of all programs and providing £50,000 in funding assistance; and the African Scholarship, offered to one successful MBA student and valued at £20,000. 

Likewise, among the numerous scholarships offered by IE University in Spain, the school offers the Kistefos Young Talented Leaders Scholarship for students from Ethiopia, Ghana, Liberia, Nigeria, South Africa, and Tanzania who show strong academic standing, leadership skills, and an entrepreneurial mindset. In particular, the scholarship invites applicants who are looking to positively impact their home countries after graduation. The scholarship amount is based upon financial need. 

Similarly, at IESE Business School in Spain, African students can apply for the school’s Leaders in Africa Scholarship, covering up to 80% of tuition fees for applicants who can show evidence of exceptional academic and professional achievements, as well as personal merit. An additional criteria is that students must have applied within the school’s first three application rounds. 

Merit-based scholarships:

Often the scholarships available at business schools in Europe are awarded based on merit, this is true for many of the opportunities available to African students. Merit-based scholarships are available to students who have demonstrated outstanding academic strength and leadership potential. This could be through performing well in a bachelor’s degree or scoring high on the GMAT exam. Or perhaps by stepping up as a leader in a project or extracurricular activity. If any of these sound like you, you could be well-placed to secure a merit-based scholarship. 

At BI Norwegian Business School, based in Oslo, outstanding students from Africa who demonstrate leadership potential are eligible to be considered for the Future African Leadership Scholarship, which covers full tuition for up to two years and also contributes toward living expenses for two students. The scholarship has several eligibility requirements, including a standout academic record, a minimum GPA of 4.0, and a strong GMAT or other test score. 

Each year, Esade Business School, another institution based in Spain, offers a range of MSc Excellence Awards to students from various backgrounds. The African Talent Award focuses specifically on those from African countries and awards a funding opportunity varying from 10% to 50% of the cost of tuition. Strong GMAT scores, academic prizes or awards, and outstanding performances during admissions are all taken into account. 

At UCD Michael Smurfit Graduate Business School, based in Ireland, a range of Global Excellence Scholarships are available each year for international students applying to full-time programs who display excellence within their applications. Applicants from Africa are eligible for the scheme, which includes both 50% and 100% scholarships, and is awarded based on academic merit. 

UCD also partners with external bodies including the Government of Ireland to award merit-based scholarships for high-calibre students applying from abroad. 

Scholarships for women:

To increase the representation of women within their master’s degrees and subsequently tackle the disproportionate number of women in business, many business schools in Europe offer scholarships specifically for female applicants. 

Often European business schools partner with the Forté Foundation to offer fellowships for female candidates. Applicants to study at IESE, for example, can apply for Forté Fellowships which cover up to 50% of tuition fees for students. Check your chosen school's website as many others also participate in this scheme.

Similar partnerships across Europe allow schools to ease the financial burden of study for female students. ESADE partners with Prodigy Finance to offer Future Female Leaders Awards across a number of the school’s programs, providing financial assistance amounting to $8,000 as well as support and networking opportunities. 

At Spain’s IE Business School, a partnership with the Laidlaw Foundation ensures the school can offer scholarships to female MBA applicants who demonstrate clear leadership potential. The scholarship is designed to help those women who previously would not have considered applying because of their financial constraints. It covers anywhere between 50% and 100% of tuition, with potential for living cost assistance to be included. 

Elsewhere, those female students who are interested in particular career paths can find assistance through dedicated scholarships, such as the Women in Finance and Tech Master Scholarship at BI Norwegian. This scheme is designed to help industry-interested female students in need of funding, covering two full years of tuition provided students meet a number of requirements, such as serving as an ambassador for the school.

International student scholarships:

While not specific to students from African countries, if you’re applying to a business master’s in Europe, look out for international student scholarships, too. 

The A. Wilhelmsen Foundation Scholarship Program at BI Norwegian Business School is open to all international applicants. Two students are awarded NOK 250,000 (approx. $14,000) per year of study. Similarly, the UCD Smurfit Global Scholarships are eligible for any students applying from outside of the EU and cover anywhere between 50% and 100% of students’ tuition fees. 

Elsewhere, at IESE those applying from developing countries are eligible for consideration for the Leaders in Emerging Markets Scholarship, which provides support for outstanding students. 

Needs-based scholarships: 

Needs-based scholarships are based on the financial need of the recipient and usually ask for demonstrable evidence of the candidates’ financial situation. Needs-based scholarships are particularly important for ensuring a diverse cohort at business school. 

ESADE, for example, offers various Needs-based Scholarships that African students applying for master’s, MBA, or Executive MBA programs can apply for. These cover between 75% and 85% of tuition costs and also take into account academic merit alongside the financial need of each application. 

Requirements when applying for master’s scholarships

Every business school has a different scholarship application process, so it’s important to research or reach out to admissions committees if you’re considering applying. Bear in mind that scholarship applications may also have different deadlines to your program application.

For some scholarships, such as the various African scholarships available at London Business School, all successful applicants from the region are considered. While there are no additional requirements, candidates who are keen to secure a scholarship should work particularly hard to craft a strong application. 

Others may ask for an additional essay explaining your suitability and why you are deserving of a scholarship. 

It’s important to note that, typically, submitting your application early can give you a better chance of securing a scholarship. Also, be prepared to reach out to your target schools’ admissions teams to get advice, should you require it.

What alternative funding options are there? 

Business master’s degrees and scholarships are highly competitive so not all candidates will receive a scholarship award. However, there are other options to help fund your degree. 

Get in contact with your admissions office to find out the loans on offer for students directly with the school or with third party providers.

For more info about what it's like to study in Europe, the opportunities for personal and professional development, and tips on how to make it a reality, download our BusinessBecause Study In Europe Guide