The Best Scholarships for Business Majors for 2025

by Imed Bouchrika, Phd

Co-Founder and Chief Data Scientist

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As the demand for skilled business professionals grows, pursuing a business major has become attractive for many students. Even learning about different areas like contract management in procurement or associate degree office administration has become more prevalent as more professionals look forward to unlocking more knowledge in their chosen careers.  The employment outlook for business and financial roles looks promising, with an estimated 7% growth expected between 2021 and 2031 (BLS, 2022).

However, the cost of higher education can be a significant barrier for some. In the 202021 academic year, first-time, full-time undergraduate students attending four-year institutions had an average net price of $14,700 at public institutions, $28,400 at private nonprofit institutions, and $24,600 at private for-profit institutions (NCES, 2023). The cost seems to be worth it when we think of the median for a business marketing salary at $120,896 (Glassdoor, 2023).

Scholarships present an excellent opportunity to alleviate the financial burden and allow aspiring business majors or students taking up business administration online programs to focus on their studies and personal growth.

In this comprehensive guide, our research team has explored some of the best business scholarships available, including scholarships for business administration. We covered a range of criteria, eligibility requirements, and benefits, providing insights on business scholarships for high school seniors.

The Best Scholarships for Business Majors Table of Contents

• The GE-Reagan Foundation Scholarship Program
• The Coca-Cola Scholars Program Scholarship
• The National Merit Scholarship Corporation
• The Google Lime Scholarship Program
• The Forté Foundation Scholarships
• The Entrepreneurs of Tomorrow Scholarship
• The Thurgood Marshall College Fund (TMCF) Scholarships
• The Future Leaders Scholarship
• How to Write a Winning Scholarship Application
• GFOA Academic Scholarships
• Can a Doctorate Accelerate Business Growth and Innovation?
• How Does Accreditation Impact Scholarship Eligibility and Educational Quality?
• Can Self-Paced Online Learning Enhance My Business Education?
• Can an Accelerated Online Associate Degree Propel My Business Career?
• Is an Easier Bachelor's Degree a Strategic Entry Point for Business Success?
• Which Business Major is the Best Fit for My Future?
• Is an Online Executive MBA the Right Path for Advancing Your Career?

Despite the vast number of college students, only a small fraction, approximately 7%, are fortunate enough to be awarded scholarships (Education Data Initiative, 2023). Nevertheless, the U.S. Department of Education is instrumental in the distribution of considerable financial support, contributing an estimated $46 billion each year in scholarship funds.

Among those who manage to secure scholarships, students attending 2-year institutions generally receive an average award of $6,010. However, for first-time undergraduates enrolled in 4-year colleges and fortunate enough to receive government grants and scholarships, the average annual amount of financial aid is notably higher, averaging around $14,890, making it a significant contribution to their education expenses. These numbers are but a few of the scholarship statistics shaping higher education.

Below, we have listed some of the best business scholarships available. Generally, these programs seek students who exhibit leadership potential, academic excellence, and commitment to corporate social responsibility. They are expected to have solid communication skills, too, able to articulate why they are writing for a scholarship or grant.

The Best Scholarships for Business Majors for 2025

1. The GE-Reagan Foundation Scholarship Program

One of the more recognizable business scholarships, the GE-Reagan Foundation Scholarship Program targets high school seniors with exceptional leadership skills and a commitment to community service. Administered by the Ronald Reagan Presidential Foundation and Institute, this program awards up to $40,000 in scholarship funds per recipient over four years. It is an excellent option for students with a strong track record of leadership, academic excellence, and community involvement.

Eligibility criteria:

1. Demonstrated leadership, integrity, drive, and citizenship in communities, schools, and workplaces.
2. Strong academic performance with a minimum 3.0 GPA (4.0 scale or equivalent).
3. U.S. citizenship is required.
4. Current high school seniors graduating in winter 2022 or spring 2023 from schools within the U.S. or U.S. territories, including homeschoolers and those on U.S. Armed Forces bases outside the country.
5. Intending to pursue a full-time undergraduate program at an accredited four-year U.S. college or university for the 2023-2024 academic year.

2. The Coca-Cola Scholars Program Scholarship

The Coca-Cola Scholars Program Scholarship is merit-based and awarded to high school seniors recognized for leadership, service, and community impact. Since its inception in 1986, the Foundation has supported over 6,750 Coca-Cola Scholars with $81 million in educational funding. Each year, 150 scholars receive a $20,000 scholarship, one of the highest among business scholarships. The Coca-Cola Scholars Foundation also grants over $3.55 million annually through three nationally recognized programs, benefiting more than 1,400 exceptional college students. The application for the 2024 academic year will be open from August 1 to October 2, 2023.

Eligibility criteria:

1. Current high school or homeschooled student in the U.S. (including select DoD schools), graduating in the 2022-2023 academic year.
2. Eligible for Federal Financial Aid based on U.S. Department of Education guidelines (U.S. Citizens, U.S. Nationals, U.S. Permanent Residents, Refugees, Asylees, Cuban-Haitian Entrants, or Humanitarian Parolees).
3. Expected to obtain a high school diploma in the current academic year.
4. Intending to pursue a degree at an accredited U.S. post-secondary institution.
5. Minimum overall B/3.0 GPA in high school coursework required. Not eligible for applicants related to current or former Coca-Cola employees, international students, high school graduates, or temporary residents.

3. The National Merit Scholarship Corporation

The National Merit Scholarship Corporation awards highly esteemed scholarships to U.S. high school students, with about $39 million granted to around 8,500 qualified students last year. While NMSC funds some scholarships for business majors, most are sponsored by independent organizations. Corporations support scholarships to recognize academic talent, encourage student loyalty, build relationships, and identify potential interns and employees. Colleges also offer Merit Scholarship® awards to attract scholastically gifted students with leadership potential. Approximately 180 corporations and 160 colleges and universities provide NMSC scholarships, and all contributions are tax-deductible.

Eligibility criteria:

1. Corporate sponsors offer scholarships based on various criteria, including employees’ children, students from specific geographic areas, and those pursuing certain careers or majors.
2. Sponsors determine employment eligibility and individual student participation in their scholarship programs.
3. NMSC staff selects winners based on academic records, essays, leadership in school and community, and high school recommendations.
4. Scholarship recipients are chosen for their outstanding abilities, skills, and accomplishments without considering gender, race, ethnicity, or religious preference.

4. The Google Lime Scholarship Program

Google Lime Scholarship Program is one of the business scholarships in the tech industry. It’s the tech giant’s collaboration with Lime Connect, seeking to empower students with disabilities to become future leaders in computing and technology. This program supports students pursuing computer science education by dismantling barriers that hinder their entry into these fields. Eligible candidates can receive $10,000 (for US students) or $5,000 CAD (for Canadian students) for the 2022-2023 academic year, enabling them to achieve their academic aspirations. This partnership aims to inspire and aid the next generation of talented individuals with disabilities in their educational journey and promising careers.

Eligibility criteria:

1. Identify with a visible or invisible disability (per Lime Connect’s definition).
2. Be currently enrolled full-time in a Bachelors program at an accredited university or college for the 2022-2023 academic year.
3. Plan to enroll full-time in a Bachelors program at an accredited university in the United States or Canada for the 2023-2024 academic year.
4. Showcase a strong academic record.
5. Pursue a degree in computer science, computer engineering, or a closely related technical field.
6. Demonstrate leadership qualities and a genuine passion for computer science and technology.

5. The Forté Foundation Scholarships

Among the business scholarships, Forté Fellows stands out for its exceptional leadership and commitment to diverse backgrounds. It is committed to advancing women in business. Over 16,000 Forté Fellows have been awarded a cumulative $400 million by partner business schools. Being a Forté Fellow opens doors to a vast network of leading companies and fellow scholars. It includes participation in conferences like MBA Women’s Leadership and MBA Financial Services FAST Track, exclusive job openings, mentoring, and connecting with other Fellows and Forté representatives at your school. To be eligible, students must apply for an MBA program at a participating school, with awards available for full-time, part-time, and executive students at select institutions.

Eligibility criteria:

1. Display exemplary leadership in academic, team, community, or creative domains.
2. Embody diversity in educational/work backgrounds, career goals, ethnicity, citizenship, sexual orientation, and gender identities/expression.
3. Enrolled in an MBA program at a Forté partner school, including full-time, part-time, executive, dual degree, or online programs.
4. Demonstrate dedication to Forté’s mission of empowering women through business education, opportunities, and a supportive community.
5. Note that individual schools may have additional requirements, such as alignment with their mission or core values.

6. The Entrepreneurs of Tomorrow Scholarship

The Entrepreneurs of Tomorrow Foundation, supported by the North Bay Black Chamber of Commerce (NBBCC), aims to aid local youth programs, offer mentorship, and provide scholarships for high school and college students pursuing their educational aspirations. To date, they have granted over $165,000 to deserving individuals, one of the highest among business scholarships, with awards ranging from $500 to $1,000 each. Past recipients include Ben Thornton (Heart Fund), Youth Business Week, Rites of Passage, and Sonoma County Family YMCA. The foundation’s commitment to fostering educational growth and community development remains steadfast.

Eligibility criteria:

1. Completed application forms (printed legibly or typed).
2. Two (2) character references in the form of recommendation letters.
3. A copy of their latest transcript showing cumulative GPA.
4. Personal Essay detailing background, achievements, challenges, education, and career goals.
5. Willingness to participate in a personal interview with the selection committee via phone or in person.

7. The Thurgood Marshall College Fund (TMCF) Scholarships

The Thurgood Marshall College Fund scholarships aim to alleviate financial burdens for students attending a TMCF member school or accredited college/university. As part of the business scholarships, the program is highly competitive and is granted to exceptional, ambitious, and qualified individuals pursuing bachelor’s, graduate, or professional degrees. While most scholarships are non-renewable for one year, exceptions may apply. Award selection is impartial, irrespective of race, color, religion, creed, sex, disability, or national origin. Offering more variety than other business school scholarships, the fund types encompass gap completion, tuition access, and programmatic scholarships. Remarkably, TMCF has already awarded over $500 million in scholarships and career readiness programs.

Eligibility criteria:

1. Online Application
2. Essay (Minimum 500 Words)
3. Student Aid Report (FAFSA)
4. Most Recent Transcript (Unofficial Accepted)
5. Recommendation Letter (Official Signature Required)
6. Resume

8. The Future Leaders Scholarship

Servicing a niche as opposed to most business management scholarships and finance major scholarships, PIMCO’s Future Leaders Scholarship caters to Black and Hispanic/Latino/a/x students interested in investment management. Launched in 2021, it has already pledged $1 million and aims to reach $2 million. Eligible candidates include sophomore undergraduates or first-year graduate students in good academic standing. Recipients of this prestigious award will each receive $20,000. The scholarship prioritizes individuals demonstrating leadership potential and embodying PIMCO’s core values of collaboration, openness, excellence, and responsibility. It is a valuable opportunity for aspiring leaders to advance their education and career aspirations in the finance industry.

Eligibility criteria:

1. Self-identification as Black or African-American and/or Hispanic/Latino/a/x.
2. Undergraduates enrolled as sophomores in an accredited U.S. college or university with good academic standing.
3. MBA or Masters students entering the 1st year of their U.S.-based program (proof of admittance & intention to attend required).
4. Ph.D. students enrolled in a U.S. institution, maintaining good academic standing.

9. GFOA Academic Scholarships

Rounding up our list of business scholarships, GFOA is dedicated to promoting best practices in local government. It aims to provide scholarships to support students pursuing state/provincial or local government finance careers. These scholarships aim to recognize outstanding performances by graduate program students preparing for such careers. Presently, GFOA offers five types of scholarships: Goldberg-Miller Public Finance Scholarship, Frank L. Greathouse Government Accounting Scholarship, Minorities in Government Finance Scholarship, and Government Finance Professional Development Scholarship. These opportunities demonstrate GFOA’s commitment to encouraging educational growth and fostering future government finance officers.

Eligibility criteria:

The criteria may differ from scholarship to scholarship but in general…

1. Career plans in state/provincial and local government finance.
2. Impressive academic record and relevant work experience.
3. Strong coursework aligned with career goals.
4. Submission of well-written recommendation letters addressed to the GFOA Scholarship Committee.

How to Write a Winning Scholarship Application

Writing a successful scholarship application is a critical step toward securing financial support for your academic journey. To make your application stand out among the competition, consider the following tips:

• Understand the Scholarship’s Mission

Before starting your application, research the organization’s goals and values. Align your application elements—such as essays and personal statements—with the scholarship provider's mission. This demonstrates that you are a good fit for the program.

• Showcase Your Leadership and Achievements

Highlight your leadership experience, academic accomplishments, and contributions to your community. Use specific examples that illustrate your impact, such as organizing a community event or excelling in a business-related project. Quantifiable results, like raising funds or increasing participation, can make your application even more compelling.

• Write a Personalized Essay

Personalization is key to making your essay resonate. Share your unique story, goals, and why you are pursuing a business degree. Be genuine and authentic, avoiding clichés or generic responses. Address how the scholarship will help you achieve your future aspirations in business and beyond.

• Pay Attention to Detail

Follow the application instructions carefully, including word limits, formatting, and deadlines. Submit all required documents, such as transcripts, recommendation letters, and proof of eligibility. Proofread your application to eliminate grammar and spelling errors, ensuring polished and professional content.

• Request Strong Recommendation Letters

Request letters of recommendation from teachers, mentors, or employers who know you well and can speak to your strengths. Provide them with relevant information about the scholarship and your achievements to help them craft a detailed and tailored endorsement.

• Apply Early and Stay Organized

Starting your application process early gives you time to gather materials, revise your essay, and address any unexpected challenges. Create a checklist to track deadlines and ensure you submit your application on time.

Remember, a winning scholarship application not only highlights your qualifications but also tells a story about your potential to succeed as a business leader and answer what can I do with an accounting degree or a business degree. By putting effort into crafting a thoughtful and compelling application, you increase your chances of securing the financial support you need to achieve your goals.

Beyond Financial Assistance

The availability of business scholarships or business administration scholarships is vast, providing ample opportunities for students to receive financial assistance and pursue their academic and career aspirations like gaining an associate in hospitality management, or even earning an international business salary. Our team has covered some of the best scholarships available, catering to a diverse range of students based on their achievements, interests, and backgrounds.

Aspiring business majors should thoroughly research these scholarships, meet all the necessary requirements, and apply early to maximize their chances of securing these valuable sources of financial support. Remember, scholarships for business students not only alleviate the financial burden but also open doors to various networking and professional growth opportunities, setting you on a business administration career path.

Can a Doctorate Accelerate Business Growth and Innovation?

Pursuing a doctoral degree can bolster strategic decision-making and foster innovative research methodologies that drive business success. Advanced programs offer an opportunity to develop cutting-edge analytical skills, expand leadership capabilities, and contribute original insights to evolving market challenges. For professionals focused on a rapid yet rigorous academic advancement, exploring one year PhD programs may provide a competitive edge and deepen industry expertise.

How Does Accreditation Impact Scholarship Eligibility and Educational Quality?

Institutional accreditation is a critical determinant of academic rigor and the integrity of financial aid programs. Accredited institutions generally adhere to strict quality assurance standards, which in turn bolster their scholarship offerings and enhance student eligibility for both government and private awards. Conversely, non-accredited entities may limit scholarship opportunities and affect credit transfers, potentially challenging long-term educational progress. For further insights on institutional recognition, review our comprehensive list of non-accredited colleges in US. Evaluating accreditation status is an essential step when aligning educational investments with future career objectives.

Can Self-Paced Online Learning Enhance My Business Education?

Self-paced online learning offers a flexible alternative that can complement traditional business programs by allowing students to manage their studies around professional and personal commitments. This method promotes self-discipline, critical time management, and individualized learning strategies that are valuable in today’s dynamic business environment. By supplementing academic efforts with independently driven coursework, students can quickly adapt to emerging industry trends and enhance practical skills relevant to their career growth. For those seeking programs that allow for a tailored learning experience, consider exploring accredited self-paced online colleges known for robust curriculum support and flexible scheduling.

Can an Accelerated Online Associate Degree Propel My Business Career?

Accelerated online associate degree programs offer a streamlined route to quickly gain essential business competencies. These programs focus on delivering rigorous academic content in a condensed timeframe, enabling motivated students to enter the workforce faster. Structured to balance theoretical knowledge with practical application, such programs often incorporate project-based learning and industry partnerships for real-world exposure. For those seeking a rapid yet robust educational foundation, exploring the fastest online associate's degree options can provide an effective stepping stone toward a successful business career.

Is an Easier Bachelor's Degree a Strategic Entry Point for Business Success?

Certain bachelor's degree programs offer streamlined curricula that balance academic quality with flexibility and cost-efficiency. This approach allows students to enter the business world more rapidly while meeting essential accreditation standards. Evaluating these programs requires a careful review of course structure, support services, and industry relevance. Explore insights on which bachelor degree is easy to study which bachelor degree is easiest to determine if an accessible bachelor's pathway aligns with your career objectives and financial planning in today’s competitive market.

Which Business Major is the Best Fit for My Future?

To determine the best business major for your career goals, conduct targeted research that compares program curricula, demand in various industries, and long-term career trajectories. Evaluate potential majors by analyzing employment growth, expected salaries, and the relevance of specialized skills. Utilize reputable resources, such as our best majors in college guide, to understand current trends and the versatility of each major. Incorporate industry data, consult with academic advisors, and review alumni career paths to make an informed decision that aligns with your aspirations and the evolving market needs.

Is an Online Executive MBA the Right Path for Advancing Your Career?

Considering the evolving demands of the business world, advanced degrees offer both leadership development and a strategic advantage in competitive markets. An online executive MBA can provide comprehensive management training, drive innovation, and expand your professional network. Evaluate program accreditation, faculty expertise, and real-world project opportunities to ensure the curriculum aligns with industry trends and your career goals. For a closer look at affordable options and detailed comparisons, review the online executive MBA.

Key Insights

• High Demand for Business Professionals: The demand for skilled business professionals is growing, with a projected 7% increase in business and financial roles from 2021 to 2031.
• Significant Financial Investment: The cost of higher education can be high, with average net prices for first-time, full-time undergraduates ranging from $14,700 at public institutions to $28,400 at private nonprofit institutions.
• Scholarships as Financial Relief: Scholarships play a crucial role in reducing the financial burden for students pursuing business majors, allowing them to focus on their studies.
• Diverse Scholarship Opportunities: Numerous scholarships are available for business majors, targeting different criteria such as leadership potential, community service, academic excellence, and financial need.
• Impact of Scholarships: Scholarships not only provide financial assistance but also offer networking opportunities, mentorship, and professional growth, helping students to achieve their career goals.

FAQ

1. What is the employment outlook for business and financial roles? The employment outlook for business and financial roles is promising, with an estimated 7% growth expected between 2021 and 2031.
2. How much does higher education cost for business majors? In the 2020-21 academic year, the average net price for first-time, full-time undergraduate students was $14,700 at public institutions, $28,400 at private nonprofit institutions, and $24,600 at private for-profit institutions.
3. Why are scholarships important for business majors? Scholarships are important because they alleviate the financial burden of higher education, allowing students to focus on their studies and personal growth. They also provide networking opportunities and professional development.
4. What are some of the best scholarships available for business majors in 2024? Some of the best scholarships for business majors include the GE-Reagan Foundation Scholarship Program, the Coca-Cola Scholars Program Scholarship, the National Merit Scholarship Corporation, the Business Leaders of Tomorrow Scholarship, and the Google Lime Scholarship Program.
5. What are the eligibility criteria for the GE-Reagan Foundation Scholarship Program? To be eligible, students must demonstrate leadership, integrity, drive, and citizenship, have a minimum 3.0 GPA, be U.S. citizens, and be current high school seniors intending to pursue a full-time undergraduate program at an accredited four-year U.S. college or university.
6. What is the value of the Coca-Cola Scholars Program Scholarship? The Coca-Cola Scholars Program Scholarship awards $20,000 to each of the 150 selected scholars annually.
7. How can students apply for the Business Leaders of Tomorrow Scholarship? Students can apply for the Business Leaders of Tomorrow Scholarship if they are current college freshmen, sophomores, or juniors in the U.S. territories, aged between 17 and 24. They must share their vision for post-success as entrepreneurs.
8. What is the focus of the Google Lime Scholarship Program? The Google Lime Scholarship Program focuses on supporting students with disabilities pursuing computer science education, offering $10,000 for U.S. students and $5,000 CAD for Canadian students.
9. What makes the Forté Foundation Scholarships unique? The Forté Foundation Scholarships are unique because they focus on advancing women in business and are awarded to students who display exemplary leadership, embody diversity, and demonstrate dedication to Forté’s mission.
10. What should students consider when applying for business scholarships? Students should consider the eligibility criteria, application deadlines, required documents, and the scholarship's alignment with their academic and career goals. It is also beneficial to apply early and seek scholarships that match their unique qualifications and interests.

References:

1. Business and Financial Occupations: Occupational Outlook Handbook:: U.S. Bureau of Labor Statistics. (2022, September 8). https://www.bls.gov/ooh/business-and-financial/home.htm
2. COE Price of attending an undergraduate institution. (n.d.). https://nces.ed.gov/programs/coe/indicator/cua
3. Hanson, M. (2023, June 28). College Scholarship Statistics [2023]: Yearly Total + analysis. Education Data Initiative. https://educationdata.org/scholarship-statistics