Want to study business, economics, or international development abroad without student debt? Youโre in the right place. From MBA programs to social enterprise fellowships, there are fully funded opportunities for future leaders, entrepreneurs, and changemakers.
In this guide, youโll find the best fully funded scholarships for business and development studies abroad, covering tuition, living expenses, travel, and more.
Why Study Business & Development Abroad on a Scholarship?
1. Top-Quality Global Education
Learn from the best universities in Europe, the US, Canada, and Asia, gaining global insights and exposure.
2. No Student Debt
Fully funded scholarships cover all major costs, allowing you to graduate debt-free.
3. Launch Global Careers
International degrees open doors to jobs in development banks, consulting firms, governments, and NGOs.
4. Network with Changemakers
Join communities of scholars, alumni, and professionals working at the intersection of business and social impact.
Top Fully Funded Scholarships for Business, Economics & Development
1. Erasmus Mundus Joint Master’s Degrees (EMJMD)
- Popular Programs:
- MSc in Business Intelligence & Innovation
- Master’s in Global Markets, Local Creativities (GLOCAL)
- Economics of Globalisation and European Integration
- Coverage: Full tuition, โฌ1,000/month stipend, travel, visa, health insurance
- Eligibility: All nationalities
- Deadline: OctoberโJanuary
- Website: Erasmus Mundus Catalogue
Tip: Choose programs with strong European and global university partnerships.
2. DAAD Development-Related Postgraduate Courses (EPOS)
- Fields: Development Economics, International Business, Public Policy
- Coverage: Tuition, โฌ934โโฌ1,200/month stipend, travel, health insurance
- Eligibility: 2 years’ work experience, a bachelor’s degree from a developing country
- Deadline: AugustโNovember
- Website: daad.de/en
Top Universities: University of Leipzig (MBA), University of Passau, HTW Berlin
3. Mastercard Foundation Scholars Program
- Focus: Social Enterprise, Inclusive Business, Leadership
- Coverage: Full tuition, living stipend, travel, support services
- Eligibility: African students with leadership potential and financial need
- Partner Universities: Sciences Po, University of Edinburgh, University of Cape Town, AUB
- Website: mastercardfoundation.org
Pro Tip: Emphasize your social impact experience and entrepreneurial mindset.
4. Chevening Scholarships (UK)
- Programs: Public Policy, International Business, MBA, Economics
- Coverage: Tuition, monthly stipend, airfare, visa
- Eligibility: 2 years’ work experience, leadership potential
- Deadline: AugustโNovember
- Website: chevening.org
Target Schools: LSE, University of Warwick, University of Manchester
5. Fulbright Foreign Student Program (USA)
- Programs: LL.M., MBA, MA in International Development or Economics
- Coverage: Tuition, living stipend, airfare, visa, health insurance
- Eligibility: Citizens of eligible countries with academic and leadership potential
- Deadline: FebruaryโMay (varies by country)
- Website: foreign.fulbrightonline.org
6. Joint Japan/World Bank Graduate Scholarship (JJ/WBGSP)
- Focus: Development Economics, Public Policy, International Finance
- Coverage: Tuition, monthly stipend, travel
- Eligibility: Nationals of World Bank member countries with work experience in development
- Deadline: MarchโMay
- Website: worldbank.org
Other Scholarships Worth Exploring
| Scholarship | Degree Level | Focus Area | Deadline |
|---|---|---|---|
| MEXT (Japan) | Bachelorโs/Masterโs | Business, Economics | April |
| Australia Awards | Masterโs | Public Finance, Business | FebโMay |
| Orange Knowledge Programme (Netherlands) | Short/Masterโs | Leadership, Business, Agri-Biz | Varies |
| Stipendium Hungaricum (Hungary) | BSc/MSc/PhD | Business Admin, Development | January |
| ARES (Belgium) | Masterโs | Development, Entrepreneurship | Jan.โFeb. |
General Eligibility & Application Requirements
| Requirement | Description |
| Citizenship | From eligible countries (check individual programs) |
| Academic Qualification | Strong undergraduate degree in a related field |
| Work Experience | 1โ2 years minimum for most graduate-level awards |
| Leadership & Impact | Evidence of social, entrepreneurial, or policy impact |
| Language Proficiency | English (IELTS/TOEFL) or local language as required |
| Motivation Statement | Personalized and focused on the development impact |
| Letters of Recommendation | Academic and/or professional |
Required Documents Checklist
- Academic transcripts
- Degree certificate(s)
- CV/Resume (Europass format preferred)
- Passport or ID
- Statement of purpose
- Letters of recommendation
- Proof of English or language proficiency
- Admission letter (for some scholarships)
Timeline: When to Apply
| Scholarship | Deadline |
| Erasmus Mundus | OctoberโJanuary |
| DAAD EPOS | AugustโNovember |
| Chevening | AugustโNovember |
| Mastercard Foundation | Varies by university |
| Fulbright | FebruaryโMay (varies) |
| JJ/WBGSP | MarchโMay |
Start preparing at least 9 months in advance.
Tips to Win a Business or Development Scholarship
- Show Social Impact: Demonstrate how your business or policy works and impacts lives.
- Link to SDGs: Frame your goals around UN Sustainable Development Goals (e.g., SDG 8, SDG 1).
- Build Experience: Internships, NGOs, startups, or student projects count.
- Quantify Achievements: Use numbers (e.g., “launched startup serving 2,000 users”).
- Customize Each Application: Tailor your essays and documents for each program.
- Connect with Alumni: Find mentors through LinkedIn or scholarship communities.
Final Takeaway
Business and development professionals are key to solving global problems. With these fully funded scholarships for international students in business, economics, and development, you can launch a career that matters without financial constraints.
Next Steps:
- Choose 2โ3 scholarships that match your goals
- Prepare your documents early
- Track deadlines & submit early
- Use this guide to keep yourself on track
Stay consistent, tell your story clearly, and showcase how your business education will create positive change.
Related Links
- Erasmus Mundus Catalogue
- DAAD Development Scholarships
- Mastercard Foundation Scholars
- Chevening UK Scholarships
- Fulbright Foreign Student Program
- World Bank JJ/WBGSP
