Indian Institute of Management (IIM) Scholarships

IIMs are some of the leading management institutes in India offering undergraduate and postgraduate courses in management studies and possessing highly qualified faculty members as well as corporate moguls. Nevertheless, the cost can be on the higher side when one goes for a management degree at an IIM. Thus, to assist bored and required students IIMs provide several types of scholarships. This blog gives a detailed account of scholarships offered at IIMs, their requirements, on how to apply for them and matters that concern these scholarships.

Every IIM has set the goal to select the best talents irrespective of their financial status. Scholarships play a crucial role in this mission by:Scholarships play a crucial role in this mission by:

Promoting Diversity: Scholarships also have an impact on a student as it aims at providing a quality management education to students from the unsophisticated strata of the society.

Encouraging Merit: Most of the scholarships are merit based which means that the candidate is rewarded based on their performance in class or extracurricular activities.

Reducing Financial Burden: A study has stated that scholarships ease financial burden on the students as well as parents so that they can be able to concentrate on their course and job plans.

Types of Scholarships at IIMs

Scholarships at IIMs can be broadly categorised into the following types:

1. Merit-Based Scholarships

2. Need-Based Scholarships

3. Corporate Scholarships

4. Government Scholarships

5. Alumni-Sponsored Scholarships

The scholarship is tenable for academic excellence, leadership and all round achievements Scholarship for the courses of study can be given on the basis of merit. Such scholarships motivate students and appreciate their efforts being devoted to their studies.

Examples of Merit-Based Scholarships:

• IIM Ahmedabad: Aditya Birla Scholarship: This is another scholarship that is offered to students depending on their performance the first year. The selected students have a scholarship for the second year of the program.
• IIM Bangalore: Sir Ratan Tata Trust Scholarship: The merit based scholarship is availed by students based on their course performance.

They are specifically awarded to students who have personal necessity for financial assistance, basically having come from poor families. These scholarships guarantee that talents are not locked out of their management education due to challenges of finances.

Examples of Need-Based Scholarships:

• IIM Calcutta: Financial Assistance Scheme: IIM Calcutta has special provision for students who belong to economically weaker sections of the society. The quantity of aid is then bestowed depending on the financial need as well as the performance of the particular student in his or her course.
• IIM Lucknow: Merit-Based IIML Scholarships: These are given to students depending on need since the IIML provides scholarships depending on income of the family.

Some of the corporate organisations are involved in providing opportunities for the scholarships for the IIMs’ students. Such scholarships are usually accompanied by such value additions as internships, mentorship, and company connections from the sponsoring firm.

Examples of Corporate Scholarships:

• IIM Kozhikode: OPJEMS (O. P. Jindal Engineering & Management Scholars): This scholarship programme is funded by the O. P. Jindal group of institutions and the selection of the students is done on the basis of their academic achievements and leadership skills.
• IIM Indore: Citi women’s Leader Award: it is aimed at offering scholarships to remarkable female students to join the management education.

Now travelling to the specific scholarships provided by the Indian government, there are scholarships available for students belonging to Scheduled Castes & Tribes, Other Backward Classes and students belonging to the economically weaker sections.

Examples of Government Scholarships:

• Central Sector Scheme of Scholarships for College and University Students: This scheme offers the scholarship amount in the benefited college as per merit so that poor students can continue their study.
• National Fellowship and Scholarship for Higher Education of ST Students: This scholarship is also to encourage higher education among Scheduled Tribe students.

The placement of alumni in IIMs allows for sponsorship of the current generation students in terms of scholarships among other things. These scholarships are a visible sign of alumni loyalty to their school and readiness to contribute for the development of academies and preparation of new generations of leaders.

Examples of Alumni-Sponsored Scholarships:

• IIM Bangalore: Scholarships Offered by IIM Bangalore: The alumni offer many scholarships to the learners in the current class depending on merit and their financial situation.
• IIM Ahmedabad: Alumni Endowment: This fund offers scholarships to students according to their academic achievement and destitute status.

• Academic Performance: Most scholarships come with the condition that the student in question must do well academically.
• Financial Need: Special merit scholarships mean that the student has to come with a proof of his financial status.
• Leadership and Extracurricular Activities: There are even scholarships that take account of the level of the student’s leadership in organisations, clubs or other activities.
• Category-Based Eligibility: Some scholarships are provided to specific category students like SC/ST/OBC/ economically weaker sections etc.

The application process for scholarships at IIMs typically involves the following steps

• Research: Students have to effectively search about the existing scholarships in their respective IIM, the rules and regulation required to qualify and last date of submission.
• Prepare Documentation: The students have to get the necessary documents like education certificates, income proof and any other certificates as may be necessary.
• Submit Application: Students are required to fill a scholarship application form and the form should be returned with all the attachments before the stipulated date.
• Interview/Selection Process: As for what is understood as scholarships, there may be additional procedures like an interview for the offered scholarships.

There are diversified ways through which one gets affiliated to an IIM but often getting a scholarship at the IIM is a challenge. Here are some tips to enhance your chances:Here are some tips to enhance your chances:

• Maintain Academic Excellence: Academic records are an essential factor when it comes to scholastic/academic- based scholarships Gopalakrishna and Dhinakaran (2007).
• Demonstrate Leadership: Leadership positions, clubs, and volunteering are other options that can be suggested to any student.
• Prepare a Strong Application: Writing your scholarship application, ensure that you state your accomplishments, objectives, and the necessity for the scholarship.
• Apply Early: It is important to submit your application before the due date to enable you to avoid last minute stresses.
• Seek Guidance: TALK WITH FACULTY, ALUMNI AND OTHER STUDENTS ABOUT THAT DERIVED PROCEDURE IN ORDER TO GAIN UNDERSTANDING ON THAT AND GET FEEDBACKS OVER YOUR APPLICATION.

Getting a management degree from any of the IIMs is not cheap; however, there are several scholarships that students can apply for this purpose. Understanding the different kinds of scholarships, the criteria for the award and the procedures that need to be followed help a student to prepare and acquire a scholarship grant. Scholarships available in IIMs not only helps a candidate by managing the expenditures but also appreciates his/her merit, scholarship, leadership and potential. Consequently, with such enthusiasm, adequate preparation, and counselling, the learners will be in a position to maximise on these opportunities in order to achieve their academic and job dreams.