Funding a world-class business or economics education at a top US university is a significant investment. Tuition, living costs, and academic expenses at schools like Wharton, Stanford, or MIT can add up quickly.
The good news is that some of the world’s most prestigious merit scholarships are specifically designed for talented students in these fields, and many are open to international applicants as well.
If you are an ambitious student building your profile for a US university application, understanding these scholarship opportunities early can shape your entire strategy. Here are eight merit scholarships worth knowing about.
1. The Joseph Wharton Fellowship, University of Pennsylvania
The Wharton School at Penn is consistently ranked the top undergraduate and graduate business programme in the United States, and its flagship merit award reflects that prestige.
The Joseph Wharton Fellowship is one of the most prestigious merit-based scholarships awarded by the Wharton School, recognizing exceptional MBA candidates who demonstrate academic excellence, leadership qualities, and strong professional promise.
What makes this particularly attractive is the process. Unlike many scholarships that require a separate application, all applicants to the Wharton MBA program are automatically considered for this prestigious fellowship, with no additional form or essay required. Award amounts range from $25,000 to $75,000 per year, with some top scholars receiving full tuition coverage of up to $88,000.
2. The Knight-Hennessy Scholars Program, Stanford University
For students aiming to pursue graduate-level business or economics studies at Stanford, the Knight-Hennessy Scholars Program is one of the most transformative opportunities available anywhere in the world.
Founded in 2016 with a $400 million pledge from Nike co-founder Phil Knight, the program prepares graduate students to address complex global issues, including climate change and poverty.
The financial support is comprehensive. Recipients receive a fellowship covering full tuition and fees, a living stipend for room, board, and personal expenses, a travel stipend for one annual return trip to Stanford, and a one-time relocation allowance for newly enrolling scholars.
Beyond funding, scholars gain access to leadership development programs, cross-disciplinary collaboration, and a global community of peers dedicated to solving pressing challenges.
The program selects approximately 100 scholars each year based on leadership potential and academic excellence, and is open to students pursuing any graduate degree, including MBA, MA, MS, PhD, MD, and JD programs at Stanford.
3. The Dean’s Scholarship NYU Stern School of Business
NYU Stern’s most prestigious merit award, the Dean’s Scholarship, carries real weight in the business school world. The Dean’s Scholarship is one of Stern’s most prestigious awards, given to a limited number of the most meritorious admitted students, and provides full tuition coverage in the name of Dean Rangarajan Sundaram.
All applicants, both domestic and international, are automatically considered for Stern merit-based scholarships with no additional materials required, and scholarship decisions are made at the time of admission.
Alongside the Dean’s Scholarship, Stern also offers the Named Faculty Scholarship, which pairs meritorious students with some of Stern’s most distinguished faculty based on their background and academic interests.
Given Stern’s location in the heart of New York City and its unmatched access to Wall Street and global finance, winning this scholarship places you at the center of the world’s most active business ecosystem.
4. MIT Sloan Merit-Based Fellowships, Massachusetts Institute of Technology
MIT Sloan’s rise to co-rank No. 1 in the 2026 US News business school rankings has been matched by a scholarship program that rewards exactly the kind of student Sloan is famous for producing.
The Stanford Knight-Hennessy Scholars Program supports graduate students studying economics, finance, or public policy, while MIT Sloan merit-based fellowships are directed at students who combine business interest with strong quantitative and technical skills.
MIT Sloan’s fellowships are awarded at the time of admission and cover partial to full tuition depending on the strength of your profile. MIT Sloan graduates are uniquely positioned for tech-driven finance, consulting, and entrepreneurship, with McKinsey, BCG, and Bain recruiting heavily, alongside quantitative hedge funds and leading tech companies.
Winning a merit fellowship here is not just about financial support; it signals membership in one of the most respected academic communities in the world.
5. The Forté Fellowship: Multiple Top Business Schools
The Forté Fellowship is one of the most impactful merit awards for women pursuing business and economics at the graduate level, and it is offered across a network of leading US universities, including Wharton, Kellogg, Ross, and Haas.
The Forté Fellowship is offered to outstanding female students who exhibit leadership and a commitment to advancing women in education and the workplace, and is awarded as part of the admission process at participating schools.
The Forté Future Leaders Scholarship is available to undergraduate students majoring or minoring in a business-related field, making it a relevant opportunity for those still building their undergraduate profile.
For graduate applicants, Forté Fellowships at top schools often carry significant financial awards alongside access to an exclusive community of women leaders in business.
6. University of Chicago Economics Merit Awards – University of Chicago
The University of Chicago’s economics department is one of the most intellectually rigorous in the world, and it supports outstanding students through a range of merit-based awards and research fellowships.
The University of Chicago offers merit-based awards specifically for students in one of the nation’s leading economics programs.
Chicago Booth also runs the EDE+ Summer Institute, a nine-week program that exposes early undergraduate students from across the country to leading researchers in quantitative social science, including finance, economics, accounting, behavioral science, and marketing, and provides participants with a dedicated research stipend.
For students who want to signal serious intellectual intent to US admissions teams, participating in programs like EDE+ while still in school is a powerful way to build a profile.
7. The Goldman Sachs Scholarship for Excellence – External Merit Award
For high-achieving business and economics students, the Goldman Sachs Scholarship for Excellence is one of the most prestigious externally funded merit awards available.
The Goldman Sachs Scholarship for Excellence is intended for high-performing students in economics, finance, or business programs and awards $15,000.
What makes this scholarship particularly valuable is what it signals beyond the financial award itself. Being selected as a Goldman Sachs scholar immediately strengthens your professional profile and connects you to one of the world’s most powerful alumni networks in finance.
For students targeting careers in investment banking, asset management, or financial strategy, this award carries significant weight with future employers.
Applications are accepted on a rolling basis.
8. The Truman Scholarship – Public Service and Economics
For students whose passion sits at the intersection of economics and public policy, the Truman Scholarship is one of the most respected merit awards in the United States.
The Truman Scholarship Foundation awards 75 to 80 scholarships annually based on merit to junior-level students at four-year colleges and universities who have extensive records of public and community service, are committed to careers in government or public service, and demonstrate outstanding leadership potential.
Scholars are eligible to receive $3,000 for the senior year of undergraduate education and $27,000 for graduate studies, with master’s degree students receiving $13,500 per year.
For economics or public policy students who want to pursue careers at institutions such as the Federal Reserve or the World Bank, or in government advisory roles, the Truman Scholarship is a transformative credential.
How to Build a Profile That Wins These Scholarships
The students who win these awards share certain qualities. They are academically strong, but what sets them apart is their clarity of purpose; they can articulate exactly why they are studying business or economics, what problem they want to solve, and how the specific university or program helps them get there.
They have sought out research opportunities, leadership roles, and extracurricular experiences that tell a coherent story across their application.
Building that kind of profile takes time and intention, and it rarely happens in Grade 12. The strongest applicants begin in Grade 10 or earlier, deliberately developing their interests and connecting each experience to a larger narrative.
At Essai, this is exactly the kind of long-term planning we specialize in. From identifying the right scholarship targets for your profile to crafting the application materials that make admissions officers and scholarship committees take notice, our team has supported students from India into programs at Wharton, Cornell, NYU, and beyond.
Visit essai.in/consult to start building your scholarship-ready profile today.
Essai has guided hundreds of students to offers at top US and UK universities since 2014. Our personalized approach helps every student build the strongest possible case for the university and scholarship that is right for them.
