General requirements for scholarships at top 15 B-Schools?

[timetofocus]

Hello,
I am hoping to gain a scholarship to one of the top B-schools in the USA and would appreciate an assessment if my goals are realistic.

Profile snapshot:
- I am 29, have 4 solid work experience in a top tier accounting firm working on some high profile engagements, and prior to that 3 years in a successful IT development firm.
- Wide range of extra curricular activites including community work with Indigenous communities, over 30 full seasons of team sports, Yoga teacher, avid traveller, student elite sports academy during college.
- Graduated with a combined Bachelor Commerce / IT in 2002 from one of Australia's top universities.

Ok, here is my question. Assuming I was able achieve a GMAT of 750 (I realise that is a bold assumption) - do you think I would have a good chance of obtaining a scholarship at on of the top 15 B-schools in the US?

When considering scholarships, in general what are the key factors the schools will consider? Is age a factor? Is the financial position of the applicant a factor? How much emphasis is placed on the GMAT?

Thanks in advance,
Julian

[Lisa Anderson]

Dear Julian,

Scholarships at top schools are rare and generally only cover a small portion of tuition. Unless a schools specifies its criteria explicitly, the same criteria for admissions is considered in awarding scholarships. Generally, folks with high GMATs and high GPAs will be slightly more competitive for awards, but folks with interesting experiences and financial need are also recipients.

Regards,
Lisa

[timetofocus]

Hi Lisa,

Thanks for the quick reply. Yes, I have heard differing stories around how easy it is to gain scholarships at the top institutions, and it is good to have realistic expectations.

As a follow up question, if I am intending to apply for scholarships (after being admitted) - am I at a significant disadvantage in applying in the third round for 2009 (i.e. are scholarships awarded mostly to the first round applications)?
Achieving a scholarship is a key personal goal, the other option I am canvassing at the moment is easing up on the intensity of study and targetting the first 2010 intake and scholarships.

Thanks again,
Regards,
Julian

[Lisa Anderson]

Dear Julian,

Receiving an award as a third round applicant is extremely rare--most funds have already been awarded and so the few awards given are usually quite small. If it is really important to you and you can wait, then it might be worth waiting until next fall to apply.

Good luck,
Lisa