Finance Scholarships With Living Allowance Explained

Tuition isn’t the only big line item when you study finance abroad—rent, food, transit, books, and insurance can easily match (or exceed) fees in high‑cost cities. That’s why the best awards don’t just waive tuition; they also include a living allowance (monthly stipend) so you can focus on class, research, and recruiting. This guide breaks down where to find finance scholarships with living allowance, what “allowance” really includes, the strongest programs by region and degree level, and how to verify coverage before you accept.

What you’ll learn:

• The difference between full tuition, living allowance, and “fully funded”
• Top scholarships (master’s, MBA‑finance tracks, quant/financial engineering, and PhD) that include monthly stipends
• Regional routes: UK/EU, USA/Canada, Asia‑Pacific, Middle East
• A 10‑minute verification checklist (so you don’t overestimate benefits)
• A 60–90 day plan to apply—plus documents, timelines, and smart stacking

Note: Rules, amounts, and eligible programs change frequently. Always confirm on official scholarship and university pages and keep a written award letter.

What “living allowance” actually covers (and what it doesn’t)

• Monthly stipend (maintenance allowance)
  • Cash paid monthly to cover rent, food, local transport, and incidentals. Amounts vary by country and program, and can differ for London/NYC or other high‑cost cities.
• Tuition coverage (separate line)
  • Some awards cover full tuition and a stipend; others are tuition‑only (no living allowance). “Fully funded” usually means both.
• Extras that may be included
  • Health insurance (e.g., national student plans or private policies), settling‑in allowance, books/materials, research/conference support, and one or two round‑trip flights.
• Common exclusions
  • Visa fees (sometimes covered, sometimes not), family/dependent costs, internship relocation, premium housing, and course‑specific fees (e.g., professional trips).

Pro tip: Verify the monthly allowance, payment schedule, and whether it pauses during thesis-only periods or summer. Ask if any campus jobs are permitted alongside the scholarship.

Quick map: finance scholarships that include living allowance

Here’s a curated snapshot of well‑known programs. Always verify the latest cycle.

Scholarship/Program	Level/Focus	Region	Coverage Snapshot	Notes
Chevening Scholarships (UK)	1‑year master’s (incl. finance, financial economics, risk, fintech)	UK	Full tuition + monthly stipend + travel/fees (amounts set annually)	MBA is funded but may require partner top‑up; clinical programs excluded
Commonwealth Master’s (UK)	Master’s (various, incl. economics/finance related)	UK/Commonwealth	Tuition + monthly stipend + flights	Preference for development impact; fields approved by host
Erasmus Mundus Joint Masters (EMJM)	Quant econ/finance/data‑econ tracks	EU (multi‑country)	Full tuition + monthly stipend + travel	Mobility required across 2–3 universities
French Eiffel Excellence	MSc/PhD (economics/management, incl. finance)	France	Tuition support + monthly allowance + travel/insurance (amounts set annually)	Strong for Grande Écoles/public universities
Swedish Institute (SISGP)	Master’s (business/economics/finance eligible)	Sweden	Full tuition + monthly allowance + insurance + travel	Requires relevant work/leadership; specific nationalities
DAAD (Germany) Study Scholarships	Master’s (incl. finance/econ at German universities)	Germany	Monthly stipend + travel + insurance; tuition if applicable	EPOS stream focuses on development; the general study scholarship covers many fields
ADB–Japan Scholarship (ADB‑JSP)	Development‑related economics/finance/management master’s	Asia‑Pacific partner schools	Full tuition + monthly subsistence + travel + insurance	Partner‑program specific; for citizens of ADB member countries
JJ/WBGSP (World Bank)	Dev‑oriented master’s (econ/finance policy)	Global partner list	Tuition + monthly stipend + travel/insurance	For professionals from eligible countries
Australia Awards	Master’s (public finance/econ/analytics)	Australia	Tuition + OSHC insurance + stipend + travel	Development focus; return intent
New Zealand Manaaki	Master’s (econ/finance policy)	NZ	Tuition + stipend + travel/insurance	Country eligibility applies
Türkiye Scholarships	Bachelor/Master/PhD (incl. finance/econ/business)	Türkiye	Tuition + monthly stipend + accommodation (or allowance) + flight + insurance	One of the most comprehensive packages
Chinese Government Scholarship (CSC)	MSc/PhD (finance, economics)	China	Tuition + monthly stipend + housing/allowance + insurance	Check English‑taught options and recognition
GKS (Global Korea Scholarship)	MSc/PhD (econ/finance)	Korea	Tuition + monthly allowance + settlement + insurance	Embassy/university tracks
Fulbright Foreign Student	Master’s (finance/econ/analytics), varies by country	USA	Tuition + monthly stipend + travel/insurance (varies)	Country commissions differ on fields and amounts
Knight‑Hennessy (Stanford)	MBA/MS/PhD (finance‑adjacent)	USA	Up to 3 yrs tuition + stipend + travel	For Stanford degrees only; elite leadership focus
Vanier CGS (PhD)	PhD in finance/economics	Canada	CAD$50k/year	Citizens/PRs of Canada (international students ineligible; consider other uni awards)
Swiss Excellence (PhD/Postdoc)	PhD/Research in finance/econ	Switzerland	Monthly stipend + insurance + partial housing	Tuition policies vary by canton/university
Hong Kong PhD Fellowship Scheme (HKPFS)	PhD in Finance/Economics	Hong Kong	Annual stipend + conference/travel allowance	Apply via host universities (HKU/HKUST/CUHK/CityU, etc.)

For school‑specific master’s awards that include maintenance funding, look at:

• UK: Oxford Clarendon (research/DPhil), certain college awards; LSE Graduate Support + needs‑based top‑ups; Cambridge Trust (some MPhil in Econ/Finance awards), but note Gates Cambridge excludes MFin/MBA.
• France: HEC Paris/ESSEC/ESCP excellence awards + Eiffel (maintenance).
• Sweden: University and program scholarships paired with SISGP.
• Netherlands: Orange Tulip/NN Future Matters (business/econ), often tuition‑only—verify maintenance support.
• Hong Kong/Singapore: University scholarships sometimes include living stipends for PhD; master’s stipends are rarer but possible via donors.

By degree: where living allowances are most common

1) Master’s in Finance / Financial Economics / Financial Engineering

Best bets for a stipend:

• Government schemes (Chevening, Commonwealth, SISGP, Eiffel, ADB‑JSP, Türkiye, CSC, GKS, Fulbright)
• Erasmus Mundus Joint Masters (econometrics/quant‑econ/fintech tracks)
• University + national combos (e.g., Karolinska/SISGP—though Karolinska is biomed; for finance, check Stockholm School of Economics with external SI support)

Reality check: Many program‑level MFin scholarships are tuition‑only. If a living allowance is essential, target national/international schemes first and use school awards as top‑ups.

2) MBA with a finance concentration

• Chevening (with school partner top‑ups) pays stipend for UK 1‑year MBAs.
• Fulbright can cover MBA with stipend when co‑funded by the host school.
• Türkiye Scholarships include stipend at Turkish public MBAs.
• School full‑tuition fellowships (LBS/INSEAD/HEC/MIT/Wharton/Booth) usually cover tuition only (maintenance is rare), but some include small living grants. Verify.

3) PhD in Finance/Economics

• Almost universally funded with a monthly stipend + fee waiver (US, UK/EU, Canada, HK/Singapore).
• External fellowships (HKPFS, Swiss Excellence, Marie Skłodowska‑Curie for research tracks, ESRC/UKRI in the UK) add or replace stipends.
• Expect 3–5 years of guaranteed funding with teaching/research duties.

How to verify a “living allowance” in 10 minutes

1. Find the official scholarship page and handbook (PDF).
2. Confirm your exact degree is eligible (e.g., MFin vs. MSc Financial Economics vs. MBA).
3. Check coverage specifics:
   • Monthly stipend amount and duration
   • Tuition coverage (full/partial) and fee caps
   • Health insurance, travel, settling‑in/book allowances
4. Note location adjustments (e.g., higher rates in London/Paris/HK).
5. Ask in writing:
   • “Does this award cover 100% of tuition and a monthly living allowance for the [Program], [Intake]? What’s the monthly amount and payment schedule?”
6. Save PDFs/emails for visa and budgeting. Your university’s CAS/I‑20 often must reflect confirmed funding.

Cost‑of‑living guardrails (plan your budget)

Approximate monthly student budgets (single student; excluding tuition—verify locally):

• London: £1,300–£1,900
• Other UK cities: £900–£1,300
• Paris: €1,100–€1,700
• Stockholm: SEK 10,000–15,000
• Amsterdam/Rotterdam: €1,100–€1,600
• Zurich/Geneva: CHF 1,800–2,500
• New York/Boston/SF: $1,800–$3,000
• Singapore/Hong Kong: SG$1,400–$2,200 / HK$9,000–$15,000
• Sydney/Melbourne: AU$1,600–$2,400

Living allowances rarely exceed high‑end costs. Plan to supplement with savings, permitted part‑time work, or cheaper housing (dorms/roommates).

60–90 day application plan

Days 1–7: Shortlist + map funding

• Pick 6–10 finance programs (MFin/FE/Financial Econ/MBA‑finance/PhD).
• For each, map 2–3 relevant scholarships with stipend (country schemes + school awards).
• Email to confirm eligibility and living allowance coverage.

Days 8–21: Materials

• One‑page finance CV (results‑focused: deals, models, KPIs).
• Statement of Purpose (quantified impact, career plan, “why program/country”).
• References: 2–3 (one academic, one professional).
• Tests: IELTS/TOEFL (if needed), GMAT/GRE (strong quant score helps), CFA/FRM (optional but useful signals).

Days 22–45: Apply early

• Submit university and scholarship applications (most funds are front‑loaded).
• For Erasmus Mundus/ADB‑JSP/Chevening/Fulbright/SISGP/Eiffel, track their independent deadlines.

Days 46–70: Interviews and stacking

• Prepare for behavioural + technical (finance/quant) interviews.
• Apply for secondary awards (faculty/donor bursaries).
• Ask employer about tuition support (some match scholarship amounts).

Days 71–90: Offers & proof

• Compare net cost: tuition coverage + monthly stipend – expected costs.
• Request final award letters stating amounts for visa/financial proof.
• Lock housing; check health insurance coverage and start dates.

Selection criteria—and how to stand out

• Academic/quant readiness
  • High GPA in math/quant; strong GMAT/GRE Quant; evidence of stats/coding (Python/R/SQL) for quant tracks.
• Professional impact
  • Deals/modeling you’ve built, value saved/created, risks mitigated. Use numbers.
• Leadership & mission fit
  • Many schemes (Chevening/SISGP/ADB‑JSP/JJ/WBGSP) care about national impact, policy, or inclusion.
• Clarity of goals
  • Tie your study plan to specific roles (e.g., buy‑side credit, risk analytics, fintech product, sovereign advisory) and home‑country outcomes.
• Community contribution
  • Mentoring, financial literacy projects, inclusion in finance, women in finance initiatives, or fintech for MSMEs—show it.

Stacking strategies (tuition + stipend = ~£/$0 out‑of‑pocket)

• Full tuition (school or government) + stipend (government/multilateral)
  • Example: SISGP tuition + SEK 12k/month; Eiffel + monthly allowance; Chevening + monthly stipend.
• Erasmus Mundus = tuition + stipend
  • Often covers the bulk of total cost; mobility required.
• Fulbright + host top‑up
  • Many US schools co‑fund to reach full tuition; Fulbright adds stipend.
• For MBAs in finance
  • Chevening + school partner top‑up; Fulbright + school top‑up; Türkiye Scholarships (in Turkey). School full‑tuition awards typically need separate living funds.

Common pitfalls (and easy fixes)

• Assuming a “full scholarship” includes maintenance
  • Many are tuition‑only. Verify the stipend line item and amount.
• Missing early deadlines
  • Chevening: Aug–Nov; Erasmus: fall–winter; SISGP/Eiffel: winter; ADB‑JSP: varies Dec–Mar. Apply in the first round.
• Program eligibility mismatch
  • Some awards exclude MBA/MFin or require development relevance. Confirm your exact degree title.
• Overlooking visa funds requirement
  • Even with a stipend, some visas require bank proof. Get award letters showing monthly amounts and coverage months.
• Under‑budgeting in high‑cost cities
  • London/Paris/NYC/HK are expensive; secure housing early and consider campus or roommate options.

FAQs: Finance Scholarships With Living Allowance

Q: Do finance scholarships with living allowance exist at the master’s level?

A: Yes. Strong options include Chevening (UK), Erasmus Mundus Joint Masters (EU), Swedish Institute (Sweden), Eiffel (France), ADB‑JSP and JJ/WBGSP (development‑related finance/econ), Türkiye Scholarships, CSC (China), GKS (Korea), and Fulbright (US), among others. Amounts and eligibility vary—verify each year.

Q: Are MBA‑finance scholarships with stipends common?

A: Less common than for MSc/MFin. Chevening funds UK MBAs with a stipend (schools may top up tuition), Fulbright + host top‑ups can cover US MBAs, and Türkiye Scholarships include stipends for MBAs in Turkey. Most school‑specific MBA awards are tuition‑only.

Q: Which countries are best for fully funded finance master’s (tuition + stipend)?

A: The UK (Chevening; some college/university awards), EU (Erasmus Mundus; French Eiffel + school awards; SISGP in Sweden), and Asia‑Pacific (ADB‑JSP; Türkiye; CSC/GKS) are the most reliable. The US Fulbright route also works when paired with host co‑funding.

Q: Do PhD programs in Finance include a living stipend?

A: Typically yes. PhD in Finance/Economics programs in the US, UK/EU, Canada, Hong Kong, and Singapore generally provide tuition waivers plus a monthly stipend for 3–5 years, often tied to teaching/research duties. External fellowships (HKPFS, Swiss Excellence, UKRI) can boost support.

Q: What does the living allowance usually cover?

A: Rent, food, local transport, and basic incidentals. Some awards also include health insurance, settling‑in allowances, and flights. It rarely covers dependents. Check if the allowance is adjusted for high‑cost cities.

Q: Can I stack a tuition‑only award with a stipend award?

A: Often yes—if the rules don’t forbid double funding. A common strategy is a university tuition waiver plus a government stipend (e.g., SISGP/Eiffel). Always confirm stacking in writing with both funders.

Q: How do I prove funding for my visa if I have a stipend?

A: Request an official award letter stating tuition coverage and monthly stipend amounts and dates. Some consulates still require bank statements; ask if the letter alone suffices.

Q: Are finance scholarships tied to “development” relevant for private‑sector careers?

A: Many are. Programs like ADB‑JSP and JJ/WBGSP prioritize development impact (public finance, financial inclusion, capital markets for infrastructure). If your goals align (e.g., sovereign advisory, fintech inclusion), these are strong routes. For pure investment banking/asset management, consider Chevening, Erasmus, SISGP, Eiffel, or school excellence awards.

Aim for tuition + stipend—and verify every line

You can absolutely find finance scholarships that pay both tuition and a living allowance—especially via national schemes (Chevening, Erasmus, SISGP, Eiffel, ADB‑JSP, Türkiye, CSC/GKS, Fulbright) and nearly all PhD routes. Start early, target programs aligned to each funder’s mission, and get written confirmation of monthly stipend amounts, duration, and what’s covered (insurance, housing, flights). Stack wisely—tuition waiver + stipend—and you can turn a world‑class finance degree abroad into a financially sustainable move.