HEC Paris Scholarships: Full Breakdown for MiM Applicants

The HEC Paris MiM costs roughly 49,000 euros for two years, which sounds steep until you realise that scholarships can knock 10,000 to 30,000 euros off the bill if you stack them well. Most international admits get at least one scholarship, and a meaningful share get two. I got the HEC Foundation Excellence Scholarship of 4,000 euros, and friends from my cohort layered it with Eiffel, Charpak, or local awards. Here is the full landscape of what’s available and which combinations actually work.

This is the kind of post that nobody writes because the school’s website lists everything cleanly enough. But the website doesn’t tell you which scholarships you should bother applying for, when to apply, and how the strategy changes between the M1 and M2 years.

The scholarships almost everyone can apply for

These two are the high-volume ones. Every international student should at minimum be in the pool for these.

HEC Foundation Excellence Scholarship

Funded by the HEC Foundation. Open to all international applicants with a non-French diploma at the bachelor’s or master’s level. You don’t apply. You’re automatically considered when you submit your admission application.

The award is a one-time tuition reduction, typically 3,000 to 7,000 euros, deducted directly from your fees. The selection criteria are academic record, GMAT or GRE score, strength of essays, and interview performance. Effectively, the stronger your overall application, the larger the award.

I received 4,000 euros from this scholarship when I joined. It’s not life-changing money but it’s a useful chunk and you don’t have to lift a finger to be considered.

A meaningful share of admitted internationals receive this scholarship. Don’t count on it, but expect a reasonable chance if your application is strong.

Eiffel Excellence Scholarship

This is the prestige award and worth real money. The French government funds it through the Ministry of Europe and Foreign Affairs.

What you get:

• A monthly stipend of around 1,180 euros for the duration of the scholarship.
• One international return ticket to Paris with Air France.
• French health insurance paid for the duration.

Total value over a full year is around 14,000 to 15,000 euros. Over two years, closer to 28,000 to 30,000 euros.

Eligibility:

• Under 30 years old.
• Non-French nationality.
• Cannot have been awarded the Eiffel at the master’s level before, even at a different school.
• Critically, cannot have applied for the Eiffel and been rejected. This is the most important rule and the one most people miss.

That last rule changes the strategy completely. If you apply in the M1 year and get rejected, you can’t reapply in the M2 year. But if you don’t apply in M1, you can apply in M2 with a stronger profile (you’ll have completed gap year internships, ideally at brand-name companies) and have better odds.

The tradeoff: applying in M1 means two years of stipend if you win. Applying in M2 means one year of stipend, but a higher win rate.

In my cohort, more people got the Eiffel through the M2 application than through the M1 application, mostly because their profiles had matured. If you have a 760 GMAT and a strong bachelor’s, apply in M1. If your application has weaker spots, save it for M2.

Scholarships with specific eligibility

Women’s High Potential Scholarship

HEC Paris awards up to ten scholarships of up to 15,000 euros each to female candidates every year. All nationalities and programs are eligible. You’re automatically considered with your admission application.

Selection criteria: academic excellence and leadership potential, evaluated through transcripts, CV, and interview.

If you’re female and applying to HEC, this is essentially free upside. No extra essays, no separate application form.

Charpak Scholarship (India only)

The Charpak Scholarship is offered by the French Embassy in India through Campus France. Around 150 are awarded each year across French universities.

What you get:

• Monthly stipend of around 615 euros.
• Student visa fee covered.
• Health insurance covered.
• Tuition fee waiver of around 6,100 euros.
• Laptop allowance of around 700 euros.

Total value is in the 13,000 to 14,000 euros range for one year.

Eligibility is restricted to Indian nationals. You apply through Campus France India, not HEC directly. The application timeline is independent of the admission timeline, so check the deadlines as soon as you decide to apply.

The Charpak is a strong option for Indians who don’t get the Eiffel. The two are not stackable. You can hold one or the other, not both.

Local and country-specific scholarships

HEC maintains a page listing scholarships available for Brazil, China, Mexico, Russia, Sub-Saharan Africa, Southeast Asia, and others. Check HEC’s financing page for the list under your country. Many are 3,000 to 5,000 euro awards that can stack with the Foundation Excellence Scholarship.

How to stack scholarships in practice

Best case for an Indian applicant: Foundation Excellence (4,000 to 7,000 euros) plus Charpak (13,000 euros) plus a smaller country award. Total: around 20,000 euros.

Best case for a strong general international: Foundation Excellence plus Eiffel over two years. Total: around 35,000 euros. Essentially a full ride on tuition.

Realistic average for an admit: Foundation Excellence (4,000 euros). Plan your finances assuming only this.

What this means for total program cost

If you stack well, out-of-pocket tuition drops from 49,000 euros to 25,000 to 30,000 euros. Living expenses in Paris run 1,200 to 1,500 euros a month, detailed in HEC Paris monthly expenses and HEC Paris three-year spend. Gap year internships pay 1,300 to 1,800 euros a month and cover living costs. The full ROI math is in HEC Paris MiM return on investment.

When to apply

Round 1 if you can (September or early October deadline). Earlier rounds have higher admission rates and more scholarship money still available. Round 3 fights for leftover spots and leftover budget. For deeper admission advice, see HEC Paris admission requirements and how to build a MiM profile.