BMO Financial Group offers a variety of scholarship opportunities for Canadian students pursuing post-secondary education. We’ll explore the details of each BMO scholarship program, eligibility requirements, application processes, award amounts, and deadlines.
Background on BMO Scholarships
BMO Financial Group is a highly reputable Canadian bank with a strong commitment to community support and investing in youth education. For over 30 years, BMO has awarded millions of dollars in scholarships through multiple scholarship programs to recognize academic excellence and help alleviate financial barriers to post-secondary education.
Their scholarship offerings target a diverse range of students from all backgrounds, including programs specially designed to support Indigenous youth, students in business/finance fields of study, and youth overcoming personal hardships or barriers. All BMO scholarships are merit-based and focus on recognizing students’ leadership accomplishments, volunteer activities, academic achievement, and potential to succeed.
BMO Signature Scholarship Program
The BMO Signature Scholarship program is one of BMO’s largest and most prestigious scholarship offerings. It provides substantial financial awards to 100 outstanding Canadian high school students each year to support their post-secondary educations.
Eligibility
To be eligible for a BMO Signature Scholarship, applicants must:
- Be Canadian citizens or permanent residents
- Be graduating from a Canadian secondary school
- Demonstrate strong academic performance
- Show leadership in volunteer activities or community involvement
- Plan to attend a recognized Canadian post-secondary institution within 12 months of application
Application Process
The application involves submitting:
- Completed online application form
- Resume of academic achievements, extracurricular activities, employment
- One reference letter
- Short essay on educational/career goals and how the applicant will contribute to society
Awards and Deadlines
- 100 scholarships awarded annually worth up to $40,000 each over four years
- The application period opens in late September, and the deadline is mid-December
- Winners will be announced in late spring following the application year
BMO Signature Scholarships are very competitive, given their generous value. Students meeting all eligibility criteria and demonstrating exemplary leadership and character stand the best chance. Starting the application early and proofreading references are highly recommended.
BMO Grow With Us Scholarship
Directed at helping youth overcome personal barriers to pursue post-secondary education, the BMO Grow With Us Scholarship provides financial assistance and mentorship. This inclusive program recognizes perseverance and determination.
Eligibility
To qualify, candidates must:
- Be Canadian citizens or permanent residents
- Graduating from high school within the next academic year
- Demonstrated personal barriers or hardships like financial need, disabilities, or being in foster care/group home living situations
- Plans to enroll full-time in a post-secondary program within 12 months
Application Process
Applicants submit:
- Completed online application form
- One reference letter supporting the candidate’s perseverance
- Short personal essay on overcoming challenges and educational/career goals
Awards and Deadlines
- Up to 10 scholarships of $25,000 each awarded annually
- Mentorship opportunities paired with financial awards
- Application period is from September to November
- Winners will be notified by the end of May
Strong consideration is given to candidates who have faced significant barriers yet demonstrated resilience through community engagement and academic success. Maintaining a hopeful and determined tone in the personal essay is important.
BMO Aboriginal Student Awards Program
Recognizing the importance of empowering Indigenous youth, BMO offers this dedicated scholarship stream. Two annual programs are offered through this initiative.
Post-Secondary Education Scholarships
- $5,000 awards for 35+ full-time Aboriginal students annually
- Must be a Canadian citizen, permanent resident, or member of a First Nation
- Academic merit and financial need considered
- Deadline is June, awarded for the following fall term
Vision Goals Sponsorships
- Up to $10,000 is available for 10 students annually
- Entering or returning to an apprenticeship, trades, or certificate program
- Demonstrate career aspirations and financial need
- Deadline is June, awarded for the following academic year
These awards celebrate Indigenous youth pursuing education and skill development. A statement on heritage and long-term career vision is important.
Transition to Business Scholarship
For students entering business-related post-secondary programs, BMO developed this scholarship stream. Valued at $5,000 per recipient, it supports up to 50 students annually.
Eligibility
To qualify, an applicant must:
- Be enrolled full-time in a Canadian post-secondary business program within 12 months
- Canadian citizenship or permanent residency
- Strong academics and leadership qualities
Application Requirements
The application involves:
- Completed online application form
- Resume of activities, employment, academics
- Reference letter
- 500-word essay on business-related career goals
Important Dates
- Application period from January to March
- Winners will be notified by the end of June
This scholarship is ideal for high-achieving students energized about careers in fields like accounting, finance, marketing or business administration. A compelling career vision is key.
BMO Community Leadership Award
Appreciating youth community leadership and volunteerism, BMO awards up to 40 scholarships of $5,000 each annually through this program.
Eligibility Criteria
Candidates must:
- Be Canadian citizens/permanent residents
- Graduating high school within 12 months of applying
- Demonstrate community volunteer leadership over the past 3 years
- Enrolling full-time in a Canadian post-secondary program
Application Requirements
The application package includes:
- Completed online application form
- Resume of extracurricular activities and volunteerism
- Reference letter addressing leadership qualities
- 500-word essay on community engagement and educational/career goals
Important Dates
- Application period from January to March
- Winners will be notified by the end of June
Emphasizing specific leadership roles, skills developed, and positive impacts achieved through volunteerism is important for this scholarship focused on community involvement.
Applying to Multiple BMO Scholarship Programs
Many outstanding students meet eligibility for several BMO scholarship offerings. It’s acceptable to apply to more than one concurrently, even required for some to increase the chances of receiving an award. However, candidates should ensure:
- Completing unique application materials tailored for each individual program
- Not duplicating any information like resumes, references, or essays between applications
- Considering the time commitments of multiple applications together
BMO reviews each application independently, so it’s possible to be selected for multiple non-overlapping awards. Just be sure customized, original materials are submitted for fair consideration within each respective program.
Frequently Asked Questions
Here are answers to some common inquiries about BMO scholarships:
What are the chances of being selected for a BMO scholarship?
Selection is very competitive, given the high caliber of applicants and limited number of awards. On average, BMO accepts around 5-10% of applications. Candidates who exceed all eligibility requirements and have very strong academics, leadership accomplishments, and compelling personal statements and have the best odds.
Is there an appeal process if not selected?
No, BMO scholarship decisions are final, and there is no appeals process. Selection committees aim to choose the most deserving recipients based on application materials and criteria each program outlines. Candidates not selected are encouraged to reapply in future years with improved experience or materials.
What can be improved for a stronger application?
Some tips include having reference letters specifically address selection criteria, proofreading all materials for typos/errors, highlighting accomplishments over experience descriptions, relating personal experiences back to education/career goals, customizing each component for different programs, and submitting early in application periods. Practicing interview skills also helps.
How and when are scholarship funds distributed?
Successful applicants receive award funds directly from BMO, paid in two equal installments – the first at the start of the fall academic term, the second for winter term once grades are confirmed. Funds can be used for tuition payments, books/supplies or living costs as each student deems appropriate.
Are scholarships renewable for multiple years?
Most BMO scholarships are not renewable or ongoing as a one-time award upon initial selection. Exceptions are Signature Scholarships renewable up to 4 years of undergrad study, and some specialty scholarships where renewal may be permitted pending academic performance. It’s clearly stated if renewable under each program description.
