Introduction
“Leading US business schools offer a range of scholarships tailored to support minority MBA candidates, providing financial assistance and leadership development opportunities. Despite efforts to promote diversity, the representation of women, Native Americans, and people of color remains low in both the workforce and business school classrooms.
To address this disparity, business schools across the US offer numerous MBA scholarships specifically designed to support underrepresented groups. These scholarships, available nationally and at individual schools, offer a valuable opportunity for minority candidates to fund their MBA studies and contribute to a more diverse business education landscape.”
These include but are not limited to:
1. Whitney M. Young Jr. Fellowship
Amount: $25,000
The Whitney M. Young Jr. Fellowship, administered by the African American MBA Association (AAMBAA) at the University of Pennsylvania’s Wharton School, honors the legacy of Whitney M. Young Jr., a prominent US civil rights leader who led the National Urban League from 1961 to 1971. This fellowship, offering a $25,000 scholarship annually, highlights the contributions of African Americans to Wharton’s campus and beyond.
Quinton McArthur, Wharton’s senior associate director of diversity for MBA admissions, emphasizes the enduring impact of the WMY Fellows, noting that they have consistently demonstrated leadership and served as inspirational figures. The fellowship stands as a testament to the profound influence of the AAMBAA and the Black community, underscoring their longstanding contributions to the Wharton community.
2. National Black MBA Association Fellowships
Amount: $25,000 – Full tuition
The National Black MBA Association (NBMBAA) offers a range of scholarships, providing financial support ranging from $25,000 to full tuition. Ohio State University’s Fisher College of Business, for example, awards NBMBAA scholars $50,000, while Arizona State University offers a scholarship worth $25,000. Additionally, schools like Georgetown University’s McDonough School of Business provide needs-based funding that covers the entire tuition fee for scholars.
Paul North, executive director of graduate programs at Fisher, emphasizes the college’s commitment to fostering diverse classroom experiences and welcoming unique perspectives. Fisher’s MBA program prioritizes scholarship opportunities for students from diverse social and ethnic backgrounds, reflecting its dedication to promoting diversity and inclusivity.
3. Darryl T. Banks HBCU Scholarship
Amount: Unconfirmed
The Darryl T. Banks HBCU Scholarship was established by Duke University’s Fuqua School of Business in 2020, following a recommendation from the school’s Racial Equity Working Group, which comprises 18 faculty, alumni, and students. This merit-based scholarship is designed to support students transitioning to Duke from a historically black college or university (HBCU) and is named in honor of Darryl T. Banks, a former Fuqua alum and professor who joined the school from an HBCU in 1986.
Sharon Thompson, assistant dean of admissions and director of diversity initiatives at Duke, underscores the importance of offering merit scholarships to recruit diverse talent from various backgrounds and experiences. This initiative aims to break down barriers, strengthen communities, and cultivate the next generation of global leaders.
4. Consortium Fellowships
Amount: Full-tuition
The Consortium for Graduate Study in Management, founded by Washington University’s Professor Sterling Schoen, aims to equip African American students with the skills needed for corporate leadership roles. Since its inception, the Consortium has awarded over $465 million in scholarships to MBA students across the United States.
The Consortium offers full-tuition fellowships to students committed to its mission of addressing the underrepresentation of African Americans, Hispanic Americans, and Native Americans in business school enrollments and management positions. Participating schools include the Tuck School of Business, Kelley School of Business, McCombs School of Business, Simon Business School, Jones School of Business, and others.
Lina Bell, director of diversity, equity, and inclusion at Rice University, emphasizes the importance of cultural competency as a key leadership skill for MBA students at Jones Business School. The school’s scholarship portfolio, supported by generous donors, enables them to attract top talent and cultivate a diverse student body, fostering an environment that values diversity of thought and opinion.
5. PepsiCo Cesar Chavez Latino Scholarship
Amount: $5,000
The PepsiCo Cesar Chavez Latino Scholarship, offered for Arizona State University’s MBA program, provides $5,000 to students of Latino descent in higher education in Arizona and California. Applicants must maintain a minimum GPA of 3.0 and commit to completing 30 hours of service to the Cesar Chavez Foundation within 12 months of receiving the award.
6. Prospanica Scholarship
Amount: $5,000
The Prospanica Scholarship Program provides scholarships of up to $5,000 for students of Hispanic or Latino descent. Applicants must maintain a minimum GPA of 3.0, or 2.75 if they possess significant work experience. The scholarship is available to students at various top US business schools, such as Duke University’s Fuqua School of Business, Indiana University’s Kelley School of Business, and Ohio State University’s Fisher College of Business.
7. LatAm Ready Business Technology Scholarship
Amount: $1,000
The LatAm Ready Business Technology Scholarship, offered at Fisher College of Business, provides $1,000 to students of Latino descent. The scholarship is open to Latin-American students with a specific interest in technology and computing.
8. American Indian College Fund Scholarships
Amount: $20,000
The American Indian College Fund offers scholarships of up to $20,000 to Native American US citizens who are members or descendants of recognized tribes. While the fund is not specific to business schools, it is open to students pursuing higher education, including MBA students. Applicants must demonstrate their tribal heritage and maintain a GPA of 2.0 or higher.
9. Association of Latino Professionals For America (ALPFA) Scholarship
Amount: $1,250 – $10,000 (Merit based)
The Association of Latino Professionals For America (ALPFA) Scholarship, available for students of Latino descent at Ohio State University’s Fisher College of Business, is a needs-based scholarship ranging from $1,250 to $10,000. Applicants must have a GPA of 3.0 or higher. The scholarship has been instrumental in helping minority students secure positions at prestigious companies like Goldman Sachs and PwC. To apply, students must respond to the question: “Why are you deserving of an ALPFA scholarship?”
10. Global Fellowships
Amount: $30,000 annually
The Global Fellowships at Indiana University’s Kelley School of Business are designed for students with a Latin American connection, which includes Hispanic or Latin American heritage, proficiency in Spanish, or work experience with Latin American companies. Recipients of these fellowships receive $30,000 annually for the two-year program to help cover tuition fees.
11. LunaCap Foundation
Amount: $10,000
The LunaCap Foundation MBA scholarship, established by Paul Capon (formerly Moises Luna) from Guadalajara, Mexico, is aimed at Mexican and Veteran MBA candidates. Paul, who was adopted by an American family at three months old, believes in removing the financial barrier for deserving students to pursue a career through a top MBA program. After pursuing his education, joining the US Air Force, and obtaining his MBA, he has dedicated the foundation to supporting students in similar pursuits.
Since 2020, the foundation has provided $200,000 in funding, benefiting students from prestigious schools such as Harvard, Haas, and Wharton. The scholarship offers $10,000 to each recipient, helping them access opportunities for advanced studies and career growth.
12. American Indian Graduate Centre
Amount: Needs-based
The American Indian Graduate Center offers 30 scholarships and fellowships to full-time postgraduate students who can provide a Tribal Eligibility Certificate. These scholarships are available to Native American students on a needs-based basis. Over the past 50 years, the organization has collaborated with tribes, educational institutions, corporations, and individuals to provide funding to promising Native American students.
One of the scholarships offered is the Wells Fargo American Indian Scholarship, which is particularly relevant for MBA students. This scholarship supports students pursuing careers in fields related to banking, resort management, gaming operations, and management and administration, including areas such as accounting, finance, information technology, and human resources.
13. Shakopee Mdewakanton Sioux Community (SMSC) Endowed Scholarship
Amount: Needs-based
The Shakopee Mdewakanton Sioux Community (SMSC) Endowed Scholarship was established in 2008 for undergraduate and graduate students at the University of Minnesota. This scholarship is intended for talented American Indian students who demonstrate financial need. Graduate applicants must provide documented proof of their heritage and exhibit strong academic performance.
14. FUNED
Amount: 40% of tuition fee
Georgetown McDonough School of Business has partnered with the Mexican Foundation for Education, Technology, and Science (FUNED), a nonprofit organization established in 1993. FUNED has supported 5,500 students to date and aims to assist Mexican citizens with a Bachelor’s degree, a minimum GPA of 8/10, and demonstrated financial need. The foundation covers 40% of the total cost of tuition; however, this funding is provided as a loan at an interest rate of 5.75% and must be repaid.
15. Robert Toigo Foundation Toigo MBA Fellowship
Amount: $10,000
The Robert Toigo Foundation offers the Toigo MBA Fellowship, which supports minority students pursuing careers in the finance industry. This fellowship is open to MBA students from any minority background as defined by the US Department of Labor. In addition to providing funding of up to $10,000, the fellowship guarantees recipients an internship opportunity and two years of employment after graduation at one of the Foundation’s partner firms in the finance industry. Fellows are required to commit to two years of employment with their chosen company before seeking other opportunities. The fellowship is available at various US business schools, including Georgetown McDonough, Wharton, and Vanderbilt-Owen Graduate School of Management.
16. Posse Foundation Fellowship
Amount: Full-tuition
The Posse Foundation Fellowship offers a full-tuition scholarship and pre-collegiate training to prepare fellows before they start their college journey. Once enrolled, students receive ongoing support through regular meetings with Posse staff and mentors.
The fellowship aims to promote diversity by awarding scholarships to students from underrepresented demographics in schools across 10 US cities, including Atlanta, Chicago, and Boston. The program partners with top business schools such as Vanderbilt-Owen and Duke Fuqua.
17. Bristol-Myers Squibb Company Scholarship
Amount: Needs-based
The Bristol-Myers Squibb Company Scholarship, offered by Duke Fuqua School of Business, is one of many MBA scholarships for minorities. This scholarship is designed to support one minority student each year who has an interest in finance. Bristol-Myers Squibb Company offers a range of similar scholarships across various industries in education.
18. Galloway MBA Fellowship
Amount: $50,000
The Galloway MBA Fellowship at UC Berkeley Haas, established by Mr. Scott Galloway, offers $50,000 to encourage the children of immigrants to pursue an MBA. Mr. Galloway, himself a child of immigrant parents, recognizes the transformative power of education and aims to support future immigrant MBAs. The scholarships are funded through his generous gift of $4.4 million to the business school.
19. The Hitachi Diversity and Inclusion Scholarship
Amount: Needs/merit based
The Hitachi Diversity and Inclusion Scholarship, available at Fordham University’s Gabelli School of Business, is a need and merit-based scholarship for full-time MBA students. This scholarship is designed to support underrepresented minorities in financing their MBA education and advancing in the business world.
20. P.D Soros Fellowship for New American
Amount: $90,000
The P.D. Soros Fellowship for New Americans, offered by the Paul & Daisy Soros Fellowships for New Americans, is a program dedicated to immigrants and the children of immigrants. The fellowship recognizes and invests in the education of 30 students annually, providing each fellow with up to $90,000 in financial support over two years.
Paul and Daisy Soros, Hungarian immigrants themselves, were staunch advocates of education, American democracy, and philanthropy. The fellowship program seeks to identify and support the most promising New Americans, helping them realize their potential and make significant contributions to society. Over the past 23 years, the program has cultivated a community of over 700 individuals.
21. Howard E. Mitchell Fellowship
Amount: Full-tuition
The Howard E. Mitchell Fellowship, established by the University of Pennsylvania’s Wharton School, honors the legacy of Dr. Howard E. Mitchell, the second black faculty member at the university. Dr. Mitchell was a renowned psychologist and expert in organizational behavior, corporate social responsibility, and the management of culturally diverse workforces.
This prestigious fellowship, awarded to MBA students, provides 10 full-tuition scholarships and includes leadership training. It is designed to support minority groups, including African Americans, Hispanics, American Indians, and women, in their pursuit of higher education and leadership development.
In conclusion,
There are numerous scholarships available to support minority students pursuing an MBA. These scholarships not only provide financial assistance but also offer opportunities for leadership development and career advancement. From the Whitney M. Young Jr. Fellowship to the Howard E. Mitchell Fellowship, these programs aim to promote diversity and inclusivity in business education and the workforce. By removing financial barriers and providing support, these scholarships empower minority students to achieve their academic and professional goals.
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