However, US business schools are taking steps to boost MBA diversity, offering a wide variety of MBA scholarships for minorities—a great way to help you fund your studies at a top business school, regardless of your background.
For MBA candidates from under-represented groups, here are 23 diversity-based scholarships that will help you finance your MBA studies at a US business school, available on a national and school-by-school basis.
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Black/African American MBA Scholarships
1. Whitney M. Young Jr. Fellowship
Amount: $25,000
The Whitney M. Young Jr. Fellowship is run by the African American MBA Association (AAMBAA) at Wharton University. The fellowship remembers Whitney M. Young Jr., a US civil rights leader who led the National Urban League—the world’s largest civil rights organization at the time—from 1961-71. The fellowship provides one student each year with a $25,000 scholarship.
Quinton McArthur, Wharton’s senior associate director of diversity for MBA admissions, says, “over the years our WMY Fellows have been leaders, role models and embodied qualities that lent themselves to greatness.
“The WMY Fellowship is an annual reminder that the AAMBAA and the Black community have for decades made a significant impact on campus.”
2. National Black MBA Association Fellowships
Amount: $25,000 - Full tuition
There are a wide variety of scholarships available through the National Black MBA Association (NBMBAA) offering various amounts of funding. For example, at Ohio State University’s Fisher College of Business, NBMBAA scholars receive $50,000 of funding. Other business schools like Georgetown University’s McDonough School of Business offer needs-based funding for scholars which can cover the entire tuition fee.
Paul North, executive director of graduate programs at Fisher, says, “Fisher College of Business values and prioritizes diverse classroom experiences while encouraging unique perspectives and diversity in all forms.
“Fisher’s MBA program is committed to scholarship students from various social and ethnic backgrounds.”
3. Consortium Fellowships
Amount: Full-tuition
Washington University’s Professor Sterling Schoen created The Consortium for Graduate Study in Management to help African American students gain the skills they need to take on roles in American corporations. Since then, the Consortium has offered more than $465 million to MBA students in America.
Full-tuition fellowships are available to students who can demonstrate a commitment to The Consortium’s mission of helping to reduce the serious underrepresentation of African Americans, Hispanic Americans and Native Americans in both schools’ enrollments and the ranks of management.
The Consortium includes schools such as Kelley School of Business, McCombs School of Business, Simon Business School, Jones School of Business and many more.
Lina Bell, director of diversity, equity and inclusion at Rice says: “At Jones Business School, we consider cultural competency a key leadership skill for our MBA’s. One of the many ways that we foster an appreciation of diversity of thought and opinion is to ensure a representative student body. Our portfolio of scholarships, (made possible by generous donors) enables us to compete for in-demand top talent.”
Latinx MBA Scholarships
4. PepsiCo Cesar Chavez Latino Scholarship
Amount: $5,000
The PepsiCo Cesar Chavez Latino Scholarship is available to students of Latino descent in higher education in Arizona and California, with Arizona State University offering the scholarship for its MBA program. Students receive $5,000 and must have a minimum GPA of 3.0 to apply. They must also agree to complete 30 hours of service to the Cesar Chavez Foundation within 12 months of receiving the award.
5. Prospanica Scholarship
Amount: $5,000
Students of Hispanic or Latino descent can apply for a number of scholarships available on the Prospanica Scholarship Program, offering funding at a maximum of $5,000. Applicants must have a minimum GPA of 3.0, or 2.75 if they also have sufficient work experience. Students at a number of top US business schools can apply for the scholarship, including Duke University’s Fuqua School of Business, Indiana University’s Kelley Business School, and OSU’s Fisher College of Business.
6. LatAm Ready Business Technology Scholarship
Amount: $1,000
The LatAm Ready Business Technology Scholarship is available at Fisher College of Business, offering students of Latino descent the chance to receive $1,000 in funding. The scholarship program is aimed at students with a particular interest in technology and computing, though any Latin-American student can apply.
7. FUNED
Amount: 40% of tuition fee
Georgetown McDonough School of Business is partnered with the Mexican Foundation for Education, Technology and Science (FUNED), a nonprofit organization founded in 1993. Having supported 5,500 students to date, they support Mexican citizens with a Bachelor’s degree with a minimum 8/10 GPA and evident financial need. FUNED covers 40% of the entire cost but this funding does need to be repaid at 5.75% IR.
Native American MBA Scholarships
8. American Indian College Fund Scholarships
Amount: Up to $20,000
The American Indian College Fund is available to any Native American US citizen who is a member or descendant of a recognized tribe. The fund is not business school specific, but is available to students attending higher education. MBA students can apply for the fund worth up to $20,000, provided they can prove their tribal heritage and have a GPA of 2.0 or more.
©American Indian Graduate Center via Facebook
9. Association of Latino Professionals For America (ALPFA) Scholarship
Amount: $1,250 - $10,000 (Merit based)
Students of Latino descent at Ohio State University’s Fisher College of Business can apply to the needs-based ALPFA Scholarship if they have a GPA of 3.0 or higher. The scholarship has helped minority students secure roles with world-renowned companies like Goldman Sachs and PWC. To apply, students must answer the question: ‘Why are you deserving of an ALPFA scholarship?’
10. Global Fellowships
Amount: $35,000 annually
Global Fellowships are available to students at Indiana University’s Kelley School of Business who have a Latin American connection. This is defined as: Hispanic or Latin American heritage, knowledge of Spanish, or work experience with Latin American companies. The fellowships award $35,000 to students each year during the two year program to assist with tuition fees.
11. LunaCap Foundation
Amount: $10,000
Paul Capon, born Moises Luna in Guadalajara, Mexico founded the LunaCap Foundation MBA scholarship for Mexican and Veteran MBA candidates. Adopted by an American family at three months old, he was able to pursue an education, join the US Air Force and obtain his MBA. He wants to take the cost of the MBA out of the equation for the most-deserving students and help them pursue a career from a top MBA program.
Students from top schools like Harvard, Haas and Wharton are able to access these scholarships, worth $10,000 each.
12. American Indian Graduate Centre
Amount: Needs-based
Full-time postgraduate students who can provide a Tribal Eligibility Certificate are eligible for one of the 30 scholarships and fellowships offered to Native American students by the American Indian Graduate Centre. Over the last 50 years, the organization has worked alongside Tribes, education institutions, corporations and with individuals to provide funding to promising Native Americans.
The Wells Fargo American Indian Scholarship is of particular interest for MBAs as it funds students ‘pursuing a career in fields relating to banking, resort management, gaming operations, management and administration, including accounting, finance, information technology and human resources.’
13. Shakopee Mdewakanton Sioux Community (SMSC) Endowed Scholarship
Amount: Needs-based
Established for undergraduate and graduate students at the University of Minnesota in 2008. The Shakopee Mdewakanton Sioux Community Endowed Scholarship is available for talented American Indian students with demonstrated financial need. Graduate applicants must have documented proof of their heritage and strong academic performance.
Women & LGBTQ+ MBA Scholarships
14. Prism Fellowship
Amount: Full-tuition
Available to students at Wharton School of Business as of 2020, the Prism fellowship supports diversity at the school by supporting one LGBTQIA student who has shown leadership in support of the community. The fellowship provides a full tuition scholarship for both years of the full-time MBA program.
15. Point Foundation Scholarship
Amount: Needs-based
Point Foundation is the largest LGBTQ focused scholarship providing organization in the US, offering support to LGBTQ students in the form of funding, mentorship, and leadership training.
Point scholars also make a commitment to give back to the community and receive community service training to help them. Scholars are required to show strong academic achievement and award of the scholarship is based on financial need.
16. Reaching Out LGBT+ MBA
Amount: $20,000
Partnered with over 60 schools including Kogod School of Business, Duke Fuqua, Jones Graduate School of Business, and Georgetown McDonough School Of Business, ROMBA scholarships are given to LGBT+ students. Each fellow receives a minimum of $20,000 and gains access to leadership and career opportunities to create the next generation of LGBT+ business leaders.
According to Kogod School of Business admissions director Jason Garner:
“The Kogod School of Business proudly partners with Reaching Out MBA (ROMBA) to offer scholarships that encourage diversity, equity, and inclusion in our graduate student body. These scholarships also come with organization membership and access to networking, career development, and career search opportunities for our scholars.”
©Point Foundation via Facebook
17. Forté Fellowships
Amount: $25,000
These highly competitive fellowships are available to those in the business school community who ‘exhibit exemplary leadership, represent diverse backgrounds, and demonstrate a commitment to advancing women in business.’ Partnered with dozens of top schools including Harvard Business School, Duke Fuqua, and Carlson School of Business, students are chosen by the schools themselves for Forte support.
Aside from financial support, Forte Fellows receive career advice and support, a huge community to network in and leadership and development opportunities.
More MBA Scholarships for Minorities
18. Robert Toigo Foundation Toigo MBA Fellowship
Amount: $10,000
The Robert Toigo Foundation supports minority students entering the finance industry. The Toigo MBA Fellowship is available for students enrolled in an MBA program and students from any minority background as defined by the US Department of Labour are eligible.
Not only does it include funding up to $10,000, the scholarship also guarantees students an internship opportunity and two years of employment after graduation at one of the Foundation’s partners in the finance industry. Successful fellows must commit to two years before leaving their chosen company.
19. Posse Foundation Fellowship
Amount: Full tuition
The Posse Foundation Fellowship provides a full-tuition scholarship as well as pre-collegiate training to prepare fellows before they arrive on campus. After joining, students also meet regularly with Posse staff and mentors to support them during their experience.
The Posse Foundation Fellowship seeks to support diversity by awarding scholarships to students from demographics that are underrepresented in schools, across 10 US cities including Atlanta, Chicago, and Boston. Top business schools like Vanderbilt-Owen and Duke Fuqua are partnered with the program.
20. Galloway MBA Fellowship
Amount: Unspecified
UC Berkeley Haas is home to the Galloway MBA Fellowship, created by Mr Scott Galloway to encourage the children of immigrants to pursue an MBA. As a child of immigrant parents, he benefited greatly from his education and wants to pave the way for future immigrant MBAs. Scholarships are taken from his generous gift of $4.4 million to the business school.
21. The Hitachi Diversity and Inclusion Scholarship
Amount: Needs/merit based
This need and merit-based scholarship is available at Fordham University Gabelli School of Business for MBA students studying full-time. The scholarship is aimed at under-represented minorities and helps them finance their course and progress in the business world.
22. P.D Soros Fellowship for New American
Amount: $90,000
The Paul & Daisy Soros Fellowships for New Americans is a program aimed at immigrants and the children of immigrants (who are 30 or younger), to honor their societal contributions by investing in the education of 30 students, who receive up to $90k in financial support over two years.
Paul and Daisy Soros were Hungarian immigrants who were committed to education, American democracy, and philanthropy. The scholarships aim to identify and nurture the most promising new Americans and to help them achieve greatness.
23. Howard E. Mitchell Fellowship
Dr. Howard E. Mitchell was the second black faculty member to be employed at University of Pennsylvania. Dr Mitchell was a psychologist and expert in organizational behavior, corporate social responsibility, and management of a culturally diverse workforce.
His dedicated fellowship, awarded by Wharton for MBA students, offers 10 full-tuition scholarships and leadership training to students. The fellowship is aimed towards supporting minority groups including African Americans, Hispanics, American Indians and Women.
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