For LGBTQ+ students aiming to access advanced learning opportunities, scholarships not only alleviate the financial burden related to business school but also signify schools' support for diverse students.
Business schools often offer scholarship schemes for students but there are a variety of independent organizations that grant scholarships for LGBTQ+ applicants in partnership with schools.
Here are five of the best LGBTQ+ scholarships available for business school students:
1. Point Foundation Scholarships
The Point Foundation is the largest scholarship-granting organization for LGBTQ+ students in the US. It provides substantial financial assistance, mentoring, and leadership development programs.
The Point Foundation’s Flagship Scholarship started in 2002 with eight participants, in 2024 the Flagship is currently helping 99 students earn their business school degrees.
In 2020, in light of the civil unrest and protests following the murder of George Floyd by a police officer, Point added the BIPOC Scholarship that provides financial support, coaching, and community assistance to people who identify as Black, Indigenous, and People of Color. The BIPOC Scholarship has grown from awarding 69 scholarships in 2020 to 284 in 2024.
LGBTQ+ students at Harvard Business School have the opportunity to receive external funding from the Point Foundation. Point scholars 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 the scholarship is based on financial need.
Eligibility:
- Demonstrated academic excellence, leadership skills, and community involvement
- Identifies as a member of the LGBTQ+ community
2. Reaching Out MBA (ROMBA) Fellowship
Possibly the most notable business school LGBTQ+ scholarship, the ROMBA fellowship is dedicated to empowering, educating, inspiring and connecting LGBTQ+ MBA students.
Partnered with over 60 schools including the University of California Berkeley Haas School of Business, University of Chicago Booth School of Business, Duke’s Fuqua School of Business, NYU Stern School of Business, and Georgetown University McDonough School Of Business, ROMBA scholarships are given to LGBTQ+ students.
While originally focused solely on US b-schools, ROMBA has widened the scope of its partner schools. One UK MBA joining this prestigious collection is Imperial College Business School. As well as financial support, recipients at Imperial take on a role in the leadership team of the LGBTQ+ and Allies Club and represent the school as part of the Student Ambassador Scheme.
Schools designate ROMBA fellowships to exceptional candidates who have already been selected to receive a merit-based scholarship and have demonstrated an interest or commitment to opportunities for LGBTQ+ leaders in business.
Each fellow receives a minimum of $20,000 and gains access to leadership and career opportunities to create the next generation of LGBTQ+ business leaders.
Eligibility:
- Must apply to a participating business school
- Must demonstrate leadership and commitment to the LGBTQ+ community
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3. The Wharton School’s Prism Fellowship
Home to the world’s number one MBA according to the Financial Times, the Wharton School of the University of Pennsylvania established the Prism Fellowship in 2020.
This fellowship demonstrates the schools’ continued commitment to diversity by funding one outstanding student’s tuition for both years of the Full-Time MBA program each year. The fellowship is awarded to a student who is a member of and demonstrates leadership in support of the LGBTQ+ community.
Eligibility:
- Wharton MBA class member
- Must demonstrate leadership in support of the LGBTQ+ community
4. Edinburgh University Business School’s LGBTQ+ Scholarships
- Positive Action For LGBT+ MSc Scholarship
Edinburgh University’s Business School offers two LGBTQ+ scholarships to the value of £10,000 (£12,700) for entry onto one of its MSc degrees. The scholarships are awarded to candidates who are committed to making a difference to the LGBTQ+ community, especially within the business environment.
- Somewhere MBA LGBT+ Scholarship
In addition to MSc students, Edinburgh offers an LGBTQ+ scholarship to its MBA class. The Somewhere scholarship offers one £10,000 scholarship to a candidate who is committed to making a difference to the LGBTQ+ community, especially within the business environment.
The scholarship, which is designed with the mission to increase the visibility and representation of the LGBTQ+ community in business, also offers the successful candidate mentoring opportunities.
Eligibility:
- Received an offer to join the eligible program
- Demonstrate previous commitment to LGBTQ+ community through previous action or support
- Strong academic credentials
5. ESMT Berlin’s Rainbow Scholarship
ESMT Berlin launched its Rainbow Scholarship in 2022 to signal a commitment to creating rich learning environments that actively encourage and celebrate diversity. Each year, two scholarships of €4,500 ($4,800) are available and special consideration is given to self-identifying LGBTQ+ applicants.
Eligibility:
- Enrolled in the Full-Time MBA
- Support the LGBTQ+ community
- Answer the essay question: How have you contributed to LGBTQ+ causes and impacted the community?
These scholarships provide critical support for LGBTQ+ business students, alleviating the heavy burden of financial constraints so that students from underrepresented backgrounds can focus on their studies.
As well as the financial benefits and the increased visibility scholarships offer, funding initiatives also foster a sense of community, allowing recipients to build and grow their network, learn from each other, and underscore the importance of diversity in business education.
By leveraging these opportunities, LGBTQ+ students can advance their careers and contribute to a more inclusive and dynamic business environment.
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