Top 9 MBA Scholarships for Black MBA Students
The business world has a diversity problem. Fewer than 2 percent of top executives leading the world’s 50 biggest companies are Black, according to USA Today.
While business schools are boosting MBA diversity in various ways, schools recognize that cost is a significant barrier to education for Black and minority students. As a result, schools offer financial assistance for the best and brightest candidates.
Here’s a selection of top MBA scholarships for Black and minority students provided by organizations and business schools in the United States
MBA scholarships for Black and Minority students offered by business schools
Vanderbilt MBA African Diversity Scholarship
For African MBAs looking to attend Vanderbilt University’s Owen Graduate School of Management, a merit-based scholarship ranging from US$10k up to full tuition is available. This scholarship is one of several funds reserved for underrepresented minorities joining the Nashville-based business school.
You'll need to have work experience under your belt and hold strong GMAT or GRE scores to be successful.
Howard E. Mitchell Fellowship | Wharton
The prestigious Wharton School of the University of Pennsylvania, one of the top business schools in the world, proves their commitment to supporting underrepresented minorities through its Howard E. Mitchell Fellowship.
The fund covers total tuition fees and is available for exceptional students from an African American background or a listed underrepresented group joining Wharton.
Recipients of the fellowship will join a tight-knit community of diverse students who are invited to attend the school’s annual Whitney M. Young, Jr. Memorial Conference, endorsed by the African American MBA Association (AAMBAA), amongst other perks.
Bunton-Waller Fellowship | Smeal
In celebration of the first female and male Black graduates of Pennsylvania State University, the Smeal College of Business provides a full tuition fee waiver for ethnic minority MBA candidates.
You’ll need to have an impressive academic background, such as a good GMAT score, alongside evidence of professional experience and leadership aptitude.
Darryl T. Banks HBCU Scholarship | Fuqua
Duke Fuqua School of Business announced the Darryl T. Banks HBCU Scholarship in 2020. The merit-based award will focus on supporting students who join Duke from a historically black college or university (HBCU). The title pays homage to Darryl T. Banks, a former alum and professor at Fuqua who joined the school from an HBCU in 1986.
Black and Minority MBA scholarships available through organizations
National Back MBA Association (NBMBAA) scholarships
Many of the best business schools in the US aim to break down inequalities and financial barriers to education that impact Black MBAs through partnering with the NBMBAA—an organization that champions diversity at business school—to offer scholarships for talented Black MBA students.
The funding amount can vary from school to school, with some schools offering a full tuition fee waiver. Rice University’s Jones Graduate School of Business offers scholarships up to US$50k for students joining their MBA. Meanwhile, the American University’s Kogod School of Business offers a US$10k scholarship.
To qualify for these scholarships, students will need to be members of the NBMBAA.
The Consortium for Graduate Study in Management fellowships
Formed with the intent to tackle the underrepresentation of ethnic minorities in the corporate world, The Consortium offers to cover the full tuition fees for top students who have a track record of championing diversity and inclusion in their schools or jobs.
Schools that partner with The Consortium include Yale University’s Yale School of Management and the University of California Berkeley’s Haas School of Business.
The Robert Toigo Foundation
To tackle the lack of Black individuals working in the finance industry, the Toigo Foundation supports Black students throughout the MBA by providing mentoring and networking opportunities that can help students land successful finance careers.
In addition to this support, successful recipients can apply for financial awards provided by the foundation’s corporate partners.
The Black Women in Sisterhood for Action (BISA) Inner-City Scholarship Program
BISA offers need-based MBA scholarships for Black women from a low-income background and from inner cities to help them attend business school. BISA considers things like leadership acumen, as well as academic strengths, in the application.
Far from just providing MBA scholarships for Black females, however, BISA facilitates mentoring, tutoring, counselling, and even help with transportation, ensuring that Black women wanting to attend business school can do so with ease.
Earning your best GMAT score can help you stand out for Black MBA scholarships
To land one of these sought-after scholarships and fellowships, you’ll typically need to have an impressive academic background. It’s also important to be aware that taking the GMAT exam is a prerequisite for many scholarship opportunities—having a strong GMAT score will stand you in good stead.
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