MBA Scholarships for Minorities Strive for Equity in Business Programs

Racial diversity in master of business administration (MBA) programs around the country has been woefully low. To even the scales and achieve better representation in the business world, various MBA scholarships for minorities have been established.

At the time of a 2020 Wall Street Journal report on the topic, Black students made up less than 10 percent of business school rosters in the U.S., a proportion that had stagnated for a decade. Bruce Thompson, who headed the National Black MBA Association at the time, told the newspaper that scholarships had helped, but more were needed. Here are six MBA scholarship and fellowship opportunities designed to amp up minority representation in C-suites across the country.

For 25 years now, Goldman Sachs has offered its MBA Fellowship “to recognize outstanding students and their achievements.” It’s open to first-year MBA students who are Black, Hispanic/Latinx, Native American, and/or female. Recipients will become salaried summer associates and receive a $35,000 award, and those who complete the internship and accept a full-time position with the company will get an additional $40,000 plus any signing bonus.

For immigrants and children of immigrants in the U.S.—including students who are refugees, asylees, and DACA recipients—the Paul & Daisy Soros Fellowships for New Americans support graduate education for 30 people each year, with fellowships worth up to $90,000. Since its 1998 founding, the program has supported 745 fellows.

Noting that “of the 10,000 MBA students who graduate every year from top-tier business schools, fewer than 8 percent are African American, Native American or Hispanic American,” the Consortium for Graduate Study in Management says it awards hundreds of full-tuition fellowships to top MBA programs each year. The consortium’s fellows also have access to its 80-plus corporate partners.

The Robert Toigo Foundation’s motto is “Bringing Diversity to Life,” and the organization works toward that goal with the Toigo Fellowship. “Finance firms are actively seeking diverse individuals to be part of their organization—and they look to Toigo to meet their needs,” the foundation says. “As a rising MBA candidate, you’re heavily invested in your education. Become a Toigo Fellow, and we will help you earn a higher return on your investment.”

Members of the National Black MBA Association can apply for scholarships at the Harbert College of Business at Auburn University and receive funding to cover partial or full tuition in addition to a monthly stipend. Harbert offers online, full-time, and executive MBA programs.

The Wharton Business School at the University of Pennsylvania awards Howard E. Mitchell Fellowships to “traditionally underrepresented domestic populations, specifically Black/African American, Latino/Hispanic, Native American/American Indian or Alaskan Native, and Native Hawaiian/Asian Pacific Islander.” Eligibility criteria for the full-tuition grants include “proven leadership, academic excellence, work experience, and/or demonstrated commitment to empowering traditionally underrepresented groups.”