16 MBA Scholarships for Minorities

Finding funding for an MBA program can be difficult, especially for underrepresented students. Here are some MBA scholarships to help you get started.
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  • Many populations in the U.S. are still underrepresented in MBA programs.
  • Scholarships help minoritized students attend college, especially at the graduate level.
  • Scholarships and fellowships are available to racially and ethnically minoritized students.
  • Resources are also available for students to explore and ensure an MBA is right for them.

People from racial and ethnic groups that have been minoritized in the U.S. population are also chronically underrepresented in graduate business programs across the country.

From 2011-2021, enrollment among Black, Hispanic, Native, and Asian American students in master of business administration (MBA) programs has shown some increases or stayed about the same, according to an Association to Advance Collegiate Schools of Business report.

But many agree, there is room for improvement.

The cost of an MBA program is a notable issue for these students. Some of them represent the most economically disadvantaged groups in the country. Creating scholarships for these students allows them to bypass this hurdle to higher education and an MBA degree program.

Read on to learn more about some MBA scholarships for people from minoritized groups.

16 MBA Scholarships for Minorities

Here are some fellowships and scholarships to help with the cost of an MBA program that are geared toward minoritzed groups. The awards range from a few thousand dollars to full tuition coverage.

The Consortium Fellowship

Who's Eligible: The Consortium for Graduate Study in Management fellowship application is for both Consortium membership — since only Consortium fellows are eligible for an award — as well as admission to the MBA program of the applicant's choice. Applicants must be committed to increasing representation for Black, Native, and Hispanic American students.

Award Amount: Full tuition

Deadline: Jan. 5, 2024

The Robert Toigo Foundation Fellowship

Who's Eligible: The foundation offers various scholarships and awards only to its fellows. Ethnically minoritized citizens and noncitizens who will attend an MBA program in the U.S. are eligible to apply to the fellowship. Candidates must begin their first year of the MBA in the fall after becoming a fellow.

Award Amount: Varies

Deadline: January 2024

Selected Professions Fellowships

Who's Eligible: Applicants must be women of color enrolled in a master of business administration degree program.

Award Amount: $20,000

Deadline: Dec. 1, 2023

Goldman Sachs MBA Fellowship

Who's Eligible: Black, Hispanic and Latino/a, Native American, and LGBTQ+ students are eligible to apply. Applicants must also be entering their first year of the MBA program. Students must also be summer associates at Goldman Sachs as part of the fellowship.

Award Amount: $35,000, plus summer associate salary; $40,000 upon completion of the summer internship plus full-time associate signing bonus if applicable

Deadline: Applications open Aug. 15, 2023

Government Finance Officers Association (GFOA) Minorities in Government Finance Scholarship

Who's Eligible: Students studying accounting, finance, or business administration — with specific focuses in government or nonprofits — are eligible for this scholarship. The award favors students with an interest in state and local government.

Award Amount: $10,000

Deadline: Applications open in fall 2023

National Black MBA Association Scholarship

Who's Eligible: To be eligible, students must be a member of the National Black MBA Association, along with being enrolled full time in a graduate business degree program. Applicants must also have a 3.0 minimum GPA.

Award Amount: $5,000

Deadline: May 15, 2024

Otsuka Scholarship

Who's Eligible: Applicants must be Black or African American, in the first year of their MBA program, and have a minimum 3.0 GPA. This reward can be renewed, and students must meet the criteria to be eligible for renewal.

Award Amount: $10,000 annually for two years

Deadline: Not yet announced

Weatherhead National Black MBA Association Scholarship

Who's Eligible: Students applying to Case Western Reserve University's Weatherhead School of Management are eligible. Applicants must also be members of the National Black MBA Association (NBMBAA) to be considered eligible.

Award Amount: $25,000 minimum

Deadline: June 15, 2024

Auburn University Scholars

Who's Eligible: Students must be members of the NBMBAA to be considered for this scholarship. Applicants must also apply to Auburn University's Harbert College of Business MBA program.

Award Amount: Up to full tuition

Deadline: Feb. 15, 2024

University of Alabama — NBMBAA Scholarship

Who's Eligible: Applicants to the University of Alabama's Manderson Graduate School of Business may be considered for this scholarship. Students must also be members of the National Black MBA Association and in good standing to be eligible.

Award Amount: $1,000-$10,000

Deadline: Jan. 31, 2024

Prospanica Scholarships

Who's Eligible: Applicants must be of Hispanic or Latino/a descent. They may be U.S. citizens, legal residents, or Deferred Action for Childhood Arrivals (DACA) recipients. They must also have a minimum 3.0 GPA to be eligible. The award also only applies to applicants attending accredited business schools in the U.S. and Puerto Rico.

Award Amount: Up to $5,000

Deadline: 2024 scholarship deadline not yet announced

LunaCap Foundation

Who's Eligible: Applicants attending a list of "top-tier" MBA programs are eligible to apply. Eligible students must also be members of the U.S. armed forces, veterans, and/or of Mexican descent. Applicants must also be entering their first year of the MBA program.

Award Amount: $10,000

Deadline: Annually on March 31

Global Fellowships — Kelley School of Business

Who's Eligible: Applicants should preferably be of Latin American descent or have connections to Latin America. They will be considered for this fellowship upon applying to Indiana University's Kelley School of Business. As a part of the merit scholarships, applicants must showcase high academic achievement.

Award Amount: $35,000

Deadline: Oct. 15, 2023

Modus Create Endowed MBA Scholarship — Georgetown McDonough School of Business

Who's Eligible: International students from Latin America are eligible for this scholarship. Applicants will be considered for this award upon applying to the McDonough School of Business. Applicants must also be full-time students to be eligible.

Award Amount: Varies

Deadline: Not yet announced

Association of Latino Professionals for America (ALPFA) Scholarship

Who's Eligible: Permanent legal residents, DACA recipients, and U.S. citizens are eligible to apply. Students must also be ALPFA members and have a minimum GPA of 2.5 to be eligible.

Award Amount: $1,250-$10,000

Deadline: 2024 scholarship applications not yet announced

Wells Fargo American Indian Scholarship

Who's Eligible: Applicants must be enrolled members of federally recognized tribes. Additionally, graduate students must be pursuing their degree full time in order to be eligible.

Award Amount: $5,000 maximum

Deadline: 2024 scholarship applications not yet announced

Additional Financial Resources for Minority MBA Students

  • National Black MBA Association: The NBMBAA serves Black professionals looking to enter the corporate sector. It offers members professional development opportunities, scholarships, financial literacy development, leadership opportunities, and more.
  • American Indian College Fund: This organization helps Native students seek funding for their education, prepare for college, find internships and job opportunities, and more.
  • Reaching Out MBA: ROMBA is a community of LGBTQ+ MBA students and professionals. The organization offers fellowships, conferences, and other programming to connect the LGBTQ+ MBA community.
  • Management Leadership for Tomorrow: MLT is a network of Black, Latino/a, and Native American college students and professionals that offers skills training, coaching, and advocacy.