12 Top MBA Scholarships For Minorities In The USA

Only 1.6% Fortune 500 CEOS are Black, and just 3.2% are Hispanic. Women, native Americans, the LGBTQ+ community, and people of color also remain underrepresented in the workforce, and the business school classroom.

To help ensure that the next generation of business leaders is diverse, there are a number of organizations that offer a wide variety of scholarships for minorities to study at business school.

For MBA candidates from under-represented groups, here are 12 scholarships that could 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. 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, the Steven Skinner Endowed Scholarship Fund offers a $5,000 prize to one MBA student every year, while the John Deere Scholarship has $3,500 on offer to two students every year. 

©National Black MBA Association, Inc. / Facebook

2. 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 awarded 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 school enrollment and the ranks of management.

Latinx MBA Scholarships 

3. 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.

4. Association of Latino Professionals For America (ALPFA) Scholarship

Amount: $1,250 - $10,000 (Merit-based)

Students of Latino descent can apply to the needs-based ALPFA Scholarship if they have a GPA of 2.5 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?’

5. LunaCap Foundation

Amount: $10,000

Paul Capon 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.

©LunaCap Foundation/Facebook

Native American MBA Scholarships

6. American Indian College Fund Scholarships

Amount: $2,000 - $3,000

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 provided they can prove their tribal heritage and have a GPA of 2.0 or more.

7. Native Forward Scholarships Fund

Amount: $1,000 - $5,000 per academic year

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 Native Forward Scholarship Fund, formerly known as the American Indian Graduate Centre. Over the last 50 years, the organization has worked alongside Tribes, education institutions, corporations, and 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”.

©Native Forward Scholarship Fund/Facebook

Women & LGBTQ+ MBA Scholarships 

8. Point Foundation Scholarship

Amount: Needs-based

Point Foundation is the largest LGBTQ+-focused scholarship organization in the US, offering support to LGBTQ+ students in the form of funding, mentorship, and leadership training.

Point scholars also commit to giving back to the community and receive community service training to help them. Scholars are required to show strong academic achievement, and the award of the scholarship is based on financial need. 

©Point Foundation / Facebook

9. 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.” 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

10. 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 to students enrolled in an MBA program, and students from any minority background as defined by the US Department of Labor are eligible. 

Not only does it include funding up to $10,000, but it also guarantees students an internship opportunity and a job after graduation at one of the Foundation’s partners in the finance industry. Successful fellows must commit to at least two years at their chosen company. 

11. 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.

©The Posse Foundation / Facebook

12. P.D. Soros Fellowship for New Americans

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.

For more tips and tricks on how to land a scholarship and secure your place at business school, download the BusinessBecause MBA Scholarships Guide | Tips To Boost Chances of Success