9 top MBA scholarships for minorities and diversity advocates in the United States

While the number of Black CEOs of Fortune 500 companies has risen from 1.6 percent in 2024 to 2 percent in 2026, and female leadership has grown to a record high of 11 percent, underrepresented groups still only make up a small percentage of leadership. Across the board, women, Native Americans, people of color, and the LGBTQ+ community remain significantly underrepresented in senior leadership positions, as well as in the business school classroom.

To help ensure that the next generation of business leaders is both diverse and reflective of society, a number of organizations offer a wide variety of scholarships for minorities and those committed to advancing diversity to study at business school.

Whether you’re from an underrepresented background or can demonstrate a commitment to advancing diversity and representation in business, here are 9 scholarships that could help finance or support your MBA studies at a US business school, available through national organizations.

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1. Consortium Fellowships

Amount: Scholarship amount varies  

Founded in 1966, The Consortium for Graduate Study in Management offers full-tuition, merit-based fellowships to selected MBA students at participating business schools. Since its inception, The Consortium has awarded more than $655 million in fellowship funding, helping thousands of MBA students pursue graduate business education.

While the fellowship was originally established to increase the representation of African American, Hispanic American, and Native American students in business education, applicants of all backgrounds are now eligible to apply, provided they demonstrate a commitment to The Consortium’s mission of expanding access and increasing representation in business leadership.

In addition to full-tuition funding, Consortium Fellows gain access to career development resources, networking opportunities, leadership programming, and a lifelong professional community of students, alumni, and corporate partners.

2. Prospanica Scholarship

Amount: $5,000

The Prospanica Scholarship supports undergraduate and graduate business students who demonstrate academic achievement, entrepreneurial thinking, and a commitment to “making a positive change through their contributions to society.” The scholarship program aims to empower the next generation of leaders by helping students overcome financial barriers, pursue their business education, and create a lasting impact in business and beyond.

While Prospanica’s mission is to empower and connect Hispanic and Latino professionals, its scholarship program is open to applicants of all backgrounds and awards are made regardless of race, color, or national origin.

In addition to financial support, recipients gain access to Prospanica’s nationwide professional network, career development resources, mentorship opportunities, and professional events.

3. Association of Latino Professionals for America (ALPFA) Scholarship

Amount: typically $2,500-$10,000 (merit-based)

The ALPFA Scholarship supports college and graduate students by helping alleviate the financial challenges of their education, allowing recipients to focus on advancing their careers. The scholarship is awarded based on academic achievement, leadership potential, and other eligibility criteria.

The scholarship operates as a last-dollar scholarship, meaning it only covers remaining tuition after other aid has been applied. If a recipient has unused scholarship funds after their educational costs have been covered, the remaining amount is returned to support future scholarship applicants.

While ALPFA is a Latino-focused organization dedicated to empowering Latino leaders, it is not Latino-exclusive. Candidates of all races, ethnicities, and nationalities are welcome to apply.

4. LunaCap Foundation

Amount: $10,000

Paul Capon founded the LunaCap Foundation MBA Scholarship to help remove the financial barriers associated with pursuing a top MBA program. Adopted from Guadalajara, Mexico at three months old, Capon went on to serve in the United States Air Force and earn an MBA. Inspired by his own journey, he created the foundation to support active-duty military members, veterans, and students of Mexican descent who are pursuing graduate business education.

Today, LunaCap connects a network of more than 350 scholars across its partner schools, providing mentorship, guidance, and career support. Each year, 10 selected scholars receive a one-time, need-based scholarship of $10,000 to help offset the cost of their MBA studies.

Applications reopen every January, with the application window typically running from January 2 to March 31.

©LunaCap Foundation/Facebook

5. American Indian College Fund Scholarships

Amount: $2,000-$3,000

The American Indian College Fund provides scholarships to American Indian and Alaska Native US citizens who are members or descendants of a recognized tribe. 

The fund is not business school-specific, but is available to students attending a higher education institution. MBA students can apply for the fund provided they can prove their tribal heritage and have a GPA of 2.0 or more.

The fund supports 34 accredited tribal colleges and universities, while also offering merit-based scholarship opportunities to students attending accredited nonprofit colleges and universities across the United States.

6. Native Forward Scholars Fund

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

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 Scholars Fund, formerly the American Indian Graduate Center. Over the past 50 years, the organization has worked alongside tribes, educational institutions, corporations, and individuals to provide funding to promising Native Americans. 

The Wells Fargo American Indian Scholarship may be particularly relevant for MBA students interested in specific industries, as it supports students pursuing degrees related to the gaming, tourism, finance, or hospitality industries.

©Native Forward Scholars Fund/Facebook

7. Point Foundation Scholarship

Amount: Varies; need-based, maximum of four years support

Point Foundation is the largest LGBTQ+-focused scholarship organization in the United States, offering funding, mentorship, and leadership development to LGBTQ+ students and allies. In addition to financial support, Point Scholars receive mentorship, leadership training, and community service opportunities designed to help them become advocates for positive change.

Applicants are expected to demonstrate strong academic achievement, financial need, and a commitment to supporting the LGBTQ+ community.

©Point Foundation / Facebook

8. Forté Fellowships

Amount: Scholarship amount varies 

Forté Fellowships are awarded by participating business schools to MBA candidates who demonstrate leadership, academic excellence, and a commitment to advancing women in business. While the fellowship is designed to support gender diversity in business education, applicants do not necessarily have to identify as women to be considered.

Selected Fellows gain access to financial support, Forté’s extensive professional network, career development resources, leadership opportunities, and exclusive events with partner companies. Applicants are typically expected to demonstrate their commitment to supporting women in business through activities such as involvement in women’s professional organizations, clubs, or initiatives.

9. Paul & Daisy Soros Fellowships for New Americans

Amount: up to $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). It honors their societal contributions by investing in the education of 30 students, who receive up to $90,000 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 MBA Scholarships Guide | Tips To Boost Chances of Success