In an effort to increase the representation of women in post-graduate management education and in the business world as a whole, Lloyds Banking Group has launched a new scholarship program for women applicants to London Business School (LBS), the school announced today.
Citing research showing that limited financial resources present a core barrier to women seeking to pursue an MBA, the bank has established the Lloyds Scholars MBA Scholarship for Women. As part of the new program, Lloyds will award four £30,000 scholarships per year for each of the next four years.
The scholarships are available to female candidates who have been resident in the United Kingdom for three years or more who have successfully applied for a place in LBS’s full-time MBA program, beginning with the 2014/16 cohort.
“As part of our ambition to help Britain prosper we are proud to extend our focus on women in leadership through the Lloyds Scholars MBA Scholarships for Women, in partnership with London Business School,” Graham Lindsay, Lloyds director of responsible business, said in a statement.
The new Lloyds Scholars program complements other efforts the bank has put in place to increase female representation in business, including a senior women leaders’ program, a role model program and mandatory diverse shortlists for senior appointments. Lloyds Banking Group’s Chairman Sir Win Bischoff is also a founding member of the 30% Club, an initiative encouraging U.K. companies to aim higher than the Lord Davies Review recommending a target of 25 percent female representation on FTSE 100 boards by 2015.
“Women’s leadership is – at last – coming of age and we believe that they are particularly strong on the team approach, thriving on collaboration and prizing diversity at work,” Wendy Alexander, LBS associate dean for degree programs and career services, said in a statement. She added that LBS has made real progress in attracting more women to the school, but that there is still significant progress to be made.
“These significant scholarships from Lloyds Banking Group will incentivize an important group – women living in the U.K. – to take on an MBA in order to further develop themselves as business leaders of the future,” Alexander added.
Applications for the new Lloyds Scholars MBA for Women Scholarship program will be accepted through the end of May 2014. To learn more or apply, click here.
