The last few years have seen great change in the initiatives available for minorities entering MBA programs. In the wake of Supreme Court rulings, DEI and affirmative action are likely to be rolled back. The decision to minimize affirmative action policies in higher-education admissions adds to the already long list of challenges faced by minority MBA applicants. In the face of these changes, the drive to support underrepresented minority MBA students becomes more critical than ever. This article will walk you through the resources available, exploring funding options such as the NBMBAA’s scholarships for Black MBA students and the Robert Toigo Foundation.
This support is vital, because minority representation on MBA programs matters. Since their inception, business schools have been at the forefront of change. The students they educate go on to become leaders in the corporate world, wielding great influence on the manner in which things are done. The role business schools play in progressing DEI is crucial; they have the opportunity to lead the way towards a more inclusive and diverse corporate world.
Dedicated Minority MBA Programs and DEI Initiatives
Fostering a diverse environment means going beyond metrics and statistics. Business schools need to ensure that they not only admit historically underrepresented groups to their MBA programs, but enable their success and ensure their well being.
There are many top business schools that have diversity or minority initiatives as part of their MBA programs. We have outlined a select variety of them below:
Chicago Booth, Coalition of Minorities in Business
Chicago Booth’s coalition advocates for underrepresented minorities in MBA programs. It offers professional development support to its members, as well as promoting diversity in the business world.
Columbia Business School, Curriculum & Classroom Inclusion
Columbia Business School audits classroom materials and ensures that core courses use inclusive language. Students in the CBS program also have The Phillips Pathway for Inclusive Leadership (PPIL), a co-curricular program designed around inclusive leadership. Finally, CBS collaborates with both the Forté Foundation and the Consortium for Graduate Study in Management to further support the underrepresented minorities on their MBA programs.
MIT Sloan School of Management, Annual Progress Reports on DEI Open and Inclusive Initiative
Staff members at MIT Sloan are given the option of completing unconscious bias training—and many of them take it. The business school also runs workshops which support underrepresented students and alumni, such as “RealTalk,” where students openly discuss their experiences at MIT Sloan.
UPenn Wharton, Specialized MBA Major in Diversity, Equity and Inclusion
Students at Wharton are able to specialize in DEI, learning the principles of championing diversity in both existing and new organizations.
Stanford Graduate School of Business, IDEAL Dashboard and Minority-Focused Associations
Stanford GSB’s IDEAL dashboard is university-wide, reporting on diversity amongst its students and faculty alike. And the school doesn’t stop there in its commitment to DEI, providing networking and career opportunities via organizations such as the Black Business Students Association, the Pride Club, and the Women in Management Club.
Crafting a Compelling Application as a Minority Candidate
A compelling application as a minority MBA candidate means incorporating your unique background as an underrepresented minority (URM), while demonstrating the characteristics that business schools are looking for.
Here are some practical steps that URM’s can take in their application essays in order to craft a compelling narrative and maximize their chance of success:
- Connect aspects of your story to your business aspirations. Discuss how your background shaped your approach to leadership, influenced your approach to teamwork, and molded your ambition.
- Research the minority-focused programs and initiatives at your target school. Explain how you plan to engage with them and to contribute to them.
- Create a personal brand, highlighting what makes you unique and linking it to your ambitions in the world of business. Emphasize the characteristics that you possess that will lead you to success, and provide examples of where you have demonstrated them in the past.
Graham Richmond, Co-Founder of Clear Admit, explains that “schools have taken steps to ensure that essay questions and interviews offer applicants a real chance to share their ‘lived experience’ and the ways in which that experience can contribute to the campus community.” This step comes in the “wake of the SCOTUS decision on affirmative action,” he says, and “is an opportunity for URMs to really shine, and should not be missed.”
Finally, URM candidates should not hesitate to reach out to current students and alumni who may be able to provide support and guidance on the application process. There are also many affinity groups and professional organizations, such as National Black MBA Association (NBMBAA), which offers scholarships to Black MBA students, as well as networking opportunities and other support.
Accessing Financial Support: Black MBA Scholarships and Other Funding Opportunities
To assist in addressing any lack of diversity in business schools and tackle the imbalance of underrepresented groups, multiple scholarships exist for underrepresented minority groups. In fact, every business school offers resources, support, and networking opportunities for women and ethnic and racial affinity groups.
Outside of business schools themselves, many organizations offer support—both financial and otherwise—to minority groups in MBAs.
Scholarship Programs for Minority Groups
Management Leadership for Tomorrow
Management Leadership for Tomorrow (MLT) aims to bolster the representation of Black and other minority students in corporate America. The organization works with students both before and after their studies.
In the former case, prospective MBA students can gain assistance with their application via the competitive MLT MBA Prep Program, and are assigned a coach to aid with their application strategy. In the latter, individuals can join the MLT Career Advancement Program, which offers interview coaching, networking, and exclusive partner events.
The Consortium for Graduate Study in Management
The Consortium works with underrepresented minorities, leveraging its network of 25 top business schools to provide opportunities to African Americans, Hispanic Americans, and Native Americans. Recently added to its list of affiliate business schools are Stanford GSB, Northwestern Kellogg, Chicago Booth, and Duke Fuqua.
The candidates that the Consortium works with are able to submit one application to six MBA programs in the network. To apply to be part of the program, candidates must submit a Mission Essay that demonstrates their commitment to joining the Consortium’s mission to upholding diversity in both the workplace and in their community.
Successful students may also be awarded full scholarships for their tuition.
Robert Toigo Foundation
The Robert Toigo Foundation runs a fellowship program, awarding minority MBA students an industry mentor, a life-long professional network, workshops and webinars, as well as internships and job opportunities. It works with students who are aspiring towards careers in the financial sector.
The Foundation has also launched newer initiatives, such as the Toigo Real Estate Intensive (TREI), in which successful candidates gain access to ten-month leadership coaching and educational experience centered on real estate. Toigo plans to roll out even more sector-specific support in the near future.
National Black MBA Association
At the heart of the National Black MBA Association (NBMBAA) is its network. The association connects Black MBA students and alumni via multiple channels, such as the annual multi-day Conference & Exposition. Here, an impressive cohort of business and community leaders host panel sessions.
For many MBA students involved in the NBMBAA, the association has provided opportunities for summer internships and even full-time employment. Members can also apply to the NBMBAA’s merit-based scholarships for Black MBA students and access further support via regional sections of the organization.
Applying for Minority MBA Fellowships
When applying to these MBA fellowships for minorities, be sure to follow the usual guidelines for strong applications. Stick to deadlines and plan in advance; research the values of your target organization and consider how you will contribute to them; craft a compelling vision for your career; and demonstrate how, if successful, you will continue to foster diversity.
Leveraging Minority-Focused Networking & Support Groups
Joining business associations such as the NBMBAA doesn’t just provide opportunities for funding. These organizations also offer support and networking opportunities, and open the door to employment and internship offers.
In addition to the organizations listed above, which offer fellowships and scholarships to URM students, the following associations are dedicated to supporting minorities in MBAs:
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- Prospanica: the professional business network bolstering Hispanic leadership.
- The PhD ProjectSM: the organization that provides support for minority groups to succeed at their doctoral programs.
- Reaching Out MBA (ROMBA): A community of LGBTQ+ MBAs (and other professionals) that champions underrepresented groups, uplifts suppressed voices, and advocates for the needs of minority MBA students.
Through these organizations, minority MBA students have the opportunity to attend conferences and networking events tailored specifically to their experiences, to connect with other students and alumni, and to find mentorship.
Conclusion
Making use of the resources and support that is on offer will help maximize your chances of success when applying to an MBA as an underrepresented minority. Be sure to research the scholarships available to you, to connect with supportive communities, and to apply to the opportunities that come your way.
