Black students represent an important talent pipeline for firms across industries. However, enrollment at top MBA programs, which are gateways to access mid- and senior-level opportunities, has stagnated over the past decade.
Although Bloomberg reported in 2021 that Black students made up less than 10% of annual enrollment on average nationally, this percentage may decrease due to the Supreme Court’s recent ruling with respect to affirmative action policies in higher-education admissions. Because of this perceived obstacle for certain individuals from disadvantaged backgrounds, the availability of MBA resources and programs to recruit and develop prospective students of color—including Black prospective students—becomes even more important.
In this blog post, we at Stratus outline several notable pre- and post-MBA programs that have proven to offset the aforementioned trend in statistics and will provide a great launching pad for your professional career. (And although this post is intended to provide notable highlights, we recommend that you continue to research new initiatives as they become available.)
Management Leadership for Tomorrow
Management Leadership for Tomorrow (MLT) fosters a community to increase the representation of Black and other minority students in corporate America after their undergraduate and MBA studies. Prospective MBA students may take advantage of MLT’s highly regarded and competitive MBA Prep Program, which provides a methodical and effective approach to facilitate the business school application process and strengthen professional development. Those interested must apply and be accepted as an MBA Prep Fellow a year before they actually begin applying to business schools. During the MBA Prep Program, MLT Fellows are assigned an MLT Coach who assists them with their personal story, school selection, and strategy to increase their chances of success in the MBA application process. Additionally, MLT partners with many top business schools and corporate employers whose representatives provide guidance to MLT Fellows, giving them a competitive advantage for acceptance to MBA programs and procurement of summer internships.
Beyond business school, MLT develops mid-career professionals for advancement opportunities to the senior executive level via its MLT Career Advancement Program, a challenging and intensive nine-month program in which such professionals are periodically assessed via simulations, rigorous practice, and one-on-one coaching. From a recruiting perspective, MLT alumni may access the Experienced Talent Network, which offers free access to exclusive partner events, introductions to top employers, interview prep and coaching, and other networking and professional development opportunities.
The Consortium for Graduate Study in Management
The Consortium is an organization that provides African Americans, Hispanic Americans, and Native Americans the opportunity to apply to top MBA programs in its business school affiliate network, which now consists of 25 MBA programs following the recent additions of the Stanford Graduate School of Business in 2022, Northwestern University’s Kellogg School of Management in 2023, and the University of Chicago’s Booth School of Business and Duke University’s Fuqua School of Business in 2024. Prospective candidates utilize a streamlined application process through which they may apply to up to six of the aforementioned MBA programs within the network via one integrated application. In addition to writing school-specific essays, applicants must demonstrate in a Mission Essay how they have and will continue to uphold The Consortium’s mission of fostering diversity in the workplace and maintaining substantive engagement in one’s community.
Approximately 60% of admitted students are generally awarded a merit-based, full-tuition Consortium fellowship, and certain students may receive a school-specific MBA scholarship to help defray educational costs. Once admitted to The Consortium and an affiliate MBA program, students have opportunities to meet employers, improve their skills, develop mentor/mentee relationships, and network with other industry professionals.
Robert Toigo Foundation
The Robert Toigo Foundation awards its prestigious fellowship to a select number of minority MBA students pursuing in a career in the financial services, private equity, and investment management sectors. Those who are interested must apply to the program in the spring before matriculating to business school. If selected for the final round in the application process, candidates participate in MBA Catapult—an event hosted by a Wall Street company where they are evaluated by industry practitioners on technical and soft skills via case study presentations and are subsequently interviewed by a panel of Toigo Alumni and sponsors for fellowship selection. Toigo Fellows are assigned an industry mentor, provided life-long access to a robust network of professionals, offered professional development opportunities via in-person workshops and webinars, and afforded access to summer internships and full-time job opportunities via the ToigoLINK portal.
Beginning in 2023 and in partnership with the Pension Real Estate Association, Toigo also offers the Toigo Real Estate Intensive (TREI), which gives MBA students and those who have completed the CFA Level I exam the opportunity to participate in a ten-month leadership coaching and educational experience centered on real estate. TREI is the first of a series of sector-specific programming that Toigo will introduce over the coming years.
Upon graduating from an MBA program, Toigo alumni also receive access to exclusive employment opportunities via the ToigoPRO portal. Most notably, the Toigo Foundation hosts its Annual Gala, which has featured distinguished speakers such as Michelle Obama, Magic Johnson, Trevor Noah, and Robert Smith, and its annual Groundbreakers Women in Leadership Summit, which focuses on such topics as gender diversity and women’s contributions in business.
National Black MBA Association
The National Black MBA Association (NBMBAA) provides an extensive network that allows Black MBA students and alumni to build symbiotic personal and professional relationships. The organization’s yearly Conference & Exposition is a multi-day event, typically held in the fall, that hosts prominent industry speakers and community leaders via panel discussions addressing such topics as professional networking, entrepreneurship, wealth building, and educational excellence. Many MBA students and alumni have procured summer internships and/or full-time opportunities during the event’s networking breakout sessions and the popular Career Expo, which features hundreds of employer sponsors across industries and functional areas.
In addition to applying for merit-based scholarships offered by the NBMBAA, students may also join regional chapters of the organization, which host their own quarterly seminars and events—providing further networking, professional development, and career opportunities.
JumpStart Advisory Group
The JumpStart Advisory Group hosts pre-matriculation career prep forums for minority candidates. The events target students interested in management consulting, finance, and brand management careers. Attendees can participate in professional development workshops, case studies, networking events with employers, and resume development sessions. In addition, these events facilitate the opportunity for attendees to be invited to an office visit with participating employers—which subsequently positions them to receive interview invitations for summer internships.
PIMCO Foundation Future Leaders Scholarship
The PIMCO Foundation Future Leaders Scholarship (FLS) was founded in 2021 with a commitment of $1 million, which subsequently expanded to $2 million, and is designed to assist students from underrepresented communities in pursuing a career in finance. Eligible individuals must be a current US citizen or permanent resident, currently pursuing a relevant degree or career in financial services or an adjacent industry at a US institution, and in good academic standing with a minimum GPA of 3.2 on a 4.0 scale or its equivalent. Although the FLS website notes that fall 2024 students are currently eligible to apply, we recommend monitoring the website for any information on subsequent application cycles.
In addition to these resources, MBA candidates should take advantage of their school’s diversity weekends and student affinity organizations to develop their personal support network, making the transition to business school as seamless as possible. These combined with external resources and affiliations will position students for success during their MBA studies and beyond.
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