As of 2022, Hispanic and Latinx citizens made up the largest ethnic or racial minority in the United States at approximately 19% of the US population, but they held fewer than 4% of senior executive leadership positions in corporate America. Increasing awareness and building the talent pipeline in the Latinx community may help reverse the trend in the aforementioned statistics. If you are Hispanic or Latinx and are thinking about pursuing an MBA, here are some resources to help you navigate the road ahead.
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 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 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.
Prospanica
Formerly the National Society of Hispanic MBAs (NSHMBA), Prospanica is committed to furthering the career growth of the Hispanic community with various programs to support Hispanic MBA candidates in particular. With a network made up of both students and professionals, you will find people who can mentor and guide you as you embark on applying to an MBA program and navigate the next steps for your career. From access to employment opportunities to foundation scholarships, consider signing up for membership as soon as you start thinking about pursuing an MBA.
The Consortium for Graduate Study in Management
The Consortium is an organization that provides Hispanic Americans, African Americans, and Native Americans the opportunity to apply to top MBA programs in its business school affiliate network, which now consists of 23 MBA programs following the recent additions of the Stanford Graduate School of Business in 2022 and Northwestern’s Kellogg School of Management in 2023. 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 70% of admitted students may be awarded a merit-based, full tuition Consortium fellowship, and certain students may receive a school-specific MBA scholarship—in each case, 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.
Riordan MBA Fellows
This initiative of the UCLA Anderson School of Management aims to develop minority students to ascend to business leadership roles. The program works with recent college graduates to prepare them to successfully apply to and graduate from top business programs around the country. As a fellow, you’re required to participate in monthly Saturday sessions at UCLA, and you’ll have a team of mentors and counselors to help you successfully navigate the MBA application process.
Robert Toigo Fellowship
The Robert Toigo Foundation awards its prestigious fellowship to a select number of minority MBA students pursuing 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 Catapult—an event hosted by a Wall Street company where they are evaluated by industry practitioners based on their respective 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 organization’s portal.
Beginning in 2023 and in partnership with Pensions Real Estate Association, Toigo also offers a Toigo Real Estate Intensive (TREI), which will allow MBA students who are CFA-1 holders and are interested in a real estate career the opportunity to join a cohort whereby individuals are invited to participate in a ten-month leadership coaching and educational experience. TREI will be the first of a series of sector-specific programming that Toigo will introduce over the next two 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.
Diversity Weekends and Information Sessions
We also recommend demonstrating an understanding of each business school’s unique offerings and how they are a fit for you. Many schools—including Harvard Business School (HBS), Michigan Ross, Columbia Business School, and Duke Fuqua—host diversity weekends in collaboration with various student organizations such as the Latino Student Organization (LASO) at HBS. This is a great opportunity to obtain a closer look at your school of interest and interact with current Latinx students and hear about their business school journey. Alternatively, if you are unable to attend these schools for diversity weekend, you may research certain diversity-focused information sessions that are hosted in various cities across the United States.
As for all MBA candidates, some MBA programs will be a better fit for you than others based on your background, work experience, and future career path. Keep these resources in mind as you navigate the process to help find the best place for YOU to pursue your MBA.
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