Empowering Black Business Leaders: Scholarships for MBA Students

10+ Scholarships for Black MBA Students with Awards between
$5,000 to $10,000+

Getting an MBA degree can be a significant investment for anyone. For Black students pursuing an MBA, the financial burden can be even more challenging to navigate. However, there are many scholarships available specifically for Black MBA students to help offset the cost of tuition and other expenses. The compilation of 100 scholarships specifically for black MBA students come from a diverse range of organizations, such as corporations, foundations, and non-governmental organizations, and are worth anything from $2,000 to $10,000.

Our list consists of scholarships for Black MBA students who plan to pursue careers in diverse sectors, such as business, technology, and healthcare. Certain scholarships are exclusively designated for those enrolled in specific universities, while others are accessible to individuals enrolled in accredited MBA programs. Moreover, some scholarships are granted only once, while others offer funding for multiple years. 

Many of the scholarships on our list have application deadlines in the fall or early winter, so it’s essential to start the application process early. Students will need to gather transcripts, recommendation letters, and essays. Some scholarships may also require students to demonstrate financial need or show proof of community service or leadership.

Black MBA students face unique challenges in pursuing their educational and professional goals, and these scholarships can help alleviate some of the financial burdens. By providing financial support to Black MBA students, these scholarships not only contribute to their individual success but also help to promote diversity and inclusivity in the business world.

List of Scholarships for Black MBA Students with Awards between $2,000 to $10,000+

Pursuing an MBA degree can be a significant financial investment, but scholarships for Black MBA students can help make it more accessible. Our list of 90 scholarships for Black MBA students with awards ranging from $5,000 to $100,000 demonstrates that there are various scholarship opportunities available to students from different backgrounds and pursuing different career paths.

These scholarships not only provide financial support but also contribute to promoting diversity and inclusivity in the business world. With the right preparation and research, Black MBA students can take advantage of these opportunities to achieve their educational and professional goals.

1. National Black MBA Association (NBMBAA) Graduate Scholarships

• Award Amount: Varies
• Application Deadline Month: Varies
• URL: https://nbmbaa.org/graduate-scholarships/

Offering financial support to Black MBA students, the National Black MBA Association (NBMBAA) provides a variety of graduate scholarships. Eligible applicants must be NBMBAA members, enrolled in an accredited MBA program, and demonstrate academic excellence and leadership potential.

2. The Consortium for Graduate Study in Management Fellowship

• Award Amount: Full-tuition
• Application Deadline Month: Varies
• URL: https://www.cgsm.org/

The Consortium Fellowship is awarded to Black MBA students and other underrepresented minorities who demonstrate a commitment to promoting diversity and inclusion in business. The fellowship covers full tuition and is available to students admitted to MBA programs at participating Consortium member schools.

3. Executive Leadership Council (ELC) Honor Scholarship

• Award Amount: $10,000
• Application Deadline Month: Varies
• URL: https://www.elcinfo.com/scholarships/

The ELC Honor Scholarship is designed for Black MBA students who exhibit strong leadership skills and academic achievement. Applicants must be enrolled in an accredited MBA program and demonstrate a commitment to community service and business excellence.

4. Reaching Out LGBTQ MBA Fellowship

• Award Amount: Minimum $10,000 per academic year
• Application Deadline Month: Varies
• URL: https://www.reachingoutmba.org/fellowship/

While open to all LGBTQ+ and active ally MBA students, the Reaching Out LGBTQ MBA Fellowship also welcomes applications from Black MBA students who identify as LGBTQ+ or allies. The fellowship provides financial support and leadership development opportunities. Applicants must be admitted to a partner MBA program.

5. Robert Toigo Foundation MBA Fellowship

• Award Amount: Varies
• Application Deadline Month: Varies
• URL: https://www.toigofoundation.org/mba-fellowship

The Robert Toigo Foundation MBA Fellowship supports underrepresented minorities, including Black MBA students, who are pursuing careers in finance. The fellowship offers financial assistance, mentoring, and networking opportunities. Applicants must be enrolled in an accredited full-time MBA program.

6. National Association of Black Accountants (NABA) National Scholarship Program

• Award Amount: Varies
• Application Deadline Month: Varies
• URL: https://www.nabainc.org/scholarship

The NABA National Scholarship Program provides financial support to Black students pursuing degrees in business, finance, accounting, or related fields, including MBA programs. The scholarship aims to promote diversity and inclusion in the business and accounting professions. Applicants must be NABA members and demonstrate academic achievement and leadership potential.

7. The Ph.D. Project Scholarship

• Award Amount: Varies
• Application Deadline Month: Varies
• URL: https://www.phdproject.org/phd-project-scholarships/

The Ph.D. Project Scholarship is designed for underrepresented minorities, including Black MBA students, who are interested in pursuing doctoral degrees in business. The scholarship provides financial assistance and resources to help students succeed in doctoral programs. Applicants must be accepted into a participating business doctoral program.

8. Prospanica Scholarship Program

• Award Amount: $2,000 to $5,000
• Application Deadline Month: May
• URL: https://www.prospanica.org/page/Scholarship

The Prospanica Scholarship Program is open to Hispanic and Black MBA students who demonstrate academic excellence, leadership skills, and a commitment to the Hispanic community. Applicants must be Prospanica members and enrolled in an accredited graduate business program, including MBA programs.

9. C200 Scholar Awards

• Award Amount: Varies
• Application Deadline Month: Varies
• URL: https://www.c200.org/c200-scholar-award/

The C200 Scholar Awards provide financial support to female MBA students, including Black women, who demonstrate leadership potential and a commitment to advancing women in business. The scholarship aims to support the next generation of women business leaders. Applicants must be enrolled in a participating MBA program.

10. Forté MBA Fellowships

• Award Amount: Varies
• Application Deadline Month: Varies
• URL: https://www.fortefoundation.org/mba-scholarships

The Forté MBA Fellowships are awarded to women and underrepresented minorities, including Black MBA students, who demonstrate leadership potential and a commitment to advancing women in business. The fellowship provides financial support, networking opportunities, and access to leadership development programs. Applicants must be admitted to a participating MBA program.

11. National Society of Hispanic MBAs (NSHMBA) Foundation Scholarship

• Award Amount: Varies
• Application Deadline Month: Varies
• URL: https://www.prospanica.org/page/scholarships

Supporting the academic and professional development of Hispanic and Black MBA students, the NSHMBA Foundation Scholarship offers financial assistance to students who demonstrate academic excellence and leadership potential. Applicants must be members of Prospanica (formerly NSHMBA) and enrolled in an accredited MBA program.

12. JumpStart Advisory Group MBA Scholarship

• Award Amount: Varies
• Application Deadline Month: Varies
• URL: https://www.jumpstartadvisorygroup.com/scholarships

JumpStart Advisory Group provides MBA scholarships to underrepresented minorities, including Black students, who are pursuing careers in business and finance. The scholarship aims to promote diversity in the business sector. Eligible applicants must be enrolled in an accredited MBA program and demonstrate a commitment to leadership and community service.

13. AICPA Fellowship for Minority Doctoral Students

• Award Amount: Up to $12,000
• Application Deadline Month: March
• URL: https://www.aicpa.org/career/diversityinitiatives/fmds.html

Black MBA students interested in pursuing a Ph.D. in accounting can apply for the AICPA Fellowship for Minority Doctoral Students. The fellowship provides financial support and resources to minority students who plan to become accounting educators. Applicants must be enrolled in a doctoral program and hold a CPA license or plan to pursue CPA licensure.

14. Point Foundation Scholarships

• Award Amount: Varies
• Application Deadline Month: January
• URL: https://pointfoundation.org/point-apply/apply-now/

LGBTQ+ students, including Black MBA students who identify as LGBTQ+, are eligible for Point Foundation Scholarships. These scholarships provide financial support, mentoring, and leadership development opportunities. Applicants must demonstrate academic achievement, leadership skills, community involvement, and financial need.

15. Ron Brown Scholar Program

• Award Amount: $10,000 annually
• Application Deadline Month: January
• URL: https://www.ronbrown.org/section/apply/program-description

Dedicated to supporting African American students, the Ron Brown Scholar Program offers scholarships to academically talented and highly motivated students, including those pursuing an MBA. The scholarship is renewable and provides financial support, leadership experiences, and networking opportunities. Applicants must demonstrate academic excellence, leadership ability, and a commitment to public service.

Application Process for MBA Scholarships

Each scholarship has its specific application process, requirements, and deadlines. To increase your chances of success, follow these general steps:

1. Research: Start by researching the scholarships that align with your academic and professional goals. Consider factors such as eligibility criteria, award amounts, and deadlines.
2. Prepare: Gather necessary documents such as transcripts, letters of recommendation, and proof of enrollment or acceptance into an accredited MBA program. Some scholarships may also require essays, personal statements, or financial need documentation.
3. Apply: Submit your application by following the instructions and requirements of each scholarship. Ensure you meet the deadlines, and keep track of your application status.
4. Follow Up: If required, participate in interviews or provide additional information. Promptly respond to any communication from the scholarship provider.

Importance of the FAFSA for MBA Scholarships

The Free Application for Federal Student Aid (FAFSA) is a crucial step for students seeking financial assistance for higher education. Completing the FAFSA allows you to be considered for federal financial aid programs, including grants, work-study, and low-interest loans. Additionally, many scholarship providers and educational institutions require a completed FAFSA to determine your eligibility for need-based scholarships.

To complete the FAFSA, follow these steps:

1. Gather Required Information: Prepare necessary documents, including Social Security numbers, tax returns, W-2 forms, bank statements, and other financial records.
2. Create an FSA ID: Register for a Federal Student Aid (FSA) ID on the FAFSA website. This ID serves as your electronic signature and provides access to your FAFSA records.
3. Complete the FAFSA: Fill out the FAFSA form online at fafsa.ed.gov, or submit a paper application. Provide accurate financial and personal information to avoid delays or errors.
4. Review and Submit: Double-check your application for accuracy, sign with your FSA ID, and submit the form. Keep a copy of your completed FAFSA for your records.
5. Monitor Your Status: After submitting your FAFSA, you’ll receive a Student Aid Report (SAR) summarizing your information. Review the SAR for accuracy, and make any necessary corrections.

Boosting Your Chances of Securing MBA Scholarships

To maximize your chances of winning MBA finance scholarships, consider these tips:

1. Start Early: Begin researching and applying for scholarships well in advance. This will give you ample time to gather required documents and craft strong application materials.
2. Tailor Your Application: Customize your application materials to each scholarship’s specific requirements and goals. This includes adjusting your essays and personal statements to match the scholarship’s focus or values.
3. Maintain a Strong Academic Record: Many scholarships prioritize applicants with impressive academic achievements. Maintain high grades and participate in relevant extracurricular activities to boost your candidacy.
4. Network: Engage with professional associations, alumni networks, or online communities related to finance. Networking can help you learn about additional scholarship opportunities and gain valuable insights from professionals in the field.
5. Apply to Multiple Scholarships: Increase your chances of success by applying to multiple scholarships that match your eligibility and goals. This approach will help maximize your potential financial support.
6. Seek Guidance: Consult with academic advisors, professors, or career counselors for advice on scholarship applications, recommendations, and other support. They can provide valuable insights and help strengthen your application materials.
7. Proofread and Revise: Ensure your application materials are polished and error-free. Ask a trusted friend, family member, or mentor to review your documents for clarity, grammar, and punctuation before submitting.

MBA scholarships for Black students can play a crucial role in reducing the financial challenges associated with obtaining an advanced degree and offer valuable opportunities for professional growth. By exploring scholarship options, customizing your applications to align with each scholarship’s criteria, and submitting the FAFSA, you’ll enhance your prospects of obtaining the financial assistance necessary to fulfill your educational and career aspirations. Begin your scholarship search today, and unlock your potential in the dynamic and diverse field of business administration.

MBA Scholarship Resources

1. Peterson’s Link: https://www.petersons.com/scholarship-search.aspx Peterson’s is an educational resource platform that includes a scholarship search tool. By creating a free account and inputting your academic information, Peterson’s can help you discover MBA finance scholarships and other financial aid opportunities that align with your educational objectives.
2. More MBA Scholarship Resources on MBA Guide.