Business schools can play a crucial role in preparing this future generation of leaders with the skills to take on the business world. As only 4% of chief executives in the United States are Black and 6% Hispanic, accessibility of opportunities is crucial to break down barriers and give minority groups access to high-ranking C-suite and management positions.
Applying for scholarship opportunities can reduce the financial burden of your master’s degree and could be pivotal in attending your top choice business school.
Here are some of the best business master’s scholarships for minorities, offered by business schools, partner organizations, and even top companies.
Top Business Masters Scholarships for Minorities
1. AICPA Scholarship For Minority Accounting Students
Amount: up to $5,000/year
Running for over four decades, the AICPA Minority Scholarship has awarded over $414.6 million to around 8,000 accounting students. To be eligible for the award, candidates must be enrolled in a full-time master’s degree in accounting and planning to pursue a Chartered Public Accountant (CPA) license. You’ll also need an overall GPA of 3.0.
2. Albert W. Dent Graduate Student Scholarship
Offered by the Foundation of the American College of Healthcare, this scholarship is specifically for racially and ethnically diverse students who are enrolled in their final year of a healthcare management graduate program.
There is no minimum GPA requirement and applicants must be US or Canadian citizens.
3. La Unidad Latina Foundation Scholarship
Amount: $500 - $2,000
While not specific to business students, the La Unidad Latina Foundation is aiming to ease the financial pressures of US Latino students and ensure they are comfortably able to finish their graduate education.
4. Prospanica Foundation Scholarships
Amount: up to $5,000
Prospanica scholarships are for Hispanic and Latino heritage students pursuing a master’s degree at an accredited business school in the US.
The scholarship awardees must show a commitment to achieving their full academic potential, have an entrepreneurial vision, and want to make a difference to society and the Hispanic community.
5. ISFFA Scholarships for Accounting Students
In partnership with the American Institute of Certified Public Accountants (AICPA) as part of its Minority Initiative Committee, the ISFFA awards merit-based scholarships to five impressive accounting students who show strong potential to become CPAs.
The award is available to full-time master’s degree students in accounting, finance, or taxation enrolled at regionally accredited institutions. Finalists for the award will take part in an interview with the ISFFA Scholarship Committee.
6. Deloitte Foundation Accounting Scholars Program
Amount: 100% of tuition fees
The Deloitte Foundation supports programs that work in line with Deloitte’s MADE (Making Accounting Diverse and Equitable) commitment. The goal is to diversify the student population at business schools as well as the pipeline of talent entering a CPA career.
The scholarship is available for minority students interested in pursuing a master’s degree in accounting or tax. Top business schools involved in this initiative include WP Carey School of Business, University of Maryland Smith School of Business, and Rutgers Business School.
7. NABA Scholarship Program
Aiming to break through economic barriers for students of color, NABA offers around 150 scholarships every year for Black and African American graduate students preparing to enter careers in accounting, finance, and business.
Applicants will need to include a letter of recommendation and two short essays.
8. Developing Country Scholarships | ESMT Berlin
Amount: up to $10,700 (€10,000)
ESMT Berlin offers four scholarships for master’s candidates from United Nations designated LDC or LLDC developing countries.
Master’s programs offered at ESMT Berlin include the Master in Innovation and Entrepreneurship, Master in Analytics and Artificial Intelligence, and the Master in Global Management. Candidates must complete a scholarship essay as part of their application, highlighting why they should be awarded the scholarship.
9. Black Future Leader Award | Imperial College Business School
Amount: 50% tuition fee
Imperial College Business School is working to improve the representation of Black students from all regions across their master’s programs.
To be in with a chance of earning the scholarship, applicants must show they have impressive leadership potential or experience and want to make a positive impact on the business school community. This will be submitted in the form of a three-minute video. Applicants should also ensure their master’s application is a strong as possible.
10. Wells Fargo American Indian Scholarship
For graduate students who are a member of a state-recognized American Indian Tribe or Alaska Native group, the Wells Fargo scholarship will help provide financial assistance towards their degree.
To be eligible, students must be pursuing a degree in business such as in banking, resort management, accounting, finance, information technology, or human resources.
Next Read: Top Business Master's Scholarships For Women