MBA Scholarships for Black Students


Published June 28, 2023

Explore a comprehensive list of MBA scholarships, fellowships, and grants designed to support Black students pursuing a graduate business education. is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.

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Black students take on more student loan debt than their white counterparts, highlighting the crucial need to bridge the racial wealth gap. To that end, this guide discusses MBA scholarships and grants for Black students specifically designed to support you on your educational journey.

While students studying any subject can benefit from financial aid, this guide focuses specifically on MBA scholarships for Black students that can help you finance your graduate business education.

MBA Scholarships for Black Students

Forté Fellowships

  • Amount: Up to $25,000 per academic year
  • Application Deadline: Deadlines vary on a school-by-school basis

Forté Fellowships are awarded to women enrolled in an MBA program at one of their many prestigious partner schools; this includes scholarships for Black MBA students, who make up about 11.5% of Forté recipients. If you qualify, you will be automatically considered by your school.

Factors for evaluation include academic achievement, demonstrated leadership traits, relevant employment experience, test scores, and more. Recipients must act as Forté ambassadors on campus, which includes hosting, recruiting, and mentoring duties.

Awardees receive up to $25,000 per academic year. Other benefits include access to all of Forté’s resources, an extensive network of professional businesswomen, and professional development opportunities.

The ROMBA LGBTQ+ Fellowship

  • Amount: A minimum of $20,000 per academic year
  • Application Deadline: Deadlines vary on a school-by-school basis

The Reaching Out MBA (ROMBA) LGBTQ+ fellowship is for graduate students studying business who identify as queer, which includes Black MBA students. The minimum award is $20,000 per academic year.

You can get a ROMBA LGBTQ+ scholarship to attend any of the prominent business schools that Reaching Out partners with. Begin by notifying them of your interest, as well as by self-identifying as LGBTQ+ in your MBA application. You will then receive a letter with a scholarship offer.

In return, you will serve as an ambassador to the LGBTQ+ community on campus, a leadership position that lifts queer voices. Duties include actively working on LGBTQ+ initiatives at your school, promoting Reaching Out, and helping to select future ROMBA fellows.

Congressional Black Caucus Spouses Education Scholarship

  • Amount: $2,500-$20,000 per academic year
  • Application Deadline: March, annually

The mission of the Congressional Black Caucus (CBC) Foundation is to promote Black excellence, including by awarding scholarships to outstanding students. This includes Black MBA scholars who have demonstrated a commitment to leadership in school and beyond.

In order to qualify for this scholarship, you must be an African American or Black student with a 2.5 GPA or better who is active in your community. You also have to live in a qualifying CBC district or plan to attend a school located within one.

To apply, submit your application, transcripts, two letters of recommendation, a resume detailing your accomplishments, and a video personal statement. The organization also asks applicants to submit a professional photograph in order to be considered.

Otsuka Scholarship

  • Amount: $10,000 per academic year for two years
  • Application Deadline: April 15, annually

The Executive Leadership Council (ELC) is dedicated to boosting the presence of Black executives in top leadership positions globally. They provide MBA scholarships for Black students totaling approximately $1.5 million annually.

One such scholarship is sponsored by Otsuka, a pharmaceutical company based in Japan. The Otsuka Scholarship awards funds to Black first-year graduate students in STEM or business programs, including MBA students. The total award is $20,000, in increments of $10,000 over two years.

In order to qualify, you have to be a high-performing student with a minimum GPA of 3.0 and demonstrate financial need. Funds are paid directly to your school, and transcripts are required at the end of each semester for continued support.

LunaCaps Foundation Scholarships

  • Amount: $10,000 per academic year
  • Application Deadline: March 31, annually

Open to veterans, active members of the military, and scholars of Mexican heritage, the LunaCaps Foundation aims to make graduate business school more affordable with MBA scholarships for minorities. Awards are specific to top-tier business schools like Harvard and Yale.

In addition to being a member of one of those groups, applicants should be starting the first year of their MBA program and attending on a full-time basis. You must be enrolled by July 31 to receive the $10,000 award the following fall.

Note that you may have to provide some evidence of financial need as determined by your school.

American Bus Association Scholarship

  • Amount: $5,000 per academic year
  • Application Deadline: Varies

The American Bus Association acknowledges the need for diversity in the tourism, travel, and transportation industries. To that end, they award a diversity scholarship to students pursuing an education in those subject areas, including Black MBA student scholarships.

The core of the application is a 500-word essay about how you plan to bring the industry you’re studying (and eventually working in) into the future. Grades and other academic achievements, leadership potential, and financial need are also considered.

Note that students who have some connection or affiliation with the American Bus Association and/or partner companies will get special consideration.

Prospanica Scholarship Program

  • Amount: Up to $5,000 per academic year
  • Application Deadline: April 21, annually

Prospanica — the Association of Hispanic MBAs & Business Professionals — is committed to assisting Hispanic/Latino/a scholars, and awards scholarships for MBA students, including Black learners. The organization's mission is to help entrepreneurial individuals uplift the entire community.

In addition to being Hispanic/Latino/a, you must also be a U.S. citizen, DACA recipient, or permanent resident with a 3.0 GPA. A 2.75 GPA is acceptable if you are also working while in school. You also have to be enrolled in an MBA program or planning to enroll in one to qualify.

You must be a Prospanica member to apply for the MBA scholarship for minorities. Note that the association will cover half of the cost of signing up during the preliminary application round. You can receive up to $5,000 per year in funding.

The Howard E. Mitchell Fellowship

  • Amount: Full tuition
  • Application Deadline: March, annually

Created in 1992 to honor its namesake, the Howard E. Mitchell Fellowship is an MBA scholarship for minorities at the prestigious Wharton School of Business. Black MBA students, among other historically excluded groups, are automatically considered when they apply to the program.

Recipients are selected based on several factors, including a commitment to leadership, outstanding academic achievement, the strength of your resume, and any demonstrated commitment to helping minority communities.

If selected, your tuition is completely paid for. You will also join a network of like-minded scholars and get opportunities to participate in leadership workshops and more.

The Bunton-Waller Fellowship

  • Amount: Full tuition and stipend
  • Application Deadline: With admission application

Named after the first recorded African American male and female Penn State grads, the Bunton-Waller Fellowship waives tuition and provides a stipend to diverse business students attending the Smeal College of Business. This includes Black MBA students.

To be considered for this MBA scholarship, you have to apply to Smeal’s graduate program. Factors they consider include academic excellence, test scores, potential for leadership, the strength of your resume, and extracurricular activities.

Your potential to add something special to your class at Smeal is also considered, as is your involvement with your community.

The Darryl T. Banks HBCU Scholarship

  • Amount: TBD
  • Application Deadline: TBD

In an effort to be actively anti-racist, the Fuqua School of Business at Duke University announced the Darryl T. Banks HBCU Scholarship in 2020. This merit-based MBA scholarship for Black students was created by a task force in honor ofthe late professor Darryl Banks.

While this award is still in its infancy, money will be awarded to students who have graduated from an HBCU and are enrolling in the Fuqua MBA program. In addition to diversity, this MBA scholarship will prioritize talent and academic achievement.

The Hubertus W. V. Willems Scholarship for Male Students

  • Amount: Up to $3,000
  • Deadline: T:BA for 204

The Hubertus W. V. Willems Scholarship for Male Students supports men enrolled in engineering, chemistry, physics, or mathematical sciences programs. Applicants must be U.S. citizens enrolled at accredited institutions in the United States. Graduating high school seniors and undergraduate students must be full-time learners with a minimum GPA of 2.5, while graduate student applicants may be enrolled full time or part time. Graduate students must have a minimum GPA of 3.0 to be considered.

Applicants should be NAACP members. They must demonstrate financial need based on federal poverty guidelines. Approximately 20-40 scholarships are awarded each year, with a maximum amount of $3,000. The application window extends from mid-March to mid-May.

TMCF Walmart Foundation First-Generation Scholars Mentorship Program

  • Amount: $3,100 per semester
  • Deadline: T:BA for 204

As a joint venture by the Thurgood Marshall College Fund (TMCF) and the Walmart Foundation, the First-Generation Scholars Mentorship program provides financial support to outstanding students enrolled in one of the 47 member schools within the TMCF network. Applicants apply to serve as mentors to first-generation scholars, assisting them as they adjust to life on a college campus.

Eligible students must have a minimum GPA of 3.25, U.S. citizenship, and full-time enrollment status.

To apply, students submit a resume, college transcripts, and one letter of recommendation from a current instructor, faculty member, or TMCF campus coordinator. Additional application materials include answers to application questions about goals, learning experiences, and obstacles faced during collegiate study.

Agnes Jones Jackson Scholarship

  • Amount: $2,000
  • Deadline: T:BA for 204

The Agnes Jones Jackson Scholarship is reserved for Black students. Candidates must have current NAACP membership. Applicants must also hold a minimum GPA of 3.0 and demonstrate financial need based on federal poverty guidelines. This scholarship is reserved for U.S. citizens under the age of 25 attending school full time. To apply, students submit official transcripts, financial information, a one-page essay, evidence of full-time enrollment, and three letters of recommendation.

Additional Information: Members of the NAACP board of directors, Special Contribution Fund, NAACP Scholarship Selection Committee, National Youth Work, and their families may not apply for this award.

Robert Toigo Foundation Fellowship

  • Amount: Varies
  • Deadline: M:arch 1

Qualifying applicants must be enrolled full time in an accredited U.S. master's program in business, real estate, or finance. The award is open to U.S. residents and minorities as defined by the U.S. Department of Labor, which includes African Americans, Asian Americans, Pacific Islanders, Hispanics, Latino/as, Native Americans, Alaska Natives, and South Asian Americans. Second-year fellows may apply for additional awards of up to $10,000.

After submitting an application, candidates must complete an interview. Scholarship recipients receive career training along with financial aid.

National Association of Black Accountants Scholarship Program

  • Amount: $1,000-$5,000
  • Deadline: T:BA for 204

NABA awards three types of scholarships to qualifying Black students: the NABA National Scholarship, Corporate Partner Scholarship, and NABA Member Scholarship. Applicants must be active student members of NABA, enrolled full time as graduate students or be accepted into an MBA program, and hold a minimum GPA of 3.3.

Candidates must submit a current resume, a letter of recommendation, a personal biography of 75 words or less, a professional headshot, a 500-word essay, and transcripts.

Additional Resources for Financial Assistance

Founded to support Black professionals entering the corporate world, NBMBAA offers networking events, job listings, and professional certification through more than 30 chapters nationwide. NBMBAA also offers MBA minority scholarships for students attending select schools. Formed to enhance college students' quality of life through Black Student Unions, the NBSU encourages members to pursue graduate and professional study. Membership benefits include networking opportunities, access to an annual conference, and professional publications. Named after Supreme Court Justice Thurgood Marshall, TMCF is the nation's largest Black college organization. TMCF awards millions in scholarships and funding to students and participating schools, including predominantly Black institutions and publicly supported HBCUs. The Consortium awards full MBA scholarships for minorities, including Black MBA students. Scholars who have a track record of promoting diversity in their communities are encouraged to apply via the Common App to The Consortium’s prestigious business school partners. The United Negro College Fund (UNCF) is an organization that invests time, resources, energy, and money with the goal of equalizing educational opportunities. The fund provides scholarships to scholars like Black MBA students, helping to foster their academic and professional growth.

Financial Considerations for Black Grad Students

Black graduate students face a unique set of challenges and factors when considering college. First, financial constraints play a key role. According to the Brookings Institute, in 2019, the median net worth of white households was 7.8 times higher than Black households. This large gap can limit access to college and graduate school.

Black students face systemic barriers such as racism and lack of representation. Research by the Urban Institute reveals that racial disparities persist in graduate school, with Black students being underrepresented in most fields. This lack of representation can lead to feelings of isolation and make professional networking opportunities difficult.

To address these challenges, it is vital for Black graduate students to actively seek out scholarships and grants. These financial aids can ease the burden of tuition and housing costs and contribute to educational success.

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