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. In 2021, Bloomberg reported that Black students make up less than 10% of annual enrollment on average nationally. Admissions experts attribute this to the lack of formal corporate mentorship, the high monetary and opportunity costs to enter an MBA program, and the lack of leadership diversity in the college experience.
Because of these obstacles, the availability of MBA resources and programs to recruit and develop Black prospective students becomes even more important. Several notable pre- and post-MBA programs have proven to offset the aforementioned trend in statistics and will provide a great launching pad for your professional career.
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 facilitating the business school application process. 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 via its MLT Career Advancement Program, a challenging and intensive 12-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.
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 22 MBA programs following the recent additions of Columbia Business School in 2021 and the Stanford Graduate School of Business in 2022. 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.
Select students may be awarded a school-specific MBA scholarship and/or a Consortium fellowship 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 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. 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 & Career Expo 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 a yearly pre-matriculation career prep forum for minority candidates. The event targets 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, the event facilitates 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.
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.