Resources for Minority MBA Students

The prospects for minority MBA program students continue to improve as an increasing number of schools prioritize a diverse student body. According to GMAC's Application Trends Survey, U.S. schools specifically targeted underrepresented populations* with special outreach. In fact, this candidate type was one of the top three who were targeted. With opportunities available for those who want to earn an MBA, learn more about MBA scholarships for minorities.

What percentage of current MBA students are minorities?

According to Bloomberg Businessweek, the number of underrepresented minorities (African American, Hispanic American and Native American) currently enrolled at the top 30 schools averages 13.4%. In contrast, nearly 40% of minority b-students attend traditionally black business schools. The precise numbers vary with each program, but business school advisors should be familiar with the percentages.

What factors should I consider when comparing programs?

There are several questions to ask yourself as when choosing a school. Look closely at statistics: many schools say they are the “most diverse,” but what do they use to support this statement? Study how the school addresses different kinds of diversity (cultural, sexual and physical). These numbers are available on school web sites but can be buried in different sections; it may be easier to request these statistics from an admissions counselor.

What do b-schools have in place to support minority students?

Each business school addresses the needs of minority MBA program students in a unique way, but many will provide some combination of the following:

• Scholarships for incoming and returning minority business students
• Minority student groups that work to increase minority visibility on campus, bring diversity-related issues to the table, provide support to minority students and help members network with leaders in the business community.
• On-campus chapters of national minority business organizations and fraternities, like the National Association of Black Accountants.
• Mentoring programs with business professionals.
• Alumni societies to provide support and networking opportunities beyond college.

What types of MBA scholarships for minorities are available?

The amount of financial aid available to minority students is growing, although private schools can earmark specific funds for incoming minority students, whereas state institutions are constrained by anti-affirmative action measures. Numerous private scholarship opportunities for minority business students also exist, particularly for those in postgraduate programs. Unless otherwise mentioned, the organizations listed below offer multiple awards of different amounts that can range up to full tuition:

• The National Society of Hispanic MBAs and the Hispanic Scholarship Fund have partnered to assist outstanding Hispanic students who plan to pursue Master’s Degrees in management and business.
• The National Black MBA Association awards scholarships and fellowships to all minority students at the undergraduate, graduate and doctoral levels.
• The Consortium for Graduate Study in Management grants more than 300 MBA fellowships to minority students annually. In alliance with 14 colleges and universities, the CGSM offers merit-based scholarships.
• The Robert A. Toigo Foundation works with 17 colleges and universities to support minority MBA students who plan to enter the finance industry. They offer scholarships, mentor programs, internships and job placement assistance.
• The American Indian Science and Engineering Society is geared towards Native American students enrolled in hard sciences and engineering programs with some local chapters open to business students.
• The Gates Millenium Scholars program is intended to increase the number of minority students enrolling in and completing undergraduate and graduate degree programs.

What other means of support are available?

Many business schools have mentoring programs that are designed to help outstanding minority students connect with leaders in the business community. In addition, there are also national mentoring and support groups, including:

• The PhD Project serves as a resource for all minorities who would like to receive more information about business doctoral studies. Since inception, members of the PhD Project have seen a dramatic increase in the number of minority candidates in business doctoral programs.
• Management Leadership for Tomorrow connects individuals who would like to pursue business studies with mentors in the community.
• Sponsors for Educational Opportunity provides mentoring and internships for minority b-school undergraduates in order to develop lifelong networking opportunities and professional connections.

Each of these groups is also part of a larger organization called the Diversity Pipeline Alliance. The Diversity Pipeline Alliance brings groups together in order to provide support for minority b-school students through all stages of education up to the PhD level.

What are my job prospects?

Currently, there are very few minorities in executive and upper-level management positions, but this should improve: major corporations and Fortune 500 companies want to recruit minority workers. As the nation’s demographics change, executives seek managers who reflect the cultural composition of the country. More importantly, they want senior level employees who will bring new perspectives to the company’s agenda. Minorities are being recruited for these positions in order to become mentors for the next wave of minority business professionals.

Marketing MBA or Marketing Master’s: Which to Get?

Both a marketing MBA and a marketing master’s degree will prepare you for marketing leadership positions across any number of business industries thanks to their robust programs.

While each track offers advanced training in marketing and managerial concepts and practices, they each have a distinct objective. Let’s break down their differences to better understand which may be right for you.

• A marketing MBA trains you to develop a broad set of business skills that you will be able  to apply and transfer to other business arenas.
• The highly specialized marketing master’s takes a less general path by offering students the opportunity to focus almost exclusively on marketing-related issues.

Popular Marketing Graduate Programs

Marketing MBA Degree

The curriculum for an MBA marketing degree generally involves corporate management and business strategy, organizational behavior and design, leadership training, and in-depth discussions of marketing methods and research as they relate to general management.

Marketing Master’s

Course work for a marketing master’s is typically comprised of the detailed study of marketing research and strategy, advertising, consumer behavior and psychology, communication, and sales research and management. Master’s in marketing classes also cover entrepreneurial marketing, multinational management and nonprofit marketing, to name a few.

Your marketing MBA or master’s in marketing will be instrumental in helping you achieve a position of leadership in your career. Many people with these advanced degrees become market research analysts, sales or territory managers, public relations managers, advertising managers and product managers.

Entrepreneurship Education (Degrees, Skills & Outlook)

Entrepreneurs have many options: they can be business owners and managers, venture capitalists, or small business consultants. Though in some ways creativity, determination, and innovation are an entrepreneur’s most prized characteristics, successful entrepreneurs need a solid entrepreneurship education background in business skills, standards and practices. Here’s what you’ll need to do to get ready for a career in entrepreneurship.

Entrepreneur Degree & Education

Most entrepreneurs begin with a business bachelor’s degree or a more specific bachelor’s in entrepreneurship and then hone their skills in an MBA program. In entrepreneurship MBA programs, students are encouraged to draw upon their creative potential as they learn to build ventures. You will learn to manage a business enterprise’s stages of growth and see how to bring an early stage company or small business to life.

In addition to the core MBA courses most programs require, you may take classes in the following:

• Entrepreneurial management
• Growth strategies
• Venture financing
• Cash flow management
• Market research

Many MBA programs also offer students the chance to work with small businesses; some also give top MBA students opportunities to launch their own ventures in the second year of study.

Skills for Success in Entrepreneur Careers

Although some entrepreneurs have not attended graduate school, others believe that an MBA provides small business managers with invaluable administration skills. This business savvy only comes into play, however, if you are able to turn your ideas into reality. Here are some skills that make ordinary business people into entrepreneurs:

• Innovation and creativity: How will your business stand out from its competition? Your venture may benefit from the introduction of new products, public relations techniques or even new management practices. It is up to you to determine what is best for your business.
• People skills: As an entrepreneur, you will be the one who pitches products to potential investors or assists customers during sales. Understanding the needs of clients is crucial to your success, as is the ability to communicate with your partners, investors and supporters.
• The ability to multitask: You will probably have to tackle a range of tasks in different areas before the venture returns enough capital to hire additional employees. You may, for example meet with potential clients in the morning, then design advertisements at the office during the evening.
• Willingness to take risks: Starting your own business is always an uncertain venture. You will have to donate significant personal time and effort to build a customer base. Moreover, a new business requires a sizable financial investment. Running a start-up is not easy, but the opportunity to manage business operations and the possibility of great success often make it worth the risk.

Entrepreneurship Career Outlook

As an entrepreneur, you will be a leader in the business community, whether you take over the family business or purchase or start your own venture. Unlike many business fields, it is difficult to pinpoint the rates of growth or decline among entrepreneurs—business history has proven, however, that innovative business ideas are always in demand and can literally change industries.