On Friday, the University of Chicago Booth School of Business announced the creation of the Barclays Global Retail and Commercial Bank Fellowship Program, which will provide full-tuition scholarships each year to four incoming MBA students from Africa, South Asia and countries with emerging economies.
Preference for the merit-based, two-year scholarships will be given to students who intend to pursue careers in the financial services sector and demonstrate a commitment to the development of emerging markets, the school said.
“While the Barclays Fellowships will be awarded based on merit, it should be noted that, in general, MBA candidates coming from regions of the world such as Africa are in great need of financial assistance,” said Rosemaria Martinelli, associate dean of student recruitment and admissions at Chicago Booth.
“Often these candidates earn low annual salaries in their countries by U.S. standards, and scholarships drive the choice of schools for these students,” she said.
“The introduction of a fellowship program for these students as opposed to a scholarship program is significant, because it presents the opportunity for mentoring and enhanced professional development,” said Stacey Kole, deputy dean for the full-time MBA program.
Mentors provide students with added insights about career opportunities in the banking industry and also provide fellows with advisors whom they can tap in parallel to the MBA experience,” said Kole, who also is a clinical professor of economics. Mentors will be assigned by Barclays.
In addition to mentoring, summer internships will also be available, she said.
“Investing in an individual’s education is not just about donating money,” said Frits Seegers, chief executive of Barclays Global Retail and Commercial Bank and a 1989 MBA graduate of Chicago Booth. “It’s also about investing the time of our staff and passing on our experience and skills to help others. At the same time, Barclays gets the benefit of talented people with superior education to increase our global footprint and capabilities.”
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