For approximately 25 years business schools have been busy working to recruit minority students—mainly Hispanics, African Americans, Native Americans, and women—into their MBA programs and careers in business. Business schools are working to sell MBAs by delivering the benefits gained by obtaining an MBA such as more money along with the power and prestige in the world of business. Unfortunately, the message isn't getting through to the receiver as the minority student population in the United States hasn't seen a considerable increase. According to MBA Podcaster, minorities often make up less than ten percent of the total enrollment of most business schools compared to 15 percent at top medical and law schools around the country. So, what exactly is holding minorities back from pursuing an MBA? We'll examine some of these factors and go over a number of resources and programs available to minority students interested in pursuing an MBA.
Today's multi-cultural market and business schools across the nation are constantly looking to diversify their environment. Business schools all around the country have partnered with a number of outreach organizations who offer information sessions, seminars, scholarships, and fellowships specifically tailored to minority students. According to the American Assembly of Collegiate Schools of Business only five percent of US MBA students are Hispanic-Americans while less than two percent of business school professors are Hispanic. Even though valiant efforts are made with outreach programs and fellowships, it is still clear that minorities continue to be scarce at the top of the corporate ladder. This often leaves minority youth to question how they can reach the top if the lack of minority mentors is so scarce.
According to the National Society of Hispanic MBAs the main reason Hispanics do not pursue MBAs is due to the lack of financial aid. There is much more financial aid available to students—especially from the government—at the undergraduate level than at the graduate level. Many students are dependent upon the traditional financial aid system of PELL Grants which are not available at the MBA level.
The Consortium for Graduate Study in Management assists students by awarding more than 350 fellowships specifically to minority students each year. The National Black MBA Association also has scholarships available for students. It's not that MBAs can be a financial struggle that holds them back from pursuing their degree, but minority students do not have a full understanding of what exactly they will gain from earning an MBA.
A great deal of families often ask why the degree is needed and tells the student that they will be losing money from attending school. Families want to know where an MBA will get their student in the future. People often don't understand what the financial impact can have once they earn their MBA. When students finish medical school they become doctors, but when students finish business school what do they do? Become a businessman or businesswoman? There's an endless array of options including starting your own business, becoming an investment banker, or leading a non-profit organization.
An MBA opens doors and brings new possibilities. Earning an MBA will give you a well-rounded education where you will be viable in corporate America. Minority students must realize their full potential and look toward the future of power and prestige in today's business world.
