Funding for the Sainsbury Management Fellows (SMF) MBA scholarship is increasing from £300,000 to £500,000 to help offset the rise in cost of attending business schools.
Established by Lord Sainsbury to encourage engineers to broaden their business expertise, the scheme helps participants attend top international business faculties, including Harvard, Stanford, Wharton and London Business School. Ten applicants are selected each year, meaning each will now receive £50,000 towards the cost of their chosen MBA. According to analysis conducted on behalf of the programme, business school fees have increased by 19 per cent in Euros and 31 per cent in US Dollars over the past six years.
“Sainsbury Management Fellows have contributed to the growth of the UK and world economy, across all economic sectors,” said Lord Sainsbury. “Since the scheme began in 1987, more than 275 new businesses have been founded and Sainsbury Management Fellows have generated £4.5bn worth of economic wealth and have created 18,000 jobs.”
“I am pleased that my Gatsby Foundation continues to support the Sainsbury Management Fellows’ Scholarship scheme. I hope that, by increasing the amount of the scholarship, we will encourage and enable even more people – from a wide range of backgrounds – to apply for the award in future.”
Historically, the SMF scholarship scheme has been for engineers who want to become business leaders and entrepreneurs, but the criteria are now being expanded. Along with the funding increase, SMF is also broadening eligibility to embrace engineering and technology professionals whose first degree is in allied technology and science disciplines such as physics and computer science.
Graduates of the scheme have gone on to mentor young engineers, hold honorary professorships at higher education institutions, and participate in enterprise and leadership programmes run by the Royal Academy of Engineering, which administers the scholarship scheme for SMF.
“My objective when choosing to pursue an MBA was to arm myself with the skills and experience that could allow me to one day pursue my own business,” said SMF Taha Dar, a recent scholarship awardee studying at London Business School.
“The SMF scholarship has played a key role in this journey, and I know it will continue to do so.”