CAMBRIDGE, Mass., March 9, 2021 – The Hispanic Business Club (HBC) at the MIT Sloan School of Management recently announced the launch of the group’s “More than Ready” Pre-MBA Scholarship to support Latinx applicants in the admissions process to top MBA programs. In partnership with Target Test Prep, Applicant Lab, and IvyAdvisors, the student club is offering pre-MBA micro-scholarships to applicants who are impacted by the cost of applying.
“We estimate that the top 25 full-time MBA programs consist of 5 to 8 percent Latinx students. The numbers are even lower for Latinx company executives, board members, investors, and VC-backed founders. We want to increase the pipeline of Latinx students in top MBA programs by reducing the application costs, which is a high barrier to entry for certain communities,” says Jose Luis Ramos, current co-president of the HBC.
Jessica Leon, HBC co-president, agrees. “The lack of representation of Latinx people in business and leadership positions is a significant issue. We are trying to address that with these scholarships to lower the financial barriers of entry.”
They noted that the costs to apply to top MBA programs can range from $6,000 to over $25,000. Costs include MBA program application fees, GMAT test fees, GMAT test preparation fees, application consulting, and campus visits.
“These costs screen out many Latinx applicants who either can’t afford the fees and/or don’t understand the value of investing in the admissions process. They also may have family and community members who don’t understand the process, questioning their decisions and creating an emotional barrier,” says Leon.
Ramos points out that while many of the application costs, such as test preparation, are voluntary, top MBA programs require competitive scores and essays. “The scholarship is intended to help even the playing field and give qualified Latinx applicants financial support at the start of the application process.”
The “More than Ready” Pre-MBA Scholarships will pay for access to online test preparation and application advising services provided by ApplicantLab, Target Test Prep, and Ivy Advisors. HBC is covering the licensing costs of the software programs for scholarship recipients through an alumni donation and HBC funding. Recipients will also have access to mentoring from members of HBC.
The application process opens March 9, 2021. “In reviewing the applications, our aim is to understand the ‘distance travelled’ by the applicant, the need for financial support, and any positive contributions to their respective community,” says Ramos, noting that the group is seeking Latinx applicants for the class of 2024 in full-time top MBA programs.
“Few initiatives are trying to tackle the pipeline challenge in this way. In addition to helping mitigate application costs, we are trying to raise awareness that top MBA programs are attainable. Through the mentoring aspect of the scholarship, we are sharing our personal stories and journeys about where we came from and what the MBA means to us,” says former HBC president Andrew Mairena, who graduated in 2019 and is involved with the scholarship.
Ramos added, “As the name of the scholarship states, we believe that many Latinx people are ‘more than ready’ to be our classmates but are being left behind. We want to be a beacon for these communities.”
In addition to Ramos, Leon, and Mairena, MIT Sloan MBA students and incoming HBC co-presidents Claudia Moreno and Renzo Hidalgo are helping to organize the scholarship and continue the legacy.
For more information or to apply to HBC’s More than Ready Scholarship, please visit: http://bit.ly/MBAMoreThanReady
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