After 30 years during which 330 engineers have been awarded £8 million of MBA scholarships, Sainsbury Management Fellows is extending the scheme to include graduates from allied technology and science disciplines such as computer sciences and physics. These graduates will be able to apply for a £50,000 scholarship to attend one of 14 business schools including Harvard, Stanford, LBS and INSEAD.
Lord Sainsbury has increased the scholarship by 67%, from £30,000 to £50,000 per applicant, awarding a total value of £500,000 per annum.
Over the last six years average business school fees have increased by 19% in Euros and 31% in US Dollars. An MBA galvanises career prospects and income but studying for an MBA at a top international business school is a big financial commitment given that this entails a loss of salary for one to two years, school fees and living expenses.
Lord Sainsbury commented on the increase in funding:
“Sainsbury Management Fellows have contributed to the growth of the UK and world economy, across all economic sectors. Since the scheme began in 1987, over 275 new businesses have been founded and Sainsbury Management Fellows have generated £4.5 billion 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.”
SMFs also mentor young engineers, hold honorary professorships at higher education institutions teaching subjects such as entrepreneurship, and participate in enterprise and leadership programmes run by the Royal Academy of Engineering, which administers the scholarship scheme for SMF.
SMF Taha Dar, a recent scholarship awardee who is studying at London Business School and ecently won a Great British Entrepreneur Challenge award for co-founding SearchSmartly said: “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. The SMF scholarship has played a key role in this journey, and I know it will continue to do so.
“Giving up my job to study for the MBA was a big decision, even though I’m fortunate to be supported by my wife during my two-year programme. The SMF scholarship has significantly mitigated the costs and risks associated with the change in career direction. Future applicants will benefit even more now that the scholarship is £50,000.”
The SMF scholarship scheme is administered by the Royal Academy of Engineering. Anyone interested in applying for the SMF Scholarship or who would like more information about it should visit the “grants and prizes” section of the Royal Academy of Engineering’s website.