The University of Chicago Booth School of Business today announced 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.”

Barclays Global Retail and Commercial Bank Emerging Markets is responsible for Barclays retail and commercial business in the growing markets of the United Arab Emirates and Gulf States, Sub-Saharan Africa, Egypt and North Africa, and India and the Indian Ocean region.

Chicago Booth has increased scholarship assistance over the past seven years by 17.4 percent annually.

Chicago Booth is one of the leading business schools in the world. The school’s faculty includes many renowned scholars and its graduates include many business leaders across the U.S. and worldwide.

The Chicago Approach to Management Education is distinguished by how it leverages fundamental knowledge, its rigor, and its practical application to business challenges.

Chicago Booth offers a full-time MBA program, an evening MBA program, a weekend MBA program, an executive MBA program in Chicago, London and Singapore, a PhD program, open enrollment executive education and custom corporate education.

Barclays