New York University (NYU)’s Stern School of Business has received a $10 million gift from an alumnus to establish a new scholarship program supporting exceptional college seniors seeking to pursue their MBA at Stern directly following graduation.
William R. Berkley, chairman of the NYU Stern Board of Overseers and vice chairman of the NYU Board of Trustees, pursued his MBA at Harvard Business School immediately upon graduating with a Bachelor of Science from NYU in 1966. With the creation of this new scholarship program, named in his honor, he hopes to create opportunities for other graduating seniors who want to proceed directly on to business school.
“At 20 years old, I had big ideas and I was incredibly eager to get started. I knew the tools of an MBA would be essential, and I had no time to lose,” Berkley said in a statement. “I had the rare opportunity to pursue my passion at a young age, and we want to bring to Stern the brightest students in the world who are ready to do the same.”
A few Berkley Scholars will be selected each year, chosen based on their stellar academic performance and exceptional potential to contribute to business and society, Stern announced. Interested students can apply to be considered for the William R. Berkley Scholarship Program during their senior year for any of Stern’s four MBA application deadlines: October 15, November 15, January 15 or March 15.
The scholarship covers Stern’s full two-year tuition and fees and provides an addition $18,000/year housing stipend and $10,000/year stipend for books and other expenses. Berkley Scholars will also receive intensive mentoring from the Stern community, the school notes.
“With Bill’s support, we have the opportunity to inspire the best young minds around the country and the world to dream big,” Stern Dean Peter Henry said in a statement. “Whether they’ve studied engineering or economics, physics or philosophy and everything in between, we want to put the tools of business into the hands of the most promising leaders of tomorrow,” he continued.
Berkley’s gift helps to support NYU’s “Momentum Campaign,” an effort launched two years ago raise $1 billion in six years for scholarships. So far, the university has raised $222 million toward its goal.