GMAC Offers $10 Million for Business Education

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Soon universities (and possibly others who offer business education) will have access to an additional source of funding.

The folks who bring you the GMAT, the Graduate Management Admission Council Board, earlier this month approved $10 million to establish a fund to advance business and management education around the world. This in support of the Council’s initiative to make strategic philanthropic investments for the benefit of business and management education globally.

GMAC president and CEO, David A. Wilson states:

"We recognize that substantial change will only occur with substantial investment. That is why we think the board’s action can make a difference. These are investments against which the Council expects no return other than the advancement of the objectives for which grants are made."

GMAC Projects

Although the fund is new, GMAC’s sponsorship of projects that further business and management education globally is not. Two groups that have received support from GMAC in the past are The Ph.D. Project to increase the number of minority business school professors and their own Management Education Research Institute (MERI), which provides funding for faculty research on issues affecting management education, among others.

• Programs currently offered by MERI include the following:
• Grants up to $100,000 each for research that will impact management education.
• Faculty Fellowships designed to support innovative and thought-provoking management education leaders. Currently they offer up to four annual faculty fellowships up to $50,000 each for research at the fellows’ institutions.
• Doctoral Student Fellowships for doctoral students and beginning faculty. Up to four annual year-long doctoral student fellowships with awards up to $20,000 are available.

The Fund Formalizes GMAC’s Commitment

Over the next several weeks, the Council Board will put together a formal structure for the fund. Judy Phair in the council offices stated that the guidelines and process for applying for funds will be decided by an advisory committee to be selected by the board in early 2009.