Frequently Asked Questions: Toigo Fellowship
Proven leadership potential and passion for a career in finance are two key attributes we look for in Toigo applicants. Other criteria, including academic excellence, a commitment to social change and community responsibility also are factored into the selection process.
If you think you’re a Toigo Leader, then we encourage you to apply. But first, review our FAQs for key program details and tips on making your application a stand-out. Please click on each question to view answers.
Benefits of Toigo MBA Fellowship
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What are the real benefits of becoming a Toigo MBA Fellow?
There are many—here are the ones our Fellows say matter most:
- You join one of the finance industry’s most vibrant professional networks—1000 strong and counting. Through this network, you build lifelong friendships and gain invaluable connections and advice during your MBA program and throughout your professional career.
- The designation of "Toigo Fellow" on your resume makes you a stand-out in the eyes of future employers. Ask our current Fellows: they secure summer internships at much earlier than their classmates. That’s the power of the Toigo brand—and a reflection of the talent that is part of our organization.
- Toigo Fellows also receive one-on-one career coaching, a professional mentor and leadership development training. As you begin to plot your career path, this guidance will be instrumental.
- You also receive a merit award paid on your behalf to your MBA program to help offset tuition costs. While the added financial support is nice—Fellows agree; it’s the power of the network that matters most.
What is your application to acceptance ratio?
How strong is your story? What leadership track record do you have? What’s your commitment to finance? How do you measure your history of community involvement? We receive 300+ applications for a limited number of spots (usually 50 – 60 per year). We don’t see it as a numbers game; we view your odds as excellent if you have the character, talent and drive that match what Toigo seeks.
Please click an FAQ below to view answers.
I have a multi-ethnic background—am I eligible to be a Toigo Fellow?
All African-American, Asian-American, Native American/Native Alaskan, South-Asian American and Hispanic/Latino candidates are welcome to apply, as long as you identify with at least one of these ethnic groups. We define minority based on the U.S. Department of Labor’s definition.
Is a pre-MBA finance background and/or job experience in finance a prerequisite for the Toigo Fellowship program?
No. What we require are passion, drive, and an interest in developing a career in the industry. Approximately 30% of our Fellows each year are “career switchers” who come from backgrounds such as engineering, the military and marketing. While they have no direct experience in finance their desire to shift focus and apply their pre-MBA career skills to financial services as their ultimate career choice is supported.
What if I’m not completely certain that I will pursue a career in finance?
If you aren’t sure, we do not recommend applying. All of the Foundation’s resources, sponsors, mentors and networks are concentrated in financial services; a Toigo Fellowship would be of little benefit if you decide not to go into the field and a strong commitment to finance is a pre-requisite for the Toigo Fellowship program
If I apply for a Toigo Fellowship, does it preclude me from applying to other fellowships offered by financial services firms or diversity organizations?
We encourage you to apply to any or all fellowships that may be of benefit to your academic and/or professional career. If selected, you may participate as a Toigo Fellow, however your funding may be adjusted if more than one fellowship has been awarded to you. For further clarification, please contact the Foundation.
I was recently awarded a full tuition Consortium fellowship. Is there a way for me to still be a Toigo Fellow?
Yes, but as a Consortium fellow you will be considered an UNFUNDED Toigo Fellow. You will need to discuss how the funding would work with your admissions or financial aid representative, because the Toigo grant is only applicable toward tuition. In addition, we ask that you identify yourself as a “Toigo Fellow and Consortium scholarship recipient.” You will benefit 100% from the services Toigo offers, and, as a member of the Consortium, you will have access to its events as well.
I have a full ride scholarship/funding from another institution, can I use the Toigo Foundation merit award for other assistance (books, housing, etc.)?
Due to the nature of our fellowship program, your merit award may only be applied to your tuition. In this case, you will be considered an UNFUNDED Toigo fellow. You will benefit 100% from the services Toigo offers with the exception of the financial award.
Am I eligible for the Toigo Fellowship if I am a “January admit” or in my second year of business school?
Unfortunately, no. The Toigo Fellowship is a highly structured program that begins prior to the first year of an MBA program and requires two full years of school, plus a mandatory internship between the first and second years.
If my business school application is waitlisted, can I still apply for the Fellowship?
We understand that MBA admissions decisions are rendered in a different timeframe for waitlisted applicants. You do not need to wait for your acceptance into an MBA program to apply (if you are extended a Fellowship offer, you will be required to confirm your acceptance into a full time MBA program). You are encouraged to apply even if your MBA application notification date is beyond the Toigo application deadline of April 15, 2013.
I intend to major in marketing with a minor in finance. Am I still eligible for a Fellowship?
We do not base your eligibility on the major/concentration that you plan to pursue during business school. As long as the opportunity you seek is clearly finance-related, we are more than happy to consider your application for the Fellowship.
What about students who want to be entrepreneurs and intend to study finance as a foundation for learning about start-ups?
Entrepreneurship is a growing trend among MBAs today and a strategy which may open many doors of opportunity. We recognize a finance background is an essential component to a successful startup, but will consider candidates who have interest to embark on entrepreneurial careers during their summer internships and post-graduation on a case by case basis. The dominant portion of our selected class will represent those with more traditional plans. If entrepreneurship is your path, we encourage you to apply and be very candid about your goals during the application process.
I am interested in pursuing opportunities within the investment arm of large private or corporate foundations. Does that qualify as an interest in finance?
Yes, as long as the opportunity you seek is finance-related, we will consider your application for the Fellowship.
I am a first-year student and missed the opportunity to apply for a Fellowship last year. Can I still get involved in the programs and networking events Toigo offers?
Our resources are limited, and so is access to Toigo programs and services. Therefore, we must be vigilant to ensure our corporate donors and Fellows are mutually benefiting from the Fellowship programming. We will, however, notify you of chances to get involved in local events open to the public in which Toigo Fellows, mentors, supporters, etc., are involved and invited to participate. To be added to the mailing list for these events please send an email to email@example.com.
Please click an FAQ below to view answers.
How many applicants apply per year for how many Toigo Fellowships?
The number of applicants varies from year to year, usually between 300 and 400. From that pool we typically select a class between 50 – 60 Fellows annually.
What kind of commitment is required to ensure Fellows pursue careers in finance after completing their MBA?
We require our Fellows to pursue both an internship and full-time employment in the financial services industry after graduation. We ask all Fellows to sign a letter of agreement affirming their commitment to an internship in financial services the summer between first and second year, and in a full-time job for two years following graduation.
Do I need to send official college transcripts (i.e., must they be in a signed and sealed envelope from the registrar)? And should my GMAT scores be sent directly from GMAC?
The answer to both questions is "no". Photocopies of your transcripts and GMAT scores are acceptable, and should be uploaded and included with your application (per the instructions provided) on or before the online application deadline.
What is the total amount of financial support offered through the Fellowship?
The Foundation provides a merit award of $2,500 per year of study, which can only be applied to your tuition and is paid directly to your campus on your behalf. While the amount is modest, the value of a Toigo Fellowship goes far beyond a dollar amount. We (and our current Fellows) view mentorship, career services, leadership development and access to the Toigo network as ultimately more valuable and sustainable than the financial support awarded.
Is there a fee to apply?
Yes. There is a nominal application processing fee of $50. This fee helps to offset the Foundation’s administrative costs associated with processing and screening each application.
MBA Fellowship Selection Process
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Will all applicants be interviewed?
Upon completion of the online application, you will schedule a pre-screening interview which will be conducted via Skype by members of the Toigo team. Qualified candidates will be invited to advance to the final stage of evaluation—MBA Catapult. This three-day industry education program will include an interview component. The pre-screening will be a rolling process so you are strongly encouraged to apply early.
After MBA Catapult, how long will it be before I hear whether I've been offered a Toigo Fellowship?
Fellowship decisions will be rendered the last week of May.
Do you provide travel reimbursement for the interviews/MBA Catapult?
No. As a non-profit, we are not in a position to cover applicants’ travel costs.