Management Leadership For Tomorrow and Yale School of Management Launch MBA Preparation Program for Aspiring Minority Applicants; Program seeks to boost minority success rates and address under-representation at leading MBA programs

New York, June 24, 2002 - Management Leadership for Tomorrow (MLT), a New York-based non-profit organization, and the Yale School of Management (Yale SOM) announced today a partnership to launch a new MBA Preparation Program to increase success rates for minority applicants and expand minority representation at leading graduate business schools throughout the world.

The Pre-MBA Preparation program is one of three new MLT initiatives that have resulted from a 2001 research and strategic planning study with the Boston Consulting Group (BCG), a leading management consulting firm. BCG's study concluded that African Americans, Latinos, and Native Americans are significantly under-represented at the top 50 MBA programs relative to their presence at both leading undergraduate schools and other graduate programs, such as medical and law schools. These three groups represent approximately 6% of all students at the top 50 MBA programs versus 14% of all bachelors degrees awarded at the nation's top 100 colleges, and versus 12% and 13% of all students at top 50 medical and law schools, respectively. The study also concluded that minorities, especially African-Americans, are less successful in the MBA application process than non-minority applicants, due in part to lower average GMAT test scores and undergraduate GPAs, as well as less savvy application strategies and essay submissions.

With an initial group of 75 participants who plan to apply to business schools in the fall of 2003, the MBA Preparation program features two instructional seminars on the Yale School of Management campus in New Haven, Connecticut. Credit Suisse First Boston (CSFB), one of Wall Street's top investment banking firms, sponsored the first event on June 15, 2002. Admissions officers from Yale, Berkeley, Cornell, New York University, and Stanford MBA programs will help participants assess their strengths and weaknesses; detail the critical elements of the application process; and develop 6-9 month action plans leading to their application submissions. MLT staff and MBA volunteers will also provide participants with structured, individualized counseling during the summer and fall to ensure successful completion of their application process. Areas of focus will be GMAT preparation, essay and interview planning, leadership development, quantitative coursework, and MBA program research.

"We expect this initiative to prepare a broader pool of talented minorities to be successful applicants to the Yale School of Management," said James R. Stevens, Yale SOM Director of Admissions. "Applications from minority candidates to Yale's business school are up 60% this year. Our alliance with MLT is an important component of our sustained effort to bring even more diversity to the Yale MBA program and to the organizations that hire our graduates."

"Our MBA Preparation Program will reduce some vexing achievement gaps in the application process and help many more minorities take a critical step towards business and community leadership positions," said John Rice, MLT Founder and President. "With the overall number of MBA applications on the rise, it is that much more imperative for minorities to have very competitive academic and professional credentials as well as compelling, well-crafted applications. Yale's lead role in this initiative sends a strong message to prospective applicants as well as other graduate business schools nationwide."

Management Leadership for Tomorrow (MLT) is a national non-profit 501c3 organization operating since 1994 that has conducted educational workshops on over 30 college campuses, has paired 350 minority students with experienced professional mentors, and offers technology-based programming and career guidance tools on its web site, www.ML4T.org. In addition to its Pre-MBA Preparation, MLT recently partnered with NBA All-Star Kevin Garnett to launch "4XL--For Excellence in LeadershipTM", an immersion program to expose minority high school and college students to business environments. MLT is also launching a career planning and entry-level full-time job placement program for college seniors. MLT has over 35 corporate and foundation partners, including the Boston Consulting Group, Deutsche Bank, McGraw-Hill Companies, Credit Suisse First Boston, and the Atlantic Philanthropies. MLT is a founding member of the Diversity Pipeline Alliance and works collaboratively with many colleges, graduate business schools, and other non-profit organizations. For additional information, please contact Monica Santana at (212) 686-2960, ext. #1 or by email at monica@ML4T.org.

The Yale School of Management's mission is to educate leaders for business and society. The school prides itself on preparing men and women to combine rigorous business skills with a broader appreciation for the economic, social, and political factors that shape the global environment. Yale SOM students come from business, government, and nonprofit backgrounds, from 50 countries around the world. What distinguishes the Yale MBA program is the breadth and diversity of students' backgrounds, faculty research interests, and the diverse leadership careers of its alumni. As part of its comprehensive recruiting program, Yale SOM works closely with two key student groups, the Black Business Alliance and the Hispanic Advisory Group, to attract underrepresented minority students. Through scholarship programs like the Megunticook Scholarship, which provides full-tuition for individuals who are committed to giving back to their communities, and special activities like Minority MBA Workshops, Networking Receptions, and Mentoring Opportunities, Yale SOM's Associate Director for Minority and Student Affairs, Esmeralda Cardenal Teran, creates unique opportunities for candidates to learn more about the benefits of business school.

For more information, contact Media Relations at (203) 432-6010 or som.extra@yale.edu.