Frequently Asked Questions: Toigo Fellowship

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There are many—here are the ones our Fellows say matter most:

• You become a member in one of the finance industry’s most vibrant professional networks—1000 strong. The connections and advice from this network you receive during your MBA and throughout your career are invaluable.
• “Toigo Fellow” designation on your resume makes you a stand-out in the eyes of employers. Ask our current Fellows: 100% secured summer internships compared to just 65% of their classmates. That’s the power of the Toigo brand—and a reflection of the talent that is part of our organization.
• You’ll benefit receive one-on-one career coaching, a mentor and leadership training. As you plot your career path, this guidance will be value-add.
• You also receive a merit award of $2,500/year 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.

How strong is your story? What leadership track record do you have? What’s your commitment to finance? We receive up to 300+ applications for a limited number of spots (often 50 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 matches what Toigo seeks.

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All African-American, Asian-American, Native American/Native Alaskan, South-Asian American and US Latino candidates are welcome to apply, as long as you identify with at least one of these ethnic groups.

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 transitioners” who come from backgrounds such as engineering, the military and marketing. While they have no direct experience in finance their desire to shift focus to financial services as their ultimate career choice is supported.

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.

We encourage you to apply to any or all fellowships that may be of benefit to your academic career. 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.

Yes. 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.

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.

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.

No. We understand that MBA admissions decisions are rendered in a different timeframe for waitlisted applicants. However, Toigo will only consider applications from candidates who have been admitted to at least one, full-time MBA program. As a result, we offer the opportunity for a candidate to apply in either the first or second round for the Fellowship. Our deadline dates are pursuant to most MBA admission decision dates.

We do not regard the major/concentration that a student may pursue during business school. As long as the opportunity you seek is finance-related, we are more than happy to consider your application for the Fellowship.

While entrepreneurship is something some of our Fellows and Alumni have pursued several years after graduation, our Fellowships are designed only for candidates whose primary interest is in finance.

Yes, as long as the opportunity you seek is finance-related, we will consider your application for the Fellowship.

Our resources are limited, and so is access to Toigo programs and services. Therefore, we must be vigilant to ensure our corporate sponsors and Fellows are mutually benefiting from the Fellowship programming. We will, however, notify you of chances to get involved in local events in which Toigo Fellows, mentors, supporters, etc., are involved and are open to the public.

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The number of applicants varies from year to year, usually between 300 and 400. From that pool we select a class typically between 50-60 Fellows annually.

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 contract 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.

The answer to both questions is “no”. Photocopies of your transcripts and GMAT scores are acceptable, and should be included with your application (per the instructions provided) on or before the online application deadline.

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 view mentorship, career services, leadership development and networking as ultimately more valuable and sustainable than the financial support awarded.

Yes. There is a nominal fee of $40. This fee helps to offset the Foundation's administrative costs associated with processing each application.

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Interviews will be offered by invitation only. All applications will be reviewed by the Toigo staff and candidates will be advanced to the interview stage at their discretion. Traditionally, we interview two-thirds of the students who apply. We will extend invitations to applicants for interviews at least two weeks before the respective interview day.

Fellowship interviews can last anywhere between 45 minutes to 1 hour. Interviews are conducted by Toigo alumni and corporate sponsors and interview questions are based on a behavioral format.

Details regarding the location and format of the 2012 interviews will be posted soon.

Fellowship decisions will be rendered approximately 2 weeks after the last interview date.

No. As a non-profit, we are not in a position to cover applicants’ travel costs.