The Milken Institute HBCU Strategic Initiative and Fellowship Program Impact Report | 2026

This impact report highlights the growth, progress, and overall impact of the Milken Institute Fellowship over the past four years. With each new cohort, the program has been enriched by fresh perspectives and opportunities, and it continues to evolve to reflect the needs and interests of our Fellows.

In 2025, the Fellowship expanded its reach to 26 Historically Black Colleges and Universities (HBCUs), including seven newly represented institutions. At a glance, the program now:

• engages students from approximately 27 percent of the nation’s 107 accredited HBCUs; 
• is active in nearly 80 percent of the 19 states where these institutions are located; and
• includes a current cohort of 19 students selected from a highly competitive pool of more than 180 applicants, with nearly 60 finalists interviewed.

What began in 2023 has grown into a powerful, expanding network of HBCUs across the country. Through the Milken Institute HBCU Fellowship Program, we are helping to build meaningful, lasting pathways into the financial services industry—expanding access and providing thoughtfully curated opportunities for each cohort, year over year.