The Savoy Educational Trust has announced it will fund up to three MBAs per year to equip future industry leaders with the tools for modern hospitality management.
The charitable trust has identified that the leaders of tomorrow face a challenging economic and business environment in which to operate, and is seeking to prepare some rising stars for the future.
Chairman Ramón Pajares said: "The industry has become more and more challenging, with different and complicated financial structures. We think that traditional hotel management knowledge is not enough to deal with the varied pressures.
"Those skills are important but the leaders of the future also need to manage people, finances, the intricacies of international investors and owners, and to manage change."
The scheme is open to any hospitality employee in a management role with an honours degree or professional qualification and three years' relevant experience. Those employed in the industry within the past 12 months and currently struggling to find employment will also be considered.
Savoy Educational Trust chief executive Julia Sibley (pictured) said the organisation would continue to spend £1m a year in grants to higher educational establishments and colleges, but would now invest a further £100,000 a year on three places on the Cranfield School of Management MBA programme.
"The trustees believe the funding for colleges goes a long way," she added. "We now want to enhance that provision and ensure those that will shape the future of the industry are as fit for purpose as possible."
The successful applicants can either take on a full-time one-year course or an Executive MBA, which is undertaken on a part-time basis over two years. Sibley said the trustees would also consider paying a contribution towards subsistence costs.
Those keen to be considered should visit the trust's website for full details of the eligibility criteria and selection process. Applications must be in by the end of February.
By James Stagg
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