Wake Forest receives $2 million gift from Wachovia for MBA School scholarships

It is the largest single gift designated for the Babcock School since it was founded in 1969. Annually, the program will provide up to six scholarships for under-represented full-time MBA students to cover up to 100 percent of tuition, books, and room and board costs.

Wachovia’s gift supports Wake Forest’s “Honoring the Promise” capital campaign, which kicked off last spring. So far, Wake Forest has raised approximately $296 million of its $450 million goal.

R. Charles Moyer, dean of the Babcock School and GMAC Insurance Chair of Finance, said the school will work closely with Wachovia to recruit prospective students who are interested in careers in financial services. Scholarship recipients will have a Wachovia mentor during their two years at the Babcock School and will have summer internship opportunities with Wachovia.

“This gift from Wachovia is a keystone in our strategy to attract a high-quality, diverse student body to our MBA program,” Moyer said. “It is further evidence of the strong bond among the Babcock School at Wake Forest University, Wachovia and Winston-Salem. We appreciate this strong expression of support and look forward to a long and mutually beneficial relationship with one of the world’s leading financial institutions.”

Wachovia Chairman L.M. Baker Jr. said the commitment exemplifies Wachovia’s support of all levels of education and the company’s desire to recruit a diverse professional employee base.

“Academic and professional success most often are achieved through capitalizing on opportunity,” Baker said. “Wachovia hopes this gift proffers the Babcock School broader opportunities in attracting exceptional, diverse talent to its program and helps build on our longstanding synergy with the university.”

Wake Forest President Thomas K. Hearn Jr. said the gift is the latest demonstration of Wachovia’s commitment to the university.

“Wachovia and Wake Forest have enjoyed an excellent relationship since this institution moved to Winston-Salem,” Hearn said. “The corporation has been very generous to the university over the years, and many of our alumni become Wachovia employees. In supporting our students, Wachovia has again focused its resources on one of the university’s priority needs.”

Mary C. Goss, assistant dean of admissions, career services and student affairs at the Babcock School, said the school will be better equipped to reach out to a wider range of students interested in banking and finance careers.

“This gift will enhance our recruiting efforts and allow us to offer programs that educate a broader group of candidates about the fundamental disciplines of management and the career opportunities associated with the MBA degree,” Goss said.

The Babcock School is one of only 33 graduate business schools in the world ranked in surveys by Business Week, the Financial Times of London, Forbes, U.S. News & World Report and The Wall Street Journal. Information on the Babcock School is available at www.mba.wfu.edu.

Note to Editors: At Babcock Graduate School of Management, contact Eric Whittington or Patricia Divine at 336-758-5030 or 800-722-1622. At Wachovia, contact Jay Reed at 336-732-5855. Kevin Cox can be reached in the Wake Forest News Service at 336-758-5237.