The Mansion House Scholarship Scheme was established in 1998 and is administered as a Charitable Trust. The Scheme exists to fund scholarships for students and young business executives from overseas to travel to the United Kingdom to study or to undertake training or work experience in the Financial Services Sector. It is funded primarily through donations by the Livery Companies of the City of London, although wider support from the many commercial organisations and firms who are based within the City of London is also encouraged. Nevertheless, the selection of scholars remains in the personal gift of the Lord Mayor and those awarded scholarships are known as Mansion House Scholars.
Scholarships are offered in those countries which the Lord Mayor visits each year and selections are made on the advice of the British Ambassadors, High Commissioners, Consuls General and their staffs and, where appropriate, City of London representational offices. Awards are restricted to those applying to study or to undertake training in the Financial Services sector or in related subjects. Whilst many scholars study for Masters degrees at British Universities, some attend a training course or undertake internships with firms based within the City of London.
The actual provision of training vacancies or business placements falls outside the scope of the Scheme, but City University and other advisers within the City financial sector do offer advice to the Trustees, to Overseas Posts and to potential Mansion House Scholars where they can. Some one hundred and twenty scholarships have now been awarded by successive Lord Mayors over the past fifteen years, with recipients selected from fifty countries.