As a part of the $1 billion scholarship Momentum Campaign, William Berkley, a 1966 alumnus of the Stern School of Business, donated $10 million to the Stern masters program.

This money will fund the Berkley Scholarship Program, which will aid students who want to pursue a masters of business administration at Stern immediately after graduating from NYU as an undergraduate. The scholarships will pay for the selected students full tuition costs for two years, a housing stipend of $18,000 per year and $10,000 a year for books and other expenses.

Paula Steisel Goldfarb, the executive director of the MBA and executive MBA admissions and financial aid, said the Berkley scholarship will be competitive.

“The program will be highly selective with a maximum of 10 students per year,” Goldfarb said. “The school will select Berkley scholars each year based on the combination of stellar academic performance and exceptional potential to contribute to business and society.”

Goldfarb said the scholarship is not limited to undergraduate business majors, and both U.S. and international students are eligible to apply. She added that scholarship recipients will be determined as early as next fall. Seniors will be considered for the scholarship once they have applied for a Stern MBA program.

“We believe that this can be a life-changing opportunity for the applicants who are selected,” Goldfarb said. “In addition to the generous scholarship support, the students will be able to benefit from all that a high quality business education can provide.”

NYU Stern dean Peter Henry said this scholarship can provide the means for students to complete their dreams.

“With Bill’s support, we have the opportunity to inspire the best young minds around the world to dream big,” Henry said. “Whether they’ve studied engineering or economics, physics or philosophy and everything in between, we want to put the tools of business into the hands of the most promising leaders of tomorrow.”

Stern sophomore Harsh Daga is skeptical of the purpose of the scholarship.

“What about the undergrads?” Daga said. “Generally, most people start working before they get their master’s.”

Zack Nelson, a 2011 Stern alumnus, began working before attending graduate school. But Nelson might have pursued an MBA earlier if the Berkley scholarship had been established.

“[The scholarship] might have been enough to sway me,” Nelson said. “Grad school is expensive.”

A version of this article appeared in the Tuesday, Nov. 5 print edition. Marilyn La Jeunesse is a contributing writer. Email her at [email protected].