BOSTON — July 19, 2022 The FAO Schwarz Fellowship has announced an increase in salaries for Fellows starting with the 2023-2025 cohort.
When they start next summer, new Fellows will receive a salary of $40,000 in their first year, which includes a $2,000 start-of-Fellowship bonus. In their second year, they will earn $45,000, which includes a $3,000 end-of-Fellowship bonus. In addition, 100 percent of the cost of health insurance premium coverage will be paid for both years (with an approximate value of $12,000/year), and Fellows will receive a monthly subway pass (with an approximate value of $1,200/year)—for a total value of approximately $111,400 in compensation over the course of the two-year program.
Salaries are paid by the host organizations with funding support from the FAO Schwarz Family Foundation.
“The FAO Schwarz Fellowship program offers Fellow salaries that are very competitive with salaries and benefits offered by other selective Fellowships,” said Priscilla Cohen, Executive Director, of the FAO Schwarz Fellowship program. “Add in the professional development that the Fellowship includes, and it’s clear that it is a valuable program for young people seeking careers leading social change.” Completing the two-year program can also “help young people advance more quickly to management positions leading social change.”
“We’re grateful that we can support this increase in partnership with our nonprofit host organizations,” added Cohen. “The Fellowship will continue to monitor salaries and the cost of living in each of the cities where we offer Fellowships and ensure that Fellows receive a living wage along with the training needed to jump-start a career in social impact.”