FAO Schwarz Fellowship Announces Increase in Fellowship Salaries for 2024-2026 Cohort
BOSTON — July 18, 2023 The FAO Schwarz Fellowship has announced a salary increase for Fellows starting with the 2024-2026 cohort.
When they start next summer, new Fellows will receive a salary of $42,000 in their first year, which includes a $2,000 start-of-Fellowship bonus. In their second year, they will earn $48,000, 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). Fellows will also receive a monthly subway pass (with an approximate value of $1,200/year) and two weeks of professional development training, for a total value of approximately $113,200 in salary and benefits 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 works to ensure that Fellow salaries are competitive with the nonprofit market and other selective Fellowships,” said Priscilla Cohen Executive Director of the FAO Schwarz Fellowship. “Additionally, we provide important leadership and professional development to our Fellows, cementing this as a valuable program for young people seeking careers in social impact and leading change.”
Year over year, the Fellowship has proven to help Fellows advance more quickly into management positions within and beyond their host organizations.
“We’re committed to supporting compensation increases in partnership with our nonprofit host organizations,” added Cohen. “We regularly study the cost of living in each of the cities where we offer Fellowships and ensure that Fellows receive a living wage along with the leadership training needed to jump-start their careers in social impact.”
SHARE THIS STORY