McGraw Fellowship for Business Journalism: $15,000 Fellowship Program for Business Journalists

Grant Overview

Experienced journalists get up to $15,000 and editorial support to produce high-impact business stories that follow the money

You know what’s frustrating? Having a killer story idea but zero resources to actually report it properly. That’s exactly the gap the fellowship program from the McGraw Center aims to fill. They hand out up to $15,000 to journalists who want to dig deep into business and economic stories that might otherwise never see the light of day. Since 2014, nearly 90 journalists have gotten this boost, and their work has literally changed policies, exposed frauds, and won major awards. What’s cool is you don’t even need to be a business beat reporter to apply.

Donor: Harold W. McGraw, Jr. Center for Business Journalism, Craig Newmark Graduate School of Journalism at City University of New York

Focus: Business journalism, investigative reporting, economic stories, financial accountability, enterprise journalism

Region: United States, International

Eligibility:
– At least five years of professional journalism experience
– Open to freelance journalists and staff reporters/editors
– All forms of media accepted (text, audio, photo, short-form video)
– No business journalism background required
– Journalists from diverse backgrounds strongly encouraged
– Both individual and organizational applications accepted

Benefits:
– Financial Award: Up to $15,000 per project
– Editorial Support: Expert guidance and editing throughout the project
– Placement Assistance: Help getting stories published in established outlets
– Professional Network: Access to McGraw Center’s journalism community
– Publication Platform: Stories featured on McGraw Center website

Deadline: October 13, 2025 (Fall 2025)

Harold W. McGraw, Jr. – the guy who used to run McGraw Hill Financial and publish BusinessWeek magazine – loved three things: business, journalism, and education. His family created this fellowship program to keep that passion alive after he passed away. And honestly? It couldn’t have come at a better time. With newsrooms cutting budgets left and right, deep investigative work has become this luxury that fewer and fewer outlets can afford. That’s where the McGraw Fellowship steps in.

The results speak for themselves: fellows have won Loeb Awards (that’s basically the Oscars of business journalism), prompted policy changes, and even forced companies to pay back millions to workers they exploited. Take Robert Lopez’s reporting on California cutting back on heat protection for farm workers – one week after his story ran, state regulators suddenly announced plans to hire more investigators and ramp up enforcement. That’s real impact.

The fellowship program runs twice a year, with deadlines usually in April and October. But here’s something most people don’t know: they’ll actually look at time-sensitive projects outside those deadlines if you make a good case for why your story can’t wait. So if you’ve got something breaking that needs immediate funding, it’s worth reaching out to them directly at mcgrawcenter@journalism.cuny.edu to explain your situation. The whole thing is run out of the Craig Newmark Graduate School of Journalism at CUNY, which has become this powerhouse for journalism education in New York City.

What They’re Actually Looking For

Let me tell you what the selection committee really wants. They’re not interested in fluffy profiles or superficial trend pieces. They want proposals that promise to uncover something new – preferably something that makes powerful people uncomfortable. The phrase they use a lot is “follow the money,” which basically means tracing how capital moves through systems and who benefits (or gets hurt) along the way. Recent fellows have investigated how local governments are spending billions in opioid settlement money, how private equity firms are buying up childcare centers, and how prison telecom companies are exploiting inmates through tablet services. What connects all these projects? They all expose systems that are either broken or deliberately hidden from public view.

The committee gets super excited about stories that have clear potential for impact. That doesn’t necessarily mean huge national exposure – sometimes the most important stories are hyper-local but reveal patterns that exist everywhere. Take Emma Penrod and Eric Peterson’s reporting on dangerous conditions at US Magnesium in Utah. That was a local story that had national implications for how we regulate mining companies. Or consider Jordan Gass-Pooré’s investigation into toxic chemicals near a old manufacturing site in Rochester, NY. That was neighborhood-level reporting that highlighted a nationwide problem with industrial pollution and environmental justice. These are exactly the kinds of projects the fellowship program exists to support.

Q: What types of stories have the best chance of getting funded?
A: Stories with clear money trails, strong potential for impact, and fresh angles on undercovered business or economic issues.

Q: Do I need to have a media outlet committed to publishing my story?
A: No, but having one can strengthen your application. The McGraw Center helps place stories regardless.

Q: Can international journalists apply for this fellowship program?
A: Yes, the fellowship program is open to journalists worldwide, though most fellows have been US-based.

The Application Process, Unfiltered

Applying for this fellowship program is basically like pitching to the most demanding editor you’ve ever had, but with $15,000 on the table if they say yes. You need to submit a proposal no longer than three pages that includes enough preliminary reporting to prove your story isn’t just some wild theory you dreamed up. Your proposal needs to answer a few key questions: What’s new about this story?

Along with your pitch, you’ll submit three work samples that prove you can actually deliver on your ambitious plan. These should be your best stuff – pieces that show you can handle complex reporting, write clearly, and see a project through to completion. An updated resume is also required, obviously. References aren’t needed upfront, but if you make it to the finalist round (congrats, by the way), you’ll need to provide two professional references who can vouch for your work ethic and reporting skills.

And here’s a little insider tip: the committee loves applicants who show they’ve thought about the practical aspects of their project – how long it will realistically take, what expenses they’ll incur, and how they’ll structure their time. You don’t need to submit a full budget with your initial application, but having these details worked out in your mind shows you’re a professional who can be trusted with their money.

Timeline and Key Dates

The McGraw Fellowship program operates on a pretty predictable schedule, which is helpful when you’re trying to plan your life around potential projects:
– October 13, 2025: Fall 2025 application deadline
– April 13, 2026: Spring 2026 application deadline (projected)
– Selection process: 6-8 weeks after deadline
– Fellowship period: Typically 3-6 months, depending on project scope

But here’s something interesting – they actually consider time-sensitive projects outside these regular deadlines. I heard about a journalist who got funded within two weeks of applying because they had a source who was about to disappear and couldn’t wait for the next cycle. These exceptions are rare, but they happen when there’s a compelling case for urgency. The key is to be honest about why your story can’t wait and to have done enough preliminary work to prove it’s worth rushing. The fellowship program administrators are journalists themselves, so they understand how deadlines and sources work in the real world.

Who Actually Gets These Fellowships?

Looking at the Summer 2025 cohort gives you a pretty clear picture of what the fellowship program values. There’s Dillon Bergin, a data reporter for MuckRock, who’s tracking how West Virginia is spending its $1 billion in opioid settlement money. Then there’s Bryce Covert, a freelance economic journalist investigating private equity ownership of childcare facilities. And Matei Rosca, a freelance journalist specializing in financial crime, who’s digging into money laundering and fraud in the cryptocurrency industry. What do these folks have in common? They all identified specific, important stories that weren’t being adequately covered elsewhere, and they all had track records of producing ambitious work.

The diversity of backgrounds is striking too. Some fellows work for major outlets like the Milwaukee Journal Sentinel or WHYY, while others are freelancers or work for nonprofit news organizations. Some focus on hyper-local stories, while others tackle national or international issues. What unites them is their ability to articulate clear, impactful story ideas and demonstrate that they have the skills to execute them. Many have already done significant preliminary reporting on their proposed topics, which shows both commitment and feasibility to the selection committee. The fellowship program has become increasingly competitive over the years, with recent rounds attracting over 150 applicants for just 8-10 fellowship slots.

Q: How competitive is this fellowship program?
A: Very competitive. Recent rounds have attracted over 150 applicants for just 8-10 fellowship slots.

Q: Can I apply if I work for a nonprofit news organization?
A: Yes, nonprofit journalists are encouraged to apply and can apply in their organization’s name.

Past Winners Reveal the Fellowship Program’s Real Priorities

Want to understand what wins this fellowship program? Look at their published work. The McGraw Center maintains a complete archive of fellow projects, which creates an invaluable blueprint for potential applicants.

Eleven veteran journalists were named the latest recipients of the McGraw Fellowship for Business Journalism in 2023, tackling subjects from climate change impacts on New York City to agricultural economic policies. But notice the pattern: these aren’t traditional business stories.

They’re investigations that use economic reporting techniques to reveal broader social problems. The new 2021 McGraw Fellows explored subjects ranging from the U.S. Dept. of Agriculture’s inequitable treatment of African American farmers and the growth of the “rent-to-own” housing market, to trends in overtime pay for U.S. employees.

That’s the fellowship program sweet spot right there.

Making Your Application Actually Stand Out

The 3-point checklist for a winning McGraw Fellowship application starts with a compelling story that hasn’t been told elsewhere. Your proposal needs to demonstrate both newsworthiness and originality. Second, show you can execute. Your work samples should prove you have the skills to deliver on your ambitious plan. Third, think about impact. The fellowship program wants stories that will make a difference, whether by exposing wrongdoing, informing policy debates, or giving voice to underrepresented communities.

But honestly? The applications that really stand out go beyond these basics. They show passion and curiosity. They demonstrate that the journalist has a personal connection to the story or a burning need to understand it better. They often include details that couldn’t be faked – specific names of sources who have already agreed to talk, exact data sets that have been obtained, or documents that have been reviewed. These are the applications that make the committee sit up and take notice. Many successful applicants spend months developing their proposals before submission. They conduct preliminary interviews, file public records requests, and gather data that strengthens their pitch. This level of preparation signals both commitment and feasibility to the selection committee.

Honestly, putting together a proposal this complex is a huge task. If you’re serious about this and want a second pair of expert eyes, that’s what we do at Grantaura. A little bit of help on the grant proposal can make all the difference. CLICK HERE to get the GRANT PROPOSAL WRITING help.

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Terms

• Fellowship Program: A competitive, short-term funding opportunity that provides financial support, mentorship, and resources to individuals pursuing specific projects or professional development goals, distinct from grants which typically fund organizations rather than individuals.
• Investigative Journalism: In-depth reporting that uncovers facts hidden from public view, often involving extensive research, document analysis, and confidential sources to reveal wrongdoing, systemic issues, or information of significant public interest.
• Enterprise Journalism: Original reporting that goes beyond daily news coverage to explore complex issues, trends, or stories in depth, often requiring significant time and resources to develop comprehensive narratives.
• Business Journalism: Specialized reporting focusing on economic activity, financial markets, corporate behavior, and the intersection of business with society, politics, and everyday life.
• Editorial Support: Professional guidance provided by experienced editors to help shape story development, improve reporting techniques, refine writing, and ensure journalistic standards are met throughout the fellowship program.
• Media Placement: The process of securing publication or broadcast of completed stories in established media outlets, often facilitated by fellowship programs to maximize audience reach and impact.
• Story Proposal: A detailed pitch outlining a planned journalism project, including the story’s significance, reporting approach, timeline, and potential impact, required as part of most fellowship program applications.
• Work Samples: Previously published or broadcast journalism pieces submitted as evidence of an applicant’s reporting skills and ability to execute complex projects, crucial components of fellowship program applications.
• Freelance Journalist: Self-employed media professional who works independently for multiple outlets rather than as a staff employee, often eligible for fellowship programs that support independent journalism.
• Staff Journalist: Employee of a news organization who may apply for fellowship programs either individually or on behalf of their employer, depending on the program’s guidelines.
• Impact Journalism: Reporting designed to create tangible change in society, policy, or public awareness, a key criterion for many prestigious fellowship programs including the McGraw Fellowship.
• Economic Angle: The financial or business perspective of a story, examining how economic forces, policies, or decisions affect individuals, communities, or systems, central to business journalism fellowship programs.
• Financial Support: Monetary assistance provided by fellowship programs to cover reporting expenses, living costs, or project-related needs, typically ranging from a few thousand to tens of thousands of dollars.
• Editorial Supervision: Ongoing guidance and feedback provided by fellowship program editors during the reporting and writing process, helping fellows maintain high journalistic standards and story focus.
• Project Timeline: A detailed schedule outlining the planned phases and completion dates for a journalism project, required component of most fellowship program applications to demonstrate feasibility and planning.
• Media Outlet: Publication or broadcast platform where journalism work appears, fellowship programs often assist fellows in placing their stories with reputable outlets to maximize reach and credibility.
• Preliminary Reporting: Initial research and information gathering conducted before applying for a fellowship program, demonstrating the viability and newsworthiness of a proposed story idea.
• Journalism Nonprofit: Organization dedicated to producing public-interest journalism without commercial pressure, often eligible for fellowship program support as institutional applicants.
• Professional Experience: The minimum number of years working as a journalist required by fellowship programs, typically five years for established programs like the McGraw Fellowship.
• Multimedia Package: A story told through multiple formats such as text, audio, video, and graphics, increasingly supported by fellowship programs as journalism evolves across platforms.

Author

It’s frustrating to see important stories go untold simply because there’s no funding to support the reporting. That’s why the McGraw Fellowship resonates so deeply with me – it’s not just about the money (though $15,000 certainly helps). It’s about giving professionals the time and resources to dig beneath the surface, to follow those complex money trails that lead to the heart of how power really works in our society. At Grantaura, I’ve made it my mission to connect journalists, researchers, and innovators with the funding they need to pursue their most ambitious work. I understand both the art of crafting compelling proposals and the science of matching projects with the right fellowship programs.