At Columbia University in the City of New York, the Knight-Bagehot Fellowship in Economics and Business Journalism was created in response to the growing public interest in financial news and the increasing demand for trained editors and reporters to cover the field of business and economics.
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In 1975, under the leadership of Dean Elie Abel, the Columbia Graduate School of Journalism sought to address the problem of deficiencies in business news coverage by establishing the Walter Bagehot (pronounced badge-it) Fellowship, an intensive year-long program of instruction in economics and business for working journalists. The co-founding directors were Stephen B. Shepard and Soma Golden Behr. Also serving as directors were Christopher J. Welles (1977-1985); Mary Bralove (1985-1987); Pamela Hollie Kluge (1987-1990) and Pauline Tai (1990-1993). The current director, Terri Thompson, began serving in 1993.
Originally named in honor of the 19th-century economist and editor of The Economist, it was renamed the Knight-Bagehot Fellowship in 1987 in recognition of the John S. and James L. Knight-Foundation's $3 million gift as an endowment for the program.
Today, the Knight-Bagehot Fellowship is the only academic full-time degree-granting mid-career program for journalists devoted to the study of business and economics. Fellows receive full tuition and a living stipend to attend Columbia for one academic year. The chief criterion for selection is demonstrated journalistic excellence. Between 1975 and 2013, 342 accomplished journalists completed this rigorous program; many now hold hey positions in newsrooms around the world.