Since then, the program has grown to include 48 member schools and three consortia, including three South African universities and a consortium of historically black colleges and universities within the membership of the UNCF. As of 2019, over 5000 students have been selected as fellows, more than 800 of whom have earned the PhD and over 120 of whom are now tenured faculty members. The great majority of those who have completed the PhD hold or have held an appointment in the academy.
The fundamental objective of MMUF is to address, over time, the problem of underrepresentation in the academy at the level of college and university faculties. This goal can be achieved both by increasing the number of students from underrepresented minority groups (URM) who pursue PhDs and by supporting the pursuit of PhDs by students who may not come from traditional minority groups but have otherwise demonstrated a commitment to the goals of MMUF. The MMUF program is designed to encourage fellows to enter PhD programs that prepare students for professorial careers; it is not intended to support students who intend to go on to medical school, law school or other professional schools.