The Frontier Market Scouts Fellowship Research Project is one of the Fisher MBA Capstone Program options, also known as the FMS Capstone. It is a project-based course designed specifically for those MBA candidates who are enrolled in the Frontier Market Scouts Fellowship Program and choose to leverage the in-field experience with their FMS placement to achieve the learning goals set by the Fisher MBA Capstone Program. Upon successful completion of the FMS Capstone under the guidance of the academic director, students will fulfill the capstone requirements and earn six academic credits toward the MBA degree.

The FMS Capstone projects are set in collaboration with the Center for Social Impact Learning (CSIL), which aims to advance understanding about the nature of social impact ventures, their environment, organizational behavior and performance, and their externalities, as a way of making significant contributions to the growing impact investing sector. The FMS placements, managed under CSIL, allow the capstone students intimate access to the operations of a social venture, the management, and the ecosystem that may cause the rise or fall of the venture. Each FMS Capstone student is responsible for completing a study of at least one social venture that is related to the FMS placement, so as to help CSIL realize its vision. The student may also complete a comparative study of multiple ventures depending on the nature of the FMS field assignment and/or availability of other FMS Capstone students to collaborate with.

While CSIL is in charge of the FMS placement for the FMS Capstone students, the capstone projects are under the supervision of MBA faculty. The students are expected to assume the responsibility of coordinating with both the CSIL staff and MBA faculty for project related activities and scheduling.