Thermo Fisher Scientific Inc., Waltham, Mass., has allocated nearly $700,000 per year to support STEM scholarships at some of the world's best universities.

The company has established a competitive program to provide financial assistance to students pursuing an undergraduate degree or equivalent in a STEM field (science, technology, engineering and math) at five institutions: Massachusetts Institute of Technology, University of Wisconsin-Madison, University of California-Berkeley, Imperial College London and Fudan University in Shanghai.

Thermo Fisher Scientific's STEM scholarship program will provide funding to 44 students annually. The company intends to grow the program to full maturity in four years with 164 students.

Eligible students must be admitted to one of the five institutions, where they would expect to complete a bachelor's degree or equivalent. Students interested in learning more about the Thermo Fisher Scientific STEM Scholarship should contact the respective schools financial aid office.