The trade body will pay 50 per cent of the £35,000 fee for each student, with Cass Business School paying the remainder.
The MBAs are studied part-time over two years.
Cubitt Consulting founder Simon Brocklebank-Fowler - also vice-chair of the CIPR Corporate & Financial Group - said PR professionals must be ‘business experts' as well as ‘expert communicators'.
Cubitt announced last year that two associates would be funded through Cass courses annually.
The deadline for applications for the CIPR fund is 31 May. Go to www.cipr.co.uk/corporate-financial.