The programme is part of WPP's fellowship scheme. It is being run from the Ad Centre of Virginia Commonwealth University and is open to graduates from around the world.
It was set up by Jon Steel, the former Goodby Silverstein & Partners planning director, who was recently appointed to a roving role with WPP as a new-business planner.
Along with seeing graduates leave with an MBA, the course closely reflects the environment of an advertising agency by allowing its planners to work on briefs with copywriters and art directors from other courses at the centre.
Steel said: "When I joined WPP nearly three years ago, I had lots of people contact me saying they were looking for good young planners, so I decided to set up this course.
"We give students a sense of advertising being a business while offering the opportunity to work in different kinds of agencies and continents."