The Wacl Future Leaders' Fund was created, with the support of Nabs, to subsidise women studying for advanced professional qualifications or other career-related training.
Each year, the women's advertising group pays half of the course fees for the relevant training of three female candidates, who will be chosen by a confidential and impartial panel.
Women with five years' or more experience in the communications industry are eligible to apply for the award. The deadline for entries is 1 October.
Lyndy Payne, last year's chairwoman of judges, said: "I'd encourage any woman to apply, whatever their level of seniority or the unexpected nature of their chosen training. Last year's entrants amazed us not only with the calibre of their thinking but with their diversity and clear sense of purpose."
Last year, the £15,000 bursary was shared by six people, who received part funding to help with a range of courses, ranging from Japanese to an Oxford MBA.
Hester Bloch, an MBA student at Said Business School and previously the sales and marketing director at EHS Brann, said: "Wacl's investment in me has meant that I can really stretch myself."