The initiative, called the Wacl Future Leaders' Fund, will provide subsidies towards an advanced professional qualification or for other career-related training to help women in their quest to secure the top jobs.
Each year, Wacl will pay 50 per cent of the course fees for the relevant training and education of three candidates. The initiative is open to women who have at least five years' experience in the communications sector.
Applications, which must be submitted by 14 October, will need to demonstrate how the chosen training can benefit the individual, as well as the industry.
Each applicant must be endorsed by an employer.
The scheme is being backed by Nabs, which will provide a confidential and impartial panel to draw up a shortlist of applicants, who will be interviewed by a selection panel after 7 November.
Dianne Thompson, Wacl's president, said: "We are delighted to be launching the Wacl Future Leaders' Fund and look forward to reviewing all of the applications, which we anticipate will be of an extremely high calibre. This initiative supports Wacl's long-term aim of getting more women to the top of companies by helping them to become the best and most effective communications practitioners that they can be."
The launch of the fund follows the success of the Wacl millennium bursaries.