Rhodes' life is part of the history of Southern Africa. His colony of Rhodesia is today the independent state of Zimbabwe, and his name is now remembered principally because of his foundation of the Rhodes Scholarships. In his will he left the greater part of his substantial fortune to establish this scheme. Candidates for Rhodes Scholarships, unlike candidates for other scholarships, were to be selected on the basis of qualities of character as well as of intellect. Rhodes' aim was to provide future leaders of the English-speaking world with an education which would broaden their views and develop their abilities. He chose to endow these scholarships at Oxford University rather than elsewhere in the United Kingdom because he believed that its residential colleges provided an enviroment specially conductive to pesonal development. Oxford was also the university he had himself attended, as an undergraduate of Oriel College, for short periods over a number of years before taking his degree in 1881, while building his business and political career in Southern Africa. Rhodes hoped that those who gained these benefits from Oxford and his scholarships would go on to improve the lot of mankind, and work towards maintaining peace between nations.

Rhodes described the qualities he sought in his scholars in the following terms:

My desire being that the students who shall be elected to the scholarships shall not merely bookworms I direct that in the election of a student to a Scholarship regard shall be had to (i) his literary and scholastic attainments (ii) his fondness of and success in manly outdoor sports such as cricket football and the like (iii) his qualities of manhood truth courage devotion to duty sympathy for the protection of the weak kindliness unselfishness and fellowship and (iv) his exhibition during school days o moral force of character and of instincts to lead and to take an interest in his schoolmates for those latter attributes will be likely in afterlife to guide him to esteem the performance of public duties as his highest aim.

The scheme was unprecedented is scale as well as vision. Rhodes' original will provided for 52 scholarships each year. 20 scholarships were for countries then forming part of the British Empire: two for Canada (one each for Ontario and Quebec), six for Australia (one for each colony or state), five for South Africa (one each for Natal and for four named schools in the Cape), three for Rhodesia, and one each for New Zealand, Newfoundland, Bermuda and Jamaica. 32 scholarships were for the United States: two every three years for each of the then States of the Union. In a codicil to his will, addes on the receipt of the news that the German Schools, Rhodes added five annual German scholarships. 'The object' he said 'is that an understanding between the three great powers will render war impossible and educational relations make the strongest tie'.

The administration of the scholarships was vested in a board of Trustees nominated in the Will. The first Trustee included the Earl of Rosebery, Earl Grey, Lord Milner and Sir Leander Starr Jameson. Later Trustees included Rudyard Kipling, Earl Baldwin of Bewdley, the first Viscount Hailsham, and Sir Kenneth Where. When Rhodes' estate was settled up in 1907 it was valued at £3,345,000. By 1924, owing to various charges, including death duties, it was estimated to be worth £2,276,000, its lowest valuation. At that point the investment portfolio was placed in the hands of Baring Brothers, who have administered the scholarship funds, under the direction of the Trustees, ever since. At the end of the financial year 1995-1996 the Trust's assets were valued at £145,638,000. The present Trustees are Lord Ashburton, Lord Armstrong of Ilminster, Lord Sainsbury of Preston Candover, Sir Richard Southwood, the Rt. Hon. William Waldegrave, Dr Colin Lucas, and Professor Robert O'Neill.

While the 52 scholarships in the original will are still offered annually, a number of changes and additions have been made to the scheme over the years, so that for 1996 the number of scholarships offered throughout the world was 87. The German scholarships were abolished in 1916 by an Act of Parliament; they were partially reinstated from 1929-1938 and again in 1970. An Act of Parliament of 1929 set up a new fund, to be financed from the surplus of the original scholarship fund, and gave the Trustees power to improve and extend the scholarship system. At various times the trustees have increased the number of scholarships from Canada, Australia, New Zealand and South Africa, and have added scholarships from India, Pakistan, Singapore, Malaysia, Kenya, Uganda, and Hong Kong. In 1993-5 the Trustees introduced, for an experimental period, new scholarships for citizens of European Community countries other that Germany and the U.K. The number of scholarships offered in the U.S. has remained constant at 32, but since1929 the final selection has been made not in the individual states, but by eight regional committiees which each make a choice between candidates preselected by half-a dozen states.

The Candidates are selected by nearly one hundred local selection committees in the Rhodes constituencies thoughout the world. In each country the Trustees appoint a national secretary, who reports to the Trust through its international Secretary in Oxford. It is his task to ensure that places are found in Oxford colleges and departments for the candidates who have been successful in the national competitions.

The qualifications required for candidates remain, in general, as in the Will. A typical current memorandum for candidates reads as follows:

Until 1977 no women were elected to Rhodes scholarships, because the will as interpreted by the Rhodes Trust Acts of Parliament confined the awards to 'male students', when the U.K. government introduced legislation to outlaw sex discrimination a clause in the bill permitted single-sex educational institutions and charities to continue to discriminate in favor of one sex. Following lobbying by the Rhodes Trustees, a further clause was inserted into the eventual Sex Discrimination Act of 1975 allowing single-sex education charities to seek leave to open their awards to both sexes. Under this clause the Secretary of State for Education made an order in 1976 declaring Rhodes Scholarships to be tenable by women, and nullifying the effect of the words 'manly' and 'manhood' in the will.

The early Rhodes Scholars received £300 a year, having reached Oxford without the Trust's financial assistance. From this stipend they paid their fees and living expenses. Today's Rhodes Scholars have their fares and baggage costs paid in each direction, and have their College and University fees paid directly by the Trust, as well as receiving supplementary grants for research equipment and travel if required. They receive an annual maintenance grant (in 2006) of £9800.

Scholarships were originally awarded for three years, which was then the minimum time for obtaining an Oxford degree. Scholarships at the present time are awarded for two years, a period which suffices in most cases for a Rhodes scholar to obtain a further B.A, or to follow a taught Master's course. With the permission of the Trustees the scholarship may be extended for a third year. In any given year there are likely to be upwards of two hundred scholars in residence; about two thirds nowadays aim at graduate degrees, and about one third read for the Oxford Final Honour Schools.

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