The $1.2 million program requires students to complete majors in business and information technology. They will also be involved in leadership camps, public speaking training, and mentoring.
A 22-week industry placement at IBM or one of its partners will be part of the second year.
"Our aim is to develop graduates who can enter the workforce immediately, with the skills to make an impact from day one," said Monash's deputy vice-chancellor (research), Professor Edwina Cornish.
The new program makes Monash the largest Australian recipient of IBM scholarship funding ($1.7 million).
The first intake was recently selected from a pool of 80 applicants by an IBM panel.
The scholarship is only open to existing Monash students who have completed the first year of the Bachelor of Business or Bachelor of Commerce courses with a weighted average mark of at least 65 percent.
It provides $18,000 for each of the two remaining years, subject to satisfactory progress, and both majors being completed at Monash's Caulfield campus.