Adelaide students Michael Thomas, Thomas Schneider and Susen Sharma will receive $4,500 per year for up to four years to help them undertake tertiary studies in science, maths and technology at SA universities and TAFE colleges.
BAE Systems will also offer paid work placements and mentoring to each student.
The Northern Advanced Manufacturing Industry Group (NAMIG) will provide the students with counselling support and liaison with their tertiary institution during the program.
Once the students complete their first year, they will become mentors to other Year 10 and 11 high school students.
BAE Systems hopes that by sharing their experiences and lessons learnt, the scholarship recipients will encourage others to aspire to future tertiary pathways.
Managing Director Jim McDowell said the scholarships represented the delivery of a commitment made by BAE Systems at the August 2008 Northern Summit.
"BAE Systems and other NAMIG industry partners have been working with schools in Northern Adelaide since 2005," Mr McDowell said.
"It has been fantastic to observe the progress of last year's inaugural scholarship recipients.
"We are very pleased to be supporting the program for the second year running, and hope to continue the scholarship program for many years to come.
"We are convinced that by encouraging young people in high school and as they move into tertiary education, more and more local people will be able to access the opportunities around them."