Run in association with IdeasTap, an arts charity, the competition offers 18 shortlisted applicants (six from each age group) a mentoring session with Magnum.
Organisers of the IdeasTap Photographic Awards say there is no age limit.
Nine finalists will each receive £1,500 to shoot their ‘dream project’ and three overall winners will win £5,000.
Two of the younger category winners will be offered internship places at Magnum.
To apply, entrants must have already signed up to be a member of IdeasTap, which is free.
The closing date for applications is 31 May.
Entrants living outside the UK are not eligible to apply.
There are three categories: 16-22-year-olds; 23-30; and 31+.
Previously, the scheme excluded applicants aged 31 and over.
For details visit www.ideastap.com/photographicaward