In addition, former Microsoft CEO and Los Angeles Clippers owner Steve Ballmer will also join the boardroom along with Schwarzenegger's nephew and entertainment attorney Patrick Knapp Schwarzenegger.
NBC describes Buffett as an "investment guru" in addition to being one of the most successful businessmen of all time. Banks is a supermodel, actress and CEO of the Tyra Banks Company. Alba is an actress and founder and chief creative officer of the Honest Company and Honest Beauty.
Schwarzenegger took over as host of "Celebrity Apprentice" after NBC cut ties with Donald Trump following his decision to run for president and subsequent controversial remarks about immigrants. The show will also relocate from New York to the Silicon Beach area of Los Angeles.
Over the course of the series, "The Celebrity Apprentice" has raised more than $15 million for charity. This season's winner will gain the title of the Celebrity Apprentice and a $250,000 check to give to their designated cause.
See photos of Arnold Schwarzenegger from over the years:
The network also set the lineup for this season's contestants. They are:
Laila Ali, retired four-time boxing world champion and daughter of boxing legend Muhammad Ali
Brooke Burke-Charvet — actress and CEO of ModernMom.com
Eric Dickerson — NFL Hall of Fame running back who played for the Los Angeles Rams, Indianapolis Colts, Los Angeles Raiders and Atlanta Falcons
Boy George — Grammy Award-winning singer, songwriter, lead vocalist for pop band Culture Club
Matt Iseman — "American Ninja Warrior" host, comedian, actor and licensed physician
Carrie Keagan — Actress and former host of VH1's Emmy Award-winning live morning talk show "Big Morning Buzz Live with Carrie Keagan"
Carson Kressley — Emmy Award-winning television star, celebrity stylist, author and fashion designer
Lisa Leslie — Four-time Olympic basketball gold medalist and WNBA champion
Jon Lovitz — Comedian, film and television star and former "Saturday Night Live" star
Vince Neil — Lead singer for heavy metal band Mötley Crüe
Nicole "Snooki" Polizzi — Reality television star and New York Times bestselling author
Kyle Richards — Actress and star of 'The Real Housewives of Beverly Hills"
Chael Sonnen — Former UFC fighter
Porsha Williams — Co-host of the nationally syndicated "Dish Nation"
Ricky Williams — Heisman Trophy winning running back and ESPN sports analyst who played for the Miami Dolphins, New Orleans Saints and Baltimore Ravens
Carnie Wilson — Singer, television host and member of the pop group Wilson Phillips
Read original story Jessica Alba, Tyra Banks Join Arnold Schwarzenegger on 'Celebrity Apprentice' At TheWrap