Charles Schwab Establishes Endowed Scholarships to Support Students From Underrepresented Communities
The Charles Schwab Corporation announced a slate of universities it will partner with to help increase the pipeline of diverse talent into the financial services industry, as part of a $3.5 million endowed scholarship program that will provide financial assistance and career opportunities to students from underrepresented communities. The firm made the commitment to the endowment – funded through Charles Schwab Foundation – last summer.
“We believe programs like our scholarship endowment can have a meaningful impact in people’s lives by creating educational opportunities, which can help break down barriers and open new possibilities,” said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation and senior vice president of Charles Schwab & Co. “Schwab was founded on the belief that our industry should be more inclusive. By providing encouragement and support to underrepresented students to consider careers in financial services, we can strengthen both our company and industry.”
A Pathway to Careers in Finance
Underrepresented students at seven partner universities across the United States are eligible to apply for approximately $10,000 a year in scholarship funds. In addition to the two-year scholarship, recipients will be invited to apply for and participate in an internship at Schwab, which could help inspire a future career in finance.
Participating schools include:
- Arizona State University
- Purdue University
- Temple University
- Texas Tech University
- The University of Akron
- University of Arizona
- Virginia Tech
In addition to the direct benefits to the scholarship recipients, the program will also assist these universities in enhancing their student diversity for the benefit of the entire student body.
Mentorship and Lasting Impact
In addition to financial support, the program will make voluntary mentorship and professional development opportunities available to help prepare the scholarship recipients for a successful career in financial services.
“In working closely with universities near our employment centers, we believe we can help open new possibilities through financial assistance, mentorship, professional development, and industry experience,” said Schwab-Pomerantz.
This endowment complements other scholarship programs for underrepresented communities, funded through Charles Schwab Foundation, including:
- A $500,000 contribution to fund scholarships at three Historically Black Colleges and Universities (HBCUs): Bethune-Cookman University, North Carolina Agriculture and Technical State University, and Prairie View A&M University.
- The RIA Talent Advantage Scholarship Program through Schwab Advisor Services, which aims to raise awareness of the independent investment advisory profession and provides $10,000 scholarships to twelve students, reserving half for students from underrepresented groups.
Schwab’s scholarship programs are part of the firm’s ongoing efforts to develop and attract diverse talent by recruiting from underrepresented communities, including women, people of color, people with disabilities, and people with military backgrounds. More information about Schwab’s commitment to diversity is available on the firm’s Diversity & Inclusion website.