Schwab establishes endowed scholarships to support students from underrepresented communities
Updated February 22, 2021
When Chuck Schwab founded Charles Schwab & Co., he did so with a belief that every individual should have unhindered access to investing. That commitment to access has been a core element of the firm’s culture ever since. And it is the basis for the firm’s strong belief in building a diverse and inclusive employee base.
In line with those values, the firm recently announced the latest action it is taking to help increase the pipeline of diverse talent into Schwab. Through the Charles Schwab Foundation, Schwab has endowed a $3.5 million scholarship program to provide financial assistance and career opportunities to students from underrepresented communities.
Participating schools include:
- Arizona State University
- Purdue University
- Temple University
- Texas Tech University
- The University of Akron
- University of Arizona
- Virginia Tech
A pathway to a career in finance
Underrepresented students at these 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.
“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 Carrie Schwab-Pomerantz, president of Charles Schwab Foundation and senior vice president, Charles Schwab & Co.
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 students for a successful career in financial planning.
“It’s important to us that our employees reflect the people we serve and the communities in which we work. To help make that a reality, we need to encourage more underrepresented students to choose a career in financial services. We believe programs like this scholarship endowment can help by creating educational opportunities that can break down barriers and open up new possibilities.”
Carrie Schwab-Pomerantz, president of Charles Schwab Foundation and senior vice president, Charles Schwab & Co.
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.