Schwab establishes endowed scholarships to support Black students pursuing a career in Financial Planning

Article

July 20, 2020

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 Black students with a declared major in Financial Planning.

A Pathway to a Career in Financial Planning

Once up and running, Black students majoring in Financial Planning at several universities across the country will be eligible to apply for approximately $10,000 a year in scholarship funds for both their junior and senior years. 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 Financial Planning.

“This endowment is designed to have a long-term impact
on creating career opportunities for Black employees in
the industry and enhance the diversity of Financial Planning
majors. 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.”

Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation

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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,” said Schwab-Pomerantz. “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.”

This endowment complements Schwab’s previously announced $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. Both 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.

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