New Internship Program for Black College Students Seeks to Increase Number of African Americans Pursuing Careers in the Securities Industry

According to the Securities Industry Association, 2 percent of the retail securities brokers in the United States are black. Furthermore, African Americans make up only 3 percent of the total securities sales force at firms across the United States.

In an effort to increase the number of African Americans pursuing careers in the securities industry, the Money Management Institute, in conjunction with the National Association for the Advancement of Colored People, has launched the Gateway to Leadership program.

Under the new program, 19 undergraduate students from historically black colleges and universities are currently employed for the summer as interns at investment firms such as Goldman Sachs, A.G. Edwards, Prudential Financial, and Charles Schwab. Toward the end of the internship, the 19 students will be competing in a case study project where they will be able to showcase the skills they have developed. All students will meet in New York City in early August where the winners of the competition will be announced.

Students selected for the program are paid a weekly stipend. Housing and transportation costs are also provided.