Multinational investment bank and financial services company JP Morgan Chase recently teamed up with the United Negro College Fund to create the JP Morgan Wealth Management HBCU Scholarship Program.
The program will award 75 annual scholarships for the next five years. It is the latest step in JP Morgan’s $30 billion diversity and equity initiative to advance racial equality, which was first announced on October 8, 2020. The goal is to hire 300 more Black and Latino advisors by 2025.
Scholarships and mentorships are being offered to students attending one of 11 historically black colleges and universities (HBCUs) around the country. JP Morgan Chase will identify students interested in a financial planning career and help them develop the skills they need to become financial advisors.
Only 7.9 percent of all financial advisors in the country are Black, according to the Bureau of Labor Statistics.
Scholarship recipients will be offered the opportunity to participate in two summer programs: the Advancing Black Pathways Fellowship Program and the first-of-its-kind JP Morgan Wealth Management Service Center Internship. Upon completion, students receive a $5,000 scholarship for their senior year.
Empowering Underserved Communities
This initiative will be made available to students attending the following universities:
- Alabama A&M University
- Central State University
- Clark Atlanta University
- Delaware State University
- Howard University
- North Carolina A&T State University
- Paul Quinn College
- Prairie View A&M University
- South Carolina State University
- Tennessee State University
- Winston-Salem State University
The Head of Diverse Advisor Experience at JP Morgan Wealth Management, Christopher Thompson, reiterated the company’s commitment to supporting racial equality.
“We’re committed to supporting diversity, equity and inclusion at JP Morgan Wealth Management, and that begins by investing in students early on and creating a path for their long-term career success,” he said. “We look forward to unlocking an enormous talent potential while boosting interest in a career as a financial advisor, which has excellent growth potential.”