Diversity programs at top investment banks, and how to access them

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Diversity programs at top investment banks, and how to access them

Diversity is a big deal to investment banks when it comes to graduate recruiting. As an industry that has a reputation for being largely male, predominantly white and the home of the economically privileged, a lot of energy is channelled into ensuring that the analyst pool is as diverse as possible.

If you fall into a 'diverse category' - if you're female, lesbian, gay, bisexual and transgender (LGBT), black, hispanic, or disabled - there are various schemes that will help you secure a junior role in banking when you leave university.

This is a breakdown of some of the biggest diversity programs in the Americas and EMEA, by bank.

Bank of America diversity programs:

Americas Scheme: Scholars of distinction

What is it? Targeted at women, Black/African American, Hispanic/Latino, Native American, LGBT, military veterans and students with disabilities, the scholars of distinction program is a route into BofA's summer analyst (internship) programs for its global banking and markets division. Successful applicants receive a stipend of $5,000, for sophomores, and $10,000, for juniors.

Where to apply: More information here. Applications for 2021 have yet to open.

Credit Suisse diversity programs:

EMEA Scheme: Steps to Success

What is it? Running since 2012, the Steps to Success Scholarship Program is a three-year Social Mobility program for outstanding Year 13 students (you'll need three As at A level) in the UK who are from an underrepresented and /or underprivileged background.

The program consists of one four-week and six-week summer internship in Global Markets and Investment Banking and Capital Markets in London. Whilst on the program, interns will receive full sponsorship with their university tuition fees and ongoing support and guidance from numerous mentors. Following the first two summer internships, participants have the opportunity to join the bank’s mainstream internship programs, which last until the final year of study and form the pipeline for graduate opportunities

Where to apply: There's more information here. In 2020 the deadline was Jan 5.

Americas Scheme: Sophomore Diversity Internship Program (for undergraduate students)

What is it? A scheme for outstanding college sophomores with a diverse background. Targeted at black, Hispanic, LGBTQ+, female, veterans, disabled or other diverse students, who are given an opportunity to participate in a nine or ten-week summer internship program. Successful interns are then eligible to receive a scholarship upon completion of the program.

Where to apply: There's more information here.

Americas scheme: Women's Mentor Program (for undergraduate students)

What is it? A scheme for female college sophomores who want to learn more about asset management, global markets (equity research, sales & trading, securitized products), technology or investment banking & capital markets. Selected participants get to attend a multi-day career development program at the New York office and have the opportunity to participate in an accelerated interview process for a summer analyst internship.

Where to apply: There's more information here.

Americas scheme: MBA Diversity Fellowship (for MBA graduates)

What is it?  For outstanding first-year MBA students with a diverse background and a strong interest in pursuing a career in investment banking. The fellowship offers black, Hispanic, LGBTQ+, female, veterans, disabled or other diverse students a summer internship within Investment Banking along with a $40k stipend for the first year of business school. If subsequently complete a Credit Suisse summer internship successfully and accept a full-time offer with the bank, you receive an additional $40k. 

Where to apply: There's more information here. As part of a summer associate application, you will be asked if you’d like to be considered for the Diversity Fellowship. There is no separate application or interview process.

Americas scheme: Virtual diversity bootcamp

What is it? This spring, Credit Suisse hosted a virtual Diversity Boot Camp to create a pipeline for the Sophomore Diversity Program. Look out for something similar next year.

Deutsche Bank diversity programs

Americas scheme:  dbAchieve Internship

What is it? An eight week introduction to careers in Deutsche's investment bank for students who identify as women, Black, Latinx/Hispanic, LGBTQI, veterans, people with disabilities, or who are diverse in other ways.

Where to apply: You can find out more information here, but applications are currently closed. 

Goldman Sachs diversity programs

EMEA scheme: A-level Girls Inspire Programme

What is it?  A one day insight programme for Year 13 school students (ages 17-18) to provide insight into the industry and attract potential tale.

Where to apply: More information here. Applications are currently closed. 

EMEA scheme: Make Things Possible Pride Academy

What is it? A three-day academy series for first year LGBT+ university students interested in a spring internship. The intention is to better equip students to shine during the subsequent spring programme. 

Where to apply: More information here. Deadline is 22 November 2020. 

EMEA scheme: Women Trader Academy 

What is it? Eight-month programme made up of on-site training days, online distance learning and ongoing mentoring and career advice. Aimed at women  in their first year of study, to be completed ahead of the summer internship programme. Open to women graduating in 2022.

Where to apply: More information here. Deadline is Sunday August 9 2020. 

EMEA scheme: Women's program, engineering 

What is it? An interactive multi-day program for women graduating in 2021 and 2022.

Where to apply? More information here. Deadline TBC.

EMEA scheme: Student possibility programe

What is it? Three onsite training days, aimed at equipping students from low socioeconomic backgrounds for a London 2021 Spring Internship. 

Where to apply? More information here. A similar scheme is run for LGBTQ+ students, with information here. Deadline November 22.

Americas scheme: Summits for LGBT+, Hispanic/Latinx, black, Native American, women and students with disabilities 

What are they? Exploratory programs in NYC for diverse undergraduates graduating between December 2021 - June 2023.

Where to apply? More information here. 

Americas scheme: Scholarship for excellence

What is it? An exploratory program for Black, Hispanic/Latinx or Native American students who are interested in pursuing a summer internship. 

Where to apply? More information here. 

Americas scheme: MBA Fellowships 

What is it? A scholarship program for first-year MBA students who are black, hispanic/latino, Native American or women.

Where to apply? More information here. 

JPMorgan diversity programs

Americas scheme: Advancing Black Pathways

What is it? A scheme to help JPMorgan achieve its goal of hiring 4,000 black students in full-time positions, apprenticeships, and internships over the next five years. The bank also works with organizations like INROADS and Sponsors for Educational Opportunity to expand its slate of black candidates.

Where to apply? More information here. 

European scheme: Aspiring Professionals

What is it? A two-week residency work placement initiative in which JPM partnered with the Social Mobility Foundation to bring sixth-form students to its London offices for an overview of its businesses, job training and skills development. It allows students see first-hand the opportunities available to them in our global business. The scheme targets high-achieving secondary school students from low-income backgrounds. Each student also receives mentoring with a J.P. Morgan employee for a full year after the residential programme, to support them in their university applications.

Where to apply: More information here. 

Morgan Stanley diversity programs

Americas scheme: FinTech Focus

What is it? A boot-camp for ethnically diverse High School seniors which provides the resources to build confidence and coding skills in order to help the participants matriculate in STEM degree programmes.

Where to apply? More information here. 

Americas schemeRichard B. Fischer Scholarship Program

What is it? The RBF Scholarship programme is open to undergraduate sophomore and junior applicants who self-identify as Black, Hispanic, Native American and/or LGBT+.   Chosen scholars receive a financial award for exceptional academic achievement following acceptance of an internship with Morgan Stanley.

Where to apply? More information here.

Americas scheme: MBA Diversity Fellowship

What is it? The MBA Diversity Fellowship is awarded to several MBA candidates who self-identify as female, Black, Hispanic, Native American and/or LGBT+. Chosen fellows receive a financial award for exceptional academic achievement following acceptance of an internship with Morgan Stanley.

Where to apply? More information here.

America's scheme: Freshman Enhancement Program

What is it? The Freshman Enhancement Programme is designed to help diverse college freshmen gain a better understanding of the various businesses and career paths Morgan Stanley providesBlack, Hispanic, Native American and/or LGBT+ freshmen join for a 1-week paid program with the Institutional and Wealth Management businesses.

Where to apply? More information here.

America's schemes: Early Insights Programs

What are they? Two-day educational workshops for top freshmen and sophomores, as well as first-year MBAs, concluding with a fast-tracked interview for the following summer internship program.  We invite students to each program with the following focuses. Open to women, black, hispanic and Native Americans, LGBT+, veterans.

Where to apply: More information here.

Americas scheme: HBCU Mentorship Program

What is it? The HBCU Mentorship Programme is an application-based program in which students are chosen to be paired with a Morgan Stanley employee to help guide them through the different opportunities and overall recruiting process – resume and interview preparation, tips to stay informed on the industry, introductions to others around the firm, etc.

Where to apply: There's information on the 2019 program here.

European scheme: ‘Step In, Step Up’ Programmes

What are they? Institutional Securities Group and Technology programmes focusing on demystifying, educating and inspiring young female adults (17-18 year-olds) on the industry.

Where to apply? There's information here. 

European scheme: Foundations in Finance

What is it? A four day virtual insight for students from a lower socio-economic background, starting in Sept 2020.

Where to apply? More information here

European scheme: Amplify & Rare programme

What is it? Morgan Stanley sponsors 8 BAME candidates, via Rare Recruitment, to attend the Amplify Trading summer programme with fast tracks to its Summer Analyst programme the following year  (in 2019, it selected and sponsored 2 Black Heritage students to complete the Amplify Trading programme. Both were then fast-tracked through the bank's process and are joining MS in S&T Summer Analyst programme this summer) 

UBS Diversity Programs:

EMEA schemes: Spring insight programme

What is it? UBS's London Spring Insight Programme has a special emphasis on diversity.  Initially this was meant to be an in-person event in April but due to Covid-19, 2020's program took place in June over 4 days targeting first year students. The event was run in partnership with Rare Recruitment. UBS also recently ran a virtual Black Heritage Insight Afternoon in the UK with one of our external diversity partners.

U.S. schemes. Sophomore program

What is it? Open to sophomore students, and being expanded to cover more areas of UBS.

Where to apply? More information here. 

UBS Schemes: Tomorrow's Leaders Program

What is it? An early identification program for diverse students.  This year it was run virtually in May. 

Where to apply? More information here, although applications aren't open yet.

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