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Norfolk State Student Participates in Program that is Breaking Barriers on Wall Street

HRMessenger Staff ,

Norfolk State student Duane Wright concluded the formal portion of a program that delivers on its promise to create diversity across the business community, specifically in the financial services sector. Wright is a Finance major in the School of Business and an Honors College scholar. 

Historically Black Colleges and Universities (HBCUs) continue to be overlooked as a resource for quality talent in the investment industry, despite a decades-long history of producing global leaders in financial services. Yet greater diversity in the asset management space remains at the forefront of many issues facing the industry. Women- and diverse-owned firms control only 1.4% of the over $82 trillion managed by the U.S. asset management industry, and assets under management by this group has only increased by 0.1% in 10 years. 

To help bridge the gap, the Milken Institute launched the HBCU Strategic Initiative and Fellows Program for sophomore undergraduate students in early 2023. The competitive program offers an eight-week curriculum for Fellows to learn more about finance alongside opportunities for professional development and a summer internship at a financial institution. 

“The early success of the HBCU Strategic Initiative and Fellows Program highlights our collective commitment to improve diversity across the financial services sector,” said Troy Duffie, director of financial markets with the Milken Institute. “Through lessons learned over the first two cohorts, we recognize that a deeper commitment is required to achieve the better tomorrow we seek. We are excited to expand the program to multiple years and look forward to working with our team and strategic partners to guarantee jobs moving forward.” 

Newsworthy Points 

  • The program will expand from a one-year cohort to a multi-year commitment to students that will provide two years of summer practicums with the goal of guaranteeing a full-time job offer in financial services upon meeting certain metrics and becoming a member of the alumni network. 
  • Twenty (20) HBCU students graduated as the second cohort of the program during a ceremony in Washington, DC (The inaugural 2023 cohort graduated 16 participating students).