THE GREENWOOD PROJECT - Creating career pathways in the financial services industry for Black, Latinx, and underrepresented students. Partnering ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Creating career pathways in the financial
services industry for Black, Latinx, and
underrepresented students.
THE GREENWOOD
PROJECT Partnering with companies to find equitable
and inclusive solutions for recruitment,
AUGUST 2021
retention, and advancement.
1
WHAT WE DO
RECRUIT talented high
school and college
students..
TEACH skills to take on
an internship in the
finance sector.
Provide NETWORKING
and mentorship
opportunities.
Secure INTERNSHIP
placements for college
students.
2
GREENWOOD QUICK FACTS
470+ 100% 75%
STUDENTS SINCE INCEPTION DIVERSE, HIGH-NEEDS ALUMNI IN FINANCE JOBS
Exponential growth since the Our recruitment focuses We are creating a pipeline of
2016 pilot of 5 students. solely on diverse, high- well-trained, experienced, and
needs students. diverse talent for our
In 2022, Greenwood Project corporate partners.
plans to serve 117 high
school students and 85 100% of alumni are
college students. employed full-time.
Presented By: JAFAR DESIGNS 3
WHY CARE?
PERFORMANCE CAPITAL CARES RETENTION
Companies in the top quartile for racial and 87% of high net worth millennials considered Attrition rates are higher for people of color
ethnic diversity are 30% more likely to have a company's ESG track record an important than for white people, with the most
financial returns above their respective consideration in their decision to invest, while pronounced losses occurring early in the
national industry medians.1 90% of millennials reported they wanted to pipeline.7
tailor their investments to their values.5
Teams that contain diversity of thought, Firms typically lose 70% to 80% of assets Firms that lack representation find it difficult to
background, sex, race, and cultures tend to when transferred from one generation to the retain and promote talent. People of color are
outperform homogenous teams. For every next. We are in the midst of a $30T three times more likely to cite workplace
10 percent more racially or ethnically intergenerational transfer of wealth from unfairness as the only reason for leaving their
diverse a company’s senior team is, baby boomers to millennials. Firms increase employer than white men. 9
earnings before interest and taxes (EBIT) is overall risk of generational asset losses if they
nearly 1 percent higher.2 do not focus on ESG investing.5
Firms with diverse boards generate Allocators of capital, as well as consumers, are Firms that fail to reach a critical mass of minorities at
more value than firms with less all levels of the business create environments that
increasingly focused on racial equity. 60% of
diverse boards. 3
consumers indicate that promises must be backed by appear more hostile and unwelcoming,
action, or brands risk being seen as exploitative.4, 6 leading to issues of retention.7,8 4
CURRENT STATE
OF THE INDUSTRY
“YOU CAN’T BE
WHAT YOU CAN’T SEE”
5
WHY SO FEW MINORITIES
IN FINANCE?
The Government Accountability Office found that unconscious biases in
promotions, a reluctance to recruit from more than a handful of elite
universities, and lack of leadership commitment to diversity are the main
barriers to increasing diversity in the finance industry.
BIAS IN RECRUITMENT
There is an assumption that minority students do not have the
skills necessary to excel in the industry. Traditional networking
venues are often leveraged that exclude many minorities.
ELITE UNIVERSITIES PRIORITIZED
Financial firms often only recruit from a handful of top-tier
schools. Minorities are often excluded from the privilege of an
elite education, but still succeed in the most rigorous work
environments.
LACK OF INDUSTRY AWARENESS
“You can’t be what you can’t see.” Our founders’ motto describes
the reality of many minority college students. They, often, don’t
see the financial sector as a viable pathway due to lack of role
models and minority leaders in the industry.
Source: US Government Accountability Office, 2017: “ Financial Services
Industry: Trends in Management Representation of Minorities and Women and 6
Diversity Practices, 2007-2015.”
UNDERREPRESENTATION ACROSS ALL LEVELS
Diversity in Overall Finance First and Mid-Level
Senior Level Management Roles
Occupations Management Roles in the
in the Financial Industry
Financial Industry
Latinx 9.5 Latinx 5.9 Latinx 3.6
Black 9.9 Black 6.9 Black 2.7
White 78.4 White 77.6 White 87.7
0 20 40 60 80 100 0 20 40 60 80 100 0 20 40 60 80 100
% of Industry % of Industry % of Industry
Sources:
• US Bureau of Labor Statistics, 2019: “11. Employed persons by detailed occupation, sex, race, and Hispanic or Latino ethnicity.” 7
• US Government Accountability Office, 2017 “ Financial Services Industry: Trends in Management Representation of Minorities and Women
and Diversity Practices, 2007-2015.”
PROGRAM
OVERVIEW
“WE ENVISION A FINANCE INDUSTRY
WITHOUT BARRIERS TO ENTRY AND
ADVANCEMENT FOR BLACK, LATINX,
AND UNDERREPRESENTED PEOPLE.” 8OUR MODEL
The Greenwood Project has a six-year program model. We recruit students during In this model, companies can engage with students to build brand awareness as
their Junior year in high school. They attend two years of high school programming early as high school. We encourage companies to create freshman rotational
focused on financial literacy and coding before matriculating into our college programs, then invite good-fit students back for future internships. Ideally, this
program. In college, students attend our intensive, residential training program, then model leads to diverse, well-trained hires for partner companies who make long-
are placed into summer internships for the duration of their college experience. term investments in this model.
Professional development and career services are available to all students year-round
and as alumni.
HIGH SCHOOL COLLEGE INTERNSHIPS
Students complete two summers Students complete three summer
with Greenwood Project. internships.
RECRUITMENT PRE-INTERNSHIP ALUMNI
Juniors in high school from the TRAINING Students accept job offers.
South and West sides of Chicago. Students complete a four-week Ongoing career support from
intensive training in collaboration Greenwood.
with Wall Street Prep.
9HIGH SCHOOL INSTITUTE – TWO TRACKS
High School FinTech Institute High School Financial Institute
Teaches how to analyze and visualize financial data Teaches foundational concepts needed to seek careers
using Python and other programming languages. in the financial services industry.
10
*High School students are not placed into internships.COLLEGE INTERNSHIP PROGRAM PREP
Before college students graduate
the training program, they must
pass the Bloomberg Market Students are mentored by
Concepts Exam. Greenwood also industry professionals to help
underwrites the CFA Foundations prepare them for their
and SIE exams. internship placement.
FINANCE NETWORKING MENTORING STOCK PITCH
COURSES EXAMS EVENTS
Students complete an extensive Students meet with Students work in teams to
curriculum provided and taught representatives from a variety analyze and pitch a stock. The
by Wall Street Prep and other of firms for “Lunch and Learn” winner receives a funded
industry professionals. and “Jam Sessions” events. brokerage account.
11INTERNSHIPS
POST-GRADUATION FRESHMAN SUMMER
Students are, ideally, offered full-time Students must complete Greenwood
offers from the company they have
interned with throughout college. S F Project’s intensive, residential summer
training.* After this 4-week program,
companies often bring students into 6-
week rotational programs.
JUNIOR SUMMER SOPHOMORE SUMMER
J S
Students who have completed Greenwood Students who have completed Greenwood
Project’s training are placed into more Project’s training are placed into more
traditional 10-12 week internships, ideally, traditional 10-12 week internships, ideally,
with the company at which they with the company at which they
completed their freshman rotational and completed their freshman summer
sophomore summer internship. rotational.
*Some students join the Greenwood Project at other
points in college. All new students must complete this
training before being placed into internships. 12WALL STREET PREP + 4-WEEK TRAINING
Volunteer-Taught Courses*: Wall-Street Prep Courses*:
Financial Markets Excel
Stock Market Research Accounting
Company Valuation Analyzing Financial Reports
Equity Valuation Corporate Finance
Bloomberg Terminal Financial Statement Modeling
Careers in Finance DCF Modeling
Options Comps Modeling
Outlook and Calendar PowerPoint
Compliance in the Workplace
Professionalism in the Workplace
Communicating in the Workplace
Diversity and Inclusion in the Workplace
Dress for Success
Presentations and Public Speaking
13
*Curriculum Examples from 2021. The Greenwood Project curriculum shifts each year to meet the diverse and emerging needs of our scholars.PROGRAMMING TIMELINE
HIGH SCHOOL INSTITUTE COLLEGE INTERNSHIPS ALL SUMMER
ROLLING APPLICATION BEGIN** PROGRAMS END
COLLEGE INTERNSHIP COLLEGE INTERNSHIP
PROGRAM ROLLING PROGRAM 4-WEEK HIGH SCHOOL
APPLICATION INTENSIVE BEGINS* INSTITUTES BEGIN***
Oct. 1-Dec. 31 Nov. 1-Jan. 31 June 6, 2022 July 5, 2022 July 5, 2022 Aug. 12, 2022
*For College Freshman or new Greenwood Project college students only.
**Returning Greenwood Project students can begin on June 6, 2022. 14
***High School students are not placed into internships.YEAR-ROUND ENGAGEMENT
Workshops
Online Ongoing
Coursework Mentorship
While Greenwood Project’s flagship
programs occur from June through
August each year, the organization
offers services to their students and
the Chicago community year-round.
Career Networking
Services Events
CPS
Engagement
Presented By: JAFAR DESIGNS 15OUTCOMES & IMPACT
16SCHOOLS REPRESENTED High Schools: Colleges & Universities: Chicago Military Academy Adelphi University University of Illinois at Chicago Chicago Tech Academy Arrupe College University of Illinois at Urbana-Champaign De LaSalle Institute Benedictine University University of Iowa Epic Academy Bradley University University of Michigan Ann Arbor George Westinghouse College Prep Brown University University of Southern California John Hancock College Prep California State University, Long Beach Virginia State University Kenwood Academy Central State University Washington University in St. Louis Lincoln Park High School City Colleges of Chicago Mansueto High School Columbia University Michele Clark Cornell University Morgan Park Academy DePaul University Mount Carmel High School Emory University Muchin College Prep Florida Agricultural and Mechanical University North Lawndale College Prep Grambling State University Northside College Prep Howard Orr Academy Howard Washington College Rich South High School Loyola University Southland College Preparatory Pitzer College High School St. Rita of Cascia Pomona College Whitney M. Young Magnet High School Tennessee State University 17
PARTNERSHIP
“THERE’S NO LACK OF
TALENT ONLY A
LACK OF OPPORTUNITY.”
18PARTNERSHIP INVEST
• We ask all partners to make a monetary investment in the
work of the Greenwood Project.
• 3-year investments are critical to see true progress towards
DE&I initiatives.
HIRE
• We ask all partners to hire summer interns in a direct-
placement model.
INVEST • These internship placements function best as reserved seats
for Greenwood Project students. Internship lengths are
flexible.
• For true progress towards DE&I goals, we recommend
creating a 6-week freshman rotational program. Ideally, these
interns will return to you as sophomores and juniors for more
traditional 10-12 week internships.
ENGAGE
HIRE ENGAGE •
•
Employees volunteer with students.
Each company provides mentors for students.
• Companies allow students to attend Greenwood Project
programming during their internship.
• Companies commit to completing bi-weekly reporting on intern
progress.
Presented By: JAFAR DESIGNS 19ENGAGEMENT OPPORTUNITIES
OUR PARTNER COMPANIES ENGAGE THEIR LEADERSHIP AND
EMPLOYEES IN A VARIETY OF VOLUNTEER OPPORTUNITIES
THROUGHOUT OUR SUMMER SESSION.
MENTOR STUDENTS
HOST A LUNCH AND LEARN
PARTICIPATE IN JAM SESSIONS
TEACH FINANCE COURSEWORK
MENTOR/JUDGE FOR STOCK PITCH
AND CODING COMPETITIONS
202021 CORPORATE PARTNERS
21OUR FOUNDERS
BEVON AND ELOIS
JOSEPH
Originally from Trinidad & Tobago, Bevon moved to the United States after high
school to further his education. He is a graduate of DePaul University. Bevon’s career
has been exclusively in the trading industry, specifically in technology. He's worked at
financial institutions such as JPMorgan, Morgan Stanley, UBS, Chicago Trading
Company, PEAK6 Investments, and Achievement Asset Management. Bevon also
worked on the trading floors of the NYSE, NYMEX, and AMEX. Mr. Joseph firmly
believes that kids can't be what they can't see. There is no lack of talent, only a lack of
opportunity.
Elois L. Joseph is a Co-Founder of the Greenwood Project. Prior to establishing the
organization, she worked on the trading floor of the Chicago Board Options Exchange
(CBOE). As a financial professional, she attained many licenses and worked in the
compliance examination division for an industry regulator. Elois grew up on the west
side of Chicago, earned an MBA from Northern Illinois University, and a BA in
Journalism from Columbia College Chicago. She is proud to be the first in her family
to create generational wealth and to have the opportunity to teach this process to
others through the Greenwood Project.
22BOARD OF DIRECTORS
Kwesi Smith Michael Rothkopf Mark Sebastian Catherine Clay Angela Jones
William Blair PEAK6 OptionPit Cboe UBS
Board President Board Treasurer
Sizwe Karama Alfarida Mohammed David Merjan Mike Piper Matt Rowe
Morgan Stanley FTX.US Epona Rising Piper Sandler 23
NomuraCONTACTS
Bevon Joseph Elois Joseph
Executive Director Vice-President, Strategy
bevon.joseph@greenwoodproject.org elois@greenwoodproject.org
312-857-9758 312-857-9856
Areas: Media, Speaking Engagements, Partnership Areas: Placement, Career Services, Human Resources
Emily Holthaus Charles Turner
Director of Education Director of Operations
emily.holthaus@greenwoodproject.org charles.turner@greenwoodproject.org
312-825-1268 312-857-9863
Areas: Curriculum, 4-week Training, Recruitment, School Partnerships Areas: Partnership Logistics, Grants/Foundations, Volunteerism
Amy Aurelio
Administrative Specialist
amy.aurelio@greenwoodproject.org
312-857-9844
Areas: Scheduling
24REFERENCES
1) McKinsey & Company, January 2015: “Why Diversity Matters”
2) Harvard Business Review, December 2013: “How Diversity Can Drive Innovation”
3) McKinsey & Company, January 2018: “Delivering Through Diversity”
4) Edelman, 2020: “Edelman Trust Barometer 2020: Brands and Racial Justice in America, One Pager”
5) MSCI ESG Research, 2020: “Swipe to Invest: The Story Behind Millennials and ESG Investing”
6) New York Times, Paul Sullivan, July 2020: “How Investors Are Addressing Racial Justice”
7) McKinsey & Company, September 2020: “Racial Equity in Financial Services”
8) Claude Steele, 2011: Whistling Vivaldi
9) Level Playing Field Institute, 2007: “The Corporate Leaders Survey: The Cost of Employee Turnover Due Solely to Unfairness in the Workplace”
10) Personnel Psychology, McKay, et al., Spring 2007: “Racial Differences in Employee Retention: Are Diversity Climate Perceptions the Key?”
11) US Bureau of Labor Statistics, 2019: “11. Employed persons by detailed occupation, sex, race, and Hispanic or Latino ethnicity.”
12) US Government Accountability Office, 2017: “Financial Services Industry: Trends in Management Representation of Minorities and Women and Diversity
Practices, 2007-2015.”
25You can also read
