The United Negro College Fund says it has expanded a scholarship program it runs with JPMorgan Wealth Management for Black students studying any major to help them start a career as a financial advisor.
Launched in 2021, the program has added six more Historically Black Colleges and Universities, for a total of 17, whose students are eligible for up to $7,000 each in scholarships, according to UNCF.
Students are eligible for an initial $2,000 scholarship as well as “the opportunity to participate in two paid professional summer programs to gain the skills to build a career as financial advisors,” UNCF says. Those who complete the Advancing Black Pathways Fellowship and the Financial Advisor Development Track Summer Analyst programs will then receive an extra $5,000 during their senior year, according to the organization.
Through 2025, JPMorgan will award 375 scholarships, UNCF says.
“Many students have never thought about becoming a financial advisor or even know what the job entails. We believe this program can help change that,” Christopher Thompson, head of diverse talent experience for the consumer and community bank at JPMorgan Chase, said in a statement. “We want to raise awareness around this career and create a path for diverse young professionals into the wealth management industry.”
The company announced the commitment in October 2020, as many Wall Street firms pledged millions of dollars in support of racial equality and social justice following the killing of George Floyd while in police custody, an event that sparked months of nationwide protests and a national reckoning on race relations, as reported.