Charles Schwab Establishes Endowed Scholarships to Support Students From Underrepresented Communities
February 23 2021 - 9:00AM
Business Wire
Schwab partners with seven public universities,
creating a $3.5 million endowed scholarship program
The Charles Schwab Corporation announced a slate of universities
it will partner with to help increase the pipeline of diverse
talent into the financial services industry, as part of a $3.5
million endowed scholarship program that will provide financial
assistance and career opportunities to students from
underrepresented communities. The firm made the commitment to the
endowment – funded through Charles Schwab Foundation – last
summer.
“We believe programs like our scholarship endowment can have a
meaningful impact in people’s lives by creating educational
opportunities, which can help break down barriers and open new
possibilities,” said Carrie Schwab-Pomerantz, president of Charles
Schwab Foundation and senior vice president of Charles Schwab &
Co. “Schwab was founded on the belief that our industry should be
more inclusive. By providing encouragement and support to
underrepresented students to consider careers in financial
services, we can strengthen both our company and industry.”
A Pathway to Careers in Finance
Underrepresented students at seven partner universities across
the United States are eligible to apply for approximately $10,000 a
year in scholarship funds. In addition to the two-year scholarship,
recipients will be invited to apply for and participate in an
internship at Schwab, which could help inspire a future career in
finance.
Participating schools include:
- Arizona State University
- Purdue University
- Temple University
- Texas Tech University
- The University of Akron
- University of Arizona
- Virginia Tech
In addition to the direct benefits to the scholarship
recipients, the program will also assist these universities in
enhancing their student diversity for the benefit of the entire
student body.
Mentorship and Lasting Impact
In addition to financial support, the program will make
voluntary mentorship and professional development opportunities
available to help prepare the scholarship recipients for a
successful career in financial services.
“In working closely with universities near our employment
centers, we believe we can help open new possibilities through
financial assistance, mentorship, professional development, and
industry experience,” said Schwab-Pomerantz.
This endowment complements other scholarship programs for
underrepresented communities, funded through Charles Schwab
Foundation, including:
- A $500,000 contribution to fund scholarships at three
Historically Black Colleges and Universities (HBCUs):
Bethune-Cookman University, North Carolina Agriculture and
Technical State University, and Prairie View A&M
University.
- The RIA Talent Advantage Scholarship Program through Schwab
Advisor Services, which aims to raise awareness of the independent
investment advisory profession and provides $10,000 scholarships to
twelve students, reserving half for students from underrepresented
groups.
Schwab’s scholarship programs are part of the firm’s ongoing
efforts to develop and attract diverse talent by recruiting from
underrepresented communities, including women, people of color,
people with disabilities, and people with military backgrounds.
More information about Schwab’s commitment to diversity is
available on the firm’s Diversity & Inclusion website.
About the Participating Universities:
- Arizona State University
- Purdue University
- Temple University
- Texas Tech University
- The University of Akron
- University of Arizona
- Virginia Tech
About Charles Schwab
At Charles Schwab we believe in the power of investing to help
individuals create a better tomorrow. We have a history of
challenging the status quo in our industry, innovating in ways that
benefit investors and the advisors and employers who serve them,
and championing our clients’ goals with passion and integrity.
More information is available at www.aboutschwab.com. Follow us
on Twitter, Facebook, YouTube and LinkedIn.
About Charles Schwab Foundation
Charles Schwab Foundation is an independent nonprofit public
benefit corporation, funded by The Charles Schwab Corporation and
classified by the IRS as a charity under section 501(c)(3) of the
Internal Revenue Code. The Foundation is neither a part of Charles
Schwab & Co., Inc. (member SIPC) nor its parent company, The
Charles Schwab Corporation. Its mission is to educate, volunteer
and advocate on behalf of those in need so that everyone has the
opportunity to achieve financial well-being. More information is
available at https://www.aboutschwab.com/citizenship.
About The Charles Schwab Corporation
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with 29.6 million active brokerage
accounts, 2.1 million corporate retirement plan participants, 1.5
million banking accounts, and approximately $6.69 trillion in
client assets. Through its operating subsidiaries, the company
provides a full range of wealth management, securities brokerage,
banking, asset management, custody, and financial advisory services
to individual investors and independent investment advisors. Its
broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD
Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC,
https://www.sipc.org), and their affiliates offer a complete range
of investment services and products including an extensive
selection of mutual funds; financial planning and investment
advice; retirement plan and equity compensation plan services;
referrals to independent, fee-based investment advisors; and
custodial, operational and trading support for independent,
fee-based investment advisors through Schwab Advisor Services. Its
primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC
and an Equal Housing Lender), provides banking and lending services
and products. More information is available at
https://www.aboutschwab.com.
TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are
separate but affiliated companies and subsidiaries of TD Ameritrade
Holding Corporation. TD Ameritrade Holding Corporation is a
wholly-owned subsidiary of The Charles Schwab Corporation. TD
Ameritrade is a trademark jointly owned by TD Ameritrade IP
Company, Inc. and The Toronto-Dominion Bank.
0221-1KNM
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Stephanie Corns Charles Schwab 415-629-0700
stephanie.corns@schwab.com
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