University-Industry Engagement Week

Goldman Sachs launches five-year, $25M HBCU student training program

By David Schwartz
Published: April 13th, 2021

Banking giant Goldman Sachs is launching a five-year, $25 million program working with seven of the country’s HBCUs  to train students and develop their finance skills.

North Carolina A&T, Florida A&M, Hampton University, Howard University, Morehouse College, Morgan State, Prairie View A&M, and Spelman College will make up the first cohort of participating schools. The initiative program has been dubbed the “Market Madness: HBCU Possibilities” program.

For four months, 125 first- and second-year students from the seven HBCUs will receive hands-on training and learn fundamental finance skills in a professional setting, complementing their coursework and extracurricular activities. 

The program will culminate with a “Market Madness” case study competition, featuring Procter & Gamble this year. Students will present to senior leaders at Goldman Sachs and compete for prize donations to their institutions and funding opportunity for future generations. 

Based on their student team’s performance in the “Market Madness” program, each participating HBCU will receive a grant from Goldman Sachs ranging from $250,000 to $1 million. Each participating student will also receive a $10,000 academic stipend upon completing the program. 

“N.C. A&T values corporate relationships that pair academic excellence with innovation,” said Harold L. Martin Sr., the school’s chancellor. “This partnership with Goldman Sachs will not only benefit our students and prepare them to join the workforce, but address challenges in the global economy as well.” 

Goldman Sachs CEO and Chairman David Solomon said the partnership with the HBCUs is “the natural next step” in its commitment to developing talent with a wide range of backgrounds, experiences and perspectives. “It’s a smart, long-term investment for the firm, it helps us better serve our clients, and over time we believe it contributes to a more inclusive and dynamic economy and society,” Solomon said. 

A critical component of Goldman Sachs diversity strategy is its goal to double campus analyst hiring from HBCUs by 2025. 

“For generations, HBCUs have had a track record of producing titans of industry and public service. I’m confident the students in our Market Madness: HBCU Possibilities Program will be no exception,” said Asahi Pompey, Goldman Sachs global head of corporate engagement. 

“HBCUs and Goldman Sachs have a shared commitment to excellence, achievement and striving. Not only are we investing in HBCU students, but also their institutions and the larger Black community.”

Source: Triad Business Journal

Posted under: University-Industry Engagement Week