Morgan Stanley has invested $20m to address systemic inequities in education and career outcomes for diverse students from underrepresented communities; focusing on ethnically diverse young people from low-to-moderate income backgrounds.
Through collaboration with partner organisations, the Institute for Inclusion’s (IFI) newly launched Equity in Education and Career Consortium will support high school and college students to achieve stronger career and financial outcomes. This $20 million commitment over the next five years will impact more than 30,000 low-to-moderate income students globally; by supporting pathways to college and career success.
“With the launch of the Institute for Inclusion in 2020, we reaffirmed our commitment to help drive stronger economic outcomes for underserved groups,” stated James P Gorman, Chairman and CEO, Morgan Stanley; and Chair of the Morgan Stanley Institute for Inclusion. “Knowing that access to education is vital in addressing economic inequalities, investments such as the Equity in Education and Careers Consortium represent actions we can take to help make an impact for students from low-to-moderate income backgrounds.”
The consortium includes partnerships with six prominent non-profit organisations, primarily serving low-to-moderate income high school and college students in the US; many of which are the first generation in their families to attend college. They include A Better Chance, America Needs You, Braven, Hispanic Federation, iMentor and SEO.
ADDRESSING RACIAL INEQUITIES
“We are investing in solutions that drive greater access to education and social mobility more broadly; and have meaningful impact on communities,” commented Susan Reid, Global Head of Diversity and Inclusion, Morgan Stanley, and Director of the Morgan Stanley Institute for Inclusion. “We believe this investment will help address racial inequities and drive stronger financial outcomes in the long run for these students and their families.”
The objectives of the Equity in Education and Career Consortium focus on awareness, access and advancement. The consortium aims to expose students to career paths and opportunities that may not be visible in their communities; broaden students’ skills and networks through training, mentorship and coaching; and create a support system for students throughout their educational and career journeys.
“Supporting diverse communities and young people of colour has been a long-standing commitment for the Morgan Stanley Foundation,” added Joan Steinberg, Global Head of Philanthropy and President of the Morgan Stanley Foundation. “We are excited to partner with the Institute for Inclusion to advance the cause of equity and inclusion in tangible ways; through investments in targeted programmatic efforts with strategic community partners.”
MORE ABOUT IFI
The Equity in Education and Career Consortium is the Morgan Stanley Institute for Inclusion’s marquee philanthropic initiative to help advance equity in education and careers for diverse communities. This latest effort joins the firm’s portfolio of offerings aimed at driving greater outcomes for underserved communities. This includes the Morgan Stanley HBCU Scholars Program, which provides full scholarships to students at three prominent historically Black colleges; and the Morgan Stanley Future Generation Scholars programme in the UK. Additional global partners will be announced as the programme is rolled out.
The Institute for Inclusion, together with its overall commitment to diversity and inclusion, brings employees, communities and clients together in a shared commitment to creating a more equitable society. It aims to catalyse and accelerate an integrated and transparent DE&I strategy to deliver the full potential of Morgan Stanley; and drive meaningful change within the firm and beyond, confirmed the global financial services firm.
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