As part of its commitment to achieving diversity, equity, and inclusion in the financial services industry, The Risk Management Association (RMA) Foundation is making dedicated scholarships available to students at Historically Black Colleges & Universities (HBCUs) for the Spring 2022 semester. The scholarships are designed to benefit students who are pursuing financial services careers—and the RMA member banks that will ultimately gain from their talents.
The announcement comes at a time of growing recognition that DEI is not only the right thing to do, but also good business. Several studies have shown that banks with higher levels of racial and ethnic diversity exceed their peers in innovation, profitability, and other performance measures.
Winners of the $2,000-per-student awards will be selected based on:
- Academic achievement.
- Participation and leadership in community and school activities or related work experience.
- Demonstrated interest in the banking industry, including involvement in the local RMA chapter, academic studies, and internships.
- A statement of career goals and objectives.
The round of HBCU awards will supplement an RMA Scholarship Program that has distributed more than $1.2 million in scholarships to over 500 students.
“This dedicated round of HBCU scholarships is a way to ensure even more students benefit from RMA scholarships at a time when their talents are needed in the industry,” said RMA President and CEO Nancy Foster.
“RMA’s commitment to providing scholarships for students at Historically Black Colleges and Universities demonstrates their intent to create a gateway for students to progress through college and into the world of banking,” said Anthony C. Nelson, Ph.D., Dean of the School of Business at North Carolina Central University, an HBCU in Durham, North Carolina. “I am confident that these scholarship opportunities will help diversify the banking industry.”
The RMA Foundation is currently accepting applications for HBCU scholarships. Applications are available here. The deadline to apply is October 31, 2021.
In addition to providing scholarships, RMA also offers banking-focused student memberships. Benefits include an online subscription to The RMA Journal, access to the RMA online member forum, opportunities to network with current bank practitioners, and invitations to attend RMA chapter meetings and workshops. Students are also able to earn, through select colleges and universities, the Credit Essentials Certificate, which demonstrates proficiency in business and financial knowledge, and helps certificate holders stand out to employers.
The Risk Management Association, whose sole mission is to advance the use of sound risk management principles in the financial services industry, created the RMA Foundation in 2014 to assist with attracting talent to banking at a time of increasing baby boomer retirements and competition for graduates from tech and other sectors.