Diversity programs at top investment banks, and how to access them

Diversity is a big deal to investment banks when it comes to graduate recruiting. As an industry that has a reputation for being largely male, predominantly white and the home of the economically privileged, a lot of energy is channelled into ensuring that the analyst pool is as diverse as possible.

If you fall into a ‘diverse category’ – if you’re female, lesbian, gay, bisexual and transgender (LGBT), black, hispanic, or disabled – there are various schemes that will help you secure a junior role in banking when you leave university.

This is a breakdown of some of the biggest diversity programs in the Americas and EMEA, by bank.

Bank of America diversity programs:

Americas Scheme: Scholars of distinction

What is it? Targeted at women, Black/African American, Hispanic/Latino, Native American, LGBT, military veterans and students with disabilities, the scholars of distinction program is a route into BofA’s summer analyst (internship) programs for its global banking and markets division. Successful applicants receive a stipend of $5,000, for sophomores, and $10,000, for juniors.

Where to apply: More information here. Applications for 2021 have yet to open.

Credit Suisse diversity programs:

EMEA Scheme: Steps to Success

What is it? Running since 2012, the Steps to Success Scholarship Program is a three-year Social Mobility program for outstanding Year 13 students (you’ll need three As at A level) in the UK who are from an underrepresented and /or underprivileged background.

The program consists of one four-week and six-week summer internship in Global Markets and Investment Banking and Capital Markets in London. Whilst on the program, interns will receive full sponsorship with their university tuition fees and ongoing support and guidance from numerous mentors. Following the first two summer internships, participants have the opportunity to join the bank’s mainstream internship programs, which last until the final year of study and form the pipeline for graduate opportunities

Where to apply: There’s more information here. In 2020 the deadline was Jan 5.

Americas Scheme: Sophomore Diversity Internship Program (for undergraduate students)

What is it? A scheme for outstanding college sophomores with a diverse background. Targeted at black, Hispanic, LGBTQ+, female, veterans, disabled or other diverse students, who are given an opportunity to participate in a nine or ten-week summer internship program. Successful interns are then eligible to receive a scholarship upon completion of the program.

Where to apply: There’s more information here.

Americas scheme: Women’s Mentor Program (for undergraduate students)

What is it? A scheme for female college sophomores who want to learn more about asset management, global markets (equity research, sales & trading, securitized products), technology or investment banking & capital markets. Selected participants get to attend a multi-day career development program at the New York office and have the opportunity to participate in an accelerated interview process for a summer analyst internship.

Where to apply: There’s more information here.

Americas scheme: MBA Diversity Fellowship (for MBA graduates)

What is it?  For outstanding first-year MBA students with a diverse background and a strong interest in pursuing a career in investment banking. The fellowship offers black, Hispanic, LGBTQ+, female, veterans, disabled or other diverse students a summer internship within Investment Banking along with a $40k stipend for the first year of business school. If subsequently complete a Credit Suisse summer internship successfully and accept a full-time offer with the bank, you receive an additional $40k. 

Where to apply: There’s more information here. As part of a summer associate application, you will be asked if you’d like to be considered for the Diversity Fellowship. There is no separate application or interview process.

Americas scheme: Virtual diversity bootcamp

What is it? This spring, Credit Suisse hosted a virtual Diversity Boot Camp to create a pipeline for the Sophomore Diversity Program. Look out for something similar next year.

Deutsche Bank diversity programs

Americas scheme:  dbAchieve Internship

What is it? An eight week introduction to careers in Deutsche’s investment bank for students who identify as women, Black, Latinx/Hispanic, LGBTQI, veterans, people with disabilities, or who are diverse in other ways.

Where to apply: You can find out more information here, but applications are currently closed. 

Sarah Butcher – Read more on efinancialcareers.com


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