STREAM (StrengThening Race and Equity in Asset Management) Foundation's ultimate goal is to increase diverse representation in the asset management industry. To do that, we start by building a diverse pipeline of qualified talent and providing summer internships to underserved college students. This draws a larger applicant pool than small firms could with their recruitment efforts, creating a diverse pipeline for firms to utilize when hiring for internships.
Once a student is selected for the program, they receive two years of Wall Street Prep, exclusive educational content, a mentor, a student liaison, minimum pay, and a housing stipend. After program completion, there are alum events and continuing career assistance; many of our alums return as volunteers, supporting our goal of building a community around diverse, talented professionals. Through STREAM's programming, we have served 92 students and given $920,000 in compensation/scholarship money.
By advancing underrepresented groups' access to and engagement within the asset management industry, we help establish generational wealth-building opportunities for marginalized groups. Lack of access and opportunity to wealth-building industries perpetuates generational cycles of poverty. Systemic racism contributes to a lack of access both educationally and professionally. Without representation, not only are minority students less likely to pursue a career in financial services, but they are also less likely to pursue management of their personal wealth.
Above all else, our alumni have gained life-long career support and a community to champion their career aspirations. We feel confident that we have built a team of volunteers with diverse backgrounds and perspectives, in which we have drawn strength from our differences and heightened our abilities as counselors and advocates. Our continued commitment to building a workplace reflective of our world, creates competitive advantages and positive advancement of the asset management industry, one student at a time.
Don't take our word for it, listen to Ericka Drinker, a student at Paul Quinn College and STREAM 2024 Scholar share about her experience with STREAM: