Morgan Stanley announced the launch of Morgan Stanley HBCU Scholars, an integrated program aimed at strategically engaging and supporting Historically Black Colleges and Universities (HBCU). The program will support 60 student scholarships from Howard University, Morehouse College, and Spelman College to help put academics on the path to education and financial independence by removing the barrier of higher education. This effort is part of Morgan Stanley’s broader mission to create an integrated, holistic, and transparent diversity and inclusion strategy, both internally and externally, through the Institute for Inclusion announced in June.
Morgan Stanley HBCU Scholars will programmatically have the following key areas of interest at the programming level:
Over the next four years, Morgan Stanley will be offering four-year needs-based scholarships (“Morgan Stanley HBCU Scholars Program”) at each institution. The scholarships cover the full cost of attending the institution for each academic year and are open to students in all disciplines and all disciplines.
The first year’s class size is 15 scholars; a new class of scholars will be added for a class of 60 pupils by the fourth year.
Morgan Stanley will spend up to $ 12 million to support this program.
The “HBCU Career Preparation Program” will be offered to Morgan Stanley HBCU Fellows with virtual and on-site (post-COVID-19) components to complement their on-campus curriculum.
“This program will reflect our intention to invest in communities of color and to support the professional aspirations of black students, in line with one of our core values, Commitment to Diversity and Inclusion,” said James Gorman, Chairman, and CEO of Morgan Stanley. “We look forward to partnering closely with HBCU faculty and students to support emerging talent in an effective and meaningful way.
Participating schools include Howard University, Morehouse College, and Spelman College, with hopes of expanding to other schools in the future. The program will commence in the fall semester of 2021. The HBCUs will invite students with a proven history of academic excellence to apply to the program.
“Reducing the financial burden on black students to pursue education is a proven method of increasing their employment and economic opportunities,” said Dr. Wayne A. I. Frederick, President, Howard University. “We value Morgan Stanley the most for supporting our students. These partnerships between industry leaders and HBUC are essential to promote diversity and inclusion and achieve more excellent representation in our society. “
“The Morgan Stanley, HBCU Scholars Program, will make the university a reality for students from families who would otherwise be unable to afford higher education,” said David A. Thomas, Chairman, Morehouse College. “The donation will not only improve the lives of scholarship recipients, but it will also lead to positive changes for communities of color.”
“The biggest challenge facing many of our brilliant Spelman students face the financial barrier to completing college,” said Mary Schmidt Campbell, Ph.D., President of Spelman College. “Through academic research, innovation, and advocacy, our students are already working to come up with solutions to some of the world’s most challenging problems. We much appreciate Morgan Stanley’s generous support, which will enable our change agents to break free from debt and seize opportunities that will significantly impact society. “
“Taking diversity beyond our four walls is part of our commitment to Morgan Stanley,” said Susan Reid, chief executive officer and global head of diversity and inclusion, Morgan Stanley. “We are focused on supporting HBCUs in a differentiated way that will create both short-term impact and lasting results, and we look forward to this deeper journey with Howard University, Morehouse College, and the Spelman. Middle School.”