Fox School of Business is one of seven public universities in the $3.5 million endowed scholarship program designed to create a pipeline of diverse financial services students
Professor Cindy Axelrod in the Capital Markets Room in Alter Hall.
PHILADELPHIA, Feb. 26, 2021 — The Charles Schwab Corporation has created a $3.5 million endowed scholarship program to support underrepresented students studying financial services at seven public universities, including Temple University’s Fox School of Business. The program will provide students with scholarships, access to internships and continued career development support.
“We believe programs like our scholarship endowment can have a meaningful impact in people’s lives by creating educational opportunities, which can help break down barriers and open new possibilities,” said Carrie Schwab Pomerantz, president of the Charles Schwab Foundation and senior vice president of Charles Schwab & Co. “Schwab was founded on the belief that our industry should be more inclusive by providing encouragement and support to underrepresented students to consider careers in financial services, we can strengthen both our company and industry.”
Scholarship recipients will receive approximately $10,000 a year for two years and are invited to apply for and participate in an internship at Schwab.
“Education in the financial industry carries particular weight in creating change in underrepresented communities,” says Ronald Anderson, dean of the Fox School of Business and School of Sport, Tourism and Hospitality Management (STHM). “Students who are versed in financial success are positioned to share their knowledge, their success and their education with their family, friends and others.”
In addition to financial support, the program will make voluntary mentorship and professional development opportunities available to help prepare the scholarship recipients for a successful career in financial services. Anderson says Schwab’s commitment to students beyond scholarship—through internships and career services—will make a lasting difference in their success. The combination of financial and career support helps schools like the Fox School recruit talented students into the financial services program. Continued career development also helps the Fox School ensure there is a pipeline of talented diverse professionals to Schwab and throughout the industry.
The Fox School is the only Pennsylvania university partnering in the program. Schwab is a long-standing supporter of Fox students including the creation of the Charles Schwab Interactive Financial Classroom, which provides state-of-the-art software for the financial planning program. Students are connected with wealth managers, financial planners and advisors through the technology which provides awareness of the field and prepares students for careers in the registered investment advisor industry.
The endowed scholarship program helps further enhance the Bachelor of Business Administration in Financial Planning degree program. Temple and the Fox School are one of the few schools in the country to offer a designated financial planning undergraduate degree. Students who earn the degree are eligible to sit for the Certified Financial Planner (CFP) examination upon graduation, a unique feature of the program.
“For both the school and the program, this is a transformative gift,” says Cindy Axelrod, an associate professor and director of the Financial Planning Program. “Within the next 20 years, 10,000 baby boomers are expected to retire every day, which will produce a tremendous intergenerational wealth transfer. Now, more than ever, financial advisors are needed to help assist with the immense increase of clients and client assets. This gift provides a pathway for just that.”
For more information on the endowed scholarship program, visit The Charles Schwab Corporation’s website.
ABOUT THE FOX SCHOOL OF BUSINESS
The vision of Temple University’s Fox School of Business is to transform student lives, develop leaders, and impact our local and global communities through excellence and innovation in education and research.
The Fox School’s research institutes and centers as well as 200+ full-time faculty provide access to market-leading technologies and foster a collaborative and creative learning environment that offers more than curriculum—it offers an experience. Coupled with its leading student services, the Fox School ensures that its graduates are fully prepared to enter the job market.
The flexibility and responsiveness of our knowledge-creating research faculty allow the school to address the needs of industry and generate courses and programs in emerging fields. As a leader in business research, the Fox School values interdisciplinary approaches and translational research that influence and impact real-world problems. Our research informs an adaptive curriculum, supports innovation in teaching and prepares students for the ever-changing business environment.