Diversity is the new black, brown and gay when it comes to recruitment at all the major banks. Or is it?
It’s true that diversity has been a buzzword on the hiring agenda for some time, and many of the recruiters and search firms used by the major banks now have dedicated diversity and inclusion teams. But aside from promises and targets and goals, a look needs to be taken at what major banks are offering their graduate intake.
Not all diversity programs are created equal. While it’s one thing to celebrate diversity by boasting about how many women work at your bank, it’s another entirely to actively commit to the belief that diversity is better for business, and to work to eradicate prejudice from the inside out, and the top down. So, if you’re seeking a work environment that is authentically diverse and isn’t simply paying lip service to a hashtag, it’s as always worth doing your research to find out who’s leading the charge.
Diversity doesn’t only mean taking a colour-blind approach to hiring. A good indicator of a bank’s intentions when it comes to diversity are the kinds of programs they are running across all of their departments, whether it’s scholarship schemes for underprivileged students, confidence boosting boot camps for BAME graduates or internships for people on the ASD spectrum, there’s a diverse (ahem) mix of diversity programs to choose from. Here’s our 2022 round up from the world’s top banks:
Barclays Diversity Programs:
EMEA Scheme: Discovery Diversity Program & Inside Track Diversity Program
What is it? Two-day insight program. An opportunity to be considered for the 2023 summer internship before other applicants, if you come from an underrepresented group. You have to be two years out from graduating.
Where to apply? More detail available here.
Bank of America diversity programs:
Americas Scheme: Scholarship 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 a wide variety of BofA’s summer analyst (internship) programs across a range of global banking and markets divisions. Successful applicants receive a $15,000 contribution towards their tuition fees.
Where to apply: Applications for 2024 have yet to open. The 2023 opportunity can be seen here.
Americas Scheme: MBA Fellowship
What is it? For first year Black, Hispanic, Native American, LGBT+, female, and veteran applicants. $40,000 towards your MBA tuition fees, a paid summer internship in Investment Banking, and the ability to receive further funding for your second year after completing the summer program.
Where to apply: Applications for 2024 have yet to open. The 2022 opportunity can be seen here.
Credit Suisse diversity programs:
UK Scheme: Steps to Success
What is it? A three-year 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: Here.
Americas Scheme: Diversity Advancement Program
What is it? A series consisting of a virtual event (Credit Suisse Explore), conference (Credit Suisse Connect), and a summer internship (Credit Suisse Advance) across your first and sophomore year made to introduce you, and then mentor you, with an eye on financial services and, of course, Credit Suisse.
Where to apply: Look out here.
Americas scheme: Women’s Mentor Program
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
What is it? For outstanding first-year MBA/JD/grad students with three years of work experience, a diverse background, and a strong interest in pursuing a career in investment banking. The fellowship offers Black, Hispanic, Native American, Pacific Islander, 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: Pre-MBA Diversity Advancement Program
What is it? A similar program to the MBA fellowship, with a focus on incoming first year MBAs/JDs/grads. Same requirements, including the three years of work experience. Benefits include networking opportunities, a mentor, training and so on including interviews for a summer associate program. You’ll also get preferential selection for the MBA Diversity Fellowship.
Where to apply: There’s more information here.
Deutsche Bank diversity programs:
Americas scheme: dbAchieve Internship
What is it? An eight-week introduction for sophomores 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. Or if you’ve got a “commitment to diversity”. You can apply for corporate banking, corporate finance, fixed income, or wealth management.
Where to apply: You can find out more information here.
USA scheme: dbDevelop
What is it? A two-day introduction for sophomores 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. Or if you’ve got a “commitment to diversity”. Serves as a pipeline to the dbAchieve internship.
Where to apply: You can find out more information here.
Goldman Sachs diversity programs:
UK scheme: Supported Internship for Young People with Special Education Needs
What is it? A 30-week internship involving placements and classroom learning focusing on Operations, Engineering, and Corporate Workplace Solutions for students with an EHC plan.
Where to apply: Applications for 2023 aren’t open yet. Check here for 2022’s portal.
North America scheme: Scholarship for Excellence
What is it? A scholarship aimed at summer internship applicants with an attached $15k stipend towards tuition fees and academic expenses. The opportunity is open to undergraduate juniors pursuing a summer internship that come from one of the following racial minorities: Black, Hispanic, or Native American.
Where to apply: The deadline has passed for 2022, but here.
APAC scheme: Women’s Trader Academy
What is it? A two-month virtual program for women graduating in the Asia-Pacific region. It also involves three onsite days, and is aimed at showing you career opportunities in the financial services industry, resume workshops, and networking with both peers and Goldman professionals.
Where to apply: The deadline has passed for 2022, but here.
UK scheme: Pre-University Women’s Event
What is it? An opportunity for Year 12s and 13s, as well as IB students, to experience a “unique combination” of experiential learning, mentorship, and university readiness, with a view to introduce them to concepts and opportunities in the financial services industry.
Where to apply: The deadline has passed for 2022, but here.
EMEA scheme: Women’s program, engineering
What is it? An interactive multi-day program for women graduating in 2021 and 2022.
Where to apply? More information here. Deadline TBC.
Africa scheme: Africa & Caribbean Recruiting Initiative
What is it? A virtual event for students in Africa and the Caribbean graduating in 2022 and 2023 to introduce them to the financial world. Resume workshops and networking included. Accra, Lagos, and Nairobi host.
Where to apply? Here.
Americas scheme: Emerging Leaders Series
What are they? For Black and Hispanic first year students, “Interactive educational programming”, career coaching, skills training, interview preparation, and a $1500 scholarship for program graduates who accept internship offers in revenue-generating divisions.
Where to apply? The deadline has passed for 2022, but here.
UK scheme: Student Possibility Programme
What is it? A multi-day opportunity for students from low-income backgrounds or first-generation University attendees. Networking with peers and Goldman employees, as well as resume-building workshops. Must be in your penultimate year of University or due to graduate between May 2023 and July 2024.
Where to apply? Here.
Americas scheme: Possibilities Summits
What is it? A variety of virtual summits for Black, Hispanic, LGBT, Female undergraduates and former service personnel, as well as students at Historically Black Colleges & Universities. Opportunities to work on your technical skills, as well as resume and interview skills. Networking included, and the chance to be interviewed for 2024 summer analyst roles.
Where to apply? Here.
UK scheme: LGBTQ+ Student Possibility Programme
What is it? An opportunity for students identifying as LGBTQ+ currently in their penultimate year of University or graduating between May 2023 and July 2024. Multi-day program for all degree students with resume workshops and networking with both peers and Goldman employees. Must be applying to the 2023 summer internship.
Where to apply? Here.
JPMorgan diversity programs
Americas scheme: Advancing Black Pathways Fellowship
What is it? A six-week program. Four weeks of building general business acumen and learning about JPMorgan, and two weeks in your choice of one of five divisions.
Where to apply? More information here.
Americas scheme: Advancing Black Pathways Apprentice Program
What is it? A six-week course for Black applicants to network and develop professional skills. Mentoring and senior leadership engagement is also included.
Where to apply? More information here.
Americas scheme: Career.edYOU Academy
What is it? A virtual program for current sophomores – class of 2025 – studying in the US and identifying as: Asian and Pacific Islander, Black, Hispanic, LGBTQ+, Military Veterans, Indigenous American, Students with Disabilities, and Women. You’ll be introduced to JPMorgan, the financial industry, as well as interview preparation and networking.
Where to apply? More information here.
Americas scheme: Proud to Be MBA
What is it? An opportunity for graduate students who identify as LGBT to come in and take a peek at JPMorgan’s New York headquarters. Networking and interview prep as well as a mentor.
Where to apply: More information here.
Americas scheme: Winning Women – Undergraduate & MBA
What is it? A pair of similar programs for aspiring female applicants at both Undergraduate & MBA levels. Introductions to what JPMorgan do and careers available, as well as networking and resume advice.
Where to apply: Undergraduate here, MBA here.
Morgan Stanley diversity programs
USA scheme: Richard B. Fischer Scholarship Program
What is it? The RBF Scholarship program is open to undergraduate sophomore and junior applicants who come from an underrepresented background. Chosen scholars receive a financial award for exceptional academic achievement following acceptance of an internship with Morgan Stanley.
Where to apply? More information here.
Americas scheme: MBA Fellowship Program
What is it? The MBA Fellowship Program is awarded to several MBA candidates who self-identify as female, Black, Hispanic, Native American and/or LGBT+. Chosen fellows receive a financial award for exceptional academic achievement following acceptance of an internship with Morgan Stanley.
Where to apply? More information here.
Americas scheme: Early Insights Programs
What are they? Educational workshops for top freshmen and sophomores, as well as first-year MBAs, concluding with a fast-tracked interview for the following summer internship program. Must be from a “historically underrepresented population”, including the following: Female, Black, Hispanic, Veteran, LGBT.
Where to apply: More information here.
UK scheme: Step In, Step Up – An Insight to Banking
What are they? Institutional Securities Group and Technology programs focusing on demystifying, educating and inspiring young female adults (Year 12/13) in the industry.
Where to apply? Applications have closed for 2022, but more information is available here.
UK scheme: Step in, Step Up – Foundations in Finance
What is it? A four-day virtual insight for students from a lower socio-economic background. Mentoring, networking, technical and professional skills training. Some priorities being considered for further insight programs.
Where to apply? Applications have closed for 2022, but more information is available here.
UBS Diversity Programs:
USA Scheme: Tomorrow’s Talent Program
What is it? Learn about UBS, network, learn about the industry, have your resume looked at, get career advice. Receive support for the summer intern program if you’re applying. For those two years away from graduation.
Where to apply? The 2022 window is closed, but details can be found here.
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