Washington, D.C. (September 10, 2024)—The Milken Institute is proud to announce the opening of the 2025 cohort application for its Historically Black Colleges and Universities (HBCU) Fellowship program. Through its rigorous eight-week academic curriculum and summer practicum, the program creates accelerated pathways for underrepresented talent and bridges the gap between academia and industry, equipping students with the skills and knowledge to excel in asset management careers. The fellowship targets students entering their sophomore year at HBCUs and provides professional development, opportunities for personal growth through curated mentorship, and exclusive access to networking opportunities with industry leaders, including participation in Milken Institute conferences and public and private events. Interested HBCU students can apply to join the next cohort here.
This month, the Milken Institute will celebrate the successful completion of its second cohort and begin expanding the program from a one-year program to a multi-year commitment to student participants. The program expansion will include ongoing mentorship and programmatic support for the Fellows and two years of summer practicums with the goal of receiving a full-time job offer in the asset management industry.
“The early success of the HBCU program highlights our collective commitment to improve diversity across the financial services sector,” said Troy Duffie, director of financial markets at the Milken Institute. “Through lessons learned over the first two cohorts, we recognize that a deeper commitment is required to achieve the better tomorrow we seek. This program is positioned to deliver on the promise of creating a more diverse and inclusive business community, and we are excited to expand the program to multiple years. We look forward to working with our team and strategic partners to help students ultimately secure employment opportunities.”
HBCUs have historically been overlooked as a resource for quality talent in the investment industry despite a decades-long history of producing global leaders in financial services. Yet greater diversity in the asset management space remains at the forefront of many issues facing the industry. Women- and diverse-owned firms control only 1.4% of the over $82 trillion managed by the US asset management industry, and assets under management by these groups have only increased by 0.1% in 10 years.
The program, launched in February 2023, is part of the Milken Institute's commitment to driving positive change and broadening the talent pipeline across the business community, with a focus on cultivating a diverse and inclusive workforce at all levels of the asset management sector.
The second cohort had a total of 20 students from Alabama State University, Bethune-Cookman University, Central State University, Florida A&M University, Howard University, Lincoln University, Morehouse College, Norfolk State University, North Carolina A&T University, Philander Smith College, and the University of the District of Columbia. The inaugural cohort had 16 total students from HBCUs across the country.
For more information about the HBCU Fellowship program, please visit the Milken Institute's website.
About the Milken Institute
The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what’s pressing now and what’s coming next. For more information, visit https://milkeninstitute.org/.
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