I've noticed a ton of the banks have scholarships for minorities where you get a decent amount of money and also get to be a SA the following summer. Has anyone here received one of these? How did you get it. Is it pretty much only reserved for URMs at ivy-league schools? I'm also assuming that you have to interview for the SA.
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From my understanding, you first interview for the SA position and then interview for the scholarship.
Interesting, so someone can get the SA but not the scholarship? I'm assuming this means the applications are separate?
Yes, I know from personal experience that you can get the SA position but not the scholarship. The scholarships are extremely difficult to get.
AndyLouis front-page this? :)
Has anyone here done it successfully?
http://www.seocareer.org/for-applicants/apply-now/
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Okay so since thus far this thread has been useless nonsense, I'll shed some light as someone who went through the process (and ended up getting the offer/scholarship).
So sophomore year, I think I applied to about every program at every bank that I could find...didn't get any of them. Come junior year, whether it be laziness or what have you, I only applied to JP's. And to build upon the laziness, I basically submitted the same essays I had the previous year (just minor edits involved).
Fortunately, I got an email mid-October telling me that I would have a 1st-round interview the next day. So I did the interview, and did (what I believe) was pretty well. Following, I had 2nd-round interview that I also believe went well. In the end, I got invited for a superday/enrichment event at the end of October.
This is where you guys might be surprised by what I have to share. Thursday was the "enrichment day" where we all (everyone invited for the superday) got together in a ball room (huge conference room) for a series of speakers, panels, and events. While I will include the disclaimer that this included all positions in the investment bank - risk, IB, S&T, etc. - I was surprised to see the diversity of schools represented. Of course there were tons of Penn and Cornell (remember those distinctly) there were also many other schools like Rice, BYU, Fordham, Miami, UNC, William & Mary, etc. I think if I had to guess I would say it was probably half and half between Ivy's/top schools vs. random schools with one kid representing them.
Following the enrichment day was the superday on Friday. We each had 3 30 min. interviews and then were notified of our candidacy. This is also where I will caveat that I only know two kids who got offers (guess I networked with the wrong kids), myself and someone from an ivy. So while they may include a lot of kids from "lesser" schools, they may not have the capacity to compete in interviews thus the concentration of recipients from Ivy's.
Hope this was informative and let me know if you have any questions.
Edit: Forgot to mention that the scholarship came with the SA offer. Actually, now that I think about it, maybe the SA offer came with the scholarship....either way it was a package deal, so clearly different program to program. (Also not sure how many offers/scholarships were given out from this program.)
Awesome! thanks for sharing. In a weird way I'm proud of you lol.
No worries. Hope it helps. And thanks man.
To provide more color on how the process runs, these are how the programs work in my experience:
Morgan Stanley: Sophomore and juniors have the opportunity to be considered for the RBF scholarship. Irrespective of when that award is extended, it will not be paid out until summer of your junior year (meaning if you receive it as a sophomore, you basically have to return to the firm for it to be paid out).
J.P. Morgan - Launching Leaders experience, the offer and award are tied. Should you receive an offer through LL, you will receive the scholarship. The payment structure is as follows: sophomores receive $5,000, juniors receive $7,500, and if you return full-time you receive an addition $2,500.
Goldman Sachs: The offer and award are treated separately. If you receive an internship offer and are interested in being considered for Scholarship for Excellence, you must accept your offer first and you will then be considered for scholarship at a later point.
Barclays: For the Junior Success program, the offer and award are tied to some extent. You can apply to Junior Success and not the Excellence Scholarship, but you must apply to Junior Success and complete the required essay for the Excellence Scholarship to be considered for that opportunity.
Credit Suisse: For the CEO Americas Award Program (junior program) and Doug Paul Steps to Success (sophomore program), the award and offer are tied.
I'm not sure if UBS, DB, or Citi offer similar programs anymore.
I was fortunate enough to receive scholarships from three of the above mentioned programs. If you are indifferent between two firms, it really does help move you in one direction vs. the other. However, I would not turn down a firm / internship you like for a scholarship offered by a different bank. It is entirely plausible to negotiate to receive a scholarship from a firm with a program if you receive one elsewhere. I did that in one experience.
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