Morgan Stanley announced the launch of the Institute for Inclusion’s Equity in Education and Career Consortium, a new initiative aimed at supporting high school and college students from underrepresented groups to achieve stronger career and financial outcomes, with a focus on ethnically diverse students.
The initiative brings together a consortium of partners focused on serving low-to-moderate income high school and college students in the U.S. Partner organizations include A Better Chance, America Needs You, Braven, Hispanic Federation, iMentor and SEO.
According to Morgan Stanley, the consortium aims to expose students to career paths and opportunities that may not be visible in their communities, focusing on broadening skills and networks through training, mentorship and coaching, and creating a support system for students throughout their educational and career journeys.
Susan Reid, Global Head of Diversity and Inclusion, Morgan Stanley, and Director of the Morgan Stanley Institute for Inclusion, said:
“We are investing in solutions that drive greater access to education and social mobility more broadly and have meaningful impact on communities. We believe this investment will help address racial inequities and drive stronger financial outcomes in the long run for these students and their families.”
With an initial commitment of $20 million over 5 years, the consortium aims to impact more than 30,000 low-to-moderate income students globally.
Joan Steinberg, Global Head of Philanthropy and President of the Morgan Stanley Foundation
“Supporting diverse communities and young people of color has been a long-standing commitment for the Morgan Stanley Foundation. We are excited to partner with the Institute for Inclusion to advance the cause of equity and inclusion in tangible ways through investments in targeted programmatic efforts with strategic community partners.”
The initiative follows the launch last year by Morgan Stanley of the Institute for Inclusion, with a mandate to invest to advance economic outcomes in underserved communities, support underserved communities with philanthropy, with a near-term focus on racial equity, and to support and advise on the firm’s internal diversity and inclusion efforts.
James P. Gorman, Chairman and CEO, Morgan Stanley, and Chair of the Morgan Stanley Institute for Inclusion, said:
“With the launch of the Institute for Inclusion in 2020, we reaffirmed our commitment to help drive stronger economic outcomes for underserved groups. Knowing that access to education is vital in addressing economic inequalities, investments such as the Equity in Education and Careers Consortium represent actions we can take to help make an impact for students from low-to-moderate income backgrounds.”