Why Diversity Matters in the Workplace

In a world rich with viewpoints, diversity isn’t a checkbox, it’s the energy that redefines our collective story. Diversity fuels innovation and crafts inclusive spaces. It enables companies to resonate with their varied customers, increasing profitability and market share. 

The persistent lack of diversity across industries is a missed opportunity, both for those excluded and for the potential growth of companies. 

When underrepresented minority groups actively participate and gain proficiency in the economic landscape, they not only carve out pathways for their own financial prosperity but also become instrumental in shaping policies that resonate with the unique challenges and aspirations of diverse communities. Such policies, rooted in the lived experiences of these communities, are better positioned to address their specific needs and foster inclusive growth. 

Within the finance industry, this diversity is not just a token representation. URM professionals bring with them a wealth of experiences and insights that can challenge and enrich traditional economic theories. Their perspectives, often born out of distinct socio-cultural backgrounds, can introduce innovative solutions and strategies, rejuvenating the industry and making it more attuned to the multifaceted realities of today’s world.

Yet, a significant barrier remains: to be able to fund a master’s degree, many URM students need assistance.

The Current Landscape

Despite the clear benefits of diversity, a sector still lacking representation is finance. According to the U.S. Equal Employment Opportunity Commission, Black men constitute less than 3% of the professional workforce in the finance and insurance industry. This underrepresentation is a call to action. 

To address this gap, initiatives like the MSP Scholars Program in Business (MBSP) at the University of Kansas (KU) School of Business offer more than just financial aid. 

Business schools are shaping the next wave of diverse leaders through scholarships, mentoring, and networking. The Financial Times has also adapted its ranking system to reward schools investing in diversity and social impact. As these efforts gain traction, industries are expected to better reflect the diverse world.  

The Role of Scholarships in Promoting Diversity

MBSP creates opportunities for students from diverse backgrounds to excel academically, professionally, and personally. 

Participants in the program receive an annual scholarship, with additional funding opportunities for study abroad and professional development. While the program primarily emphasizes academics, it also incorporates activities that foster the development of crucial social skills. The program encourages holistic student development through benefits such as alumni and faculty mentoring, professional networking, and development opportunities.

Success Stories from the MSP Scholars Program

The program’s efficacy shines through its students. Take the story of four childhood friends – Tae-Vheon Alcorn, Jaylyn Hunt, Malik Bauer, and Sae-Vheon Alcorn. In the summer of 2022, the four ambitious MBSP students embarked on significant internships in the finance sector.

Their internships at major financial institutions, from Wells Fargo to Deutsche Bank, underscore the program’s role in diversifying the finance world. The young black men weren’t just interns, they were pioneers, laying a foundation for future diverse professionals.

Sae-Vheon says, “Just knowing that if I don’t see someone who’s like me, that doesn’t mean I can’t be there. That means that I have to be the one to be there” (02:10) 

Malik joined Deutsche Bank in New York City, emphasizing the same investment banking sectors. Jaylyn explored the global wealth management realm with UBS in NYC. Meanwhile, Sae-Vheon headed to Houston, delving into investment banking for Bank of America’s energy division. 

Tae-Vheon secured an internship at Wells Fargo in NYC, where he concentrated on investment banking within the realms of real estate and leisure groups. But for him, Wells Fargo’s commitment went beyond just professional experience. He says, “I received a Wells Fargo diversity scholarship from them, and that was a huge reason why I also was very attracted to Wells Fargo. Knowing that not only do I have a job, also I’m getting a scholarship for next year too. For me, my background, it’s really big for my family. Coming from a financial aspect, just knowing that my mom and my parents don’t have to really worry about too much spending in terms of my college expenses.” (03:41)

These internships have set the foundation for their budding careers in finance and bridged gaps in the finance industry. 

Why Consider Studying Economics at the Graduate Level?

Diving into economics isn’t just about understanding finances, it’s about understanding life, societies, and our roles in them. For URM students, this path takes on an even more profound significance. 

The MSP Scholars Program in Business supports students by breaking down age-old stereotypes and ushering in fresh narratives. For these students, the program serves as a pivotal stepping stone toward a flourishing career in economics.

Beyond the financial aid, the program equips candidates for advanced studies and future careers with comprehensive support, including mentorship and networking opportunities. 

By supporting underrepresented students in their academic and professional journeys, KU makes significant strides in changing the narrative in the business world. It is a movement toward a more diverse and inclusive future that we can all benefit from.