- Students Participate in Four-Month Training in Finance Fundamentals Taught By Goldman Sachs Professionals
- Culminating in a Case Study Competition with Donations Awarded to Participating HBCUs
HAMPTON, Va. – February 18, 2021 – Hampton University is excited to announce a multi-year partnership with Goldman Sachs’ new five-year $25 million initiative, the Market Madness: HBCU Possibilities Program, a four-month training in finance fundamentals. Students will receive in-depth training and insight from Goldman Sachs professionals, to prepare them for the case study competition “Market Madness.”
“Hampton University appreciates Goldman Sachs’ financial and educational commitment to supporting our ‘Home by the Sea,’ as well as the other participating HBCUs,” said Dr. William R. Harvey, President of Hampton University. “The Market Madness: HBCU Possibilities Program will provide unmatched financial training for our students from one of the top investment banks and financial services companies in the world. This effort will allow our world-class students to demonstrate to senior leaders at a Fortune 500 company why Hampton University is THE Standard of Excellence.”
In its inaugural year, 125 HBCU first- and second-year college students will participate in the program. The students will receive hands-on training and learn fundamental finance skills in a professional setting, complementing their coursework and extracurricular activities. A case study competition, which will feature Procter & Gamble for this inaugural year, will conclude the program. Students will present to senior leaders at Goldman Sachs, competing for prize donations to their institutions that will fund opportunities for future generations.
Each participating HBCU will receive a grant from Goldman Sachs (ranging from $250,000 to $1 million), based on their student team’s performance in the final case competition. Participating students will also receive a $10,000 academic stipend upon completing the program. This commitment builds on the Goldman Sachs Fund for Racial Equity, which the firm announced in June 2020 to support the vital work of leading organizations that address racial injustice, structural inequity and economic disparity. The United Negro College Fund (UNCF), a partner through the Fund, advised in overall design of the Market Madness: HBCU Possibilities program.
“Building upon our past efforts, today’s partnership between Goldman Sachs and HBCUs is the natural next step in our longstanding commitment to developing the best talent available with the widest range of backgrounds, experiences, and perspectives,” said David Solomon, Chairman and CEO. “It’s a smart, long-term investment for the firm. It helps us better serve our clients, and over time we believe it contributes to a more inclusive and dynamic economy and society.”
This commitment is part of Goldman Sachs’ broader strategy to meaningfully advance progress on racial equity and build a more inclusive economy—investing in a diverse workforce is essential to this mission. A critical component of Goldman Sachs’ diversity strategy is its aspirational goal to double campus analyst hiring at the firm from HBCUs by 2025, as announced last year.
“For generations, HBCUs have had a track record of producing titans of industry and public service. I’m confident the students in our Market Madness: HBCU Possibilities Program will be no exception,” said Asahi Pompey, Global Head of Corporate Engagement. “HBCUs and Goldman Sachs have a shared commitment to excellence, achievement and striving. Not only are we investing in HBCU students, but also their institutions and the larger Black community.”
The 2021 participating institutions also include Florida A&M University (FAMU), Howard University, Morehouse College, Morgan State University, North Carolina A&T State University, Prairie View A&M University and Spelman College. Goldman Sachs will partner with additional HBCU institutions in the five years of the program.