NEW YORK--(BUSINESS WIRE)--Morgan Stanley today announced the launch of Morgan Stanley HBCU Scholars, an integrated program to strategically engage with and support Historically Black Colleges and Universities (HBCU). The program will support 60 scholarships for students at Howard University, Morehouse College, and Spelman College to set scholars up on a path to educational attainment and financial independence by lifting the barrier of higher education costs. This effort is a part of Morgan Stanley’s larger mission to create an integrated, holistic and transparent diversity and inclusion strategy both internally and externally through the Institute for Inclusion announced in June.
To view the video announcement, please see here.
Morgan Stanley HBCU Scholars will have the following major focus areas programmatically:
- Financial Support
- For the next four years, Morgan Stanley will provide academic and needs-based four-year scholarships (“Morgan Stanley HBCU Scholars Program”) at each institution. The scholarships will cover the entire cost of attending the institution for each academic year and will be open to students across all disciplines and majors.
- The first year class size is 15 scholars; a new class of scholars will be added each year for a class size of 60 by the fourth year.
- Morgan Stanley will be spending up to $12 million to support this program.
- Career Readiness
- The “HBCU Career Preparedness Program” will be offered to Morgan Stanley HBCU Scholars with virtual and on-site (post COVID-19) components to complement their on-campus curriculum
“This program reflects our intention to invest in communities of color and support the career aspirations of black students, consistent with one of our core values, Commit to Diversity and Inclusion,” said James Gorman, Chairman and CEO, Morgan Stanley. “We look forward to partnering closely with HBCU faculty and students to support rising talent in an effective and meaningful way.”
The participating schools include Howard University, Morehouse College and Spelman College – with the hope of expanding to other schools in the future. The program will begin in the fall 2021 semester. The HBCUs will invite students who have a demonstrated history of academic excellence to apply for the program.
“Reducing the financial burden for black students to receive an education is a proven method to enhance their job prospects and economic opportunities,” said Dr. Wayne A. I. Frederick, President, Howard University. “We are most appreciative to Morgan Stanley for supporting our students. These partnerships between industry-leading companies and HBUCs are essential to promoting diversity and inclusion, and realizing greater representation in our society.”
“The Morgan Stanley HBCU Scholars program will make college a reality for students in families who could not otherwise afford a higher education,” said David A. Thomas, President, Morehouse College. “The gift will not only improve the lives of scholarship recipients, it will also lead to positive changes for communities of color.”
“The most significant challenge many of our brilliant Spelman students face is the financial barrier to college completion,” said Mary Schmidt Campbell, Ph.D., President, Spelman College. “Through academic research, innovations and advocacy, our students are already working to advance solutions to some of the world’s most difficult issues. We greatly appreciate the generous support from Morgan Stanley, which will allow our change agents to graduate debt free and pursue opportunities that will have a significant impact on society.”
“Driving diversity beyond our four walls is part of our commitment at Morgan Stanley,” said Susan Reid, Managing Director and Global Head of Diversity and Inclusion, Morgan Stanley. “We are focused on supporting the HBCUs in a differentiated way that will create both short-term impact and sustainable outcomes, and look forward to this deeper journey with Howard University, Morehouse College and Spelman College.”
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, investment management and wealth management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.