AFRICAN AMERICAN SCHOLARSHIP PROGRAM

AFRICAN AMERICAN SCHOLARSHIP PROGRAM

Increasing diversity in financial services starts with you.

Thank you for your interest in the African American Diversity Scholarship. The application submission period is now closed. We will accept new applications Fall 2019.

Full tuition scholarships available for designation programs. One of the biggest problems facing the financial services profession is a profound lack of racial diversity. The American College of Financial Services believes the profession must make a concerted effort in recruiting, educating, placing, and supporting thousands more African American financial advisors. The face of this profession needs to change, and the change can start right now.

Thirteen percent of the U.S. population is African American, yet among financial services practitioners, just under 8 percent are of African ancestry.

By providing African Americans an opportunity to pursue a career in financial services, the hope is that The American College African American Scholarship Program will bring awareness to and help close the racial gap.


Our Mission

To double the number of African American financial advisors serving the profession by 2027 by providing scholarships, educational support, and placement opportunities to African Americans pursuing a career in financial services.

Support Our Scholars and DONATE TODAY.

Learn more about Double by 2027 here.

DETAILS
  • Must be Black or African-American
  • Cannot be eligible for educational reimbursement from employer

Scholarships are awarded based on the recommendation of the selection committee appointed by the Program Director. The selection committee will review and evaluate each applicant based on:

  • Achievements
  • Education potential
  • Financial need
  • X Factor – This may include results from the interview, income level, disability, family situation, volunteer work, etc.

Applicants cannot be a current student of The American College of Financial Services or have earned a degree or designation from The College.

There will be only one scholarship awarded per person.

The scholarship application process consists of registering on The College’s financial aid website and submitting the following:

  • Scholarship application
  • Email addresses of three (3) individuals who will provide letters of recommendation (academic and/or employment)
  • Current resume and copy of official transcript from most recent educational institution

Please include a brief statement of any financial need you would like for us to consider in reviewing your eligibility for this scholarship.

Upon receipt of the completed application, the applicant will be contacted to schedule a phone interview.  

The American College of Financial Services is the leading educator for individuals in the financial services profession with over 150,000 graduates holding designations and graduate degrees. The College is seeking to establish strategic partnerships to address the lack of diversity in the profession by providing educational support in the form of scholarships and career opportunities to African Americans interested in careers in financial services. 

This lack of diversity contributes to minority communities not only being under-represented in the profession but also underserved in the area of financial advice that can lead to negative financial outcomes. Further, it is widely believed that better financial returns can be achieved by increasing the number of minority financial service professionals.

Personal financial advisors are one of the fastest growing occupations. The Bureau of Labor Statistics (BLS) reported in the 2015 Occupational Outlook Handbook that employment is projected to increase 30 percent over the 10-year period, 2014-2024. This rate is over four times higher than the 7 percent average for all occupations over the same period. According to the 2017 U.S. News and World Report listing of the 100 Best Jobs, financial advisor ranks No. 26 (up from No. 31 in 2016). In addition, financial advisors rank No. 3 in Best Business Jobs, No. 5 in Best STEM Jobs and No. 21 in Best Paying Jobs. 

In support of this program, The College has committed an initial amount of $200,000 to the scholarship fund. Scholarships will be awarded to individuals seeking new opportunities (career changers), recent graduates and students (undergraduate and graduate) interested in pursuing a career in financial services.   

Through joint efforts with corporate, community and education partners, our goal is to double the number of African American financial advisors from the current rate of approximately 8 percent, as reported by the BLS to 16 percent by 2027

If you are interested in partnering with The College on this initiative, please contact Sandra Carr, Director of Diversity and Inclusion, at sandra.carr@TheAmericanCollege.edu or (610) 526-1565.

After a student is awarded a scholarship, they will be managed within three categories based on their progress towards their chosen designation or degree.

Active: Students that are meeting benchmarks outlined in their agreement, specifically, by passing a minimum of one (1) course semiannually.

Inactive: Six (6) months with no exam attempt; or six (6) months since passing a course without registering for the next course. The student must pay any required fees or schedule the next course to revert to Active.

Terminated: Twelve (12) months in Inactive status. Students are contacted informing them that their scholarship has been terminated. The student must reapply to the scholarship program if they wish to continue with their designation through The College.

For questions about the scholarship, please contact Sandra Carr, Director of Diversity and Inclusion at Sandra.Carr@TheAmericanCollege.edu or (610) 526-1565.