Investment Banking Diversity Programs 2023

What are Diversity Programs in Investment Banking? 

Diversity has been a popular word on the hiring agenda for some time, and many of the recruiters and search firms used by major banks now have dedicated diversity and inclusion teams. Diversity is critical to investment banks when it comes to graduate recruiting. As an industry that has a reputation for being largely male, predominantly white, and the bastion of the economically privileged, considerable energy is being channeled into ensuring that the analyst pool is as diverse as possible. To ensure the diversity of their workforce, investment banks are implementing diversity programs. 

A good indicator of a bank’s intentions regarding diversity are the kinds of programs they’ve established, whether they be schemes for underprivileged students, confidence boosting boot camps for BAME graduates, or internships for students on the ASD spectrum, there’s a wide variety of diversity programs offering opportunity for many previously underrepresented groups. 

If you fall into a ‘diverse category’ – female, lesbian, gay, bisexual, transgender (LGBT), black, Hispanic, or disabled – there are many programs designed to help you secure a junior role in banking when you graduate.

Types of Diversity Programs in Investment Banking 

The opportunities are separated into two categories: introductory programs and internships.  

1. Introductory Programs: Introductory programs bring candidates to a firm (transportation and lodging expenses are covered) for presentations, workshops, and networking events. These programs are designed to get students in front of professionals and human resources, preparing them for internship opportunities the following year. It’s imperative to send thank you emails after these events and keep in touch. 
2. Internships: Internship opportunities may come in the form of an introduction with a Superday attached (e.g., JP Morgan Launching Leaders), or a diversity-specific internship application drop. 

Keep in mind, with these programs it’s possible to submit a general summer application as well, so it is highly recommended to double down and submit a diversity program application and a general application where applicable (e.g. Goldman Sachs Insights Day + Goldman Sachs general internship application for sophomores, Credit Suisse America CEO Awards Program + Credit Suisse general application for juniors). 

List of Investment Banking Diversity Programs & Events 2023

Here are some examples of Investment Banking Diversity Programs: 

Bank of America: 

Scheme: Bank of America Women in Banking & Markets Development Program 

1. What is it: Understand Banking and Markets at Bank of America, gain insight into the day-to-day of the various roles available.  
2. Eligibility: Female students in their penultimate year of study, interested in a Bank of America Summer Internship. 
3. Benefit: Valuable chance to find out more about the firm and what they are looking for from candidates.  
4. Event Sydney Australia on June 29 2023. Apply through the bank’s website. 

Goldman Sachs 

Scheme: MBA Fellowship (US) 

1. What is it: MBA Fellowship is awarded to recognize outstanding students and their achievements.  
2. Eligibility: LGBTQ+, Black, Hispanic/Latinx, Native American/Indigenous or Women. 
3. Benefit: Recipients receive a financial award in addition to the Summer Associate salary, and a futher financial award on successful completion of the summer internship and acceptance of a full-time offer.  
4. Where to apply: Applications open August 15 through the bank’s website. 

JPMorgan

Scheme: Advancing Black Pathways Fellowship 

1. What is it: This opportunity will offer students hands-on experience, mentorship, and a project-based curriculum designed to help build a pathway to future opportunities. The Fellowship Program is committed to providing early professional development to students from communities underrepresented in the financial industry. It’s a six-week program.  
2. Eligibility: Black undergraduate sophomores. 
3. Benefit: Build general business acumen and learn more about JPMorgan Chase as a whole and develop deeper knowledge of one of JPMC’s firm-wide function tracks: Corporate & Investment Banking, Commercial Banking, Asset & Wealth Management, Software Engineering, and Corporate Strategy & General Management. 
4. Where to apply: Apply through the bank’s website.  

Goldman Sachs 

Scheme: MBA Fellowship (US) 

1. What is it: MBA Fellowship is awarded to recognize outstanding students and their achievements.  
2. Eligibility: LGBTQ+, Black, Hispanic/Latinx, Native American/Indigenous or Women. 
3. Benefit: Recipients receive a financial award in addition to the Summer Associate salary, and a futher financial award on successful completion of the summer internship and acceptance of a full-time offer.  
4. Where to apply: Application through the bank’s website.

JPMorgan

Scheme: Advancing Black Pathways Fellowship 

1. What is it: This opportunity will offer students hands-on experience, mentorship, and a project-based curriculum designed to help build a pathway to future opportunities. The Fellowship Program is committed to providing early professional development to students from communities underrepresented in the financial industry. It’s a six-week program.  
2. Eligibility: Black undergraduate sophomores. 
3. Benefit: Build general business acumen and learn more about JPMorgan Chase as a whole and develop deeper knowledge of one of JPMC’s firm-wide function tracks: Corporate & Investment Banking, Commercial Banking, Asset & Wealth Management, Software Engineering, and Corporate Strategy & General Management. 
4. Where to apply: Apply through the bank’s website.  

Morgan Stanley: 

Scheme: Morgan Stanley Richard B. Fischer Scholarship Program 

1. What is it: The RBF Scholarship program is open to undergraduate sophomore and junior applicants who come from an underrepresented background. Chosen scholars receive a financial award for exceptional academic achievement following acceptance of an internship with Morgan Stanley.  
2. Eligibility: College sophomores or juniors at an accredited, four-year college or university in the U.S; a member of a group that is historically underrepresented in the financial services industry; in good standing, with strong academic achievements, including a minimum 3.0 cumulative GPA on a 4.0 scale. 
3. Benefit: Once you begin the application process for one of our currently open summer analyst positions, which are listed on our Students and Graduates Opportunities page, you will have a chance, if eligible, to apply for the scholarship program. If selected as an RBF Scholar, you will receive a one-time financial scholarship for college.  
4. Where to apply: Apply through the bank’s website.  

Programs look out for in 2024 

Here is a list of programs that took place in 2022 and 2023 for applicants. The details of these programs haven’t been released for 2024, but keep an eye on the banks programs, internships, or opportunities pages for any program details in 2023.  

Bank of America: 

Scheme: GBAM Scholarship of Distinction 

1. What is it: The Diversity Scholarship of Distinction supports the bank’s commitment to equity and inclusion by recognizing top campus talent from groups that have been historically underrepresented in financial services. While the goal is to target underrepresented groups, all eligible students, regardless of background, are encouraged to apply. 
2. Eligibility: Targeted toward women, Black/African American, Hispanic/Latino, Native American, LGBT+, military veterans, and students with disabilities, candidates are required to be pursuing a bachelor’s degree from an accredited college or university with a graduation date between December 2023 and June 2024. 
3. Benefit: The Scholars of Distinction program is a route into a wide variety of BofA’s summer analyst (internship) programs across a range of global banking and markets divisions. Successful applicants receive a $15,000 contribution toward their tuition fees. 
4. Where to apply: Apply through the bank’s website. 

Barclays: 

Scheme: MBA Ambition Diversity Fellowship 

1. What is it: First-year students on a U.S. MBA program who have received and accepted an internship offer, receive funding toward their first-year tuition as well as their academic expenses. 
2. Eligibility: Students from underrepresented racial and ethnic groups, LGBTQAI students, women, veterans, and students with disabilities. 
3. Benefit: Secure funding toward your MBA, participate in a summer internship, become an ambassador for Diversity and Inclusion.  
4. Where to apply: Application through the bank’s website. 

Credit Suisse

Scheme: Steps to Success Scholarship Program (London) 

1. What is it: The Steps to Success Scholarship Program based in London offers talented young people who have just finished Year 13 school hands-on experience in the banking industry before they start university. Covering Investment Banking and Capital Markets, IB Sales and Trading, or Research.  
2. Eligibility: Year 13 students with a combined household income of £30,000 or less. 
3. Benefit: Gain real-world experience, access to events and network building opportunities, with a 4 -week program before starting university, 6-week program during the summer of your first year, and the opportunity to join a 10-week internship before finishing university. Scholars also receive a financial scholarship of £9,250 for university tuition for each year you are on the scholarship program.  
4. Where to apply: Application through the bank’s website. 

Goldman Sachs

Scheme: MBA Diversity Symposium 

1. What is it: The one-day program is designed to provide candidates with an in-depth look at their divisions of interest as they prepare for the upcoming application process. 
2. Eligibility: First-year MBA students who are Black, Hispanic/Latinx, Native American, or female and interested in pursuing a summer associate opportunity.  
3. Benefit: Cultivate relationships with professionals through divisional overview sessions, hear from diverse senior leaders as they share their journeys from MBA to Goldman Sachs, and discover the summer associate opportunities available within the firm. 
4. Where to apply: Apply through the bank’s website. 

Scheme: Women’s Trader Academy 

1. What is it: The Goldman Sachs Trader Academy, the first of its kind in the region and industry, provides women students in their penultimate year of studies the opportunity to learn more about trading over three onsite training days. The aim is to improve skills and prepare women for future trading roles. 
2. Eligibility: Women graduating from a university in the Asia Pacific region. 
3. Benefit: Discover the extensive range of career opportunities in the financial services industry, gain tangible resume-enhancing skills and tips through interactive workshops, work closely with a group of peers to grow your technical and soft skills, network with Goldman Sachs professionals and hear more about their experiences and diverse backgrounds. 
4. Where to apply: Application through the bank’s website. 

Jefferies: 

Scheme: Diversity Symposium – San Francisco, Investment Banking Technology 

1. What is it: A virtual 1 day program for people interested in a career in Investment Banking. 
2. Eligibility: Open to all, include resume and personal statement.  
3. Benefit: Hear from senior leaders and junior professionals about their experiences,  learn about their time in the industry, and be considered for a Summer Analyst role. 
4. Where to apply: Application through the bank’s website. 

Lazard: 

Scheme: Financial Advisory Undergraduate Diversity Fellowship 

1. What is it: The fellowship is awarded to a group of outstanding second year undergraduate students from under-represented groups who have successfully received a Summer Analyst Investment Banking offer.  
2. Eligibility: Under-represented groups  
3. Benefit: $5,000 in third year, and an additional $5,000 financial reward upon receiving and accepting a full-time position following the Summer Analyst Program. 
4. Where to apply: Apply through the bank’s website. 

Morgan Stanley: 

Scheme: Morgan Stanley MBA Fellowship Program 

1. What is it: The MBA Fellowship Program is available to MBA candidates who are female, Black, Hispanic, Native American and/or LGBT+. Chosen fellows receive a financial award for exceptional academic achievement following acceptance of an internship with Morgan Stanley. 
2. Eligibility: Outstanding female, Black, Hispanic, Native American and LGBT MBA students. 
3. Benefit: The Morgan Stanley MBA Fellowship program is a competitive graduate scholarship to provide students with a financial award for exceptional academic achievement and a summer associate internship between the first and second year of business school. 
4. Where to apply: Apply through the bank’s website. 

RBC: 

Scheme: RBC Capital Markets U.S. Pathways Diversity Award Program – Municipal Finance  

1. What is it: RBC Pathways recognizes and reward outstanding students who want to pursue a career in banking, corporate finance, municipal finance, origination, sales & trading, research or technology, with consecutive summer internships and development opportunities. 
2. Eligibility: Full-time undergraduate student enrolled at a U.S. college/university identifying as Black, African American, Hispanic, Latinx, and/or Native American. 
3. Benefit: Receive offers of paid employment in your summer breaks during college, compensation, and opportunities to intern in different divisions. Be assigned of a senior leader to provide support, insight, and guidance, as well as ongoing training, networking and social opportunities to give an insight into the organization and industry.  
4. Where to apply: Application through the bank’s website. 

Scheme: RBC Indigenous Peoples Development Program (Canada) 

1. What is it: RBC’s Indigenous Peoples Development Program is a two–year rotational program that aims to support recent graduates in developing the skills and network needed to build their career. 
2. Eligibility: Self-identify as Indigenous, (First Nations – status or non-status, Inuit, or Metis). 
3. Benefit: Experience 4 rotation assignments including 1 unique rotation working with a community organization, work with industry leaders, access to learning resources, mentoring and coaching, build connections with other Indigenous and non-Indigenous employees,    
4. Where to apply: Application through the bank’s website. 

Rothschild & Co 

Scheme:  US Global Advisory Sophomore Women’s Program 

1. What is it: The Sophomore Women’s Program (SWP) is a 2 day immersion program for Second-Year College students, this is a unique opportunity to gain insight into a financial services career.  
2. Eligibility: Women demonstrating academic excellence.  
3. Benefit: A broad range of workshops, insight into Rothschild & Co, and a networking opportunity. 
4. Where to apply: Apply through the bank’s website. 

Investment Banking Recruiting Timeline including Diversity Program 

Recruiting season has started for those interested in investment banking internships and other finance internships for 2023. For upcoming juniors, a summer internship could lead to a full-time offer. For upcoming sophomores, an internship will offer the chance to experience the investment banking industry. Over the past few years, the timeline has shifted earlier. 

During the spring semester, many banks will offer diversity events. Many diversity programs open applications in late December and early January for a short period of time. This allows students to learn about the different roles and divisions within a bank. Some companies use recruiting events to introduce themselves and begin their efforts to connect with students. Employer information sessions, coffee chats, and insight days are just a few types of events that students can participate in to start the process. 

There are a few things to keep in mind before applying. One of the many great things about these programs is that you have the freedom to choose when you apply (within their acceptance timeframe). Some firms will have hard deadlines while other firms offer a rolling application process, which means that the earlier you submit your application, the earlier it will be reviewed and the earlier you will be interviewed. 

Access the free download for an indicative recruitment timeline for investment banking that you may find useful when planning your applications. 

Conclusion 

Diversity is critical to investment banks when it comes to graduate recruiting. Many of the recruiters and search firms used by major banks now have dedicated diversity and inclusion teams. During the spring semester, many banks will offer diversity events, and many diversity programs open applications in late December and early January for a short period of time. Diversity programs can help students discover the extensive range of career opportunities, gain tangible resume-enhancing skills through interactive workshops, work closely with a group of peers to improve technical and soft skills, network with professionals, and hear more about their experiences and diverse backgrounds. 

Additional Resources 

Investment Banking Courses  

Investment Banking Recruitment: The Ultimate Guide 

Ultimate Guide to Investment Banking Summer Internships – Infographic 

Essential Skills for First-year Investment Banking Analyst 

Getting Hired in Investment Banking