Virginia Tech has received a $500,000 gift from the Charles Schwab Corp. — funded through the Charles Schwab Foundation — to endow a scholarship program that will provide financial assistance and career opportunities to students from underrepresented communities.
Virginia Tech is among seven schools that the Charles Schwab Corp. has announced are its partners in an initiative to help expand the pipeline of diverse talent into the financial services industry. The other institutions are Arizona State University, Purdue University, Temple University, Texas Tech University, The University of Akron, and the University of Arizona.
“We believe programs like our scholarship endowment can have a meaningful impact in people’s lives by creating educational opportunities, which can help break down barriers and open new possibilities,” said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation and senior vice president of Charles Schwab & Co. “Schwab was founded on the belief that our industry should be more inclusive. By providing encouragement and support to underrepresented students to consider careers in financial services, we can strengthen both our company and industry.”
Scholarship recipients will be invited to apply for and participate in an internship at Schwab and offered other career preparation opportunities.
“We greatly appreciate this generous gift from the Charles Schwab Foundation,” Pamplin College of Business Dean Robert Sumichrast said.
Pamplin is committed to building a diverse, inclusive, and equitable society, Sumichrast said, adding that an essential part of this process is providing a supportive environment, including financial assistance and mentoring, to recruit and retain talented students from underrepresented communities.
“Schwab’s gift will enhance our ability to create a more diverse student body in our financial planning program and to contribute to greater diversity in the financial planning workforce,” Sumichrast said.
At Virginia Tech, the first scholarship is expected to be awarded this fall. Applicants must be in the second semester of their sophomore year. Students interested in applying can find more information about the scholarship criteria here.
The Charles Schwab Foundation’s donation will fund up to two scholarships of at least $10,000 a year each to eligible finance majors who are pursuing the financial planning option in the Pamplin College. The scholarships will support the student’s junior and senior years of study.
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