Morgan Stanley’s Institute for Inclusion (IFI) has launched an initiative dedicated to advancing equity in education and career pathways.
The IFI’s Equity in Education and Career Consortium seeks to collaborate with organizations to support high school and college students to achieve stronger career and financial outcomes.
The bank has allocated $20 million to the initiative, which also seeks to address systemic inequities in education and career outcomes for young adults from low-to-moderate income backgrounds.
“We are investing in solutions that drive greater access to education and social mobility more broadly and have meaningful impact on communities,” said Susan Reid, global head of diversity and inclusion at Morgan Stanley and director of the Morgan Stanley IFI.
“We believe this investment will help address racial inequities and drive stronger financial outcomes in the long run for these students and their families,” she added.
In partnership with the Morgan Stanley Foundation, the initiative brings together partners with proven track records in supporting students in achieving stronger education and career goals.
The partners primarily serve low-to-moderate income high school and college students across the US, many of which are the first generation in their families to attend college.
The initial group of partners includes non-profit organizations A Better Chance, America Needs You, Braven, Hispanic Federation, iMentor and SEO.
Among the objectives of the consortium are to build awareness, access, and advancement, while exposing students to career paths and opportunities that may not be visible in their communities.
Last month, Citi launched an initiative to address the racial wealth gap in the US. The Action for Racial Equity initiative, which invested $1 billion to help address wealth inequality, first launched in September 2020.
By the end of 2023, Citi aims to accelerate support for home ownership and affordable housing for minority groups with a $550 million allocation.