Goldman Sachs Commits $25 Million to Inaugural Market Madness: HBCU Possibilities Program
Students Participate in Four-Month Training in Finance Fundamentals Taught By Goldman Sachs Professionals
Culminating in a Case Study Competition with Donations Awarded to Participating HBCUs
NEW YORK, NY – February 17, 2021 – Today Goldman Sachs announced a new five-year $25 million commitment to Historically Black Colleges and Universities (HBCUs). The commitment is tied to the Market Madness: HBCU Possibilities Program, a four-month training in finance fundamentals. Students receive in-depth training and insight from Goldman Sachs professionals, which prepares students for a case study competition, “Market Madness.”
In its inaugural year, 125 HBCU first- and second-year college students are participating in the program. The students will receive hands-on training and learn fundamental finance skills in a professional setting, complementing their coursework and extracurricular activities. A case study competition, which will feature Procter & Gamble for this inaugural year, will conclude the program. Students will present to senior leaders at Goldman Sachs, competing for prize donations to their institutions – funding opportunity for future generations.
“Building upon our past efforts, today’s partnership between Goldman Sachs and HBCUs is the natural next step in our longstanding commitment to developing the best talent available with the widest range of backgrounds, experiences, and perspectives,” said David Solomon, Chairman and CEO. “It’s a smart, long-term investment for the firm, it helps us better serve our clients, and over time we believe it contributes to a more inclusive and dynamic economy and society.”
This commitment is part of Goldman Sachs’ broader strategy to meaningfully advance progress on racial equity and build a more inclusive economy—investing in a diverse workforce is essential to this mission. A critical component of Goldman Sachs diversity strategy is its aspirational goal to double campus analyst hiring from HBCUs at the firm by 2025, announced last year.
“For generations, HBCUs have had a track record of producing titans of industry and public service. I'm confident the students in our Market Madness: HBCU Possibilities Program will be no exception,” said Asahi Pompey, Global Head of Corporate Engagement. “HBCUs and Goldman Sachs have a shared commitment to excellence, achievement and striving. Not only are we investing in HBCU students, but also their institutions and the larger Black community.”
The 2021 participating institutions are Florida A&M University (FAMU), Hampton University, Howard University, Morehouse College, Morgan State University, North Carolina A&T State University, Prairie View A&M University and Spelman College. Goldman Sachs will partner with additional HBCU institutions in the five years of the program.
“I am excited about the Goldman Sachs Market Madness program and the opportunities it provides for FAMU students, as well as the 125 first and second year HBCU students,” said Dr. Larry Robinson, President of FAMU. “The company’s commitment of $25 million to Historically Black Colleges and Universities over the next five years helps prepare future business leaders with comprehensive training in a competitive environment. FAMU is pleased to be a part of this initiative.”
“Hampton University appreciates Goldman Sachs’ financial and educational commitment in supporting our ‘Home by the Sea,’ as well as the other participating HBCUs,” said Dr. William R. Harvey, President of Hampton University. “The Market Madness: HBCU Possibilities Program will provide unmatched financial training for our students from one of the top investment banks and financial services companies in the world. This effort will allow our world-class students to demonstrate why Hampton University is THE Standard of Excellence in front of senior leadership at a Fortune 500 company.”
“Goldman Sachs is helping prove that diversity and inclusion directly leads to positive economic growth and development,” said Wayne A. I. Frederick, President of Howard University. “This program will create a pipeline of talented minority students into corporate America, helping to increase representation in critical industries and dispel the myth that there was ever a lack of Black talent.”
“We applaud the leadership of Goldman Sachs for the ongoing commitment in recognizing the wealth of talent that exists at HBCUs like Morgan State University, and for creating access to opportunities through innovative initiatives such as the 10,000 Small Businesses and Market Madness: HBCU Possibilities programs,” said Dr. David Wilson, President of Morgan State University. “We appreciate this opportunity to expand upon our relationship with Goldman Sachs and look forward to our exceptional students highlighting their business acumen via this competitive vehicle.”
"Spelman congratulates our students who won a place in Goldman Sachs’ ‘Market Madness,’” said Dr. Mary Schmidt Campbell, President of Spelman. “Our thanks to Goldman Sachs for providing an opportunity for our students to acquire skills that will benefit them for a lifetime.”
Each participating HBCU will receive a grant from Goldman Sachs (ranging from $250,000 to $1 million), based on their student team’s performance in the final case competition. Participating students will also receive a $10,000 academic stipend upon completing the program. This commitment builds on the Goldman Sachs Fund for Racial Equity, which the firm announced in June 2020 to support the vital work of leading organizations addressing racial injustice, structural inequity and economic disparity. UNCF, a partner through the Fund, advised in overall design of the Market Madness: HBCU Possibilities program.