Diversity programs are broken. Here’s how financial firms can fix them.

Every financial institution seems to have a diversity and inclusion program these days, but very few of these initiatives have driven real change in the industry. The challenges certainly aren’t? due to a lack of effort, but clearly, companies could be taking a more effective approach.???

At Wall Street Prep, our clients work with us to improve their training programs and boost their return on investment in their talent. The most common question our clients, usually human resources professionals, ask us, is how they can help teams at their companies run better D&I programs.??

We have observed these programs from the front lines, and here’s what we have learned. Our main takeaway is that? one-off D&I events don’t work. Companies often make the mistake of hosting individual panels or training sessions about diversity a few times a year, with no connectivity between them, so diverse candidates and hires are left without a lasting support system and problems are only addressed on the surface.?

Organizations should create a holistic learning journey that will support D&I participants throughout their experience. We work with one of the top banks in the world that is successfully running a longer-term diversity program that has resulted in an increase in diversity candidates.?

This Bulge Bracket Bank Invested in Long-Term Success

This bank started by defining a very specific goal for their D&I initiative. Their objective was to? “graduate” participants through a multi-year program culminating in a summer internship. The team decided to hone in on this singular and achievable goal instead of setting a broad, lofty target that could be too vague -- after all, creating a diverse team is the result of consistent “building blocks” over time, not just one highly-publicized event.?

The first year of this learning journey included a two-day event that exposed the participants to a variety of careers and provided them with? relevant skills they could use regardless of their chosen career path such as time management, communication, and personal branding.?

Participants who chose to stay in the program through year two would raise the bar by joining a weeklong event that exposed them to technical finance skills they would need in the industry, such as financial modeling and valuation techniques.? Participants also received self-study online resources through Wall Street Prep that they could access all year long to reinforce their learning and help them address any questions that came up after the weeklong course.?

Throughout year 3, the participants joined multiple live events and were nurtured in between these sessions, ultimately preparing them to interview for an internship. This step-by-step process ensured students had support on every step of their journey from starting college? with no exposure to finance to gaining the skills needed to work full-time in investment banking.?

Rather than sitting through a one-day event and being sent on their way to figure out the rest on their own, these students felt they had long-term guidance?and that the bank was truly? invested in their career success.

Why The Status-Quo is Broken

One-day D&I programs, currently the norm at many firms, are well-intentioned, but it unlikely that 6 hours of exposure will spur a young person to change their entire life trajectory. Even the most driven student would struggle in navigating the steps between attending an interesting day-long experience to preparing for a technical entry-level interview.?

Diverse candidates come into the finance industry with different levels of knowledge and exposure, and diversity programs must reflect this nuance. Some students may have never heard the term “investment banking,” while others may be a part of? finance clubs on campus and even invest their own money.??

Regardless of their background or exposure, participants have to be able to envision themselves succeeding well before they are full-time in order to commit to preparing for a long-term role. A learning journey provides that comfort -- the small, tactical steps build up their confidence and expertise in a manageable way so they feel capable of going the distance?

We understand that setting up a multi-year learning journey like this isn’t easy. Wall Street Prep walks side-by-side with our partners throughout this journey, providing industry expertise at each stage of exposure. Whether it is an introduction to careers in finance , excel basics, data analysis, PowerPoint, or full blown modeling and valuation series, we can support the skills your program seeks to teach its participants. For more information visit www.wallstreetprep.com or contact Casey Gobeil to set up a complimentary consultation.