- Goldman Sachs has awarded $20 million in scholarships and grants to HBCUs and students during past four years
- Competition is a culmination of the firm’s HBCU Possibilities Program, a four-month training in finance fundamentals from Goldman Sachs professionals that aids in building a talent pipeline from HBCUs
- Program received a record level of applications in 2024
May 03, 2024
By Highpoint Digest News
New York, NY and Atlanta, GA – (Highpoint Digest) – on April 22, 2024,
Goldman Sachs held its fourth-annual Market Madness competition, the culmination of Goldman Sachs’ HBCU Possibilities Program, with Spelman College taking home first place and a $1 million grant for the third time in four years.
Finalists from Delaware State University, Florida A&M University, Howard University and Spelman College presented case studies to top Goldman Sachs and Nike executives to compete for grants ranging from $250,000 to $1 million for their institutions.
The Market Madness: HBCU Possibilities Program is a core component of Goldman Sachs’ $25 million, five-year commitment to Historically Black Colleges and Universities and goal to double the number of campus-analysts recruited from HBCUs by 2025. The program includes a semester-long course providing education on concepts and careers in finance, access to senior leaders at the firm, networking and mentorship opportunities, a financial stipend and the chance to compete in Market Madness. In four years, Goldman Sachs has awarded $20 million in grants and scholarships to students and schools through the program.
“The HBCU Market Madness pitch competition is always a highlight of the year. Seeing the presentations and ideas that these students generate throughout the semester reminds us of the incredible talent at HBCUs,” Megan Hogan, Goldman Sachs global head of Talent and chief diversity officer, said. “Goldman Sachs is committed to building a diverse pipeline of talent and we’ve been excited to welcome participants of the program to start their careers at Goldman Sachs over the last four years.”
Victoria Cain, C’2026, Makhi Frempong, C’2026, Olivia Rivera-Spann, C’2026 and Symone Thompson, C’2027, competed against 26 other teams representing 10 Historically Black Colleges and Universities (HBCUs).
“I couldn’t be more proud of the Spelman students who represented with excellence during the Goldman Sachs Market Madness competition,” said Spelman College President Helene D. Gayle. “We applaud their hard work and dedication to prepare throughout the semester and for ultimately bringing home the top prize for the third time.”
More About The Competition
Goldman Sachs launched the Market Madness initiative in 2020 as part of the firm’s broader strategy to meaningfully advance progress on racial equity and build a more inclusive economy, beginning with investing in and creating a diverse pipeline of talent. The firm has recruited 40 students for internships from the program, with many accepting full-time offers, according to the company.
Additional grants were awarded to the following HBCUs:
Second Place: Howard University ($500,000 grant)
Third Place: Florida A&M University ($250,000 grant)
Fourth Place: Delaware State University ($250,000 grant)
The Market Madness: HBCU Possibilities Program is a core component of Goldman Sachs’ $25 million, five-year commitment to HBCUs and goal to double the number of campus-analysts recruited from HBCUs by 2025. In four years, Goldman Sachs has awarded $20 million in grants and scholarships to students and schools through the program.
“Emerging victorious in the Goldman Sachs Market Madness competition is a genuine reflection of our unwavering perseverance, meticulousness and the goodness of God. This exceptional contest provided us with a platform to hone our abilities and visualize our forthcoming roles as analysts in the industry,” said team member Makhi Frempong, economics major. “It is a remarkable feat to be part of Spelman’s enduring heritage by virtue of our hard work. This journey has been truly extraordinary, demonstrating our growth as professionals in an astonishing manner.”
Source: Goldman Sachs
Photo courtesy of Spelmam College
