Empowering Future Industry Leaders
Recognizing a need to recruit and retain a more diverse workforce, Morgan Stanley launched The Equity Collective in February 2022 alongside a group of 27 wealth- and asset-management businesses to help educate, empower and develop the next generation of diverse leaders. A year after launching, the Equity Collective has provided guidance, tools and resources to more than 5,900 students as they embark on their career journeys.
“The Equity Collective is committed to investing early in under-represented communities, focusing our efforts on increasing the pool of interested and qualified people that consider a career in financial services,” says Andy Saperstein, Co-President of Morgan Stanley and Head of Morgan Stanley Wealth Management. “By banding together, we can be a force multiplier to impact our industry in a meaningful way.”
To help reach and recruit students, the Equity Collective partners with several national organizations, including:
- 17 colleges and universities;
- 30 local chapters of the Boys & Girls Club of America;
- hellohive, a virtual recruiting platform that helps connect diverse candidates with financial-industry firms; and
- Team IMPACT, a non-profit organization that matches children facing serious illnesses and disabilities with collegiate athletic teams, and whose partnership has helped introduce student athletes to the Equity Collective.
Participating employees in the Equity Collective engage students by speaking about working in the financial services industry at career fairs, colleges and universities, as well as through in-person and virtual programming. These events also help students build their professional network.
“We have to help demystify the industry and better prepare students for opportunities in it, and that includes empowering the individuals within the industry to tell their stories,” says Carlos Muñoz, an Executive Director of Investment Solutions and Head of Asset Manager Diversity, Equity and Inclusion Engagement at Morgan Stanley.
Some students may not think their background, experience or skills translate to a career in financial services, Muñoz adds, but this is a misconception. You don’t necessarily have to major in business, finance or economics to excel in the industry. “For students, independent of their majors, there are opportunities for them to leverage their studies and backgrounds.”