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Exclusive Survey Reveals Diversity Trends

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The Robert Toigo Foundation provides merit-based fellowships to minority students enrolled in graduate business programs with a financial services emphasis at any of the 17 colleges and universities that are foundation partners. Fellowships are in the sum of $20,000, payable in two installments of $10,000 over two years.

The foundation awards 50 fellowships each year and supports 100 fellows annually, including second-year students. Hispanics account for about 35 percent of the program's fellows. The foundation receives approximately 150 applications a year.

Interested students can apply online ( or be nominated by alumni, who number more than 350 and are actively involved in recruiting for and promoting the program. Applicants must first be accepted for graduate business study at a partner educational institution, which also can submit fellowship nominations.

According to president Nancy Sims, the Robert Toigo Foundation is especially interested in individuals who have demonstrated a capacity for leadership in finance. Applicants, who undergo a rigorous interview process with alumni, are evaluated on the basis of leadership potential and desire to serve their community, among other criteria.

For more information, call (510) 763-5771.

The Consortium for Graduate Study in Management provides minority students with full tuition and required fee reimbursement for two years of graduate business study at any of the consortium's 14 member universities. Financial assistance does not include fees associated with books and living expenses.

Hispanics received 155 of the 382 consortium fellowships offered this academic year.

Eligibility is limited to full-time students who are U.S. citizens. Hispanics cannot be of European descent. There are no age restrictions.

Interested students can request an application or apply via the consortium's Web site (, or they can contact any of the member institutions, a list of which also is available online. The consortium annually holds 22 information receptions in cities throughout the country.

For more information, call (314) 877-5500.

Survey respondents comprised mostly consumer-goods companies, but one other industry sector appears on the radar screen financial services. Morgan Stanley and New York Life submitted material, although they don't qualify as top advertisers to the Hispanic market. Morgan Stanley offers corporate support to organizations such as the United States Hispanic Chamber of Commerce and the NMSDC; the company did not report on the minority component of its workforce. New York Life works with the Minority Interchange (an educational association for the insurance industry) and maintains a fast-track promotion program for minority and female MBAs.


Adolph Coors
SBC Communications
Coca-Cola Co.
Hispanics Among
Top 50 Executives

Source: Responses to question on number of Hispanics among 50 highest-paid executives in the corporation, Hispanic Business Corporate Diversity Survey, 2002.
© 2003 Hispanic Business Inc. Reprinting, copying, or transmitting all or part of this information requires written permission.
Programs such as these stand in contrast to Wall Street's history as a hard case to crack with regard to diversity. The New America Alliance, a nonprofit group of Hispanic leaders, conducts an annual summit to "introduce Wall Street executives to the growing American Latino market." A survey on diversity by accounting firm PricewaterhouseCoopers demonstrates that the industry is coming to grips with minority hiring and retention. The Hispanic Business survey reveals how Main Street can play a role in opening the financial-services box: Philip Morris has an innovative minority banking program, maintaining credit lines worth more than $60 million from 55 minority lenders. A similar program targets minority insurance agents.

Ultimately, diversity programs aim to change a corporation's culture, a challenge requiring a comprehensive solution. Ford advocates a "multi-layered, multi-faceted approach to implement diversity strategy across a large, dispersed workforce." SBC touts its "holistic" style. "Just as the definition of diversity has evolved, so too has SBC's programs," the company states. "[The programs] provide opportunities for all employees not just specific groups at all levels of the company. Exercising this philosophy is a requirement of every single manager."

Written by Senior Editor Joel Russell. Survey research by Research Supervisor J. Tabin Cosio and Research Assistants Michael Caplinger and Cynthia Marquez.


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