RMA Awards Scholarships to 118 Students as Part of $1.5 Million Effort

Thirty Students from HBCUs Win Scholarships

PHILADELPHIA, Nov. 22, 2022 /PRNewswire/ -- The Risk Management Association today announced 118 new scholarships were granted this fall for college students pursuing financial services careers, pushing the amount awarded in the seven years of the RMA program past $1.5 million. Thirty students from Historically Black Colleges and Universities were among the scholarship winners as RMA has broadened its efforts to provide a pipeline of diverse talent to its financial institution members.

RMA President and CEO Nancy Foster said the scholarships help attract new and diverse talent to the industry at a critical time. "While financial institutions face many risks today, a top issue cited by most is difficulty in recruiting and retaining talent," Foster said. "RMA is proud of the steps our members are taking to introduce more students to the industry and help them achieve their career goals."

For Jacqueline Chung, a business major at Toronto Metropolitan University, the scholarship reduces the financial stress of paying tuition and allows her to concentrate on her studies. "This generous contribution has inspired me to help others reach their goals in higher education and give back to the community once I begin my career," Chung said.

This year's RMA scholarships provide $219,000 in awards, ranging from $1,500 to $5,000 per student. The next round of scholarships will open for application on January 3, 2023.

Institutions attended by the most recent scholarship winners include:

• California State Polytechnic University, Pomona
• Liberty University
• North Dakota State University
• Spelman College
• Texas A&M University
• The University of Alabama
• The University of British Columbia
• The University of Iowa
• The University of North Carolina at Chapel Hill
• Yale University

The scholarships are part of RMA's work with colleges and universities to cultivate and train bankers from their pre-graduate days through executive leadership. In October, RMA launched Ignite, its new online learning and development platform that allows users to design a curated curriculum to build their careers. RMA executive opportunities include the Wharton Advanced Risk Management Program and the Texas A&M Executive Development Program.

Learn more about the scholarships here.  

In addition to providing scholarships to the next generation of bankers, RMA is piloting a new membership model with universities. Benefits include complimentary individual student memberships, an online subscription to The RMA Journal, access to the RMA online member forum, opportunities to network with current bank practitioners, invitations to attend RMA chapter meetings and workshops, and more. Students are also able to earn the Credit Essentials Certificate, which demonstrates proficiency in business and financial knowledge and helps certificate holders stand out to employers.

Founded in 1914, the Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 1,600 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 35,000 individuals located throughout North America, Europe, Australia, and Asia/Pacific.

SOURCE The Risk Management Association