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Invest in Girls Gives Private School Students Training for Wall Street

This article was written by in Financial Literacy. 4 comments.


Despite the Main Street vs. Wall Street conflicts post-recession, there is still a great desire among young people — particularly among privileged families — to be part of the finance industry. In three private schools, one for just girls, a non-profit organization is bringing Wall Street education to young women. Invest in Girls takes a new approach to a financial education for high school sophomores.

To its credit, the program sounds like it has found a great way to create a curriculum that engages young minds. The lessons will likely stick with many of the students, who will later choose to pursue a career in finance. A combination of having an instructor who is deeply involved with the industry, field trips to experience the finance industry in a hands-on environment, and metaphors designed to help the students relate to complex financial concepts make this an effective method of teaching and inspiring. If women are underrepresented in finance, courses like these can help to change the balance.

But the balance isn’t shifting much. The finance industry, particularly at the biggest firms, is overwhelmingly represented by young people with privileged backgrounds. A private high school, Ivy League college education, and wealthy parents with connections in the financial industry already lead to young graduates entering that industry. Invest in Girls admits as much when asked about targeting only private schools for this program. The founder of Invest in Girls replied to a New York Times reporter, “This is really about girls who are emerging as leaders and how to help those girls have the finance and investing knowledge they will need.” Implicit in her remarks is that girls attending private schools are more likely to be leaders than those who attend public schools. I’m not sure I agree with that statement.

I have to wonder whether Invest in Girls is not yet comfortable with the idea that their program is designed only for private school students. While the Invest in Girls website explains features of the curriculum, I could not find any mention of the fact that the organization reaches only a subset of the population already likely to be involved with the financial industry after college. If not for the New York Times article, I would have assumed from the Invest in Girls website that any young woman could receive the benefits of the well-considered curriculum. Perhaps the organization is attempting to avoid the questions about introducing a privileged career to a set of students who probably don’t need as much as help breaking into the industry as the general public.

I like that Invest in Girls is not just another boring financial literacy curriculum, but they certainly know their audience. While the curriculum starts with the basic knowledge that underpins a life with which money is a necessity — saving, budgeting and personal money management — the crux of the set of courses is exposure to the professional money management industry on Wall Street. Financial literacy programs are generally geared towards families who do not have the same financial advantages as these students, but every young person, regardless of economic status, needs this foundation. But most high school money management classes don’t help. Invest in Girls sets itself apart from the other types of education, so perhaps there is a chance of the program inspiring young students not just to love Wall Street, but to learn to manage their own money intelligently.

Boys in these private schools who want to take these classes cannot. I mentioned the course uses metaphors to help reach students, relating complex financial concepts to things with which girls may (stereortypically) might already be familiar: organizing wardrobes, for example.

Not every private school student comes from a privileged background. As the author of the article notes, some girls in the class required financial aid to attend the school, some attended the school from foreign countries (the point of mentioning this, I believe, would be to indicate there were exchange students who often do not pay full tuition), and some families paid the full tuition. Regardless of the mix, on average, the students attending these three private schools, are less culturally diverse and come from a wealthier background than typical public schools. Does society really need help pointing young adults from wealthy families in the direction of careers in which they’re already over-represented?

Update: After publishing this articles, Invest In Girls contacted me via Twitter to inform me that they plan to expand to public schools in 2013.

New York Times

Updated July 20, 2012 and originally published July 2, 2012. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 4 comments… read them below or add one }

avatar krantcents

I taught a class in personal financial management to a coed class (11th & 12 graders) at a low socioeconomic high school. Some of the students did consciously select the class, many more just took it as an elective. It is doubtful many will remember what they learned because they will not practice the skills. If the girls want to take the class and practice the skills, it is a win/win! Whether they actually go into the finance industry or not does not matter. They learned about it and may use it. Could they learn it somewhere else? Probably, but that does not matter.

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avatar Financial Samurai

Pretty interesting program! I think it’s GREAT there is such a program to encourage women to enter fields which are currently dominated by men. If nothing is done, then the industries become more and more tilted to the point where there might be absolutely no diversity.

We sometimes don’t know what we don’t know.

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avatar Jenna, Adaptu Community Manager

I think something is better than nothing. Who knows maybe Invest in Girls will expand to public schools sooner rather than later. Or maybe to get approved public curriculum was too much of a hassle for them and they needed to get the program up and running quickly.

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avatar Liv Burns

I’m in the program and was featured in the article in the Times; I think it’s important to note that the students partaking in the program are NOT all from privileged families – in fact, few are. And we ARE culturally diverse – I have never met a more diverse group of people, from all over the world, than I have at my school. Many (something like 70% of students receive help!) are on financial aid, like myself; the foreign students are not exchange students as they attend all year-round. Invest in Girls is piloting their program at schools such as these because they offer a controlled environment, and I can personally see why Invest in Girls would choose a school, such as Westover School (an all girl’s school with a focus on science and engineering, and especially, women’s empowerment) to implement their women’s empowerment in financial education ideals.

It makes me angry when people assume that just because we attend schools such as these that we are 1) wealthy, 2) not diverse – ie, white, from the suburbs and that 3) our ‘successful’ futures will be handed to us just because our parents “know people”.

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