Why Financial Literacy And Wealth Management Matter For Black Scholars

1 min read

In recent years, there has been an increase (61%) in wealth accumulation among African Americans. Despite this progress, the median net worth of African American households continues to lag behind that of White Americans.

Addressing this wealth disparity, BLK Capital Management (BLK), a Black-owned and student-run nonprofit, is actively working to narrow the wealth gap in the U.S.. The organization is dedicated to educating its members by providing exposure to active investment management, and enhancing financial literacy.

Created in 2017, BLK was founded by Angel Onuoha, Menelik Graham, and Drew Tucker. The main goal of the organization today is to elevate the financial literacy of Black students while providing a platform for exceptional individuals from universities worldwide to delve into the realms of investing and pursue rewarding careers within the financial services industry.

Although the organization is focused on providing opportunities for Black students, they place an emphasis on the multitude of identities within diversity and thus, they recruit a wide range of students. They tend to recruit students from a variety of backgrounds, skill sets, and interests to create a highly inclusive community.

As a prerequisite for selection into BLK, each student completes a three-round, case-study interview process, which highlights their passion for knowledge and ability to lead. Once accepted, members learn about financial literacy and investment strategies. They are provided instruction in equity research, stock pitching, industry analysis, security selection, accounting, business valuation, and presentation skills.

The organization also places a special emphasis on its women-identifying members. BLK provides dedicated support to women through women-centric events, a women’s alumni network, and specialized committees.

What stands out about BLK is that it is student-led and engages in peer-to-peer learning. According to a study, peer-to-peer learning results in increased engagement and higher levels of critical thinking. BLK provides the opportunity for students to learn together, in a hands-on manner, fostering long-term collaborations and a sense of trust that may just result in more wealth for African American individuals and households.

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