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| Academy of Finance. An intensive two-year, academic and work experience program designed to prepare high school students in grades 11-12 for entry-level careers in financial services. |
Audience Approved by PEP for students in grades 11-12 from comprehensive high schools who have average or better academic and attendance performances.
Description Academy of Finance is a highly structured academic/work experience program that offers a viable option for students lacking concrete career plans or interests; an avenue for career preparation in financial services; opportunities for women and minorities to gain access to careers in a nontraditional field; and a substantive approach for involving businesses in preparing youth for entry-level jobs. The program supplements the existing curriculum and consists of seven courses that are finance or finance-related plus a college-level finance course, a seven-week paid summer internship at a financial services firm between the student's junior and senior years, and participation in finance-related activities, e.g., annual conference, speakers, and tours. Participation in the Academy of Finance prepares students for productive employment by stressing communication skills, analytic thinking, and workplace basics such as dress, punctuality, and cooperativeness.
Evidence of Effectiveness Evidence from multiple sources support the claims that youth who participate in the program are knowledgeable in finance, economics and its application; are better prepared for employment in entry-level positions than existing entry-level employees; have a higher graduation rate than their respective high schools; and pursue financial services through college and employment. Female and minority students persist in the program and are more likely to go to college and major in financial services than others, as likely to be employed in financial services as others, and to go further in the financial services field than is typical for this group.
Requirements A six-month start-up period for planning and teacher training is recommended. A start-up guide, curriculum materials, and extensive technical assistance, training and support are provided. A school district is required to support continuous teacher training in financial services, e.g., the National Academy Foundation's annual staff development conference, and provide additional professional development activities developed with the local advisory board.
Costs Start-up and ongoing operations are dependent upon shared financial and other support from the participating school district and local business sponsors. The first year's shared costs for nonpersonnel expenditures are estimated at $26,000, including a $4,000 adoption fee (for curriculum, support materials, newsletters, directory training, and technical assistance in perpetuity), and covers teacher training, materials, special events, three director's conferences, and miscellaneous costs. In addition, the school/business partnership negotiates the sharing of costs for the full-time program director's and administrative support salaries. The district budgets for teachers' salaries; business sponsors budget for paid internships/on-site teacher training; and tuition for the college course is contributed by the local institution of higher education.
Services In addition to training, curriculum, and support materials, a technical assistance team visits new sites during the start-up phase. New sites participate in ongoing training activities, e.g., annual staff development and regional conferences.
Developmental Funding: Shearson Lehman/ American Express, Travelers, and local.
PEP No. 91-11 (3/19/91)
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[Career Awareness Program, Project (Project CAP)]