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New Scholarship Aimed at Boosting Minority CFPs

The CFP Board and California Lutheran University will offer scholarships to financial planning students from underrepresented communities.

The CFP Board Center for Financial Planning has teamed up with California Lutheran University to offer financial assistance to students from underrepresented populations interested in the school’s financial planning programs.

The California Lutheran University Financial Planning Scholarship will be awarded annually to eligible individuals who apply and are admitted to the school’s online Master of Business Administration or online Master of Science degree in financial planning, both of which qualify students to sit for the CFP exam. The award includes $5,000 for winners in the MBA program, and $3,500 for awardees in the MS program. They’ll also get to attend one Academic Research Colloquium for Financial Planning and Related Disciplines, free of charge.

The goal of the program is to increase the number of CFP professionals from gender, race and ethnic minorities. Currently, just 23% of the more than 86,000 CFPs nationwide are female, and according to a 2017 study, Latinos and blacks made up less than 3.5% of CFP certificants.

“Cal Lutheran’s partnership with the CFP Board Center for Financial Planning will help us advance diversity in the financial planning profession," said Chia-Li Chien, director of the financial planning program at Cal Lutheran. "We are committed to expanding access to our MBA and MS in Financial Planning program to students in underserved communities.”

The deadline for applications is May 31, and the first awards will be given in July.

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TAGS: Industry
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