Program Name: Financial Industry Readiness Skills Training Partnership
Nominator's Name: Marilyn Roman
Nominator's Telephone Number: (201) 915-6225
Title: Director, Education/Business Alliance
List of Community Partners: Merrill Lynch
The nominated school system is: Elementary
Organization: Merrill Lynch
District: Jersey City Public Schools
Address: 346 Claremont Ave.
City/State/Zip: Jersey City, NJ  07305
District Superintendent: Dr. Richard A. Di Patri
District Telephone Number: (201) 915-6201
Date of Program Initiation: 1990

Program Description:

The Financial Industry has targeted the Jersey City area waterfront as a place to relocate their back office operations. As a result, a variety of employment opportunities have developed for people who possess computer skills and an understanding of the financial service industry. In order to meet the demands of this emerging skilled labor market, an educational partnership was developed between Merrill Lynch and our school district. As a result, a financial business academy was implemented within the school district. This academy was set up as a magnet to train all students who had an interest in pursuing a Business career path.

Students attending the Finance/Business Academy will follow a four and/or a two-year sequence of courses leading to the broad range of careers in the business field with particular emphasis in the area of Financial Services. The Program was developed in partnership with the National Academy Foundation for several major corporations and banks which will provide technical training and special resources to enhance the educational experiences of students. This partnership links the resources of business, education, and the community.

In the 10th grade, students who have an interest in business are selected to attend a financial industry career day that is hosted by Merrill Lynch. After the career day, students are interviewed by a team of school district personnel. This screening process concludes with twenty students selected to attend a Merrill Lynch training course to be held one day a month over the course of the school year. After completing the course, students are interviewed for an 11th grade summer internship (11 are chosen) and then five 12th grade Merrill Lynch senior youth apprenticeships.

Area 1: Goals:

To provide students with the basic knowledge and skills to succeed in the financial service industry

OBJECTIVES:

The program will enable students to: describe how the securities industry works; explain the basics of stocks, bonds, mutual funds, and financial services; identify various career options in the securities industry; assess their interpersonal skills; write a resume & cover letter; fill out an employment application; create & deliver an oral presentation; participate in job interviews; enroll in a year round, formally structured program that combines secondary school based learning and work based learning; enable students to enter a Financial training program that will result in a high school diploma and a post secondary certification of occupational competencies relevant to employment in a high skill occupation.

The following items document the correlation with the core curriculum content standards:

Curricula was written for the training sessions by educators and business. It is reviewed yearly and has been adjusted to insure core curriculum content standards for workplace readiness.

All students in the program develop a career plan (1.4) and what is needed to fulfill that plan. Students, through working with their job coaches and mentors have learned to respect and learn from the reaction of others (1.4.2; 4.1). Students in training programs work as teams in the stock market game (4.2). They make presentations at the end of the year choosing a topic developed by the business. Topics must be researched thoroughly, conclusions reached, and technology used to prepare and illustrate their presentation (3.1; 3.4; 3.5; 3.8; 3.12; 2.9). They are critiqued not only by their peers but by a group of professionals (4.3; 4.4; 4.5) and they learn to adjust their presentations in order to present them to a different audience (namely, their parents 3.1.2).

Students receive training at a corporate center and this is reinforced in the class work taken in school. Both groups (school & business) work together to allow for the coverage and reinforcement of all standards and indicators. The students are interviewed in their sophomore year for entrance into the training program. This is done by an educational group. After the training program, they must again prepare their resumes and cover letters for scrutiny by a corporate panel. They are interviewed the same as any other applicant for the corporation. They have to compete to get a summer internship. (1.10; 1.11) While in the training program or on the job, they learn the technology involved in making that corporation successful. They use their facilities, their equipment, and their software (2.7;2.8;2.9) They learn and earn while making connections from schoolwork to life-long success (1.7) They are also taught to use all office equipment safely (5.4). They are encouraged by their mentors to set short and long term goals (4.1).

The program has demonstrated how all students could benefit and learn in a focused setting incorporating the skills learned in school and transferred into a business setting. The growth and maturity of the students who have participated in the program is evidenced by their success as both a student (all students passed the HSPT in their junior year) and a worker.

Area 2: Activities:

Merrill Lynch has sponsored the following activities for the Jersey City school district:

1. Financial Industry based career day for all 10th grade students. (50 vol.; 8 hrs. ea.; 120 students; 20 teachers)
2. Student training sessions in Finance for 11th grade students.(6 vol.; 100 hrs. ea; 20 students; 4 teachers)
3. Presentation & Interview skill training. (6 vol.; 100 hrs. ea; 20 students; 4 teachers)
4. Summer Job Internships. (22 vol.; 11 students; 8 weeks)
5. 12th grade paid work-based learning apprenticeships. (10 vol.; 720 hrs. ea; 5 students; 2 teachers)
6. Five $4,000 per year scholarships for students successfully completing all phases of the program. (3 vol.; 10 hrs.)
7. Teacher recognition program. (10 vol.; 30 hrs. ea.; 50 teachers; 50 administrators)
8. Mentoring & Job Coaching for elementary and high school students (40 vol., 8 hrs. Per mo.; 50 students; 4 teachers)
9. Assistance in implementing technology based programs within our schools. (As needed)
10. Sponsored the Stock Market Game & PSAT review programs. (2 vol., 15 hrs. ea.; 22 students; 4 teachers)
11. Parent & student orientation sessions. (4 vol.; 8 hrs. ea.; 22 students; 44 parents; 20 teachers)

Merrill Lynch has donated numerous hours and has volunteered their staff for program development. At least two of them spend 20-25% of their time on district programs.

Area 3: Resources:

The following resources have been utilized over the course of the program:

1  Guest speakers (Financial Consultants, stock & bond traders)
2. Stock Market game sponsorship.
3. St. Peter's college course offerings
4. Myers/Briggs testing
5. Field trips to the New York Stock Exchange & Federal Reserve Bank
6. Awards & Various incentives for student achievements.
7 District staff & bus transportation.
8 Merrill employee support.

Area 4: Evaluation:

The financial industry readiness training partnership program has developed a diversity of assessment tools and strategies to provide multiple assessment indicators for improvement of student performance. During the course of the partnership, students are evaluated at various stages of the school to careers model. The first segment of the model starts in the eighth grade where students have to complete an application for entrance into the program. Within the application students are expected to write a short essay on why they wanted to apply to the finance & business program. Also, students attendance, EWT & MAT scores, as well as grade point averages are evaluated.

The ninth grade students are assessed in area specific courses in which business competency exams are administered. In the tenth grade students are expected to present a business portfolio to include a student cover letter, resume, samples of business presentations, and letters of recommendation. The 11th grade section of our model challenges our students to become financial analysts by evaluating student performance on an investment portfolio on a weekly basis and preparing group oral presentations on the monthly changes in the value of each portfolio.

Student assessment in the 11th grade has a dual function to provide evaluation of students during work based learning by individual corporation employees and school coordinators and two, to provide students with a career path and the wherewithal to complete it. Students are to:

1. Demonstrate a working knowledge of their Department by completing assignments given by their supervisors;
2. Demonstrate the appropriate business protocol by adhering to corporate work hours, dressing appropriately, and maintaining a neat work area;
3. apply knowledge and skills learned in the finance program (i.e., basic knowledge of securities, interpersonal skills, writing skills).

Finally, the twelfth grade segment of our evaluation model includes the completion for a student learner job performance rating sheet to be completed by corporation job coaches and department supervisors. Student portfolios and oral presentations are assessed graded and then presented at their graduation in front of corporate executives, parents, teachers, local officials, and school administrators.

All student program participants must also take the State mandated test for Business program completion--OPAC (Office Proficiency Assessment and Certification). Upon successful completion of the program, students receive a Certificate asserting the type of program taken and the proficiencies mastered. The corporation also provides its senior students with a $4,000 a year, four-year scholarship. This step by step process, of student interest being identified, then interviewed, evaluated and placed as an intern encourages students to set goals and encourages students to do their best to strive to obtain high enough grades to enter such a competitive program.

Area 5: Stability:

The Merrill Lynch (F.I.R.S.T.) Financial Industry Readiness Service Training partnership was formed in the 1990-1991 school year. The partnership has provide consistent services to the students of the Jersey City Public Schools for the past eight years. The program job placement coordinators have recruited & prepared students for the interview process consistently over this eight year period. Several of our students have obtained Merrill Scholarships to colleges and have pursued and obtained employment within Merrill Lynch and other major firms within the financial industry. Merrill Lynch has been consistent in funding this nationally recognized program.

Area 6: Endorsements:

Arthur Thomas, Senior Vice President, Merrill Lynch
"A poorly educated workforce impoverishes us all. Let's work together and make tomorrow prosperous for us and our children."

Robert M. Mason, Jr., Vice President, Provident Savings Bank
"This partnership gives students competitive edge in the job market. As an employer you can share in success--and make a difference."

Patrick Mongo, Senior Vice President, NOL (USA) Inc.
"Since getting involved, we have had the opportunity to work closely with very talented young adults who not only have learned about our corporate culture and work ethic but have made significant contributions."