The concentration in Wealth Management is open to individuals from diverse backgrounds; its primary purpose is to increase diversity, equity and inclusion in the wealth management industry to address the significant underrepresentation of African-American professionals and to decrease the racial wealth gap between African Americans and whites.
The racial and ethnic wealth gaps are large and persistent according to the 2016 Federal Reserve Board Survey of Consumer Finances Report. The real median net worth in an African-American household still lags far behind white households. The median household wealth gap between African-Americans and whites grows larger as education levels rise.
The report also shows that African-American households are less likely to own assets, such as a house, business, retirement savings and savings account, as compared to white households. Those who do own assets own far fewer in each of those categories. Along with wealth gaps, there are substantial knowledge gaps in basic financial education.
This program answers the growing call to address the wealth gap and improve the financial literacy skills in the African American community and among college students. This concentration is offered through an online or face-to-face delivery method.
- PFIN 5110, Survey of Personal Financial Planning
- PFIN 5120, Retirement and Estate Planning
- FIN 5558, Investment
- PFIN 5130, Personal Financial Planning