Toward the end of June last summer, Selemon Asfaw Tu’14 heard from the Tuck School of Business’s career development office that six incoming students had received offers for internship positions in finance the following summer. As a stand-alone fact, the number stood out in and of itself, he said, as it is unusual for so many students to score coveted internships before setting foot in Hanover. But considering that the six students who receieved internships were the first mentees in Wall Street Edge, a program that he founded, it was a powerful moment for Asfaw.
Asfaw founded the student-led program in the summer of 2013 with the intention of helping incoming students from under-represented groups in finance and those without a background in the field transition into finance. Matching incoming students who register with upperclassman mentors, the program provides basic information about finance and the opportunities available to mentees, tailoring advice to suit their individual interests.
While several companies that recruit highly from Tuck made the National Association for Female Executives Top 50, most of them were business that were not focused on finance. In American finance, women make up 54 percent of the work force but less than 20 percent of senior executives, The Atlantic reported. In 2010, the General Accountability Office found that racial minorities hold only 10 percent of senior-level jobs.
The program focuses on supporting mentees with their applications for early action programs, many of which take place during the summer before the mentees begin business school. While Tuck aids its students, this program focuses on accepted students before they have matriculated. Asfaw said he decided to organize the program when he realized the importance of starting early in networking and the job search.
Upon being matched with a mentor, mentees share their previous experience and interests. Then, mentors proofread their resumes and give feedback in relation to the early action programs for which the mentees are interested in applying. According to their individual interests, mentees receive information for conference calls and have mock interviews with their mentors.
Though it is important to follow structured guidelines and provide necessary information to mentees, Asfaw said it is also important for mentors and mentees to be creative in how they interact with one another in a mutual learning process.
“It’s also about the mentee educating the mentor about what their strengths are,” he said.
As an incoming student last year, former mentee Andrew Allison Tu’15 said the recruitment process seemed daunting. He received encouragement and support from his program mentors along with reminders on application timelines and insights into working at a bank. This year, he applied to serve as a mentor and was accepted to the program.
Securing an internship position is one of the biggest goals for the first-year students at Tuck, Allison said. Having received offers before starting school, he said that his Tuck experience differed from others as he did not have the added pressure of looking for an internship position.
“I could focus on classes and more on the social environment at Tuck,” he said. “You are still able to go to other companies’ briefings so you are not necessarily boxed out of being able to learn about all these companies visiting Tuck and opportunities.”
Michaela Leblanc Tu’15, another former mentee who is now serving as a mentor, said her positive experience with the group motivated her to return as a mentor. Having seen the difficulties that her classmates without a background in finance had to go through during recruiting, she wanted to ensure that students from nontraditional backgrounds received guidance as early as possible.
“The thing about the program is it really embodies a lot of the core values at Tuck in terms of community feel, alumni involvement and giving back,” Leblanc said.
On Aug. 7 and 8, 12 mentees will visit around seven to eight investment banks in Manhattan to meet Tuck alumni and recruiters, she said.
Associate director of Tuck’s MBA program office Dia Draper said Wall Street Edge is interested in engaging with broader the community in the future. The student MBA program grants a small budget for the program and provides webinars to participants, she said.
“From the institutional perspective, it’s purely about fulfilling our mission to give our students every opportunity to make the career switch and achieve their goals,” she said. “Secondarily, we are hugely interested in diversity and inclusion and supporting our candidates or students from every demographic.”
Across Tuck, other individuals have noted the need to address students without a background in finance. Tuck professor Jonathan Lewellen, who teaches capital finance and markets, said students without prior experience in finance tended to have more difficulty learning finance terminologies and concepts than those with previous experience.
