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RMA’s Latest Scholarship Awards Aim To Promote Innovation and Inclusion in the Financial Industry

November 22, 2023

PHILADELPHIA, PA (November 22, 2023) – The Risk Management Association (RMA) Foundation made its eighth annual scholarship awards to more than 100 undergraduate college students intent on pursuing careers in the financial services industry. RMA’s mission to attract talent to the industry is underpinned by its partnership with 27 colleges and universities, including 15 minority-serving institutions (MSIs). This year, about one-third of the scholarships were awarded to students from MSIs. To date, the RMA Foundation has awarded more than $1.7 million to 690 students.

RMA President and CEO Nancy Foster said, “We are delighted to announce this year’s award recipients. The scholarships support the RMA Foundation’s mission to attract diverse, ready-to-hire talent to the industry and usher in a new era of innovation. With financial institutions facing numerous challenges including a generation of professionals retiring, helping banks attract, retain, and develop exceptional talent remains a top priority for RMA.”

This year’s RMA Foundation scholarships range from $1,000 to $5,000 per student. The Risk Management Association created the RMA Foundation in 2014 to assist with attracting talent to banking at a time of increasing baby boomer retirements and competition for graduates from tech and other sectors. Of the RMA Foundation scholarships this year, more than 45% were awarded to underrepresented students, with almost 50% of all scholarships being awarded to women.

Institutions attended by the most recent scholarship winners include:

  • Texas A&M University
  • Prairie View A&M University
  • University of Calgary
  • Cornell University
  • University of Illinois at Urbana-Champaign

The next round of scholarships will open for application on January 15, 2024. It will include the first scholarship named for Foster, who is retiring at the end of 2023. Foster initiated numerous internal and external initiatives signifying RMA’s commitment to lasting change in the area of diversity, equity, and inclusion, including the Women in Risk initiative and partnerships with Historically Black Colleges and Universities.

Scholarship recipients are selected on merit based on the following factors:

  • Demonstrated interest in the banking industry. (Examples include previous employment at a bank, RMA membership, involvement in a local RMA chapter, academic studies, and internships).
  • Academic achievement.
  • Participation and leadership in community and school activities, or related work experience.
  • Statement of career goals and objectives.

Learn more about the scholarships here.

In addition to the RMA Foundation Scholarships, RMA strives to provide a platform for educational enrichment and the development of professional skills through its Academic Program, which cultivates partnerships with universities across the country to administer relevant coursework that promotes workforce readiness.


About Risk Management Association (RMA)

Founded in 1914, Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 1,600 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 51,000 individuals located throughout North America, Europe, Australia and Asia/Pacific.


Risk Management Association (RMA)

Kimberly Macleod | kmacconnect 

+1 917-587-0069