We spoke to Andre Flemmings from Rare, a diversity recruitment company which runs a scholarship programme in conjunction with Deutsche Bank to get more black students into banking. This is what Andre told us:
What is the Accelerate Scholarship exactly?
It’s a scholarship programme offered each year by Deutsche Bank to candidates from black African, Caribbean, or mixed black heritage backgrounds.
Sounds interesting, what does it involve?
Successful applicants get:
- £3,000 financial support package each year for three years.
- A place on Deutsche Bank’s Spring into Banking programme.
- An optional summer internship with Deutsche Bank at the end of their penultimate year of studies.
- An ambassadorial role on their university campus.
- Exclusive invitations to conferences, seminars and workshops.
- A dedicated sponsor at Deutsche Bank and access to development opportunities.
How many scholarships are awarded each year?
It’s flexible, but in both 2011 and 2012, three Accelerate scholarships have been available each year for candidates of black African, Caribbean or mixed black heritage.
Do you get a job at the end of it?
The scheme is in its infancy - 2011 was the pilot year and all three scholars went on to secure a Spring Week at Deutsche Bank as a result of them winning the scholarship prize. Of the three, one scholar has secured a place on this year’s Summer Analyst Internship.
I’m still interested, how do I apply?
If you want to get onto Deutsche Bank’s Accelerate company, you have to be a Rare candidate first.
Now I’m confused, what’s a Rare candidate?
Rare is the graduate diversity company that runs the Accelerate programme for Deutsche Bank. We help bright individuals from minority backgrounds get into professional careers. The vast majority of our candidates on our database (92%) have as a minimum, AAB at A Level.
So, what does it take to become a Rare candidate?
The first step is to complete an online application form (www.rarerecruitment.co.uk/apply) which gives students an opportunity to tell us a about themselves, their background and their achievements – both academic and extracurricular.
And, once I’ve become a Rare candidate, what does it take to get onto the Deutsche Bank Accelerate scholarship?
In order to be eligible for the Accelerate Scholarship, candidates must be black (by that we mean of black Caribbean, black African or mixed heritage) and be in either the first year of a three-year undergraduate degree or the second year of a four-year long undergraduate course at one of ten universities (click here to see which: https://www.rarerecruitment.co.uk/rare/DB/accelerate.html).
In term of academics, a consistent and high level of attainment is expected. Just to reiterate: only applicants who will be either in their first year of a three-year course or in the second year of a four-year course are eligible for the Accelerate Scholarship.
Why is Deutsche Bank doing this?
Black students are under-represented on top graduate programmes.
Rare and Deutsche Bank developed this programme to encourage greater numbers of top-performing black students to consider not only a career in investment banking, but specifically one with them.
Accelerate scholars act as ambassadors and positive role models to others on-campus. This can be a great source of encouragement to many black students, who may “self-select” out and not apply for a role, considering the industry to be out of their reach or “not for them”. Having a ‘real’ example of success to which candidates can directly relate is a powerful testimony.
How many people typically apply?
Typically, around 50 students apply each year for the Accelerate scholarships but we always want more.
What's the application process like?
There is an application form with questions where we try to gauge your achievements, enthusiasm and to a much lesser extent your knowledge of the financial industry and Deutsche Bank. One question gives applicants the chance to express their reasoned opinions about a current financial and/or economic occurrence. You have to complete an online numerical reasoning test which is testing your numerical skills. You will be asked to re-take the test at first round interview should you be successful.
When do applications for 2013 open?
In order to apply for the Accelerate Scholarship, applicants must first be a Rare candidate. Applications to become part of Rare are open all year round and can be completed by completing our online application form (www.rarerecruitment.co.uk/apply).
The 2012 Accelerate Scholarship process closed in February and 3 new scholars have been invited to take up their ambassadorial roles.
Plans for the 2013 Accelerate Scholarship Programme have not been finalised but applications are likely to open in autumn, closing early in the New Year. Testing, interviews and other assessments will take place over January and February.
More information about Accelerate: DB Rare Scholarship can be found here.