College of Management celebrates 10 years of State Street Scholars Program
UMass Boston’s College of Management, State Street Corporation, and alumni celebrated 10 years of the State Street Scholars Program on May 10.
More than 300 UMass Boston students have had paid internships at the financial services firm through the program, including Nicole Peterkin ’11, the owner and financial advisor for Peterkin Financial. Peterkin transferred to UMass Boston after her father died unexpectedly, and switched from pre-med to management.
“State Street Scholars was kind of a lifesaver for me. It helped pay my tuition. It helped pay my rent,” Peterkin said. “I really got to see the different facets of what it’s like to work at a corporate bank, and my managers were really open to letting me try new things. I don’t know if I would have had the confidence to go out and start my own practice without this experience.”
Although Peterkin ended up starting her own financial planning practice, 240 of the 316 State Street Scholars to date – 80 percent — have been offered full-time jobs at State Street after completing their internships. There are currently 105 State Street Scholar alumni working at State Street, holding jobs that range from entry level to assistant vice president positions.
“The State Street Scholars Program was designed to give UMass Boston students the chance to develop marketable skills,” said Richard W. Curtis, vice president of workforce development for State Street. “When the scholars are converted to a full-time hire after graduation, they are able to build on the skills that were fine-tuned during their internship and enter the permanent job market better prepared than most college graduates.”
Professor of Finance Atreya Chakraborty, also the director of academic partnerships and the director of the PhD program for the College of Management, thanked Curtis and State Street Vice President Rob Hoitt for their unwavering support of the program.
“If bottom lines drive corporations, this is certainly one exception, given that even during historical changes in bottom lines – market highs of $84 (2008) to market lows of $18 (2009) – State Street's commitment to internships for UMass Boston students was unchanged,” Chakraborty said. “The impact of this is clearly visible in our alumni whose lives such access has changed."
Forty new scholars will begin the program in fall 2016.
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