Empowering Women in Finance
This past semester, The Providence College School of Business launched the Women Building Wealth initiative, a program aimed at attracting more women to the lucrative and historically male-dominated field of finance. Led by then dean, Sylvia Maxfield and Melissa Mardo, assistant director of undergraduate advising, this initiative marks the first year of what we hope will be an enduring effort to increase female representation in finance.
The Women Building Wealth initiative partnered with Lincoln School, an all-girls college preparatory school in Providence, and Onward We Learn, a non-profit organization in Providence aimed at promoting college access to young students from diverse backgrounds. With a generous $6,000 grant from the Providentia Society, the program offered monthly workshops designed to inspire and educate young women about financial career opportunities and personal finance.
Each month, participants engaged in a variety of activities and heard from notable speakers, each bringing unique insights and experiences. In January, the program kicked off with Marcy Reyes, the founder and CEO of Financial Literacy for Youth (FLY), who shared her journey as a woman in finance and an entrepreneur. Her keynote addressed the crucial need for women to break into underrepresented spaces and envision themselves not just as participants, but as future leaders in the world of finance.
February brought a fun and developmental candy investing activity led by Paul Scanlon, School of Business’ director of finance resource lab, allowing students to connect with current Providence College students while learning basic principles of investing. March’s session, facilitated by FLY, focused on saving for college, understanding different types of loans, and navigating financial aid processes like FAFSA and the CSS Profile. An eye-opening debt simulation helped students grasp the real costs of higher education that are not typically included in tuition, such as textbooks and study abroad programs.
In April, the program welcomed back three distinguished friends of Providence College—Kerry King ’90, Taylor Benson ’93, and Jen Cooper P’23—who shared their experiences at Providence College and their careers in finance. Dean Maxfield facilitated the discussion, which covered topics such as preparing for life after graduation, discovering an interest in finance, and the challenges women may face navigating a male-dominated industry.
The program concluded in May with a focus on saving and budgeting. FLY joined the session to teach students about creating monthly budgets and the importance of having a savings account, providing them with practical skills for financial independence.
The Motivation Behind the Initiative
The driving force behind the Women Building Wealth initiative was the need to amplify women’s voices in finance and provide exposure opportunities for Providence College through K-12 partnerships. Mardo and Maxfield were particularly motivated by the stark gender disparity in finance in business schools. This imbalance demonstrates the importance of encouraging young women to pursue finance from an early age, much like the efforts to promote women in STEM fields.
Impact on Students
This initiative had a profound impact on participants. Many students reported increased confidence and a deeper understanding of the vast opportunities within finance, countering the narrow, often inaccurate portrayals seen in movies. The sessions at Providence College provided valuable exposure to a college campus, helping students envision themselves in higher education and fostering interest in finance careers.
Participants from Lincoln School expressed a significant increase in their interest in pursuing finance, with half indicating a newfound enthusiasm for the field. All participants appreciated the sessions being held at Providence College, highlighting the importance of real-world exposure in shaping their academic and career aspirations.
Women Building Wealth’s Future Plans
Mardo notes, “We aim to enhance the program by including an admissions day in April, offering a comprehensive campus tour, a college dining experience in the dining hall, and opportunities to shadow a business class.” Building on the success of the incredible guests and speakers, the program plans to host a panel featuring young alumnae to build stronger relationships with students and provide a fresh perspective on the college experience. By continuing to support and expand these efforts, the School of Business is committed to paving the way for future generations of women in finance.
