Spelman College Wins Goldman Sachs’ Fourth-Annual Market Madness Competition and $1 Million Grant
- Goldman Sachs has awarded $20 million in scholarships and grants to HBCUs and students during past four years
- Competition is a culmination of the firm’s HBCU Possibilities Program, a four-month training in finance fundamentals from Goldman Sachs professionals that aids in building a talent pipeline from HBCUs
- Program received a record level of applications in 2024
NEW YORK – April 22, 2024 – Today, Goldman Sachs held its fourth-annual Market Madness competition, the culmination of Goldman Sachs’ HBCU Possibilities Program, with Spelman College taking home first place and a $1 million grant for the third time in four years.
Finalists from Delaware State University, Florida A&M University, Howard University and Spelman College presented case studies to top Goldman Sachs and Nike executives to compete for grants ranging from $250,000 to $1 million for their institutions.
The Market Madness: HBCU Possibilities Program is a core component of Goldman Sachs’ $25 million, five-year commitment to Historically Black Colleges and Universities and goal to double the number of campus-analysts recruited from HBCUs by 2025. The program includes a semester-long course providing education on concepts and careers in finance, access to senior leaders at the firm, networking and mentorship opportunities, a financial stipend and the chance to compete in Market Madness. In four years, Goldman Sachs has awarded $20 million in grants and scholarships to students and schools through the program.
"The HBCU Market Madness pitch competition is always a highlight of the year. Seeing the presentations and ideas that these students generate throughout the semester reminds us of the incredible talent at HBCUs,” Megan Hogan, Goldman Sachs global head of Talent and chief diversity officer, said. “Goldman Sachs is committed to building a diverse pipeline of talent and we’ve been excited to welcome participants of the program to start their careers at Goldman Sachs over the last four years.”
Goldman Sachs launched the initiative in 2020 as part of the firm’s broader strategy to meaningfully advance progress on racial equity and build a more inclusive economy, beginning with investing in and creating a diverse pipeline of talent. The firm has recruited 40 students for internships from the program, with many accepting full-time offers.
In 2024, more than 150 students from 11 HBCUs participated in the program, selected from a record number of over 600 eligible applications. Students were split into 27 teams and, throughout the semester, have conducted company research and proposed a strategic business solution for Nike. The final four teams presented case studies today and won grants for their institutions as follows:
- First Place: Spelman College ($1 million grant)
- Second Place: Howard University ($500,000 grant)
- Third Place: Florida A&M University ($250,000 grant)
- Fourth Place: Delaware State University ($250,000 grant)
PRIOR WINNERS OF HBCU MARKET MADNESS FINAL COMPETITION
- 2023: Spelman College (featured client: L’Oreal)
- 2022: Howard University (featured client: PepsiCo)
- 2021: Spelman College (featured client: Procter & Gamble)
About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.