Ask Suzanne Shank to share positive stories about Detroit teens and she has plenty — more than 200 in fact. That is approximately the number of high school students who have participated in the Detroit Summer Finance Institute, a summer internship program founded by Shank, which introduces city youth to the world of finance.
“We have great kids in the program each year, but it seems the crop of kids we have exposure to each year gets better and better,” said Shank, president, CEO and co-founder of Siebert Brandford Shank & Co., LLC., the largest minority- and woman-owned investment bank in the U.S.
“Despite the tough economic times our city and region are going through, we have a promising group of kids that we are still turning out and hopefully these will be our future leaders.”
Launched in 2000, the Detroit Summer Finance Institute recently completed its ninth successful program. Participating students receive a six-week paid summer internship, which combines on-the-job experience
with weekly seminars. This year’s class of 20 students, all from Detroit high schools, gained meaningful work experiences from a diverse mix of companies and organizations.
“The industries represented included law firms, commercial banks, investment banks, IT firms, non-profits, and city government,” said Shank, who worked as a design engineer before transitioning to a financial services
career. The most important thing is that they get to see what it’s like in the business world.”
Another point of emphasis is education.
This year’s program included field trips to Wayne State and the University of Michigan. While visiting U-M’s Ann Arbor campus, students simulated buying and selling stocks at the Ross School of Business.
“Ninety percent of our students are seniors, so we want to make sure they’re prepared to go straight into college,” said Seneca Brookins, an MBA student at Wayne State and program coordinator of the Detroit Summer Finance Institute.
Just as the Detroit Summer Finance Institute has provided opportunities to students throughout the city, Shank says a devoted group of professionals from across the area have united to support DSFI youth as volunteer board members, keeping the program vibrant for nearly a decade.
“I was delighted and enthusiastic to be invited to become a DSFI board member because I viewed participation as a way to introduce young people, who might have limited exposure opportunities, to career options in all aspects of finance,” said Comerica Senior Vice President Linda Forte.
Like Forte, Shank cites exposure as the equalizer for Detroit youth desiring to make a mark in the 21st century business world.
“I didn’t know what an investment banker was until I went to business school in my early 20s,” said Shank, a native of Savannah, Ga..
To be considered as a DSFI summer intern, a student must be a Detroit resident entering the 11th or 12th grade at a Detroit public high school. A minimum 3.0 grade point average is required; along with two recommendations from school or community sources; and an essay on “Why I’d like to participate in the Detroit Summer Finance Institute Program?” The final step is an interview.
For additional information please visit www.dsfi.org.
About Post Author
