NGO partners with management firms to bring youth into the financial sector | Business

Mr. Cunha’s “childhood dream” came to life when he was recruited as a trainee for the operational back office at Brainvest, a wealth management boutique managing approximately US$ 5 billion in investor funds both in Brazil and abroad. His role involves automating processes and simplifying solutions with the help of technology.

“I became interested in economics and the financial market during the [COVID-19] pandemic in 2020; I wanted to understand how that system worked. Over time, the goal became clearer. I was already programming, and when I entered university, I realized that what started as a hobby could become a career,” says Mr. Cunha. He was also a medalist in the Brazilian Investment Olympics, a program launched in 2021 by Cefet-RJ to promote financial literacy among high school students from both public and private schools.

Brainvest has partnered with the Consuelo Institute to create the “Trilha Financeira: Capacitando Talentos” program, the first of its kind. This hybrid course is aimed primarily at low-income Black students. “We developed this program with a long-term vision to bring greater diversity into the organization, contribute socially, and address inequality,” says Roberta Pacifico, an investment analyst and environmental, social, and governance (ESG) specialist at Brainvest.

Of the 15 students in the first cohort, 12 passed the Brazilian Financial and Capital Markets Association (ANBIMA) CPA-10 exam, which certifies professionals in retail investment distribution, such as those working in bank branches or investment platforms. Additionally, other students achieved CPA-20 certification through a partnership with Ser+ and Genial Investimentos.

New classes are planned for 2025, with the long-term goal of creating a more diverse pool of candidates for positions in the financial market. “Other organizations have engaged with the theme, and there has been a positive ripple effect,” says Ms. Pacifico.

The Consuelo Institute was founded based on the realization that “the social elevator has broken down,” explains Gilvan Bueno, a board member of the organization. He references a 2019 report by the Organization for Economic Cooperation and Development (OECD), which measured how long it takes for low-income individuals, earning an average of R$400, to reach salaries of around R$17,000. The answer: nine generations.

This insight led to the creation of the NPS9 project, which stands for “You don’t have to be nine generations” to reach R$17,000, says Mr. Bueno, who began his career in the financial market in 2009 at Geração Futuro (now Banco Genial). He later became the financial director at Banco Maré and worked at institutions like Órama, BTG Pactual, and Itaú Unibanco.

“Fifteen years ago, I was a waiter in a shopping mall in Botafogo,” Mr. Bueno recalls. “The number of young ‘nem nem’ [people neither working nor studying], aged between 18 and 24, is alarming. I am the result of social projects, and I wanted to give back to society.”

To create pathways for young people into the job market, the Consuelo Institute partnered with Unisuam, initially founded in 1930 as Colégio Luso Carioca, a preparatory school for the Naval College. Unisuam has since grown into the first Brazilian university center, offering competitive courses with “grades of excellence from the Ministry of Education (MEC),” according to Mr. Bueno.

As soon as students enter higher education, they can apply for internship programs in the market. “Brainvest has already hired one of the institute’s students, and EloGroup, a consultancy firm, has hired another six,” says Mr. Bueno. “We raised the stakes by mixing the financial market with data science. These young people can’t just enter as ‘bankers’; if they start training in technology and data construction, they stand a better chance.”

Wright Capital, a wealth management firm co-founded by Fernanda Camargo, one of Brazil’s leading voices in impact investing, supports the initiative by funding scholarships at the university in Rio. Companies interested in social responsibility projects hire the institute to increase the employability of young people. Investment Olympics and chess championships are some of the ways to discover talent in underserved areas. “It’s a type of social PPP, with colleges and private companies helping us through tax breaks and projects that develop the ecosystem,” says Mr. Bueno.

As a relatively small multifamily office (MFO) with around R$7.2 billion under management and 38 team members, Wright Capital makes every effort to carry out inclusion actions, according to Ms. Camargo. She notes that access is typically channeled through the operational area, funding English and technology courses, as low-income individuals often lack this kind of training. “The challenge arises with large financial institutions,” says Ms. Camargo. “Regarding job openings, the English requirement alone limits many candidates—only 1% of the Brazilian population speaks English. It would be beneficial for institutions to recognize the need to provide English training; while it comes at a cost, it’s a huge gateway for inclusion.”

Ms. Camargo also points out that the sector often looks for candidates from top universities, typically those in the top five rankings. However, she believes that expanding the search beyond these institutions leads to more diverse selections. “In some areas, top-tier education is essential, but there are many talented individuals from other institutions. You have to make an effort to reach out. It’s no use simply waiting for candidates to apply from places like Insper or Poli,” she says.

Despite Wright Capital’s efforts to train young talent, Ms. Camargo laments that many are lured away by big banks offering salaries two or three times higher than what the company can afford. “Some eventually return after experiencing a more hostile work environment,” she says. “I’m happy they come back, but my heart breaks because of how difficult the environment is.” Camargo believes the financial sector has much to learn in creating a non-violent, truly inclusive workplace.

She highlights moments like lunchtime, when some employees opt not to join their colleagues at certain restaurants because they can’t afford the cost. “Talking about inclusion isn’t enough; you have to actively engage people. It’s much deeper than that. People often feel like ‘tokens,’ hired only to meet diversity quotas,” she says.

Ms. Camargo also criticizes the simplistic discourse of meritocracy, which values competition from those who attended the best schools, traveled, pursued MBAs abroad, and returned to top financial institutions. “What about those who had to help at home or split the bill with their parents?” she asks. “Is that truly meritocracy?”

Since its founding ten years ago, Wright Capital has encouraged clients to allocate between 2% and 4% of their assets to impact investments. While many funds in this space now focus on climate-related initiatives, the company continues prioritizing projects with a social bias. “We can’t give up on this,” says Ms. Camargo.