Establishes a state university of New York career pilot program to encourage individuals in college to enter the financial planning industry; utilizes campus resources to encourage a well-rounded program and diverse student involvement.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A2288
SPONSOR: Clark TITLE OF BILL:
An act to amend the education law, in relation to establishing a state
university of New York pilot program to encourage individuals in college
to enter the financial planning industry; and providing for the repeal
of such provisions upon expiration thereof
PURPOSE:
This legislation will create a three-year State University of New York
pilot program to educate college students on the opportunities within
the financial planning industry.
SUMMARY OF PROVISIONS:
Section 1. Amends education law by adding a new section, establishing
the State University of New York (SUNY) financial career pilot program
designed to educate students on career opportunities within the finan-
cial planning industry. The Board of Trustees shall create a pilot
program that includes a paid internship program at an approved financial
institution, career counseling, preparation for the Security Industry
Essentials (S.I.E) Exam, and has a 2.8 GPA requirement for partic-
ipation.
An application process must also be established for financial insti-
tutions to become part of the pilot program. This application must
include an agreement to pay students the wage set by the Board of Trus-
tees, an orientation, reporting requirements, and an approved student to
mentor ratio.
To create a well-rounded program with diverse enrollment, the campus
multicultural center, career counseling center, and any other resource
deemed necessary, must be involved in creating this program. The Board
of Trustees will release a report within one year of the effective date
and on the first January thereafter on the program's effectiveness.
Section 2. Effective date.
JUSTIFICATION:
The efforts against poverty and for economic justice are multifaceted;
diversifying the financial planning industry would have a direct, posi-
tive impact on these efforts. Unfortunately, the financial planning
industry continues to struggle with efforts to attract new talent and
boost diversity, despite firms emphasizing the issue in their recent
recruiting strategies. For example, Black and Hispanic certified finan-
cial planners represented just 4% of the 87,784 total Certified Finan-
cial Planners (CFPs) in 2019 - despite being nearly 30% of the U.S.
population, according to a Center for Financial Planning Board report
published in 2019. In addition, women have made up about 23% of CFPs for
a decade, despite accounting for more than half the U.S.. population,
according to the 2019 report.
This legislation creates a pilot program that would allow the Board of
Trustees to collaborate with SUNY and CUNY to create a pathway for indi-
viduals in college to learn about and enter the financial planning
industry. Students who participate in this program will benefit from
preparation to take the Security Industry Essentials (S.I.E) Exam and
have a semester of relevant work experience, putting them in an ideal
situation to enter the field. In addition, through the application proc-
ess and guidelines set, the program also guarantees that only financial
institutions who are serious about taking on a mentorship role for these
students are participating. Overall, this legislation would provide
opportunities for students that may not have been available prior and
works in collaboration with other efforts to encourage financial securi-
ty and economic development.
PRIOR LEGISLATIVE HISTORY:
2021-22: A.9912-A (Clark) - Referred to Higher Education
FISCAL IMPLICATIONS:
To be determined.
EFFECTIVE DATE:
Immediately.
STATE OF NEW YORK
________________________________________________________________________
2288
2023-2024 Regular Sessions
IN ASSEMBLY
January 25, 2023
___________
Introduced by M. of A. CLARK -- read once and referred to the Committee
on Higher Education
AN ACT to amend the education law, in relation to establishing a state
university of New York pilot program to encourage individuals in
college to enter the financial planning industry; and providing for
the repeal of such provisions upon expiration thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The education law is amended by adding a new section 355-f
2 to read as follows:
3 § 355-f. State university of New York financial career pilot program.
4 1. There shall be established by the board of trustees of the state
5 university, a state university of New York financial career pilot
6 program designed to educate college students on the career opportunities
7 in the financial planning industry.
8 2. The board of trustees shall, through its own means or by partnering
9 with a company that implements financial career planning initiatives,
10 create a pilot program that works with the following state university
11 campus resources to create a well-rounded program and diverse student
12 involvement:
13 (a) campus multi-cultural center;
14 (b) campus career counseling center; and
15 (c) any other campus resource deemed necessary for the program estab-
16 lished pursuant to this section.
17 3. (a) In conjunction with the state university, the board shall
18 create a pilot program that includes:
19 (i) a paid internship at an approved financial institution;
20 (ii) career counseling;
21 (iii) preparation for the security industry essentials exam; and
22 (iv) a grade point average requirement of 2.8 on a 4.0 scale;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04742-01-3
A. 2288 2
1 (b) The board shall determine a financial institution's eligibility
2 criteria to receive a student employee which shall include, but not be
3 limited to, the following:
4 (i) an application to be completed by the financial institution;
5 (ii) a mandated, virtual orientation to be attended by the approved
6 financial institutions' representatives;
7 (iii) an agreement to pay the student employees at a set wage to be
8 determined by the board of trustees;
9 (iv) an approved student to mentor ratio; and
10 (v) reporting requirements on student and program success, including,
11 but not limited to, a mid-semester and final review of the student
12 employee which may include, but is not limited to, the following on a
13 scale of exceptional, good, fair, and unsatisfactory:
14 (1) quality of work;
15 (2) ability to meet deadlines;
16 (3) written communication skills;
17 (4) oral communication skills; and
18 (5) the ability to assess and initiate things independently.
19 4. The board of trustees shall be responsible for monitoring the qual-
20 ity, appropriateness and effectiveness of such program and shall report
21 to the legislature within one year of the effective date of this
22 section, and on the first of January annually thereafter, on such
23 program's effectiveness.
24 § 2. This act shall take effect immediately and shall expire and be
25 deemed repealed three years after such date.
