LAEP Honors Fannie Mae and Salomon Smith Barney at Federal Reserve Bank Reception

The Los Angeles Educational Partnership honored Fannie Mae and Salomon Smith Barney for their support of the Los Angeles Academy of Finance (AOF) at a reception November 9 hosted by The Federal Reserve Bank of San Francisco, Los Angeles Branch.

Fannie Mae has supported the Academy of Finance for eight years and hired 12 AOF interns last year. Salomon Smith Barney has partnered with the Academy for nine years and employed 24 interns last summer.

"The business involvement in the Academy of Finance strengthens the link between learning and careers as well as increasing the pool of qualified applicants who can meet current and future workforce demands," said David Ward, vice President Salomon Smith Barney and AOF Advisory Council Chair.

The Academy of Finance is an innovative high school program designed to educate students about economic systems and the world of finance through a specialized curriculum and internship program. AOF students participate in an internship program between their junior and senior year and must pass all 11th- grade classes, have excellent records of attendance, and pass a preliminary interview to be eligible.

"Career Academies create small learning environments within large urban high schools where teachers get to know their students well and students work closely with one another," said LAEP President and CEO Susan Way-Smith. "This combined with industry-related experiences outside of the classroom keeps Academy of Finance students engaged and motivated to do well in school and pursue higher education."

A record number of 162 AOF students were placed in 6-8 week paid internships last summer. Internship salaries in 2000 totaled to more than $300,000. Students also take college level course work in finance and accounting at the USC Marshall School of Business.

"The most important thing that I received from my internship with the Capital Group was a strong sense of direction," said Roman Leal, an Academy of Finance student at Belmont High School. "Now I know what it takes to become an International businessman and I am not at all intimidated. I will persist until I succeed."

In the 1999-2000 school year 98 percent of participating students graduated from high school. 89 percent of participating students enrolled in college.

AOF students are virtually all Latino, African-American, or Asian immigrant and come from Title I schools where the vast majority of students receive free or reduced rate lunch. "Businesses that participate by providing internships are making a valuable investment in our community and are encouraging our students to become productive employees and responsible citizens," said LAEP Academies Manager Danny Corwin.

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