It works for manufacturing, so why can't it work for finance?
Legions of pink-slipped Wall Street pros have applied for retraining via a program launched by the state of New York and the New York City Economic Development Corp. The goal is to turn ex-finance pros into self-sustaining entrepreneurs.
The program, dubbed JumpStart NYC, comprises a five-day "intensive boot camp" at The Levin Institute, a branch of the State University of New York, followed by a 10-week placement at companies like HBO and a two-day wrap-up session.
JumpStart enrolled 50 former finance pros, out of 150 applicants, in its first class April 13. The seminal group is now in the midst of their unpaid "consulting projects."
"In the first week, we felt a tremendous shift in morale," said Lynne Rosansky, vice president of academic affairs at The Levin Institute. "These people had talent and now they have energy and that's what it's going to take to get them to the next step."
Rosansky said that Levin and the Economic Development Corp. are trying to organize a second JumpStart round that would start in June.
Though promising, program has already come under criticism. New York Magazine called JumpStart "a halfway-house-style facility" and "a place where dreams have gone to die, or at least to take a little vacation."
The program is accepting laid-off New Yorkers with at least three years of experience in finance. Download an application here.
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