The RBC Royal Bank of Canada Commits $500,000 a year in scholarship programs to support student funding across Canada.
Now more than ever, students across Canada are seeking ways to feel inspired, motivated, and hopeful for a better future. This year, financial institutions are recognizing a critical need to support educational funding for Canadian students, given the ongoing pressures and uncertainties caused by the coronavirus. But RBC is way ahead of the game. The Royal Bank of Canada commits $500,000 a year to scholarship programs like the Scholarship for Aboriginals, Scholarship for RBC Employees, and the Future Launch Scholarship, and will continue to uphold their promise through everything that is going on.
Ironically enough, though, The Royal Bank of Canada typically awards the Future Launch Scholarship to those that demonstrate a clear vision for their future. But, knowing “what comes next” is hard enough at the best of times, despite the added uncertainty around education and employment in today’s climate.
That’s where things get interesting. People around the world are defining what a “new normal” will look like, and many of those that seemingly had a “clear vision of the future” a few months ago have had to pull a Ross Geller – making some sharp pivots just get by.
But, given the gravity of the coronavirus and its implications on health care, business, and day-to-day social practices, we can assume that major change is coming. And young people are ready to demand a seat at the table, bringing their innovative ideas to the conversation.
Basically, now is a great time to start brainstorming for a better future. To top it all off, The Royal Bank of Canada might give you $1,500 for doing so.
RBC Royal Bank Future Launch Scholarship
Scholarship details: 450 scholarships of $1,500 each are available to Canadians throughout 2020.
Why was The RBC Future Launch Scholarship created?
The RBC Future Launch Scholarship is meant to help people between the ages of 15 and 29 that are looking to gain new skills for the modern workforce, and that are ready to take their next step towards a better job.
It’s not about having it all figured out – it’s about curating innovative ideas in a way that could make a major impact, especially in the face of adversity.
Recipients of the RBC Future Launch Scholarship can use the $1,500 towards short-term courses, workshops, certificates, necessary equipment or textbooks. The list goes on and on.
Who is eligible?
The RBC Future Launch Scholarship is for:
- Canadian youth between 15-29 years old
- People enrolled part time in school or not in school at all
- A Canadian Citizen or Permanent resident
- Those not working at RBC or a dependent of someone working at RBC
NOTE: Grades and transcripts are not required and there are 450 scholarships available throughout 2020.
When is the application deadline?
Eligible applicants can submit their application before April 30th. That means, you have nearly a year to start planning your application, and the ideas that will separate you from competing applicants.
What does the evaluation process look like?
Evaluators of the Future Launch Scholarship will come from Universities Canada, a national leader in scholarship management that RBC is partnered with. They will select recipients based on their ability to showcase their drive, commitment to long-term learning, and how they plan to pursue their chosen learning opportunity. While the Future Launch Scholarship is not grades-focused, evaluators encourage applicants to submit reference materials such as visual arts, music or poetry, video work etc.
RBC Royal Bank Scholarship for Aboriginals
Scholarship details: The Royal Bank of Canada commits to 10 available awards, each worth up to $4,000 each academic year for two to four years.
Why was The RBC Royal Bank Scholarship for Aboriginals created?
Prosperity is rooted deeply in community development. So, the Royal Bank of Canada commits an entire platform to help Aboriginal Canadians succeed professionally including the RBC Indigenous Peoples Development Program, RBC Indigenous Student Internship Program, RBC Indigenous Student Award Program, and more.
Who is eligible?
The RBC Royal Bank Scholarship for Aboriginals is for:
- Status and non-status Indians, Inuit or Métis pursuing post-secondary education
When is the application deadline?
The application opens on December 3rd, every year, and the deadline has yet to be determined.
What does the evaluation process look like?
Some of the questions in the scholarship application form ask you to consider your career goals, education plan, involvement in the Aboriginal community, and more. Recipients will be chosen based on academic and personal accomplishments, as well as demonstrated financial need.
Review the application form here.
Scholarship Program for the Children of RBC Employees (Canada)
Scholarship details: The Royal Bank of Canada commits to 50 awards, each worth $2,500 each.
Why was the Scholarship Program for the Children of RBC Employees (Canada) created?
The Royal Bank of Canada created the Scholarship Program for the Children of RBC Employees to empower young adults through their educational journey at a university or college level.
If you, or someone you know, have parents that work at RBC, this scholarship might be for you! More information is available through the RBC intranet site for employees.
Who is eligible?
The Scholarship Program for the Children of RBC Employees is for:
- Children of eligible RBC Employees
When is the application deadline?
April 30, 2020. The application deadline for 2021 has yet to be determined.
What does the evaluation process look like?
The evaluators of the Scholarship Program for the Children of RBC Employees will assess students’ deservingness based on their academic standing, participation in extracurricular activities, references, and a one-page essay outlining their career goals.
The RBC Capital Markets Diversity Scholarship
Scholarship details: The Royal Bank of Canada commits to 8 awards worth $5,000 up for grabs, PLUS a 2021 summer analyst position with RBC Capital Markets in Toronto.
Why was the RBC Capital Markets Diversity Scholarship created?
The Royal Bank of Canada created the Capital Markets Diversity Scholarship to help promote diversity and equality in the workplace, foster innovative ideas, and work towards a strong economy based on fairness. The scholarship awards exceptional undergraduate students that are planning to build a career in banking or finance.
Who is eligible?
- Women
- Visible minorities
- LGBT+
- Aboriginal or Indigenous background
- Veterans
- Persons with disabilities
- Students of full-time undergraduate studies graduating in December 2021 or Spring 2022, from an accredited university in Canada
- Available to work full-time May-August 2021
- Diverse extra-curricular participation and community involvement
- Canadian Citizens, permanent residents of Canada, or individuals who are legally eligible to work in Canada for any employer until, and including, September 2021
What is the application deadline?
Given the complications and uncertainty related to the COVID-19 pandemic, The Royal Bank of Canada will not be keeping an application deadline, and more details will be available around June 2020.
What does the evaluation process look like?
Application Checklist:
- A 300-word personal essay in support of their candidacy, explaining their interest in a career in banking and finance
- A current, one-page resume
- Unofficial transcripts of their academic records
A team of business leaders at RBC Capital Markets will review the applications and shortlist a group of potential recipients. If chosen, students will be invited to a telephone or in-person (but probably telephone) interview at the Toronto office in the Summer of 2020. (Any pre-approved travel costs will be covered by RBC Capital Markets).
All Scholarship recipients will join the RBC Capital Markets Investment Banking or Global Markets Summer Class of 2021.
Check out our article “The Royal Bank of Canada: Future Leaders” for more insights.