Chicago, IL (July 24, 2009) —Investment banking firm Houlihan Smith & Company, and i.c.stars, a Chicago-based not-for-profit devoted to helping inner-city adults with high school degrees obtain local technology jobs, are working together to continue internships that foster the advancement of the next generation of technology and business talent. Both organizations recognize the benefits of continuing investment in young talent especially in a down economy.
Facing today’s difficult economy, many companies may be tempted to either exploit young talent by paying low wages or to freeze hiring altogether. “Companies that are not hiring these young adults, or are hiring them at low wages, need to recognize the long-term value of investing in entry level talent,” says i.c.stars President and Co-founder Sandee Kastrul.
One of the goals of i.c.stars is to elevate earnings of talented young adults by providing training and access to employers who offer fair wages. Through training in technology, leadership and business skills, i.c.stars prepares inner-city adults for high-level careers in information technology (IT). Alumni from the i.c.stars program typically see an earnings increase of 192%, rather than the minimum wage that young adults often earn coming out of standard job training programs.
Four years ago, Houlihan Smith & Company recognized that its growth objectives could be better met by engaging qualified talent from multiple avenues. The firm initiated a mutually beneficial partnership with i.c.stars to tap into the tremendous potential of young adults seeking experience and opportunities in technology.
“By hiring qualified interns from the i.c.stars program, we gain the benefits of hiring trained and committed young adults and to contribute to their continuing development,” explained Andrew Smith, President of Houlihan Smith & Company.
The i.c.stars alums have earned the qualifications that merit higher wages. Prior to being hired by an employer, the i.c.stars interns have had 1,000 hours of project-based training over a four-month period. “The 10-15 interns we develop in each training cycle have been chosen from more than 400 candidates and have successfully participated in our rigorous training program,” Kastrul.
Today, Houlihan Smith & Company typically has multiple interns on staff at a time. The value of bringing on qualified interns, particularly in a challenging economic environment, is obvious to Olson. “The young adults from i.c.stars have already demonstrated their commitment to their development through the program,” said Smith. “We have a current i.c.stars intern, Aaron Cox, a graduate from Mount Carmel High School, who brings an infectious positive energy and ambition along with his training that is a tremendous contribution to our organization,” he added. The company has hired one of its interns from i.c.stars as a full-time employee.
“Because the i.c.stars alums have received exceptional preliminary training, they have the versatility to work in a variety of positions at our firm,” said Smith. This ability is also beneficial to the intern because it exposes them to the firm’s decision-makers and provides breadth of opportunity and experience. In his current internship, for example, Cox has done everything from develop a database of potential attorney clients to assisting with more than a dozen Merger & Acquisition transactions. “I can’t say that he hasn’t stuffed his share of envelopes, but our internship enables him to gain experience in all areas of the business,” said Smith.
Based on the success the firm has experienced with i.c.stars interns, Smith remains committed to the program and to investing in young qualified talent. “The i.c.stars program merits the investment because it provides us with the ability to harness the talent and energy of these trained young people, and to enable them to gain experience as they successfully contribute to the growth of our business,” said Smith.
About Houlihan & Smith Company, Inc.
Houlihan Smith & Company Inc. is a specialized investment banking firm that provides financial advisory and financing services to public and private businesses. Founded in 1996, Houlihan is recognized as a leading provider of financial opinions, financing, merger and acquisitions advisory, and other corporate advisory services. To learn more about Houlihan Smith & Company, visit www.houlihansmith.com
About i.c.stars
Formed in 1999, i.c.stars is a non-profit organization in Chicago for adults with a high school diploma or GED. Using project-based learning and full-immersion teaching, i.c.stars provides opportunities to develop skills in business and technology. i.c.stars’ goal is to develop 1,000 Community Leaders by 2020.
i.c.stars places 100 percent of its qualified graduates in jobs with average annual earnings of $35,700. Before completing the program, participants typically earn around $16,600. In 2006, i.c.stars partnered with DePaul University to ensure that all i.c.stars alumni are admitted to the CTI and SNL Bachelors of Science program. Learn more on the Web at www.icstars.org.
