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Howard University’s School of Business has taken a major step forward in ensuring that its students are equipped with the tools that they need to thrive in the finance industry. The institution recently opened up a new Bloomberg Finance Lab, the university reported.

The lab—which was backed by a $250,000 donation from Howard alumnus Wendell E. Mackey, CFA—will serve as a hub where students will have access to a Bloomberg software program that harbors historical data and analytics surrounding business and finance trends, the news outlet writes.

“We are thrilled to partner with Howard University and offer its students and professors access to the same market-moving news and data relied on by leading business and financial professionals around the globe,” said Erika Irish Brown, Bloomberg’s Global Head of Diversity & Inclusion in a statement. “We hope that Bloomberg Finance Lab’s training and coursework will give Howard students seeking careers in financial services an additional competitive edge.”

Some of the funds donated by Mackey—who is the Founder, Co-Chief Executive Officer, and Chief Investment Officer for the Chicago-based company Channing Capital Management—will be allocated towards scholarships for business school students. Mackey says he’s grateful to be able to pay it forward and give back to his alma mater.

During the recent unveiling of the new lab—which was attended by professors, students, and Howard alumni—two business school students were awarded scholarships. “I very much appreciate this scholarship award for the simple fact that someone wants to help me advance my education,” said scholarship recipient Christopher Austin, a junior finance major who hails from Chicago. “There is no better feeling than knowing that others believe in my future and want to help me along the way toward pursuing my goals and dreams.”

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