CIBC removes barriers to career-enhancing co-op for business students

CIBC is making it easier for students from under-represented groups to access career-enhancing co-op opportunities. By removing some of the financial barriers to students, CIBC’s support makes participation in the work-integrated learning placements more inclusive, and gives more students the chance to gain experience that often sets them up for career success.

Housed within the Business Career Hub, the Ted Rogers Co-op Program offers bachelor of commerce students three work placements in which they get the kind of industry training that can make them career-ready by graduation. Every year, 2,500 students take part in co-op, and though students are paid during work placements, for some students the cost of enrolling in the program can be prohibitive.

According to an analysis by the Office of the Vice-President, Equity and Community Inclusion at Toronto Metropolitan University (TMU), First Nations, Métis and Inuit students, Black students, and students with disabilities face particular challenges in applying to the co-op program. For these equity-deserving students, the newly established CIBC Co-op Student Award for Equity and Excellence at the Ted Rogers School of Management at TMU will level the playing field by providing up to 75 students each year with $2,000 each — more than covering the initial costs associated with accessing the co-op program.

“CIBC is committed to creating a world where everyone has access to opportunities to achieve their ambitions,” said Andrew Greenlaw, Vice President, Sponsorship, Community & Brand at CIBC. “We’re proud to partner with TMU’s Ted Rogers School on increasing access for students to gain practical hands-on experience and learning in the workplace. Together, we’re ensuring students have the skills, knowledge and confidence to build a meaningful career.”

CIBC is a longstanding supporter of the Ted Rogers School, not only through their philanthropy but also through their steadfast commitment to providing experiential learning for our students. Between 2015 and 2024, CIBC has hired about 650 of the school’s students through the co-op program.

“Our school is home to the next generation of global leaders and innovators, and CIBC’s new investment empowers students to realize their potential,” said Dr. Cynthia Holmes, dean of the Ted Rogers School at TMU. “The CIBC awards give more students from equity-deserving groups the opportunity to participate in the Ted Rogers Co-op Program, a career-shaping development experience that equips students with tech-savvy, future-oriented skills, setting them on a path to greater economic opportunity. The Ted Rogers School is grateful to CIBC for recognizing the importance of experiential learning for our students and helping us address the need for equal opportunities for our diverse student community.”

Students typically start co-op in their second or third year of study. Before their first work term, they must successfully complete technical bootcamp sessions, along with other Co-op Prep Program requirements, which equip them with the necessary skills to add immediate value to their employer during their work term and beyond.

“We designed our program to be really supportive with equity and accessibility as important areas of focus, and the CIBC funding enables us to create an even more equitable program,” said Medhat Sedarose, Senior Manager, Ted Rogers Co-op. “Without CIBC’s support, at least 75 students annually might not consider applying to co-op and would miss out on this extraordinary experience. Now, starting in Fall 2024, those students see an open door that once was closed — they will have access to programming, networks and opportunities to grow their confidence and self-awareness outside of the classroom, enriching their in-class experience.”

Approximately 75 per cent of the Ted Rogers Co-op graduates secure a job prior to graduation, with approximately 50 per cent of these graduates recruited to return to one of their former co-op employers. On average, co-op students earn $49,000 in Canadian income over 16 months of work experience: income that helps fund their education and reduce their need for financial assistance.

Sedarose adds, “A big thank-you to CIBC for their support over the years, and for this particular initiative enabling more students from equity-deserving groups to gain valuable work experience.”