The United States has one of the worst high school dropout rates in the industrialised world and its students rank below those in other Western countries in reading and math scores. -- PHOTO: REUTERS
MONTCLAIR (New Jersey) - WHEN Scott Brooks got laid off by American Express in February he decided to turn his back on finance and revive a dream he gave up on many years ago - to become a math teacher.
NOT WALL STREET DEMONS
'It's a completely new pool of individuals,' said Ada Beth Cutler, dean of the College of Education, adding that the average age of applicants is in the 40s. 'Most of these people didn't major in mathematics, they majored in finance or accounting. They all had strong math background, then in their work they had to use math regularly.'
Tony Malanga, a 46-year-old former asset-backed securities broker who was laid off by Natixis Capital Markets in February, said bankers' reputations had suffered due to public anger at the meltdown, but many on Wall Street had long harbored a desire to 'give back socially.'
He happens to live in New Jersey, where state education authorities have long worried about a dearth of math teachers.
Last week he heard about a new programme called 'Traders to Teachers' being set up at Montclair State University to retrain people in the finance industry who have been laid off in the deepest crisis to hit Wall Street since the Great Depression.
'You get really comfortable with your career, and I was making six figures, and it was nice,' Mr Brooks said shortly after an interview at the university to determine his eligibility for the programme, which starts classes in September.
'Sometimes the house has to be on fire before you leave its comfort and start on your journey. The credit card business and Wall Street overall is like that house on fire,' he said.
Mr Brooks, 39, has two children aged 8 and 10 and has been coaching soccer and baseball at local schools for several years - an experience he says revived an interest in teaching that dates from his undergraduate studies in math and education.
The university's 101-year-old College of Education received 146 applications for 25 spots in the first round of the programme, which offers three months intensive training followed by a job at a high school in January. The first year on the job includes close mentoring, and after two years probation they can become fully certified math teachers.
The United States has one of the worst high school dropout rates in the industrialised world and its students rank below those in other Western countries in reading and math scores.
Elected after a campaign that emphasized service and giving back to the community, US President Barack Obama has pledged to place greater value on education and raise standards.
New Jersey, which borders New York and is home to many Wall Street bankers, has obtained federal funding for US$4,000 (S$6,000) grants to cover tuition for the Traders to Teachers programme.
To be eligible, candidates must have been laid off and have at least a bachelor's degree, though not necessarily in mathematics. There is also a math test, which is tough enough that only 69 of the applicants passed. -- REUTERS
