Earlier this year, the D.C. State Board of Education (SBOE) and Office of the State Superintendent of Education (OSSE) developed and adopted District high school financial literacy standards, thanks in part to the public testimony of KIPP DC College Preparatory students who’ve taken financial literacy courses since the pre-pandemic inception of the District’s first finance academy.
Months later, as District public and public charter schools implement the new financial literacy standards, more than 160 enrollees of what’s currently known as KIPP DC College Preparatory’s NAF Academy of Business continue to learn personal finance while working toward NAFTrack certification in either accounting, business management and entrepreneurship, or digital media and marketing.
KIPP DC College Preparatory student Keith Harris said his experiences early on in the NAF Academy of Business reinforced the importance of budgeting and saving money.
“I’m thinking about how to pay attention to money and grow my money in the long term,” said Keith, a senior at KIPP DC College Preparatory who’s been in the academy since 10th grade. “I am able to depend on myself financially and support my family.”
These days, Keith continues to incorporate personal finance principles in his life as he meets professionals who he said he can glean wisdom from to eventually become a tax preparer and owner of a private psychology practice.
“These professionals visit [our school] to give their perspective when dealing with accounting and consulting,” said Keith, who’s exploring Berea College, Morehouse College and Brown University as postsecondary options. “The NAF program opens the doors for internships, business competitions, or just figuring out what you want to do in life. It’s more than classes. It’s an additional way of living.”
KIPP DC College Preparatory Embraces Standards They Had a Hand in Shaping
The District’s new financial literacy standards, as outlined by OSSE, aim to: help students identify opportunities for financial support in higher education and career; consider the environmental factors of cars and other large purchases; compare and consider different types of insurance; create a budget based on different constraints and goals; and analyze the influence of generational wealth and inherited assets on personal savings and investments.
Regardless of certification track, NAF Academy of Business students at KIPP DC College Preparatory encounter these themes while on their way to receiving a certification that’s recognized by NAF partner companies. They also engage in work-based learning opportunities, on and off campus, that allow for professionalism skills and resume development, and expansion of their network.
In the years leading up to the adoption of the District’s financial literacy standards, KIPP DC College Preparatory has continued to develop its NAF Academy of Business with financial literacy at the foundation. That’s why for Monet Davis, the school’s NAF director, the current set-up of the academy allows for students to gain hard skills that are in alignment with the new standards.
“OSSE’s pathway has allowed for creative expression,” said Davis, who’s in her second year as NAF director at KIPP DC College Preparatory. “We do try to expose our students to as much as possible. These courses are a strong place to develop and implement ideas. More is required of our students — like trying their hardest, being involved and participating in work-based learning activities.”
Students Explain the Bigger Picture
All students at KIPP College Preparatory are eligible to apply for the NAF Academy of Business during the winter of their freshman year.
From their sophomore year up until their high school graduation, students engage the principles of personal finance while taking two courses per year. They will most likely do so while participating in the First Generation Investors program with tutors from Georgetown University, where students complete capstone projects under the guidance of McDonough School of Business students.
Other work-based opportunities put students in direct contact with Earnst & Young, Navy Federal Credit Union and Verizon.
In the classroom, student accountants build rapport with each other as they learn to calculate return on sales and make a horizontal and vertical analysis. Meanwhile, business management coursework puts the onus on students to understand mission and vision statements and learn to identify the types of planning that take place during the business’ first five years of existence.
Casidee Tomlinson, a senior who’s enrolled in KIPP College Preparatory’s NAF Academy of Business, said that the accounting coursework gave her the vocabulary and know-how to participate in family discussions about finances. Those experiences, she said, often translate into the leadership roles she takes in the classroom.
“Being in that [accounting] class helps my family,” said Casidee, who’s looking at High Point University, Tennessee State University and Delaware State University as postsecondary options. “The best part is figuring out everything and feeling like I aced [an accounting problem.] I haven’t found the job I want yet, but I can go different ways.”
As Donyae’ Vaughn inches closer to high school graduation, she keeps with her memories of purchasing Netflix and Spotify stock while working with Georgetown University’s First Generation Investors program. She said that exposure to such opportunities sparked thoughts about how to best manage her funds and prepare for a future in either dentistry or forensic science.
“The program has changed my spending habits by showing me how to save my money earlier [in life] and make a savings account for early retirement,” said Donyae’, who’s exploring Spelman College, Duke University and Boston University as her college options. “It’s been good seeing my peers learn the basics of finance and the stock trade as we go through the accounting cycle and get new things. I do want my own business in the future, so my previous knowledge will be useful.”
Dr. Jacque Patterson Explores Past and Future
As District schools embrace financial literacy standards inspired by KIPP DC College Preparatory, State Board of Education At-Large Representative Dr. Jacque Patterson is gearing up for a second term that he hopes to dedicate to revamping the list of competencies needed to graduate high school.
For Patterson, his goal, as was the case for the financial literacy standards, centers on providing young people with a diverse academic experience that adequately prepares them for the real world.
“We’re interested in looking at what we want our students to graduate with, to not only make sure that they’re proficient, but prepared for life, jobs and college,” Patterson told The Informer.
In his role as KIPP DC College Preparatory’s chief community engagement and impact officer, Patterson saw school administrators integrate financial literacy into its course offerings before the pandemic. Years later, throughout much of the discussions about financial literacy that took place at the State Board, Patterson also watched as KIPP students spoke about how the coursework accentuated their off-campus entrepreneurial pursuits.
Patterson said that students’ SBOE testimony elevated the conversation about financial literacy, especially at a time when young people continue to bear the brunt of socioeconomic disparities afflicting the District.
“I’m looking forward to seeing a model that started with KIPP going citywide,” Patterson told The Informer. “It’s important for students to understand how credit works,and the meaning of a loan and accrued interest. It makes a difference in how they understand finances in all that they do, not just in their households but in starting business.”
