Aaron Carter's life changed forever the day he sought out his college counselor at South Central L.A.'s Crenshaw High School in 1996. On his way to the meeting, the African-American sophomore honors student happened by a recruitment presentation for the Riordan Scholars Program. "It interested me right off the bat," says Carter. "I could see that it would open a world of opportunities for me -- and that's exactly what it did."

The Riordan Scholars Program was founded in 1987 by Professor William Ouchi of UCLA's Anderson Graduate School of Management, and attorney Richard Riordan -- who has since become mayor of Los Angeles -- to expose students from 27 inner-city Los Angeles high schools to business and management. The goal is to groom them for college, business school, and ultimately the boardroom. "It's a response to what we feel is an under-representation of [minority] individuals going into the business arena," says Linda Baldwin, director of admissions for Anderson and former executive director of the program. The program receives more than 120 applications each year for its 30 to 40 spots.

One Saturday a month for seven months, the Riordan Scholars, mostly minority teens selected for their academic achievement and leadership skills, are bused to UCLA's Anderson School of Management to meet with mentors, corporate professionals, and B-school professors. The students tackle subjects like the stock market while mapping out college-preparation plans, and learning about possible career options.

CASE STUDIES. Local investment bankers and consultants -- most of them Anderson B-school alumni -- lead case-study discussions. This past year's scholars explored how a lengthy 1998 strike affected employee relations at United Parcel Service, the role that low sales played in the closing of several Levi's factories in the Midwest, and the effect McDonald's marketing campaigns had on the company's stock. Students learn to calculate earnings per share, plumb financial statements, and analyze corporate strategies. "I never thought about this stuff before," says Carter. "Now it really interests me.

Teams of students use their new knowledge in two competitions: one to see which group delivers the most informative and compelling company-research presentation, and another to see who can make the most money using a simulated $100,000 stock portfolio. Last February, 12 teams of students analyzed 12 blue-chip companies including Nike, Intel, Mattel, Southwest Airlines, Microsoft, and Pepsi, and made buy or sell recommendations based on financial overviews and industry position. Reshuffled student teams went on to manage their imaginary stock portfolios, made up of the 12 blue-chips they had analyzed.

Career advice is a linchpin of the program. This year, Tom Staggs, Disney's chief financial officer, related how he graduated from the University of Minnesota as a music major, found his way into the entertainment business, earned an MBA from Stanford, and worked his way up at Disney. Bill Holland, director of workforce diversity for ARCO, has made several presentations about the company and what it looks for in employees. "It's a great help for young people to understand what variety we have in the workforce," he says.

ONSITE VISITS. Field trips give the scholars a first-hand look at how various businesses operate. They have visited a factory owned by French yogurt maker Yoplait, toured Warner Bros. Studios, and checked out the Federal Reserve Bank of San Francisco's Los Angeles branch. "What makes these trips work," says Nike Irvin, the current executive director of the Scholars program, "is that professionals volunteer their time to put together a cohesive agenda."

Interspersed with the classroom and onsite learning experiences is help from Anderson MBA student who serve as mentors. "Role modeling is a key component of the program," says Irvin. "Invariably there will be a cross-gender, cross-race component that spurs a sharing and exchange across cultures." Alicia Munoz, who graduated from the program this year, learned about Chinese culture through her mentor, Amy Horng, who also helped Munoz prepare for her SATs, proofread her college essays, and learn about business school.

While the Riordan Scholars Program's ultimate goal of increasing boardroom diversity is still far off, more than 500 students have earned their stripes so far. All have gone on to college, with many majoring in business or economics. And each year 10 to 12 scholars get internships that are arranged by the program, according to Irvin. "It's a terrific opportunity for our scholars to really see the insides of these larger organizations and help them evaluate whether they want to go forward in a business career," she says.

Beyond funding, the crucial components are human and physical resources

The cost of the Scholars Program,about $130,000 a year, is covered by a combination of company donations, nonprofit grants, and UCLA pledges. Finding new sources of funding is a continuing challenge, says Irvin.

Even so, the program has been able to cover its expenses for much of its existence. "It's the [time] commitment that's more expensive," says Irvin. "Once you're passed the funding questions, it's a matter of human and physical resources." She estimates that, all told, UCLA Anderson professors, mentors, and alums; corporate professionals; and administrative staff dedicate 1,200 to 1,500 volunteer hours each year. "The Scholars Program works because there are a number of people working extra hours and weekends," says Bill Holland. "Already-busy people have some pure love there."

The love goes both ways. "I gained more poise and confidence," says Munoz, the first in her family to both graduate from high school and attend college (she will start at Swarthmore College this fall). "It exposed me to the different things I'm not accustomed to." For Aaron Carter the program lent direction. "I would have just been hanging around, maybe playing baseball, if I wasn't in the Riordan Program," he says, as he gears up to study economics this fall at Pomona College. "The program got me more focused on college and on having to complete my undergraduate degree so that I could eventually go to business school."

Only time will tell whether the Riordan Scholars Program ultimately increases the number of under-represented minorities in the boardroom. According to Irvin, a number of former scholars are going on to B-school, and she's betting they'll carry the torch up the corporate ladder.

By Nadav Enbar in New York

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