NewOak, a financial services advisory firm headquartered in New York City, is launching a Technology Innovation Program (TIP) to increase employment opportunities for high school graduates and college students at the firm.

The program is tuition free and accepted students will participate in a 16-week technology training course where they will study and apply modern computing languages, tools and concepts.

Upon successful completion of the course, students will move on to an eight-week mentoring program where they will work with technology experts on real-world business projects at the independent financial services advisory firm. Students will then be eligible for full-time employment at NewOak in its financial technology solutions group.

Those hired will also have the opportunity to earn stipends toward future studies at area colleges and universities as they achieve various levels and lengths of service with the firm, according to the press release.

“Through TIP, we want to make the investment and train the next generation of technology professionals, not just for our own benefit, but also to invest in our own kids and communities,” said Chad Burhance, senior partner and head of NewOak’s credit services business. “It’s a win-win.”

NewOak plans on running three recruiting classes per year. The first class starts in January 2015 in the firm’s New York City location and the full-time employment opportunities will be in the Danbury, Conn., office.

Recent high school graduates and college students who have not completed their degree can find out more information and apply for the program by going to the NewOak website, according to Cassie Kulzer, NewOak managing director for human resources. “The cost of college has risen so quickly not everyone can afford college immediately. Some kids are not giving college degrees as much weight due to the high cost and the difficulty of paying off student loans at entry-level pay. We feel this program taps an important potential resource pool,” she said.