US state seeks laid-off traders to teach math

* New Jersey wants ex-traders to become teachers

* Program hopes to fill gap in number of math teachers

By Claudia Parsons

MONTCLAIR, New Jersey, May 22 (Reuters) - 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.

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 program 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," Brooks said shortly after
an interview at the university to determine his eligibility for
the program, 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.

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
program, 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 industrialized 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, U.S. 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 $4,000 grants
to cover tuition for the Traders to Teachers program.

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.

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."

"I don't view myself as being ... a traditional Wall Street
demon," he said. "I don't belong to a country club. I drive a
Honda pickup truck. I go to church on Sunday."

With six children aged 4 to 16 who are accustomed to a
lifestyle based on an income many times that of a teacher,
Malanga, who lives in Verona, New Jersey, said he knew there
would be sacrifices and they may have to dip into savings.

"We're in a situation where we can satisfy all of my
family's needs. Whether we can satisfy all of my family's wants
is another thing," he said. "Hopefully the quality of life and
job satisfaction will make up for that."

Cutler said schools that hire them may give credit for work
experience outside teaching. "What they can expect is to earn
between $45,000 and probably $60,000 (at first)," she said.

Good healthcare benefits and a defined benefit pension
scheme make the package more attractive, Cutler added.

The "Traders to Teachers" program has funding to cover four
intakes, or a total of 100 students over the next 18 months,
with applications for the next class opening in the summer.

"If we're successful ... we could change in a very
significant way the quality of math instruction in the state of
New Jersey," said university President Susan Cole, noting that
many schools rely on substitute teachers because there are not
enough certified math teachers to fill the positions.

Malanga said the hours may be better than on Wall Street
but "I have a healthy respect for how hard it's going to be."

"I don't know what's going through other people's minds --
these are all people who have been very successful and are very
confident in their own abilities," he said. "I wonder if they
really understand how difficult this is going to be."
(Editing by Cynthia Osterman)