According to the United States Department of Labor’s Bureau of Labor Statistics, the demand for accountants is expected to grow 11 percent between the years of 2014 and 2024. This makes accounting a popular major for students to pursue in college. While the return on investment for accounting majors is generally a good one, there are many things students can do to mitigate the costs of college attendance. Obtaining need-based financial aid is one option. Another option is to pursue merit-based scholarships. To increase the chances of being awarded a scholarship, students should focus on applying to scholarships dedicated to their majors. By pursuing scholarship opportunities within their majors, accounting students will save time and energy throughout the application process. There are many great scholarships for accounting majors to pursue that can help reduce the cost of their educations.
Awarded by the Government Finance Officers Association (GFOA), the Frank L. Greathouse Government Accounting Scholarship is available to undergraduate students in their junior or senior years. It is also available to graduate students. Students must be enrolled full-time in an accounting or finance program. Eligible students must also be planning finance careers within the local or state governments of the United States of America or Canada. Two students will be awarded $9,000 each in scholarship money.
The John L. Carey Scholarship offers one $5,000 scholarship each year to five students attending graduate programs in accounting. Eligible students must have earned undergraduate degrees in non-business related majors such as the liberal arts. This scholarship is meant to help students who wish to move over into the field of accounting with little to no previous experience in the field.
Sponsored by the Project Management Institute (PMI) Minnesota Chapter, the Robert J. Yourzak Scholarship Award is available to full-time or prospective students in project management or related majors at an accredited college of university. Eligible students are awarded up to $2,000 in scholarship money. Students must meet the application and award guidelines established by the PMI Educational Foundation.
Dedicated to aiding accounting students and practicing accountants in developing their careers, the National Society of Accountants (NSA) offers its own scholarships through the NSA Scholarship Foundation. Scholarships are available to undergraduate students currently enrolled in an accounting degree program at an accredited college or university. Eligible students must demonstrate high academic achievement, leadership capabilities and have a financial need for the scholarship. In the past, the Foundation has distributed a grand total of $35,000 in one academic year to 32 students.
The Teachers of Accounting at Two Year Colleges (TACTYC) awards several scholarships of $1,000 each to accounting students every year. The scholarships are available to students transferring to four-year colleges and to students continuing on at two-year colleges. To be considered eligible for either accounting scholarship, students must have completed at least 20 credit hours, six of which are in accounting courses, by the end of the spring semester.
The Educational Foundation for Women in Accounting offers the Laurels Fund for women pursuing doctorates in accounting. These scholarships are intended to encourage women to enter the field of accounting by easing the financial burden of higher education. Scholarships are in the amount of $1,000 to $5,000. To be considered for the scholarship, students must be women enrolled in an advanced accounting degree program who have demonstrated a high level of scholastic achievement, volunteer service and financial need.
The Institute of Management Accountants (IMA) offers undergraduate scholarships through The Educational Foundation for Women in Accounting. Every year, IMA awards two $2,000 scholarships to women who are majoring in accounting at an accredited four-year higher education institution. Alongside the scholarship money, students are also awarded a CMA Learning System kit and a student membership in the IMA. Eligible students must be committed to pursuing a career in accounting and have demonstrated academic and/or professional success in the field of accounting. The financial need of the student is also considered.
The American Institute of CPAs (AICPA) co-sponsors the Accountemps Student Scholarship Award with RH/Accountemps. This scholarship is presented to four students every year and each student receives $10,000 for that year. Eligible students will have demonstrated academic success in accounting and strong leadership capabilities. Students must also be dedicated to pursuing careers as CPAs. The AICPA Accountemps Student Scholarship Award is available to both undergraduate and graduate students in accounting.
Another scholarship offered by the AICPA partners with several different accounting organizations to offer scholarships to minority students pursuing degrees and careers in accounting. Scholarships of between $1,000 and $5,000 are awarded to Black/African American, Hispanic/Latino, Native American, Pacific Islander or Asian American students. Eligible students must have at least a 3.0 GPA and be enrolled as full-time undergraduate or graduate accounting students at accredited institutions of higher education. Students must also have completed a minimum of 30 credit hours of coursework.
Presented by the Asian Pacific Fund, the Matt Fong Asian Americans in Public Finance Scholarship is dedicated to providing financial assistance to students with Asian backgrounds. Every year, two scholarships of $2,500 are awarded to students attending an accredited California college. Eligible students must be sophomores, juniors or seniors enrolled in accounting, public policy, business administration, political science or similar degree programs. Students must demonstrate a commitment to volunteer work, have financial need of the scholarship and have a GPA of at least 3.0.
Related Resource: 10 Great Scholarships for Business Majors
This list is by no means an exhaustive one. There are an abundance of great scholarships available to accounting majors. By focusing on pursuing scholarships earmarked for accounting majors, students will have less competition from other students in the search for financial assistance for college tuition. As the cost of college increases, students will need to find creative ways to increase their college budgets. A combination of financial aid and scholarships can help to reduce the burden of college expenses.