The study of accounting enables all forms of business to evaluate their financial situation. Students who pursue accounting degrees can become eligible for a wide range of career options in business-related fields such as public accounting or forensic accounting. Unfortunately, tuition can be very expensive, which is where accounting scholarships come in.
In this article, we’ve outlined a list of accounting scholarships for high school students, undergraduate students, and graduate students. We’ve also included useful tips on how to get an accounting scholarship and ease the cost of your studies for your accounting profession. Further, you’ll learn about the requirements for accounting scholarships at the undergraduate level and graduate level.
What Is an Accounting Scholarship?
An accounting scholarship is a form of financial aid given to students pursuing degrees in accounting or business with a concentration in accounting. Applicants must meet certain predefined eligibility requirements and provide proof of their qualifications. In most cases, the award is offered based on academic achievement, career pursuit in an accounting-related field, or racial or ethnic background.
With the high cost associated with attending college, more students, including those in accounting-related majors, are turning to scholarships as a viable means of covering college tuition and fees. This is particularly true for low-income students. According to NCES, the average tuition costs and fees were $9,400 for four-year public schools and $36,700 for four-year private colleges in the 2019-20 academic year.
Common Accounting Scholarship Requirements
- Academic Performance Requirement. Your academic performance is one of the major factors that qualify you for an accounting scholarship whether you’re applying for a merit-based or need-based scholarship. Generally, accounting scholarship applicants are required to have a minimum 3.0 GPA.
- FAFSA Requirement. Creating a FAFSA account is a common requirement for accounting scholarship eligibility. With a FAFSA account, you can significantly increase your chances of securing scholarships and grants. Some external scholarships also request FAFSA information from their applicants.
- Online Application Requirement. Separate from the FAFSA application form, each scholarship has its own application form which is reviewed by the individual scholarship committee. It provides details about the applicant’s background, education, and work history. This is also where you will submit any additional application materials.
- Career Pursuit Requirement. A major requirement for accounting scholarships is a clear indication of the student’s interest in an accounting profession. Most accounting scholarships are awarded by a wide range of professional organizations promoting their own interests. For your application to be considered, you may need to express an interest in working for the organization sponsoring the scholarship.
- Document Requirement. Your scholarship application will probably be accompanied by a personal essay report, letters of recommendation, a personal statement, a financial need essay, and a resume. A letter of recommendation is usually written for a high school senior by a school guidance counselor. For students at the undergraduate, graduate, or postgraduate levels, letters are written by one of their accounting educators.
How to Find Accounting Scholarships
Knowing where to look for accounting scholarships isn’t always easy. Luckily, there are plenty of scholarship resources that can help find the perfect accounting scholarship opportunity for your undergraduate program, your graduate studies, or for post-graduate students. If you’re an outstanding student seeking to further your education in the accounting field, the resources listed down below can help you find scholarships for accounting.
Use Your College’s Financial Aid Resources
As a prospective or current college student studying in an undergraduate or graduate program, the first place to look for scholarships for students in accounting concentrations is on your school’s financial aid website or through your academic adviser. Both can provide assistance to students looking for scholarships to cover their tuition.
The school website can provide you with examples of scholarships you might be eligible for, making it a great place to start. Meanwhile, your academic adviser can help you determine which of your qualities make you an eligible student for different scholarships and help you navigate the application requirements.
Use Scholarship Search Engines
Using a comprehensive scholarship search engine can speed up your search process. Several scholarship boards offer matching services to any eligible student for school-specific scholarships, based on their background and academic achievements. Scholarship boards such as Cappex, Sholly, and College Scholarship.org are great for this.
Become A Student Affiliate
Accounting majors seeking scholarships and pathways to advance their careers can try joining professional organizations. These organizations often offer annual scholarships, mentorships, internships, certifications, and accounting industry training to their members. The American Accounting Association, Institute of Management Accountants, and American Institute of Certified Public Accountants Foundation are your best options.
Tips to Find Accounting Scholarships for High School Students
Review Colleges With Your High School Counselor
One of the best ways to find an accounting scholarship as a high school student is to apply to colleges that offer accounting department scholarships. Your high school counselor can help you find and review scholarships for your undergraduate-level program. If you have strong grades, they can find scholarships that utilize academic merit as their primary judgment basis for you to apply to.
Apply To Scholarships That Fit Your Unique Background
To increase your chances of securing accounting scholarships for your part-time or full-time program, apply to those that sponsor students with similar backgrounds as you. If you’re a black or Hispanic student, look out for scholarships that fund minority students. If you’re from a low-income background, apply to specific scholarships that fund students with financial needs.
If you’re an ethnic minority, like an Alaska Native or Native Pacific Islander, for example, or another underrepresented group, professional associations provide scholarships dedicated to encouraging diversity among students in accounting programs. These are associations like the National Association of Black Accountants or Association of Latino Professionals in Accounting and Finance and scholarships like the Accounting & Financial Women’s Alliance Scholarship.
Identify With Your Career of Interest
Accounting scholarships are specifically created to provide assistance to accounting majors. If you want to secure a scholarship with a professional organization, you need to explicitly convey interest in a career in the accounting profession. Aside from studying in a business-related field, look into working at entry-level, part-time accountant jobs, taking extra professional accounting courses, or volunteering in organizations that allow you to further your career goals.
10 Best Accounting Scholarships in 2022: Overview
| Scholarship Name | Who Is Eligible | Amount Covered |
| AFWA Foundation Scholarships | Undergraduate and master’s students pursuing degrees in accounting and finance | Tuition coverage for up to three years. |
| EFWA Graduate Scholarship | US female students with financial needs who are enrolled in accredited schools to pursue accounting degrees for careers in financial services and accounting | $1,000 to $2,000 |
| EFWA Undergraduate Scholarships | US female students pursuing an undergraduate degree in accounting in an accredited institution, in preparation for a career in accounting and finance | $16,000 (women in transition),$2,000 (women in need),$2,000 (IMA)$2,000 (Rhonda J. B. O’Leary Memorial)$1,000 (Michele L. McDonald Memorial),$1,000 (Moss Adams Foundation) |
| GFOA Scholarships | US or Canadian students who are pursuing degrees in accounting, finance, or business | $5,000 to $20,000 |
| IBTTA Foundation Scholarship Program | Students, worldwide, pursuing business and STEM degrees at an accredited four-year college | $5,000 |
| Illinois CPA Society Accounting Scholarships | Students enrolled high school seniors and college students who are residents of Illinois and plan to take the CPA exam within three years | $4,000 |
| Jane M. Klauman Women in Business Scholarship | Women in Zonta regions looking to pursue degrees in accounting, finance, and other business programs | $2,000 (regionally), $8,000 (internationally) |
| NSAC Scholarship | US high school seniors or incoming freshmen who are majoring in accounting or finance | Up to $2,000 |
| PCPS George Willie Ethnically Diverse Student Scholarship & Internship | US minority students with 120 credit hours, who are enrolled in a full-time accounting degree program, AICPA affiliate members looking to earn CPA credential | $10,000 |
| The Laura Fund (EFWA Postgraduate Scholarship) | Women pursuing doctoral degrees in accounting | $1,000 to $5,000 |
Top 10 Accounting Scholarships: In Detail
1. AFWA Foundation Scholarships
- Awarded by: Accounting & Financial Women’s Alliance
- Deadline: April 1, 2022
The scholarships offered by AFWA are designed to aid the professional advancement of women in accounting and finance careers. As such, the scholarship award covers the undergraduate degree costs for their third year till their fifth year and the entire master’s degree cost. Qualified applicants need a minimum GPA of 3.0. This is great for female full-time accounting students wanting to earn advanced degrees.
2. EFWA Graduate Scholarships
- Awarded by: The Educational Foundation for Women in Accounting
- Deadline: April 30, 2022
EFWA offers three scholarships for female accounting graduate students. The Institute of Management Accounting scholarship provides a $1,000 cash award to a first-year accounting graduate student, the Rhonda J. B. O’Leary Memorial Scholarship offers $2,000 to an undergraduate or graduate student, and the Moss Adams Foundation offers $1,000 to a minority female student in their 5th year accounting classes.
Female undergraduate accountant students entering a graduate accounting program are highly encouraged to apply to this scholarship. Although the prizes aren’t huge, earning a scholarship from this foundation can go a long way when combined with others, which makes the process of earning your CPA licensure that much easier.
3. EFWA Undergraduate Scholarships
- Awarded by: The Educational Foundation for Women in Accounting
- Deadline: April 30, 2022
There are five undergraduate scholarships offered to female accounting students attending accredited colleges in the United States. Ideal scholarship applicants are female undergraduate accounting students who can express a commitment to an accounting career through an impressive transcript and work history. They should also demonstrate a financial need for the scholarship and be citizens of the United States.
4. GFOA Scholarships
- Awarded by: Government Finance Officers Association
- Deadline: N/A
The scholarships offered by the Government Finance Officers Association are awarded yearly and, as such, applicants are expected to apply in the fall. These scholarships are hefty, and can sometimes cover both the tuition for the fall and spring semesters. They are for undergraduate and graduate students pursuing careers in accounting and finance. Applicants will be asked to provide a letter of recommendation and express plans to pursue careers in government finance.
5. IBTTA Foundation Scholarship Program
- Awarded by: IBTTA Foundation
- Deadline: April 19, 2022
The IBTTA Foundation Scholarship Program awards scholarships to undergraduate and graduate students in the amount of $5,000 to cover their tuition in an accredited university. Applicants must have a minimum of 24 accounting credits in college. Applicants can alternatively be studying in disciplines such as engineering, finance, business administration, and marketing.
6. Illinois CPA Society Accounting Scholarship
- Awarded by: CPA, Illinois Chapter
- Deadline: April 1, 2022
This scholarship award is offered by the CPA, Illinois Chapter, and is intended for black high school seniors and college students. A selection is made based on the student’s academic merit, financial need, and leadership skills. To qualify, you must be a BIPOC student in an Illinois college or university. You should have a 3.0 GPA and must be willing to become a CPA after graduating.
7. Jane M. Klausman Women in Business Scholarship
- Awarded by: Zonta International
- Deadline: June 2022
The Women In Business Scholarship offered by Zonta provides opportunities for women to fund their careers in corporate business. 32 scholarship awards of $2,000 each are issued each year at the regional and district level, and up to six scholarship awards of $8,000 are issued at the international level. Undergraduate women in their second year are encouraged to apply.
8. NSAC Scholarship
- Awarded by: National Society of Accountants for Cooperatives
- Deadline: April 30, 2022
The NSAC scholarship is for high school seniors pursuing careers in accounting or undergraduate accounting majors enrolled in a full-time college or four-year institution. To qualify for this scholarship, you need a sponsor who’s also a member of NSAC. You’ll also need to submit an academic transcript and a written essay, and express a financial need within the application period.
9. PCPS George Willie Ethnically Diverse Student Scholarship & Internship
- Awarded by: AICPA’s Private Companies Practice Section (PCPS)
- Deadline: April 30, 2022
This scholarship award is given to minority accounting students to cover the tuition for their final year. The award is paid directly to the school for each semester of the student’s last year. The accounting scholarship recipients are also required to participate in a four-month internship in 2023. To qualify for this scholarship, you must be a full-time student and be available between January and April for the internship.
10. The Laura Fund (EFWA Postgraduate Scholarships)
- Awarded by: The Educational Foundation for Women in Accounting
- Deadline: May 15, 2022
The Laura Scholarship Fund sponsors one-year scholarships for female doctoral students pursuing doctorate programs in accounting. Applicants must display their academic achievement, financial need, and dedication to community service. These awards range from $1,000 to $5,000. Application materials include a resume, official transcript, project proposal, letter of reference, and published work if there is any.
Should I Apply for an Accounting Scholarship?
Yes, you should apply for an accounting scholarship if you lack the financial security to pursue a degree in accounting. Accounting scholarships aren’t just for high school seniors and undergraduate accounting students. Students in a graduate accounting program can secure financial assistance to fund their research projects through these awards.
Scholarships are also an affordable way to acquire your certification in accounting, as some of these scholarships include them in their award packages. A certification in accounting increases your chances of earning high salaries and accessing professional opportunities such as a career in data analytics where, according to the Bureau of Labor Statistics, you can earn an average annual wage of $73,560.
Accounting Scholarships FAQ
To become an accountant, you should start by completing an undergraduate program in accounting or an accounting-related field. However, an undergraduate degree in accounting from an accredited college or university isn’t the only thing you need.
In most cases, you will need to acquire a certification from a professional accounting organization.
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Yes, you can. The Association of Chartered Certified Accountants (ACCA) offers annual scholarships to five students who performed well in examinations hosted by the ACCA. These accounting scholarship funds can cover the cost of sitting for the ACCA professional examination, their membership admission fees, and annual subscription fees.
No, it’s not. As long as you can demonstrate your knowledge of the accounting discipline in theory and practice to your recruiter, you can secure a job. In most cases, accounting students secure jobs through internships with accounting firms. However, most of these firms require that candidates go through written tests and interviews as part of the admission process.
The stress associated with an accounting job can be seen as mild, as most accounting professionals find the job engaging. If you’re good with numbers and have no problem locating errors in a numerical spreadsheet, then you’ll find this career path more stimulating than stressful. Like any job, however, there are always some aspects that can make it stressful.
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