The Arkansas Society of CPAs created a Student Loan Fund in 1962, which became a scholarship fund in 2004. Today, the Student Education Fund provides financial assistance for deserving accounting students attending Arkansas’ four year colleges and universities. The ASCPA Student Education Fund scholarship program rewards academic excellence and encourages promising accounting students to pursue careers as CPAs.
The Student Education Fund is supported entirely by contributions. It is a 501(c)(3)non-profit corporation, and gifts to the Student Education Fund are tax deductible. Securities and any other property, as well as cash, may be contributed.
Each year, the Student Education Fund awards scholarships to accounting students at four-year Arkansas universities and colleges, who intend to sit for the CPA Exam. The process involves the completion of an application form, including grade transcripts, a resume, a photograph, and letters of recommendation, as well as the accounting department chairpersons ranking form.
Each accounting department of an Arkansas four-year college or university offering an accounting degree shall be allowed to submit one scholarship application for each qualifying faculty member who is a regular or an associate member in good standing of the Arkansas Society of CPAs. The accounting department may decide how to determine which applications are submitted. Scholarship applications are reviewed, and award selections are made by the ASCPA Student Education Fund Board.
Applicants must have completed 75 semester hours of coursework including 12 semester hours of accounting. The 12 hours may include up to 6 hours earned at the principles-level and must include at least 6 hours earned in upper level or graduate accounting courses, and student must be currently enrolled in a minimum of 3 semester hours of upper level or graduate accounting courses. Courses in business law (or the equivalent) do not count toward the required accounting hours. Applicants must have a 3.5 GPA (on a 4-point scale) in accounting coursework, including any principles-level courses included to meet the 12 hour requirement.
The applicant must be a student who is enrolled for purposes of meeting the educational requirements to take the CPA Exam or to meet the education requirements to obtain certification as a Certified Public Accountant. The applicant may be pursuing an undergraduate accounting degree (or its equivalent); may be pursuing a graduate degree, or may hold an undergraduate or graduate degree in another field and be completing accounting courses necessary to meet the above education requirements. The applicant must certify that he/she intends to complete 150 hours as part of the requirement to become a CPA.
AICPA offers many scholarship opportunities for accounting students at varying points in their academic careers. Additionally, we encourage students to contact their college/university financial aid offices for other potential sources of financial assistance.