The CFP Board Center for Financial Planning and the American College of Financial Services announced a new scholarship program on Wednesday, aiming to diversify the financial planning field.

Announced at the Conference of African American Financial Professionals in Washington, D.C., the CFP Board Center will provide up to 15 scholarships per year to American College students who have graduated from the college’s African American Scholarship Program. Those who have received a scholarship from the African American Scholarship Program, completed the appropriate coursework at American College to sit for the CFP exam, and are first-time test-takers pursuing CFP certification, will be eligible for the new scholarships.

“This joint scholarship provides an opportunity for African American graduates of the American College’s program to continue their journey to CFP certification,” said CFP Board Center for Financial Planning executive director Marilyn Mohrman-Gillis, in a statement. “We need to create more pathways into the profession for people of color not only because it can be a rewarding career, but so that all Americans have access to competent and ethical financial planning.”

The college’s African American Scholarship is part of its "Double by 2027" initiative, which intends to double the number of African American financial planners by 2027. The current rate of African American financial advisors currently sits at approximately 8 percent, according to the Bureau of Labor Statistics.

For more on the American College’s African American Scholarship Program, head to the College's site here.