The Tennessee Society of CPAs awarded $285,000 in scholarships to 111 students attending in-state colleges or universities through the Educational & Memorial Foundation of TSCPA.
TSCPA scholarships are funded by the donations of CPAs across the state of Tennessee, who have awarded $4.3 million in scholarships since the beginning of the initiative. The majority of this financial support comes from the Life Associates Program, which was established in 1978 to honor CPAs who contributed to the scholarship fund.
"The goal of this scholarship has always been to support students in their career goals," said Kara Fitzgerald, TSCPA's president and CEO. "We are committed to help them be successful in the field, and nothing could have been accomplished without the support of our valued members."
TSCPA members are encouraged to establish pledges through the endowment program, generally starting with a $500 contribution that can go up to $2,500 as CPAs grow in their careers. If they progress through the entire life associate program, they can contribute as much as $10,000 to the scholarship. Members have helped nearly 4,000 students obtain an accounting degree and take the CPA exam over the years.
To qualify for a scholarship, students must have taken introductory accounting courses and/or majored in the field. The TSCPA scholarship program awards both general scholarships along with named scholarships that are granted based on specific criteria determined by the donor, such as academic achievement, leadership skills and financial needs. This year, about 18% of scholarship recipients were ethnic minorities, and Fitzgerald said it was one of the TSCPA's proudest accomplishments.
"We have several nontraditional students who receive scholarships, like individuals who've gone back to school later in life, are pursuing another degree or are first generation students" said Fitzgerald. "Two of our five strategic priority areas are students and emerging professionals, and another is diversity, equity and inclusion, and I think it can really support aspiring CPAs and help build a more diverse pipeline."
The TSCPA also created the Discover Accounting program, where high school teachers are invited to bring their students on a field trip to meet CPAs and talk about career opportunities. The organization holds events where middle school and high school students visit accounting firms and learn what the profession really entails, outside of school books.
"I think that CPAs can support the next generation by telling them about all of the opportunities their career and their degree has provided them," said Fitzgerald. "Through organizations like ours, CPAs can support their students through scholarship programs and other student-focused initiatives offered by their state."
