The KPMG Foundation announced that it has awarded a total of $470,000 in scholarships to minority accounting doctoral students for the 2012-13 academic year.

The $10,000 scholarships will go to 12 new recipients and 35 students whose scholarships have been renewed. Scholarships are renewable annually for up to five years.

“The KPMG Foundation is proud of the very positive influence it has had in helping to increase the number of diverse faculty members at our nation’s colleges and universities,” said Jose Rodriguez, KPMG Foundation chairperson, in a statement. “The Minority Accounting Doctoral Scholarship will play a critical role in transforming these 47 talented students into educators who will shape tomorrow’s business leaders.”

The KPMG Foundation has awarded over $10.5 million to 309 African American, Hispanic American and Native American scholars pursuing doctorate degrees since 1994. Currently, 194 of those recipients have successfully completed their doctoral programs and are professors at universities across the country.

The Minority Accounting Doctoral Scholarship initiative’s complementary program, The PhD Project, was also created in 1994, with the goal of increasing the diversity of business school faculty. In that time, the program has increased the number of minority business professors from 294 to 1,128.

“Business leaders realize success by understanding the complexities of a global marketplace,” stated Stacy Sturgeon, KPMG LLP’s national managing partner of university relations and recruiting. “These lessons begin in the classroom and diverse educational environments provide future leaders with the perspective that is necessary to thrive in their professions.”