There are countless overlooked professions that keep the world running, and accounting is a major one. Beyond keeping the numbers straight in a world where people try to cheat the system, they’re often the best advisors for individuals and organizations looking to grow financially in their fields.
Accounting scholarships are created to support students pursuing this essential field. From identifying the most profitable products to analyzing profit margins, accountants all over the world keep businesses running and thriving.
Unfortunately, the number of students studying accounting has been dwindling. A 2023 AICPA report found that the number of students earning a bachelor’s degree in accounting dropped by 7.8%, and those earning a master’s degree dropped by 6.4%. Many factors are at play here, but one major issue is the cost of an accounting degree.
In this article, we’re unpacking the best accounting scholarships to help all aspiring accountants get the education they need to excel. From merit-based scholarships to need-based ones, we’ve researched national accounting associations to find the top picks for you to apply for!
At Scholarship Institute, we want to make sure everyone, no matter their major, can receive the college education they deserve! Check out all our scholarship lists and start saving up today!
Scholarship Categories
It is important to understand the different types of scholarships to maximize your scholarship application process. Let’s dive into the two major ones.
Merit-Based Scholarships
Merit-based scholarships are awarded to students who demonstrate academic excellence, leadership skills, and community involvement. High GPAs, active engagement with extracurriculars, and volunteering are often a base requirement for these scholarships.
Merit-based scholarships can be highly competitive, so it’s essential to have a strong academic record and extracurricular activities. These are the most common type of scholarships and often come with the biggest award amounts, so they’re worth your time if you can find niche merit scholarships that appeal to your specific skill set.
Examples of Merit-Based Accounting Scholarships
- IMA Century Scholarship Award: Provided by the Association of Accountants and Financial Professionals in Business, this scholarship awards $7,500 to two IMA members enrolled at accredited colleges. In addition, they’ll receive a second scholarship to support them in becoming a certified management accountant.
- WSCPA Scholarship: This Washington-based accounting society offers up to $10,000 to students entering their junior year or higher. They must intend to get CPA licensure and have a minimum 2.5 GPA.
Discover more merit-based scholarships and apply today!
Need-Based Scholarships
Need-based scholarships are designed to support students who demonstrate financial need and are pursuing an accounting degree. These scholarships can help bridge the financial gap for students who may not have the means to pursue an accounting education.
Need-based scholarships are usually less common than merit-based scholarships, and the majority will require completion of the Free Application for Federal Student Aid (FAFSA). If you have a low expected family contribution, these need-based scholarships can rapidly meet your financial needs and sometimes enable you to attend college for free.
- NSA Educational Tree Scholarship: The National Society of Accountants provides a unique need-based and merit-based scholarship combined in one. Applicants from Arizona only need to demonstrate financial need, while applicants from other states must excel academically and in their extra-curriculars.
- AICPA Foundation CPA Exam Scholarship: The AICPA Foundation CPA exam scholarship awards up to $1,000 to cover the cost of CPA exam-related fees. Applicants must have some financial need to qualify.
Apply to more need-based scholarships with our ultimate list!
Scholarships for Accounting Students By Academic Year
Undergraduate Scholarships
Like any other subject, students can earn accounting degrees at the undergraduate or graduate level. The average student will most likely obtain a bachelor’s degree in accounting. There are plenty of scholarships available to these undergraduates. These scholarships may also apply to accounting-adjacent degrees such as business management and statistics.
Examples of Undergraduate Accounting Scholarships
- AICPA Scholarship for Future CPAs: Sponsored by the American Institute of Certified Public Accountants, this scholarship provides financial assistance to outstanding AICPA student affiliate members. Award amounts range from $5,000 to $10,000, depending on financial need and strength for application.
- IMA Student Scholarship: This scholarship is by nomination only and is focused more on professional development rather than tuition reduction. Winners will have all their CMA or FMAA exam fees covered, and they’ll receive a 1-year subscription to the exclusive Gleim Online Study materials for high-quality test preparation.
Want to maximize your scholarship opportunities? Apply to our scholarships for undergrads!
Graduate Scholarships
As their name implies, graduate scholarships are designed for graduate students pursuing a master’s or doctoral degree in accounting or a related field. These scholarships will typically have rigorous applications but a smaller applicant pool. If you’re committed to excelling in the field of accounting, these scholarships are your ticket to dramatically reduced costs for expensive accounting graduate programs.
Examples of Graduate Accounting Scholarships
- AICPA Foundation Fellowship for Accounting Doctoral Students: This unique AICPA Foundation scholarship offers $15,000 to 25 winners. However, applicants must be enrolled in a doctorate-level accounting program and already have CPA licensure.
- CMA Doctoral Scholarship Program: Graduating accounting students who win this scholarship will receive financial assistance to study for and take the CMA exams at no cost. In addition, they’ll receive free access to a network of accounting professionals through the Institute of Management Accountants.
Graduate students, we’ve got dozens more grad school scholarships for you to apply for!
Scholarships for Minority Accounting Students
Similar to many professions, accounting has historically been dominated by White men, often from already wealthy families who can afford the education required to get themselves into the accounting industry.
Luckily, many organizations provide scholarships designed to support minority students who are underrepresented in the accounting profession. If you’re part of a minority group, these scholarships are great matches because they’re often quite niche and have fewer applicants compared to general merit-based scholarships.
Examples of Scholarships for Minority Accounting Students
- AICPA Scholarship for Minority Accounting Students: This AICPA scholarship directly supports ethnic minorities in the accounting profession with $2,500 to $10,000. Applicants must have completed at least 30 semester hours for either an undergraduate or graduate degree in accounting. Minority doctoral students are especially encouraged to apply.
- NABA Foundation Scholarship: This organization creates pathways for Black business leaders to succeed in their careers. Applicants must self-identify as a Black business leader and display overall academic excellence to win up to $10,000 in scholarships.
If you identify as Black, you’ll want to check out the best scholarships designed to support Black students!
How to Apply for Accounting Scholarships
With this list of accounting scholarships, only half the battle is won. The other half is creating a successful application. Here are some of our best tips and tricks for maximizing your chances!
Build a Strong Academic Record
Most accounting scholarships will require strong academic achievement, even if they are primarily need-based. Maintaining a high GPA and taking challenging courses in accounting and related fields will guarantee scholarship judges will take a look at the rest of your application.
Gain Relevant Work Experience
Most scholarships will also require you to submit a resume, especially graduate-level scholarships. Internships, volunteer work, and part-time jobs in accounting or related fields can demonstrate relevant work experience. Consequently, you’ll want to gain experience in accounting software, financial analysis, and other skills relevant to the accounting profession.
Even for undergraduate scholarships, relevant work experience can make an applicant more competitive for scholarships. If scholarships have an interview stage, you’ll have valuable experiences to talk about, solidifying your passion and dedication to accounting.
Eligibility Requirements
The absolute number one mistake applicants make is not thoroughly checking the eligibility requirements. There is no worse feeling than spending hours on a perfect application, only for it to not matter when you don’t qualify.
Common eligibility requirements for scholarships include GPA, major, and citizenship requirements. Many accounting scholarships will also require proof of progress towards an accounting degree or intention of taking an accounting exam.
Application Materials
This is usually the bulk of all scholarship applications. Materials may include a completed application form, transcripts, letters of recommendation, and a personal statement. Please ensure all application materials are submitted on time and in the required format. If the scholarship asks for a 12-point Times New Roman font, you shouldn’t be using the default Google Docs 11-point Arial.
Furthermore, your application materials should be tailored to each scholarship and highlight your strengths and qualifications. This is most important in your personal statement or essay responses. Ask your friends, family, and teachers to check over your work, even if you think it’s error-free. It could be the difference between $10,000 and nothing.
Want something with a shorter application process? Check out our no-essay scholarships and apply for one in the next ten minutes!
Accounting Scholarship Deadlines
While each accounting scholarship has its own deadline, there is a general time frame it may fall into. No matter when your scholarships are due, ensure you submit them well in advance to avoid missing the deadline.
- Spring Deadlines: Most accounting scholarships have a Spring deadline, typically between January and April. They are usually more competitive, so applying for scholarships earlier may give you a better shot at beating the rest of the crowd.
- Fall Deadlines: Some accounting scholarships have fall deadlines, typically between September and November. These scholarships may generally require more time to make their decisions because they’re giving away more money.
Frequently Asked Questions About Accounting Scholarships
1. What Are The Best Accounting Majors Besides Accounting?
Many scholarships and businesses appreciate college students who have an interdisciplinary education. Common accounting-adjacent majors include business, economics, finance, information systems, and taxation. Combining these with an accounting degree can absolutely make you stand out in the scholarship applicant pool or the job market.
2. Which Accounting College Gives the Best Financial Aid?
The best financial aid options often depend on individual circumstances, but top accounting-related programs like those at the University of Illinois Urbana-Champaign or Brigham Young University frequently offer generous aid packages. Be sure to research schools with strong accounting programs and compare merit-based scholarships, need-based aid, and other funding opportunities to find the best fit.
3. What is the Highest-Paying Accounting Job?
The highest-paying roles in the accounting-related field often include Chief Financial Officers (CFOs), who oversee a company’s financial strategies, and specialized positions like forensic accountants or partners at top accounting firms. These roles require extensive experience and expertise, often resulting in salaries exceeding six figures.
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