The Public Company Accounting Oversight Board (PCAOB) Scholars Program provides financial awards to exceptional undergraduate and graduate students enrolled in accounting programs at selected accredited U.S. colleges and universities. Keep reading!
PCAOB Scholarship Overview
Since its inception in 2011, the PCAOB has administered this scholarship program in compliance with the Sarbanes-Oxley Act, using funds derived from monetary penalties imposed through PCAOB enforcement actions.
The program aims to support students who are likely to pursue careers as auditors, particularly those who might otherwise consider different career paths.
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Scholarship Program Administration
The Board employs an external administrator to assist with managing and executing the scholarship program. Responsibilities include contacting eligible educational institutions, collecting nominations, distributing funds, and handling certain customer service tasks.
PCAOB scholarships are one-time awards covering specific educational expenses, including:
- Tuition and fees necessary for enrollment or attendance at the institution
- Fees, books, supplies, and equipment required for courses at the institution (these items must be mandatory for all students in a particular course)
The funds cannot be used for room and board, travel, research, or optional equipment and other non-essential expenses.
Checks are made payable to the nominated student’s institution and sent to the student with a financial aid cover letter detailing the permitted uses of the funds.
Selection of Nominating Institutions
All U.S. colleges and universities that are regionally accredited and AACSB accredited in accounting or business programs, and that confer bachelor’s or master’s degrees in accounting, will be considered Eligible Institutions.
These institutions will be divided into three groups, with certain regionally accredited institutions lacking AACSB accreditation included in Group 3.
If funds are available, Eligible Institutions that meet the criteria for Groups 1, 2, or 3 will be considered Nominating Institutions and will be invited to submit a nomination.
Group 1:
Includes all regionally accredited institutions with AACSB-accredited accounting programs that reported conferral of accounting degrees to the Integrated Postsecondary Education Data System (IPEDS).
Group 2:
Comprises the top 150 regionally accredited institutions with AACSB-accredited business programs (but not accounting) based on the total number of undergraduate and graduate accounting degrees conferred in the most recent five years for which data is available (as reported in IPEDS).
Group 3:
Consists of the largest regionally accredited and AACSB accredited accounting degree-granting institution in each state not represented in Groups 1 and 2.
If a state lacks an AACSB-accredited institution, the largest regionally accredited accounting degree-granting institution in that state will be included. This determination is based on the total number of undergraduate and graduate accounting degrees conferred in the most recent five years for which data is available (as reported in IPEDS).
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PCAOB Scholarship | Student Eligibility Criteria
To be eligible for the PCAOB Scholars Program, students must be selected and nominated by their institution. Eligible students must:
- Be enrolled in an undergraduate or graduate accounting program at U.S. colleges or universities designated as a Nominating Institution
- Start classes on or after August 1 for the applicable academic year
- Demonstrate interest and aptitude in accounting and auditing, evidenced by a GPA of 3.3 or higher or ranking in the top one-third of their class
- Exhibit high ethical standards
- Not be a PCAOB employee or the child or spouse of a PCAOB employee at the time of nomination (this includes all full-time and part-time employees, interns, and independent consultants who are natural persons)
- Show financial need, defined as being eligible for a Pell Grant or requiring other federal financial aid for a significant portion of the expected or actual billed cost of attendance, as determined by the institution
While the PCAOB Scholars Program is merit-based, the PCAOB encourages educational institutions to give special consideration to students from historically underrepresented populations in the accounting profession.
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