The Massachusetts Society of CPAs awarded 51 scholarships totaling $175,000 to students from across the state as part of the MassCPAs Educational Foundation Scholarship Program.
Every year, the program provides scholarships and CPA exam vouchers to high-achieving students who have demonstrated a passion for the accounting field and strong academic skills. The students’ accomplishments will be celebrated at Connect 2023: Conversations & Cocktails, MassCPAs’ annual networking event, which takes place May 18.
“MassCPAs is incredibly proud of our Educational Foundation scholarship winners,” said Allie Orlando, MassCPAs director of career and academic development. “We admire not only their hard work and exemplary academic and career performance but also their passion to make the industry and their greater communities a better place. The accounting profession is fortunate to welcome these future leaders.”
According to Orlando, the organization received a record-breaking total of 305 applications for this year’s scholarships, which were examined by the nine members of MassCPAs’ scholarship selection committee. Scholarships are submitted through the OpenWater platform provided by the AICPA, which has a judge scoring system built in, and the professional association then provides the judges with a grading rubric.
Applications are scored based on five categories that are all weighted equally, including academic ability/achievement, leadership and service, recommendation letters, a personal essay or video, and financial need. Orlando said a good candidate excels in these criteria while meeting MassCPAs’ general eligibility requirements, which are to be a resident or student attending college in the state who enrolled in at least nine credits during the summer 2023 or fall 2023 semesters as an accounting major.
“During my research for ways to improve my knowledge in the accounting profession, I came across this opportunity that could help facilitate the process,” said Ahmed Geraldo, a University of Massachusetts student and one of the scholarship recipients. “After graduating this month, I will pursue my MSA while preparing for the CPA examination.”
Additionally, MassCPAs hosted its second Virtual 5K Walk/Run Fundraiser in April, which raised $1,297 to provide additional scholarships for Massachusetts accounting students. This year, 42 people participated in the virtual race, which allows participants to complete the 5K at their convenience during the designated window and submit their own times.
The scholarships have been funded through donations to the MassCPAs Educational Foundation. Since the program’s creation in 2006, the foundation has awarded over 300 scholarships to aspiring accountants, ranging from $2,500 to $10,000, totaling more than $1.5 million to grow and support the accounting pipeline in Massachusetts.
“While there are other barriers, the financial burden of education is a critical issue to the accounting pipeline,” said Orlando. “By easing this burden, scholarships open opportunities to more individuals, including those from diverse backgrounds.”
“I would like to thank MassCPAs and their donors for the unwavering support,” said Geraldo. “I would also like to thank Allie Orlando for her continuous support and guidance as I continue my journey in becoming a CPA. Finally, for other students who might apply for the scholarship, it is important to be transparent about their goals and how being a recipient of a MassCPAs scholarship might help them achieve those goals.”
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