The Public Company Accounting Oversight Board (PCAOB) announced that it has selected a record 676 students majoring in accounting to receive scholarships for the upcoming academic year, a jump from 369 last year and 250 in 2012. Each PCAOB Scholar will receive a $15,000 award this year, up from $10,000 previously.
The funds for the scholarship awards stem from a provision of the Sarbanes-Oxley Act of 2002. The provision mandates that funds from the collection of PCAOB monetary penalties be used to fund a merit scholarship program for students in accredited accounting degree programs. Scholarship recipients are nominated by their respective institutions, which participate in the PCAOB Scholars Program based on their accreditation and the number of students they graduate with accounting degrees each year.
“Congratulations to our 2024-2025 PCAOB Scholars,” said PCAOB Chair Erica Y. Williams. “Having talented and diverse people join the accounting and auditing profession is key to the future of investor protection, and we are proud that our PCAOB Scholars Program helps outstanding individuals, such as this group of students, along this career path.”
The names and schools of the scholarship winners are listed in the announcement. The colleges and universities include several from New York, including Adelphi University, Alfred University, Canisius College, CUNY Baruch, CUNY Brooklyn, Fordham University, Hofstra University, Ithaca College, Long Island University, New York University, Pace University, Siena College, St. John’s University, SUNY New Paltz, SUNY Albany, SUNY Plattsburgh, SUNY Brockton, University at Buffalo.
Since the program began in 2011, the PCAOB has awarded $32.56 million in scholarships to 2,918 recipients. Because of an increase in the number of institutions eligible to participate in the program, as well as an expansion of efforts aimed at community college transfer students, this year’s group of 676 PCAOB Scholars is the largest in PCAOB history. The total amount awarded in 2024 is over $10 million.
The Scholars Program’s overarching goals are to (benefit outstanding students who are likely to become auditors and make a difference to eligible students who might otherwise pursue a different career path.
The PCAOB encourages participating colleges and universities to give special consideration to students from populations that have been historically underrepresented in the accounting profession. The PCAOB has also expanded its outreach to Historically Black Colleges and Universities (HBCUs), and 12 HBCUs are represented among the 2024 Scholars. Information about the growing diversity and changing demographics of the PCAOB Scholars Program can be found on this fact sheet.
A description of the program can be found on the PCAOB Scholars Program page.