The Public Company Accounting Oversight Board (PCAOB) has announced that a record 676 students from U.S. colleges and universities have been selected to receive a scholarship for the 2024-2025 academic year, up from 369 scholarship awards in 2023 and 250 in 2022.

In addition, for the first time ever, each PCAOB Scholar will receive a $15,000 award this year, up from $10,000 previously. The Board has made it a priority to expand the PCAOB’s support for students choosing to pursue careers in accounting and investor protection, including expansion of the PCAOB Scholars program.

Commenting on this, PCAOB chair, Erica Williams, said: “Congratulations to our 2024-2025 PCAOB Scholars. 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 Sarbanes-Oxley Act of 2002 provides that funds from the collection of PCAOB monetary penalties must 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.

Since the program’s inception in 2011, the PCAOB has awarded $32.56 million in scholarships to 2,918 recipients. Thanks to 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.

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