10 NJCPA members win help with CPA exam costs

The New Jersey Society of CPAs has given 10 of its members $750 to lessen the financial burden of their CPA exam fee costs. 

As students or CPA candidates, winners were selected at random out of nearly 70 entries through the CPA Exam Fee Lottery, which was created by the NJCPA Scholarship Fund. Since 1960, the fund has relied on members' and professional organizations' donations to award over $7 million in scholarships to 2,000 New Jersey students. The initiative also organizes the Student Loan Debt lottery, which runs from November 1-30 and awards $1,200 to 10 NJCPA members. 

Launched in 2019, the CPA Exam Fee Lottery is designed to partially offset the cost of preparing for and taking the CPA exam. Review courses, study guides and registration fees can average more than $2,500.

"Many students don't have a lot of money at their disposal when they graduate from college, and the CPA Exam Fee lottery can help them in their journey to become a CPA and achieve their goals," said Susan Dyer, NJCPA membership development director. "Being a member of the NJCPA can also help them throughout the process because they'll have access to knowledgeable staff but also all of our members who have been where they are and can answer their questions about the CPA exam, CPA license and the career opportunities available to them."

This year's lottery coincides with New Jersey's CPA Week, which runs from November 6 to 12. The event is the result of the collaboration between state professional organizations and the AICPA, which worked together to raise awareness about the profession and its opportunities. According to Dyer, the initiative was originally meant to focus on high school students, but it now offers resources to a wide range of individuals. CPA Week was enacted on Oct. 17 in New Jersey under the sponsorship of Senator Steve Oroho, the only CPA in the legislature. 

To be eligible, candidates must sign up for the first part of the CPA exam between Dec. 1, 2022 and Nov. 30, 2023. Winners must have graduated within the past five years or be current college students in New Jersey, and they can't receive CPA exam compensation from their employer. Anh Phan, a business studies student with a concentration in accounting, is one of the lucky candidates who benefited from the lottery. 

A first-generation college student and a Vietnamese immigrant, Phan never considered pursuing accounting as a profession until she followed the recommendation of a high school counselor. After securing an audit internship with the support of Stanton University, from which she will graduate with a bachelor's degree in December, Phan decided to get a CPA license to explore new job opportunities. 

"I was very hesitant about whether I should complete the 150 credits because it is a lot of financial commitment for a student like me," said Phan. "Ultimately, I decided that even though it was a lot, it seemed to be worth it and I enrolled for an MBA in business analytics in the spring to fulfill the requirement."

Phan has been involved with the NJCPA since her first year at Stanton and attended numerous conferences to expand her network. She says that the Student Loan Debt lottery helped ease her financial concerns, especially with the exam costs coming up to $1,200 with the UWorld Roger study guides, books and various fees. Additionally, Phan must repay $30,000 in student loans and, while she applied for the Biden administration's federal loan debt relief program, she says additional help is always welcomed.

What's her advice to other professional organizations? "Talk to the students and CPA candidates to learn what their needs are, and create programs accordingly," said Dyer. "Start small if you are a midsized organization, with maybe one scholarship a year, and understand what your strengths and weaknesses are by learning from successful collectives."