Big Four firm PwC will collaborate with Saint Peter's University to develop a first-of-its-kind pilot that will allow participants to earn up to 30 educational credits toward CPA licensure in New Jersey through paid, full-time experience at the firm.
The initiative comes as a way to push against systemic barriers that prevent some students from reaching the 150-credit requirement for the CPA exam, especially candidates from underrepresented backgrounds. In May, the New Jersey State Board of Accountancy approved a "Work for Credit" option, and students with 120 credits can now earn the extra 30 credit hours they need via real-world experience as PwC associates.
"The goal was to support students, drive change across the profession and open the doors for a more diverse pipeline," explained Rod Adams, PwC talent acquisition and onboarding leader. "Many candidates are opting out not because they're incapable, but because those exam requirements are shutting them out. That's why we're collaborating with Saint Peter's to create a new path of entry for young professionals and find ways to think outside of the box. "
While this unique model now is restricted to New Jersey licensing, Adams hopes that it will encourage other states, universities and companies to invest in this "work for credit" system. Students have traditionally obtained the required 150 credit hours by entering a graduate program, but PwC wanted to reimagine the way one evaluates the skills of future accountants. Consequently, candidates will get direct exposure to areas such as tax, accounting, analytics, data science or project management without classroom components.
A week ago, the six students who were selected for the program started working at PwC full-time, and are now expected to contribute between 40 and 50 hours a week. The candidates applied and entered an interview process, where they were chosen based on leadership, relationship and technical skills. Saint Peter's University, whose collaboration with PwC started in March, will grant corresponding academic credits while the firm covers the cost of tuition. Adams says that choosing Saint Peter's was a natural choice, as PwC considers the university to be a bold, innovative and proactive partner that educated some of the firm's best employees.
"Saint Peter's shares our commitment to breaking down barriers and encouraging more people to choose accounting, because it's a very rewarding career and we don't want them to walk away because of financial reasons," said Adams. "Ensuring that all talent has access to our profession is something that is critically important to us, and we believe that increasing diversity will allow us to better serve our community, clients and employees."
This new pilot is not the first initiative launched by PwC to grow and diversify the accounting pipeline. Established in 2021 in collaboration with Northeastern University, the firm's
"This groundbreaking program has already provided six Saint Peter's students with a life-changing opportunity that will change the trajectory of their lives and their families," said Mary Kate Naatus, KPMG Dean of the Frank J. Guarini School of Business, in a statement. "I am incredibly grateful to the members of the Saint Peter's Task Force for their efforts in making this transformational program possible and to the PwC team for providing this opportunity for our deserving accounting students."
