Question:
I am an international student (resident in Nigeria at present) currently enrolled with Chartered Professional Accountants (Canada). I have just passed my first module examination and seeking for a scholarship in order to enrol for the next set of examinations.
I will be grateful if advice can be given whether this is possible and how to apply for it.
Thank you very much.
Answer:
Congratulations on passing your first module examination with Chartered Professional Accountants (CPA) Canada! Finding a scholarship specifically for continuing professional exams like those offered by CPA Canada can be challenging, but there are a few approaches you can take to seek financial assistance.
1. Check with CPA Canada
- CPA Canada Scholarships and Bursaries: Begin by exploring any financial aid or scholarship options directly offered by CPA Canada. They sometimes provide scholarships or bursaries to students based on merit, financial need, or other criteria.
- Provincial CPA Bodies: Each province in Canada has its own CPA body, and some may offer financial assistance or bursaries to help students with their CPA studies. Check with the specific provincial body where you are enrolled.
2. Look for Scholarships from Related Organizations
- Accounting and Finance Organizations: Organizations related to accounting, finance, and business may offer scholarships for students pursuing CPA certification. Some international organizations and Canadian institutions may offer such opportunities.
- The Association of Chartered Certified Accountants (ACCA): While ACCA is a different body, they sometimes offer scholarships that might be applicable to CPA candidates or those pursuing similar certifications.
- Professional Associations: Organizations like the CFA Institute, AICPA, or even local accounting associations in Nigeria might have scholarship programs for international students pursuing professional qualifications.
3. Explore Educational Grants and Loans
- Education Grants: Some foundations and government programs offer educational grants that could be used for professional certifications. While these are more common for academic degrees, it’s worth researching options in both Nigeria and Canada.
- Student Loans: Consider low-interest student loans that might be available to international students for professional exams. Some banks and financial institutions offer specialized loans for education.
4. Employer Sponsorship
- Talk to Your Employer: If you are employed, check if your employer offers any educational assistance or sponsorship for professional development. Many companies, especially in finance and accounting, support their employees in obtaining professional certifications like CPA.
- Work-Study Programs: If you are working in Canada or plan to, some employers may provide tuition assistance as part of their benefits package.
5. Look for International Scholarships and Aid
- International Foundations: Some global foundations offer financial assistance to students from developing countries for various educational pursuits, including professional certifications.
- Country-Specific Scholarships: Look for scholarships specifically for Nigerian students studying abroad, which may be used for educational expenses, including certification exams.
6. Crowdfunding and Personal Networks
- Crowdfunding: Consider setting up a crowdfunding campaign on platforms like GoFundMe or Indiegogo, explaining your situation and seeking support from friends, family, and the broader community.
- Networking: Reach out to your personal and professional networks, including alumni of the CPA program or related fields, who might know of funding opportunities.
7. Financial Planning
- Budgeting: Carefully plan your finances to ensure you can cover your upcoming exam fees. This might include setting aside funds from your current income or finding part-time work that fits with your studies.
- Installment Plans: Check if CPA Canada or your provincial body offers installment plans or deferred payment options for exam fees.
How to Apply for Scholarships or Aid:
- Prepare Documentation: Gather any necessary documents, such as your academic transcripts, proof of enrollment, and a personal statement outlining your need for financial assistance.
- Submit Applications: Once you identify scholarship or bursary options, follow their application procedures carefully, ensuring you meet all deadlines and requirements.
- Seek Guidance: If you’re unsure about where to start, consider reaching out to educational advisors or financial aid offices that specialize in helping students with professional certifications.
Final Thoughts
While finding specific scholarships for CPA exams might be challenging, exploring the options above could lead to financial support. Be proactive, research thoroughly, and consider combining smaller grants or financial aids to cover your costs.
If you need help with any specific application or want further guidance, feel free to ask! Good luck with your next steps in the CPA program.