Are you the first college-bound person in your family? Are you planning to major in accounting? If so, you have more options for covering the cost of college tuition than you might realize.
Starting your journey as a first-generation college student in accounting is a big deal—you’re breaking new ground, chasing a career that’s both rewarding and in high demand. Accounting isn’t just about numbers; it’s about building financial stability, solving real-world problems, and opening doors to leadership roles at top firms or even your own business. With the right funding, you can focus on your studies and career goals without the stress of debt. This guide breaks down grants, scholarships, internships, and more—totaling over $15,000 annually for many students—so you can make your accounting dreams a reality.
We’ve laid out the best funding options with clear details, application links, and tips to help you succeed. From federal grants to Big Four internships, you’ll find a roadmap to cover tuition, CPA exam costs, and beyond. Let’s dive in and explore how you can fund your future in accounting!
Internships and Co-op Programs
Success Requires Understanding Challenges and Leveraging Support
First-generation accounting students face unique obstacles that targeted support helps overcome. With only 24% graduating compared to 59% of continuing-generation students, according to Firstgenforward, the challenges are substantial but surmountable. Financial literacy gaps mean many students don’t understand the true costs of accounting education, including the 150-credit CPA requirement adding $10,000-40,000 for an extra year, CPA exam fees of $1,100-1,500, and review courses costing $1,000-4,000.
Success stories demonstrate the impact of comprehensive support. Fidel Campuzano, who arrived in the U.S. at age nine without English proficiency, leveraged family support and UT Austin’s accounting camp to pursue CPA certification. Anqi Ran combined Red Cross Club leadership with clear CPA aspirations, using her first-generation status as motivation rather than limitation. These students exemplify how 54% of current undergraduates sharing first-generation status can succeed with proper resources.
Expert perspectives emphasize systemic support importance. Dr. Terry Vaughan III from the Pell Institute warns of “alarming trends indicating increasing inequity,” while AICPA’s Jan Taylor notes the profession actively addresses pipeline challenges through targeted initiatives. Research by Dr. Oksana Kim and Dr. Robert Rosacker reveals first-generation students’ academic performance equals their peers when provided adequate resources, contradicting assumptions about capability.
Navigate the Funding Process with Strategic Planning
Successful funding acquisition requires systematic approach beginning in high school. Students should submit FAFSA immediately when it opens October 1st, as many programs operate first-come-first-served. The comprehensive timeline includes researching opportunities September-October, requesting recommendation letters by November, and submitting peak applications January-April. College students must renew FAFSA annually while continuously seeking additional scholarships and internship opportunities.
Compelling applications require strategic positioning of first-generation status as an asset. Effective scholarship essays start with specific, vivid examples like “explaining compound interest to my mother in Spanish at 2 AM” rather than generic hardship narratives. Essays should connect personal experiences to accounting career goals while demonstrating understanding of the scholarship provider’s mission. Letters of recommendation need 3-4 weeks advance notice with comprehensive supporting materials including resumes, personal statements, and specific achievement examples for recommenders to highlight.
Essential resources extend beyond financial aid to comprehensive support systems. FirstGen Forward Network’s 400+ institutions provide tailored academic advising, financial counseling, peer mentoring, and career development. Mentorship programs range from peer support to CPA professional connections, while financial literacy workshops address budgeting, loan management, and CPA exam financing strategies. Mental health resources specifically address impostor syndrome, family guilt, and financial stress common among first-generation students.
A Strategic Approach Maximizes Your Funding Opportunities
Creating a document management system proves crucial for tracking multiple applications and deadlines. NASFAA suggests that students maintain current resumes, unofficial transcripts, multiple personal statement versions, and a master spreadsheet of all opportunities. Financial aid office relationships require preparation with specific questions, relevant documentation, and follow-up communication. When initial aid falls short, students can appeal with documentation of changed circumstances or competing offers from peer institutions.
Professional organization membership unlocks numerous opportunities beyond scholarships. The AICPA’s free student membership provides scholarship eligibility plus career resources that can be found in ThisWayToCPA, while NABA and ALPFA offer both funding and crucial networking opportunities. State CPA society involvement connects students with local professionals and additional funding sources. These memberships typically cost under $50 annually but unlock thousands in potential scholarships plus invaluable professional connections.
Federal Grants: Your Funding Foundation
The federal government provides the primary funding base through three major grant programs that don’t require repayment. The Pell Grant, offering up to $7,395 for 2024-2025, serves as the cornerstone of federal aid for first-generation students who often qualify due to lower family incomes. Students access this funding by completing the FAFSA, with no specific first-generation requirement but automatic consideration based on financial need. The Federal Supplemental Educational Opportunity Grant (FSEOG) adds $100-4,000 annually, with priority given to Pell recipients, while the TEACH Grant provides up to $4,000 for those willing to teach business education in high-need schools after graduation.
Federal grants are a great starting point because they don’t need to be repaid. These programs, accessed through the FAFSA, are especially helpful for first-generation students who often qualify based on financial need. Here’s what’s available:
“Pell Grants are a lifeline for first-generation students, providing access to higher education without the burden of debt.”
—Dr. Terry Vaughan III, Pell Institute
Pro Tip: Submit your FAFSA as soon as it opens on October 1st, as funds like FSEOG are limited and first-come, first-served.
State Grants: Regional Support for Your Degree
State programs significantly expand funding opportunities, with California leading through its Cal Grant program offering up to $12,570 for UC students and $9,220 for private institutions. Texas provides the TEXAS Grant plus a specific First Generation Matching Grant for students whose parents lack bachelor’s degrees. New York’s Tuition Assistance Program awards up to $5,665 annually for residents with family incomes under $80,000, while Florida combines its Student Assistance Grant of approximately $2,000 with a dedicated First Generation Matching Grant based on substantial financial need. Illinois rounds out major state offerings with its Monetary Award Program providing up to $8,064, though funding faces annual appropriation challenges requiring early application.
Many states offer grants to help first-generation students afford college, often with programs tailored to those whose parents didn’t earn a bachelor’s degree. Here are some standout options:
Pro Tip: Check your state’s education website for deadlines, as many programs have early cutoffs.
Professional Scholarships: Industry Support for Your Goals
The accounting profession actively recruits first-generation students through substantial scholarship programs. The AICPA Foundation leads with over $1 million awarded annually, including the Legacy Scholarships averaging $5,000 and specific programs for minority students ranging from $2,500-10,000. These scholarships require AICPA student membership (free) and typically a 3.0 GPA, with applications due in late winter or early spring.
Professional diversity organizations fill crucial gaps, with the National Association of Black Accountants (NABA) awarding 150 scholarships annually from $1,000-10,000, open to all races supporting their mission. The Association of Latino Professionals for America (ALPFA) offers scholarships primarily at $1,250, with some reaching $10,000, requiring only a $30 annual membership and 2.5 GPA. State CPA societies provide additional funding, exemplified by Tennessee’s Geoffrey & Debra Stewart Award specifically for first-generation students with military connections and Nebraska’s 97 scholarships totaling $128,950 across 14 institutions.
The accounting industry is eager to support first-gen students through scholarships and programs that boost diversity. Joining professional organizations like AICPA or NABA (often free or low-cost) unlocks these opportunities:
“The accounting profession is committed to building a diverse pipeline through targeted scholarships and mentorship.”
—Jan Taylor, AICPA
Success Story: Fidel Campuzano, a first-gen student who arrived in the U.S. at age nine, used AICPA scholarships and UT Austin’s accounting camp to fund his path to CPA certification. His story shows how persistence and the right resources can turn dreams into reality.
Internships and Co-op Programs: Earn While You Learn
Major accounting firms demonstrate commitment through comprehensive programs, with Deloitte’s Foundation Accounting Scholars Program covering 100% of master’s degree tuition at 25 participating universities. PwC prioritizes first-generation students in its START early-career program and tuition-paid Fellowship Program, while all Big Four firms offer paid internships at $24.80-49 per hour. BDO maintains a paid-internships-only policy with CPA exam support, and Capital One provides yearlong first-gen focus programs including $1,500 scholarships.
Internships and co-ops not only fund your education but also build your resume. Big Four firms and others offer paid opportunities that can lead to full-time jobs:
Pro Tip: Co-ops like Merrimack’s have an 85% job offer rate. Apply early through your school’s career center.
University Programs: Tailored Support for First-Gen Students
Leading universities increasingly recognize first-generation students need specialized support beyond traditional financial aid. The University of Chicago’s Odyssey Scholarship Program provides enhanced academic, social, and career support with additional funding for study abroad and health insurance. The University of Alabama offers the renewable Coca-Cola First Generation Scholarship through an interview-based selection process providing full support for qualified in-state students.
State universities lead in comprehensive support, with Texas A&M’s Regents’ Scholarship providing up to $6,000 renewable for four years, while Arizona State’s Dorrance Scholarship offers $12,000 annually for Arizona first-gen students maintaining a 3.0 GPA. Florida’s statewide First Generation Matching Grant Program operates at all public universities, requiring individual institutional applications but providing substantial need-based support. Among top-tier business schools, Wharton, University of Illinois Urbana-Champaign, Boston College, and UC Berkeley maintain strong first-generation initiatives within their highly-ranked accounting programs.
Many universities offer scholarships and programs designed for first-gen students, often combining financial aid with mentoring and career support:
Success Story: Anqi Ran, a first-gen student, used ASU’s Dorrance Scholarship to fund her accounting degree while leading her school’s Red Cross Club. Her leadership and funding support paved the way for her CPA goals.
Federal TRIO Programs: Boosting Your Success
Federal TRIO programs, particularly the Ronald E. McNair Post-baccalaureate Achievement Program at 207 institutions, provide up to $2,800 in research stipends plus graduate school preparation, conference funding, and application fee waivers. These programs specifically target first-generation students with financial need, requiring only a 2.75-2.85 GPA at most institutions.
TRIO programs, like the McNair Scholars, provide research stipends and grad school prep for first-gen students:
Pro Tip: Check if your school offers TRIO programs through its student services office.
Tips for Applying: Stand Out and Succeed
Getting funding takes planning, but you’ve got this! Here’s how to maximize your applications:
- Start Early: Submit FAFSA on October 1st and research scholarships in September–October.
- Craft Strong Essays: Share specific stories, like teaching your family about budgeting, to show your passion for accounting.
- Build a System: Use a spreadsheet to track deadlines, requirements, and applications.
- Connect with Mentors: Join FirstGen Forward for peer and professional support.
- Appeal Aid Offers: If your aid package falls short, submit a polite appeal with documentation to your financial aid office.
“First-gen students bring unique perspectives that enrich the accounting profession. Strategic support makes all the difference.”
—Dr. Oksana Kim, Accounting Researcher
FAQs
Can international first-gen students apply for these scholarships?
Some scholarships, like NABA and ALPFA, are open to international students if they’re enrolled in a U.S. college. Federal grants like Pell require U.S. citizenship or eligible non-citizen status. Check each program’s eligibility on their application page.
What if I miss the FAFSA deadline?
You can still submit FAFSA for federal aid, but some grants (e.g., FSEOG) are first-come, first-served. Apply as soon as possible and contact your school’s financial aid office for state or institutional options.
How do I find accounting internships without connections?
Join AICPA or NABA for networking events and job boards. Your school’s career center and sites like ThisWayToCPA list internship opportunities.
Are there scholarships for CPA exam costs?
Yes! AICPA offers a CPA Exam Scholarship, and some Big Four firms provide exam fee support for interns. Check ThisWayToCPA for details.
