CPA Ontario is the regulatory body for over 100,000 members and 21,000 students across the province. The organization ensures that Chartered Professional Accountants (CPAs) meet the highest standards of integrity and expertise. CPA Ontario is a non-profit organization with approximately 300 employees.
Student Success Bursaries
The CPA Ontario Foundation is the charitable organization associated with CPA Ontario. The mission of the Foundation is to empower more diverse groups of people to enter the profession through access to education, skills development, and opportunities. Since 2021, the Foundation has designed and implemented a multi-year strategy to support the academic journey of students pursuing their CPA designation.
In 2023, the Foundation introduced a major investment under this new strategy: the CPA Ontario Foundation Bursaries for Black and Indigenous Student Success. These bursaries are a key component in supporting the educational success of aspiring CPAs facing barriers to pursuing their goals. Awarded based on demonstrated financial need, the bursaries aim to address the significant obstacles that young people living in low-income communities often encounter in accessing the knowledge, training, and skills needed to enter and succeed in the accounting profession.
Currently, the bursaries are available through 10 post-secondary institutions across Ontario. These institutions were selected to expand the reach of support across student communities and maximize impact. The bursaries opened for applications starting in September 2023, with an initial commitment of two years of support and a more comprehensive educational support grant program in development.
Impact and Achievements
These bursaries are the first of their kind for CPA Ontario and the CPA Ontario Foundation, marking a significant milestone in the mission to support the educational success of aspiring CPAs. These bursaries are part of a larger strategy to support students throughout all stages of their CPA journey, from high school through to their CPA exams. This includes addressing barriers beyond the academic scope such as books and equipment, living expenses, mentorship, and mental health support.
The impact of these bursaries extends far beyond the direct recipients. In CPA Ontario’s role as a regulator protecting the public, it is believed that the profession benefits when member demographics reflect the diversity of the communities. Equally, protecting the public means attracting the brightest minds to the profession, demonstrating the value of an inclusive profession.
While many of the bursaries are in the process of being awarded to students during the 2023/24 school year, a positive ripple effect from this initiative is already being observed. This initiative represents a significant financial investment of approximately $150,000 annually in supporting Black and Indigenous communities. Equally important is developing trustful relationships with these stakeholders. Data is being gathered from students who have received bursaries in the first round of disbursements. This data and feedback will be used to continue evolving the program.
Future and Outlook
Providing continued support to students through mentorship will be a key focus of the Foundation in 2024, as students often face barriers accessing culturally appropriate CPA mentors who have similar lived experiences. Internships will also be offered as the program matures.
As a next step in the strategy following this initiative, the CPA Ontario Foundation has developed an Indigenous Knowledge Building Council composed of Indigenous CPAs to provide valuable insights and support the development of meaningful relationships with Indigenous stakeholders. A Black Knowledge Building Council is also in development and expected to launch in 2024.
This structured approach aims to create an inclusive and supportive environment for students from these communities, ensuring they have the resources and guidance needed to succeed in their professional journeys. The ongoing commitment to mentorship and internships will further enhance the effectiveness of the bursaries, providing students with practical experience and connections within the industry.
