This summer, a new program offered by the Fox School’s Department of Accounting is hoping to give high school students a taste of the industry.
The Accounting Institute is a two-week summer program where high school students will have the opportunity to be exposed to the world of accounting and campus life. In particular, the institute wants to encourage students of color to pursue accounting as a potential career.
The Fox editorial team had the opportunity to sit down with Cory Ng, director of the Accounting Institute as well as associate professor of accounting and undergraduate program director, to learn more about what the institute has to offer.
What was your inspiration for creating the Accounting Institute?
Every organization needs an accountant to help it understand, analyze and improve its operations and performance. Accountants possess specialized knowledge and skills which gives them an integral role in society.
Our inspiration for creating this program is to increase the awareness of the accounting profession and the various career paths available, especially among students from underrepresented backgrounds. Historically, students of color have faced barriers to entering the accounting profession. Only 2% of Certified Public Accountants (CPA) are Black or African American but according to the 2020 US Census Bureau, Black or African Americans account for 12.4% of all people living in the U.S.
Why focus on high school students for this program?
The earlier that we can expose students to career opportunities in accounting, the better. According to research by the Center for Audit Quality (CAQ) and Edge Research, high school guidance counselors and faculty advisors may have less influence on students choosing a major and career. Instead, mentors, classes and work experiences may have the greatest impact on high school students pursuing a particular career due to direct exposure. The Accounting Institute will provide direct exposure to the accounting profession. Another report from the Brookings Institution found that work-based learning experiences in high school help young people of color and low-income backgrounds gain higher-quality jobs by age 30.
How will this program help the next generation of accountants and the accounting profession in the long term?
According to the Bureau of Labor Statistics, the employment of accountants and auditors is projected to grow 7% from 2020 to 2030. That’s an estimated 135,00 openings each year, meaning there will be plenty of accounting jobs for the foreseeable future. Our hope is that by exposing students to the accounting profession in high school, they will see many exciting career opportunities to pursue.
Recruiting high school students from diverse backgrounds is consistent with national efforts by organizations like the American Institute of Certified Public Accountants (AICPA). According to the 2019 Trends Report, AICPA is working with organizations such as the National Association of Black Accountants and the Association of Latino Professionals for America to increase the likelihood that students from diverse backgrounds consider accounting as a viable career option early in their decision-making process.
The accounting profession is rapidly evolving!
What is the cost of the program?
The normal cost of the program is $2,800. Thanks to the support of our firm sponsors—Deloitte, EY, KPMG, PwC and RSM—students may be eligible for a full scholarship. We are looking for motivated students, particularly those from an underrepresented background, who
- Enjoy math and are interested in learning more about accounting and business.
- Live in Philadelphia and the surrounding region.
- Will be entering grades 10, 11 or 12 in fall 2022.
- Able to participate in-person from July 25-Aug. 5, if wanting to live on campus.
How is the program structured and what benefits does it provide for students?
Workshops will be held in the mornings over two weeks. Students will learn accounting fundamentals, such as preparing and analyzing financial statements, auditing, building wealth, understanding taxes, and applying financial concepts to real-world scenarios to help businesses succeed. Students will also meet professionals in the field and participate in a case competition with other students. This will give students the chance to
- Build their confidence and sense of independence.
- Engage in interactive, project-based learning using Fox School’s world-class facilities and resources.
- Make new friends and build community with other students from diverse backgrounds.
- Network with representatives from the accounting profession and professional accounting associations.
In the afternoon, students will choose from one of the following electives.
- Wide World of Health Professions
- Youth Activism and Social Justice
- Event and Entertainment Management
- Materials Science
- Promoting Wellbeing: Mental Health, Self-Care, and Interpersonal Skills
- Advertising: Cutting Edge
- Inside Criminal Law
Will this program count towards college credits for students who participate?
The Accounting Institute is a non-credit workshop that does not count towards college credits. However, participating in this program will help prepare students for college life by meeting new people from across the city and the country, discovering new passions, and living in traditional dorm rooms.
What is your advice for students who are interested in applying?
Students interested in applying for a full scholarship should apply by April 30 at noncredit.temple.edu/precollegeaid. In the essay, state that you are interested in the Accounting Institute scholarship.
Interested students who do not need a scholarship may apply for the program after April 30, however, seats are limited and will be filled on a first-come, first-serve basis.
Please contact precollege@temple.edu with any questions.