Turning savings from a regulatory or training institute’s operational efficiency into scholarship creates a virtuous cycle that enhances both the institution’s reputation and its social impact on people’s lives and the economy at large.
One of the key importance of these initiatives is human capital development in the sense that allocating cost savings toward scholarship directly supports education and training, improving the quality of life, boosting labour productivity, and fostering economic development.
The Institute of Certified Public Accountants of Uganda, on January 28, unveiled 10 students for its seventh scholarship for cohort seven, costing it Shs50 million, catering for students’ course expenses, which takes two and a half years to be completed.
So, since the inception of this initiative in 2019 to date, ICPAU has so far spent Shs350 million, including the just-unveiled cohort of seven beneficiaries.
‘This scholarship is out of the institute’s own savings from operations and investments in the money market. The goal of this initiative is to build and expand professionalism in accountancy in the country,’ the manager of the Business Development Institute of Public Accountants of Uganda, Ms Lydia Tumusiime, said during the unveiling of the ICPAU Scholarship beneficiaries’ cohort 7 on Wednesday, January 28, at Protea Naguru SKYZ.
Ms Tumusiime said each year the institute takes 10 students and spends Shs5 million on each.
Ms Salome Seruyange, a member of the education and research committee of ICPAU, said the duration of the course is two and a half years.
‘This certified Public Accountant (CPA) course has to be completed within this period, and there is no money provided to someone who fails one of the papers along the way. If one fails, he or she pays his or her tuition to repeat the course,’ she said.
How one gets the ICPAU scholarship, Ms Seruyange, said, one has to apply when the institute advertises it, and people who are eligible to apply for the scholarship are those who have completed a bachelor’s degree from reputable universities or accredited institutions of higher learning.
She said the students are selected based on merit, considering those who have score First Class, Second Class and Upper Class degrees.
The President of ICPAU, Mr Timothy Ediomu, said the scholarship is for needy and bright students who have excelled in their degree studies. This CPA course is very important for one’s professional career.
‘The accountancy has sustainable impacts across health, education among others. All these sectors impact the growth of the economy,’ he said.