September 27, 2022

Future CPAs of Massachusetts: Hurry Up and Apply For Free Money to Take the CPA Exam

Cash money

The Massachusetts Society of CPAs is holding a lottery to award vouchers in the amount of $500 to candidates planning to sit for the CPA exam as a Massachusetts candidate, but there’s a catch: you only have until Feb. 1 to apply. Oh, and there’s another catch: you’re disqualified if your employer pays for review course materials, pays exam fees, and/or offers a bonus for passing. But everyone else, fair game.

To qualify, you obviously must be a resident of the state and be planning to sit for the exam as a Massachusetts candidate between May 1, 2019 and April 30, 2020. Additionally, you must be either a current student or have graduated within the past three years.

The application is an incredibly simple Google Form with just a few questions. If chosen, winners must attest that their employer does not provide financial assistance as stipulated above. Winners will be chosen on March 1, 2019, and up to 20 $500 vouchers will be awarded.

According to MSCPA, the CPA exam lottery is part of “an effort to increase the number of test takers and defray exam costs.” It costs $195 to apply to take the CPA exam in Massachusetts, and $743 for all four parts (AUD $195.35, BEC $176.25, FAR $195.35, REG $176.25).

The Pennsylvania Institute of CPAs offers a similar “scholarship” for CPA exam candidates whose fees aren’t reimbursed by their firm, and the application period for that opens up in April.

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