The government has announced the awarding of scholarships to 202 individuals seeking to pursue a career as Chartered Professional Accountants. The initiative, spearheaded by the Ministry of Higher Education, aims to support the growth of the accounting profession in the country.

In February of this year, the Ministry of Higher Education invited applications for the scholarship programme, offering a total of 202 slots divided into two categories. Under the open category, 152 slots were made available, while the public sector category offered 50 slots.

The scholarship scheme encompasses two globally recognised accounting qualifications: the Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Management Accountants (CIMA). Successful recipients of the scholarships can anticipate financial support in the form of stipends that cover various fees associated with the certification process.

The stipends will include the registration or re-registration fee, annual subscription, examination and application fees, as well as a book allowance. Additionally, the programme covers membership fees on the condition that the students successfully graduate within a two-year timeframe. The scholarship will cover tuition fees if the students choose to pursue their studies at registered colleges or universities in the Maldives.

In return for this opportunity, the recipients will be obliged to contribute to the Maldivian workforce by working in the country for a period of two years upon the completion of their studies. This requirement aims to retain qualified professionals within the country and further enhance the accounting sector in the Maldives.

This year’s scholarships mark the second round of such awards, following the successful funding of 173 students in 2022.