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Beta Alpha Psi () is an international
honor society In the United States, an honor society is a rank organization that recognizes excellence among peers. Numerous societies recognize various fields and circumstances. The Order of the Arrow, for example, is the National Honor Society of the Boy S ...
for
accounting Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...
,
finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...
and
information systems An information system (IS) is a formal, sociotechnical, organizational system designed to collect, process, store, and distribute information. From a sociotechnical perspective, information systems are composed by four components: task, people ...
students attending universities accredited by the
Association to Advance Collegiate Schools of Business The Association to Advance Collegiate Schools of Business, also known as AACSB International, is an American professional organization. It was founded as the American Assembly of Collegiate Schools of Business in 1916 to provide accreditation to ...
or the
European Quality Improvement System The EFMD Quality Improvement System (EQUIS) is an international school accreditation system. It specializes in higher education institutions of management and business administration, run by the European Foundation for Management Development (EFM ...
. It was founded on February 12, 1919, at the
University of Illinois at Urbana-Champaign The University of Illinois Urbana-Champaign (U of I, Illinois, University of Illinois, or UIUC) is a public land-grant research university in Illinois in the twin cities of Champaign and Urbana. It is the flagship institution of the Un ...
and is currently headquartered in
Durham Durham most commonly refers to: *Durham, England, a cathedral city and the county town of County Durham *County Durham, an English county * Durham County, North Carolina, a county in North Carolina, United States *Durham, North Carolina, a city in N ...
,
North Carolina North Carolina () is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. The state is the List of U.S. states and territories by area, 28th largest and List of states and territories of the United ...
, in the United States. The organization has over 300 chapters on college and university campuses with over 300,000 members worldwide.


Objectives

Beta Alpha Psi encourages and recognizes scholastic and professional excellence in the business information field, promotes the study and practice of
accounting Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...
,
finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...
and
information systems An information system (IS) is a formal, sociotechnical, organizational system designed to collect, process, store, and distribute information. From a sociotechnical perspective, information systems are composed by four components: task, people ...
, and provides opportunities for self-development, service and association among members and practicing professionals. It "strives to encourage a sense of ethical, social, and public responsibility". The organization also promotes the development of technical and professional skills that are used to complement the university education, philanthropic activities, and interaction between students, faculty and professionals. Beta Alpha Psi's objectives are accomplished through the activities of each chapter respectively. Each chapter receives financial funding for these activities through sponsorship of various public and private firms.


History

On April 17, 1896, the
New York legislature The New York State Legislature consists of the two houses that act as the state legislature of the U.S. state of New York: The New York State Senate and the New York State Assembly. The Constitution of New York does not designate an official te ...
established the
Certified Public Accountant Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in other English-speaking countries. In the United Sta ...
(CPA) designation. This designation in business encouraged a greater focus on
accounting Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...
and
commerce Commerce is the large-scale organized system of activities, functions, procedures and institutions directly and indirectly related to the exchange (buying and selling) of goods and services among two or more parties within local, regional, natio ...
knowledge, and Beta Alpha Psi was formed in 1919 to promote the CPA rank on college campuses. Two years after its founding, all of the existing U.S. states had adopted CPA regulations. Beta Alpha Psi's beginnings relate to Hiram Scovill, class of 1908, an accounting professor, during his return to the University of Illinois in 1908. Several new honor societies and professional fraternities that had formed a few years before Scovill's return introduced students to the benefits of professional organizations. Scovill and his junior colleague A. C. Littleton formed an accounting club on campus in 1917. Beta Alpha Psi emerged two years later. The first members were six students from Professor Scovill's CPA course. The organization was founded on the three basic principles of scholarship, practicality, and sociability, and its initial objective was to stimulate cooperation and interest in accounting. One of its main purposes was to encourage and foster service as the basis of the accounting profession and to secure the highest ethical ideals in the practice of accountancy. On this multifaceted base, eleven students were initiated as active members of the organization on February 12, 1919. Professor Scovill was initiated as an honorary member. In the original constitution for the University of Illinois chapter, the initiation fee was $10 and dues were an additional $2 per semester. Any member who was absent from a function without first being excused was charged 25 cents. Section I, Article IV, of the original constitution stated that any male person who was registered in third-year accounting, who contemplated a continuance in accounting work, and who had a junior class standing as shown by his college records was eligible for membership in the organization. Nine of the eleven members became CPAs. By 1939, only one of the original eleven members, the first president Russell Morrison, was a practicing CPA. Morrison was actively involved in the
American Accounting Association The American Accounting Association (AAA) promotes accounting education, research and practice. Founded in 1916 as the American Association of University Instructors in Accounting, its present name was adopted in 1936. The Association is a volunt ...
. In 1964, he, along with eight other leading accounting professors, was selected to serve on the "Committee to Prepare a Statement of Basic Accounting Theory", which provided major contributions to American accounting thought. In February 1921, Beta Alpha Psi officially became a national organization after it adopted a national constitution. Less than nine years later, the organization boasted 900 members, and on November 8, 1950, Jeannie Skelton, the first female member of Beta Alpha Psi, was inducted into the Miami University (Ohio) chapter. Beta Alpha Psi's logo consists of three different aspects: the emblem, the rising sun, and the crossed keys. The emblem is used to promote the promise of careers for financial information professionals. The rising sun represents the professionals who continuously rise higher. The crossed keys symbolize the knowledge Beta Alpha Psi provides that will unlock the doors for the financial world. Together these three aspects represent what Beta Alpha Psi is about. The Greek letters Beta Alpha Psi represent scholarship, social responsibility, and practicality respectively.


International presence

Beta Alpha Psi continues to grow as new chapters are installed internationally. Outside the United States, local chapters operate in
Australia Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of , Australia is the largest country by ...
,
New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island coun ...
and
Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the Ara ...
.


Organizational structure

Beta Alpha Psi is governed by a constitution and by laws. It is managed by the Board of Directors, which consists of thirteen financial information professionals or professors of accounting, finance or information systems, the Professional Partners chair, and two alumni representatives. The alumni representatives are recent graduates who were active in their Beta Alpha Psi chapters. The organization relies on funding to support its activities. Beta Alpha Psi receives a portion of its funding from charter maintenance fees and an initiation fee. The initiation fee is a one-time fee and is paid upon acceptance into the organization. A majority of the organization's funding comes from contributions from industry, consulting, and professional service firms. They include but are not limited to donations from alumni of the organization. Beta Alpha Psi's Professional Partners consists of prominent professional accountants who are active in public accounting, industry, and government. Members serve three-year terms. The Partners provides the Board of Directors independent, external advice on and assistance in both the routine operations and the special projects of the organization. The International Chapter is composed of all faculty advisors, student presidents, and past and present members of Beta Alpha Psi. This body holds a meeting every year and provides advice and assistance to the Board of Directors. Local chapters are composed of the students and the faculty members at each university. Students guide each chapter's activities while faculty advisors mentor the chapters and provide a liaison between the members and other faculty. But different local chapters operate in diverse ways. While some chapters are organized as accounting honor societies or others operate as financial information fraternities.


Establishing a chapter

There are several requirements that must be met before starting a chapter: * Accreditation by the Association to Advance Collegiate Schools of Business International or
European Foundation for Management Development The European Foundation for Management Development (EFMD) is an international not-for-profit association based in Brussels. Europe's largest network association in the field of management development, it has over 890 member organizations from academ ...
/European Quality Improvement System, or be in the candidacy stage for accreditation. * A sufficient number (usually ten or more) of interested and qualified accounting, finance or information systems students to demonstrate sustainability of chapter activities. Furthermore, all potential members must meet the eligibility requirements stated in the International Bylaws. * An accounting, finance or information systems faculty member who is willing and able to serve as faculty advisor. * Support of the accounting, finance, or information systems faculty and department chairs, as well as the business school dean. It is strongly encouraged for all petitioning chapters to have ongoing funding from the school’s administration. Petitioning applications can be submitted at any time during the year. If the petition is approved, the chapter will be eligible for installation after 60 days from the date of approval. Before the installation can be scheduled, the petitioning chapter must submit certain fees, names of charter members, and the address which installation materials should be mailed to.


Admission requirements

In order to become a part of Beta Alpha Psi, students must be invited to join by the local chapter at the university they attend, and they are required to meet various requirements. The minimum requirements for eligibility to be elected as a pledge, though a chapter can set stricter requirements, include: *Declare an
academic major An academic major is the academic discipline to which an undergraduate student formally commits. A student who successfully completes all courses required for the major qualifies for an undergraduate degree. The word ''major'' (also called ''conc ...
in accounting, finance, or information systems *Pay an annual membership fee *Complete at least one year of courses at the collegiate level (30 semester hours or equivalent) *Maintain a
grade point average Grading in education is the process of applying standardized measurements for varying levels of achievements in a course. Grades can be assigned as letters (usually A through F), as a range (for example, 1 to 6), as a percentage, or as a numbe ...
of 3.5 (where an A is equal to a 4.0) A separate set of requirements is set for election to membership, including: *Declare an
academic major An academic major is the academic discipline to which an undergraduate student formally commits. A student who successfully completes all courses required for the major qualifies for an undergraduate degree. The word ''major'' (also called ''conc ...
in accounting, finance, or information systems (or have stated an intention to declare a concentration in accounting, finance, or information systems) *Complete two years of collegiate courses and at least one upper-level course beyond the business core (for transfer students, the most recent qualifying course must be at an institution accredited by the Association to Advance Collegiate Schools of Business- or European Quality Improvement System *Maintain a cumulative grade point average of 3.0 in upper-level courses of their declared major beyond the business core; and **Maintain a 3.0 cumulative grade point average, or **Rank within the top 35% of their university class, or **Attain a 3.25 cumulative grade point average on the most recently completed 30 semester hours


Notable alumni

The following alumni have distinguished themselves in business or in service to Beta Alpha Psi. *
Arthur E. Andersen Arthur Edward Andersen (May 30, 1885 – January 10, 1947) was a Scandinavian-American accountant who was the founder of the accounting firm Arthur Andersen LLP (now Accenture). Biography Arthur Edward Andersen was born in Plano, Illinois, to ...
, founder of accounting firm Arthur Andersen. *
T. Coleman Andrews Thomas Coleman Andrews (February 19, 1899 – October 15, 1983) was an American accountant, state and federal government official, and the State's Rights Party candidate for President of the United States in 1956. Early and family life Andrew ...
, entrepreneur,
Commissioner of Internal Revenue The Commissioner of Internal Revenue is the head of the Internal Revenue Service (IRS), an agency within the United States Department of the Treasury. The office of Commissioner was created by Congress as part of the Revenue Act of 1862. Section ...
1953–1955; 1956
Independent Independent or Independents may refer to: Arts, entertainment, and media Artist groups * Independents (artist group), a group of modernist painters based in the New Hope, Pennsylvania, area of the United States during the early 1930s * Independe ...
candidate for President of the United States * Yuji Ijiri, distinguished researcher in accounting and economics, president of the
American Accounting Association The American Accounting Association (AAA) promotes accounting education, research and practice. Founded in 1916 as the American Association of University Instructors in Accounting, its present name was adopted in 1936. The Association is a volunt ...
(1982–1983), and inductee into the
Accounting Hall of Fame The Accounting Hall of Fame is an award "recognizing accountants who are making or have made a significant contribution to the advancement of accounting" since the beginning of the 20th century. Inductees are from both accounting academia and pract ...
*
William Andrew Paton William Andrew Paton (July 19, 1889 – April 26, 1991) was an American accountancy scholar, known as founder of the American Accounting Association in 1916, and was founder and first editor of its flagship journal ''The Accounting Review''. Bio ...
, founder of the
American Accounting Association The American Accounting Association (AAA) promotes accounting education, research and practice. Founded in 1916 as the American Association of University Instructors in Accounting, its present name was adopted in 1936. The Association is a volunt ...
and its journal, ''The Accounting Review'' *
Isai Alvarado Joel Isai Alvarado, professionally known as Isai (pronounced "Isaiah"), is an American '' Super Smash Bros. 64'' player widely regarded as the game's greatest player of all time. He is credited with developing the modern ''Smash 64'' metagame and ...
, professional ''Super Smash Bros.'' player, president of chapter at
San Jose State University San José State University (San Jose State or SJSU) is a public university in San Jose, California. Established in 1857, SJSU is the oldest public university on the West Coast and the founding campus of the California State University (CSU) ...
* Eugene Lee, currently active sports agent representing players in the National Football League *
Mary Ann Tobin Mary Ann Tobin is a former member of the Kentucky House of Representatives, serving from 1976 to 1984. She served as Kentucky Auditor of Public Accounts from 1984 to 1988. She is a member of the Democratic Party. Early life and education Mary ...
, former Kentucky Auditor of Public Accounts


Active and Petitioning Chapters

Active and Petitioning Chapters as of October 26, 2020Beta Alpha Psi - Active Chapters
/ref>


Notes


External links


Beta Alpha Psi website
{{authority control Honor societies Accounting in the United States Student organizations established in 1919 Former members of Professional Fraternity Association 1919 establishments in Illinois