Ministry of Justice to Grant Scholarships to Accounting and Real Estate Appraisal Students in Socio-Economic Periphery
The Ministry of Justice in Israel has announced that it will be providing scholarships and support to accounting and real estate appraisal students who live in the socio-economic periphery. This move comes as a response to the significant decline in the number of students studying these subjects in recent years. The Ministry hopes that by offering financial assistance, it can encourage more students to pursue careers in these fields.
Previously, the Ministry of Justice has not granted large-scale scholarships to students. However, with the ongoing shortage of accountants and interns, it has become necessary to take steps to address this issue. The scholarships, amounting to NIS 6,000 each, will be given to students pursuing a bachelor’s degree in accounting at an approved institution, as well as students pursuing a bachelor’s or master’s degree in real estate appraisal with approval from the Council of Real Estate Appraisers. The scholarships will specifically target students living in localities ranked 1-5 on the CBS’s socio-economic index, which are considered peripheral.
In the event that there is limited funding available for all eligible students, priority will be given to those who have completed national, military, or civilian service. Additionally, students or families entitled to certain pensions from the National Insurance will also be given priority.
The decline in the number of students studying accounting and real estate appraisal has raised concerns about the future availability of professionals in these fields. Over the past decade, the number of accounting graduates has decreased from around 2,000 per year to approximately 1,000 per year. This shortage has led to competition among major accounting firms to attract interns and young accountants, including offering higher salaries, bonuses, and study scholarships.
The Division for the Regulation of Professions in the Ministry of Justice, led by Attorney Amir Haran, is responsible for overseeing the initiative. The division manages and operates the examination, registration, supervision, and disciplinary systems of the regulated professions of accounting and real estate appraisal.
Itamar Donenfeld, the Director General of the Ministry of Justice and Chairman of the Board of Certified Public Accountants, emphasizes the importance of encouraging human capital to join these professions, especially from the socio-economic periphery. He believes that providing scholarships to students from these areas will help reduce gaps in Israeli society and provide opportunities for young people to integrate into the employment market.
The Ministry of Justice plans to publish a call for proposals in the near future, providing details on how students can apply for the scholarships and support.