MBA candidates in the College of Business at Tennessee State University have gained statewide accolades for voicing their views on the importance of accounting in today’s economy.

Tennessee State University graduate student Aram Gupta has been selected as the first-place winner in the 2010 Tennessee Society of Certified Public Accountants (TNCPA) Student Manuscript Competition and will receive a $900 scholarship during the TNCPA’s meeting in September.

Graduate student Stephen Huffman, who also participated in the competition, was selected as the second place winner receiving a $500 scholarship.

The students were challenged to discuss the topic, “Why Are CPAs Important to the Financial Health of Our Nation’s Economy.” They addressed the crucial role CPAs play in the efficient allocation of economic resources through promotion of transparency, comparability, reliability and relevance in financial reporting, and the encouragement of ethical practices among market participants.

“CPAs ensure a factual foundation for economic growth and prosperity and for sustaining the overall financial health of the U.S. economy,” said Gupta, who will be a research assistant in the Department of Accounting and Business Law next fall. “CPAs work in industry, education, government, and in public practice and provide accounting, auditing and tax preparation. These services are essential to financial understanding,” he explained.

“We are very proud of our students’ accomplishments. Both student winners will sit for the CPA exam in the near future. These awards will help them to get established in the accounting profession,” said Dr. Eva Jermakowicz, professor and department head of the Department of Accounting and Business Law at TSU.

Gupta believes it is important for accounting students to understand the impact the accounting profession has on the U.S. economy.

“Accounting is one of the most trusted professions in the country and it operates in an environment of change. Given the all encompassing areas of the economy in which CPAs are employed and the array of services they provide, it is vital that CPAs and future CPAs remain abreast of factors influencing the financial health of our nation’s economy,” he added.

Both Gupta and Huffman are working toward the goal of becoming certified public accountants (CPA) after graduation.