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KPMG to foot university tuition bill

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14th Jan 2011
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KPMG is developing a new school leavers’ programme that will see the firm paying the full university and professional tuition fees of successful candidates.

The news comes at a time of growing concern around how students will meet the rising costs of university. It also follows on from Deloitte’s plans for a national programme to hire school leavers under its "bright start" scheme, due to start this autumn.

The schemes will be a "blueprint" for private sector support for students and are expected to pave the way for more corporate higher education programmes which could fundamentally change the way companies recruit young people.

Oliver Tant, UK head of Audit at KPMG, said: “This scheme is a major new departure for us, which we think could establish a new trend of the private sector helping to meet the costs of tertiary education.”

KPMG is currently in the process of working with Durham University and the ICAEW to roll out the new initiative for September.

The initial intake will be around 75 students at Durham, who will start a six-year programme with the accountant, leading to both a degree and a professional chartered accountancy qualification from ICAEW. KPMG believes that school leaver schemes of this type may account for the majority - in excess of 400 - of its annual trainee chartered accountant intake in years to come.

Successful students will receive a salary throughout the six-year period, starting on £20,000. During the four-year Accounting BSc, students will spend part of the time in residence at Durham University, where they will study at Durham Business School, and part of the time working at KPMG.

Agreement in principle has been reached with Durham University and the full proposal for the new programme is currently being developed for consideration by the university for full approval.

According to KPMG one of its aims in setting up the scheme is to “widen participation in the profession through increasing the diversity and range of its intake”.

KPMG’s Oliver Tant continued: “For us, one of the key things is to ensure fair access to the profession by ensuring the greatest number of young people possible go to university - and also have the potential to train as an accountant. We need an accountancy profession that is as diverse and as open as it can be. This scheme will address current concerns around how students can meet the costs of university, and make degrees and professional qualifications available to a broader socio-economic group.”

Other welcoming remarks about the scheme have come from David Willetts and former cabinet minister Alan Milburn.

David Willetts, the minister for Universities and Science, said: "I warmly welcome this new scheme, as it provides a new entry route to a prestigious profession for people from a wide range of backgrounds. I hope other employers and universities will study the concept carefully. It's the kind of initiative that we hope will flourish as we reform higher education."

Alan Milburn added: “I fully support the new and innovative partnership between KPMG, Durham University and the ICAEW. It will extend fair access, enhance social mobility and promote opportunity for those leaving school to go to university and build a career in accountancy. I hope that others across the professions and the business world will develop similar exciting programmes.”

In addition to school leavers, KPMG plans to take in 800 graduates this September as well as 150 internships over the summer.

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