BETA ALPHA PSI is a national scholastic and professional financial information honor society. The primary objective of the honor society is to encourage and give recognition to scholastic and professional excellence in the fields of accounting, finance, and management information systems. This includes promoting the study and practice of these fields, providing opportunities for self-development and association among members and practicing professionals, and encouraging a sense of ethical, social, and public responsibility.
Beta Alpha Psi was founded in 1919. By 1995 there were over 199 chapters on college and university campuses with over 160,000 members initiated since the honor society's formation.
Beta Alpha Psi is governed by a national constitution and bylaws. The governing body is the National Council. It consists of a Board of Directors and six Regional Directors. Operating authority and routine responsibility for the honor society rests with the Board of Directors. The board consists of nine accounting professors, the chairman of the National Advisory Forum, and two alumni representatives. The alumni representatives are chosen from recent graduates.
A NATIONAL ADVISORY FORUM is comprised of prominent professional accounting, finance, and management information systems professionals who are active in public accounting, industry, or government. The members serve three-year terms. The Forum provides the National Council and Board of Directors external advice and assistance in both regular operations and special projects of the honor society.
THE NATIONAL CHAPTER is comprised of all faculty advisors, student presidents, and past and present members of the National Council. This body holds an annual meeting and banquet in August, and it provides advice and assistance to the Board of Directors and the National Council.
A LOCAL CHAPTER is comprised of student and faculty members at each school. Student officers guide the chapter's operations and activities, supervised by the faculty advisors.
Beta Alpha Psi is a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code. Contributions to Beta Alpha Psi and its local chapters are deductible.
Beta Alpha Psi gains a portion of its annual budget from a charter maintenance fee and a one-time initiation fee. There are no national dues. Although there is other minor revenue from royalties and interest on investments, the bulk of the receipts come from contributions.
In 1982, the Associates Program was initiated. Through the Associates, industrial and public firms contribute to Beta Alpha Psi activities.
The Board of Directors establishes a program for chapter activities to serve as a guide and as an incentive for chapter competition. The goal of chapter activities is to involve all members fully in chapter affairs. Successful chapter operation requires participation by every member in attending meetings, serving on committees, participating in activities, and striving for academic excellence.
All chapters are evaluated annually on their service to its members, campus, community, and profession. Superior chapters are recognized each year at the honor society's national meeting.
Chapter activities are divided into categories according to: plan of activities and budget, initiations, professional programs, involvement in campus and professional activities, community service, and annual audit and year-end report. Activities include speeches and panel discussions by students, faculty and professionals; field trips; business meetings; and a wide variety of professional, social, and service activities.
Employers of accounting students are very familiar with Beta Alpha Psi and its activities. It is understood that Beta Alpha Psi represents excellence and that its activities are designed to supplement a student's education.
The activities of student members include:
The emblem of the honor society denotes the promise of the accounting profession. The rising sun signifies the profession as one rising ever higher among economic activities. The crossed keys symbolize knowledge of accounting as a means of opening doors of the financial world. The letters Beta, Alpha, and Psi denote Scholarship, social Responsibility, and Practicality, respectively.
The L.G. Balfour Company is the official jeweler of the honor society. A wide variety of jewelry and other items bearing the honor society's emblem are available. The badge and key are pictured here. Members are provided with details for ordering by the local chapter or faculty advisor. Some chapters include the cost of the honor society key in the initiation fee. All orders should be directed to the Balfour Company of Attleboro, Massachusetts 02703.