History of the Accounting Department
Founded in 1906 by Homer and Charles Pace, Pace Institute began as a business school for men and women who aspired to a better life. While studying for the Certified Public Accountant (CPA) examination, Homer Pace stated that New York afforded very little and very poor instruction along these lines, and he "discovered that the accounting literature in the United States was practically nil." Homer purchased British accounting publications for $75 and began preparing literature on accounting. Other students began utilizing this material and Homer did some tutoring. After passing the CPA examination, Homer considered "the advisability of opening a school in New York for coaching in accountancy and also for teaching the real, genuine bookkeeping that the accountants consider the best and which cannot be found in the commercial schools."
Homer and Charles Pace borrowed $600 and established Pace & Pace partnership to prepare students for the New York CPA examination. They rented a classroom and office in the old Tribune building in lower Manhattan and taught 10 men and 3 women the principles of accounting and business law. That building once stood where the Pace Plaza building stands today. Within a year, the operation had expanded from a dozen enrollees to eighty students. In 1933, Homer reorganized the Institute by dividing the school into three separate areas: the School of Marketing, Advertising & Selling, the School of Credit Science, and the School of Accountancy, each with their own separate advisory board.
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