1 Accredited by:
2 2 HKUST BUSINESS SCHOOL Master of Science in Accounting 3 Contents About HKUST Business School 3 Message From the ACADEMic Director 4 Program 5-8 Professional recognition 9-10 Faculty Profile Students & Alumni Careers & Enrichment 16 Campus Life 17 Admissions 18-20
3 3 HKUST BUSINESS SCHOOL Master of Science in Accounting 4 About HKUST Business School Established in 1991, the School of Business and Management at the Hong Kong University of Science and Technology (HKUST Business School) is young, Quality Improvement System (EQUIS). The degrees offered by the HKUST Business School are recognized worldwide. dynamic and very well respected for the quality of We are recognized as Asia s youngest but most its programs and the impact of its research. respected business school (Financial Times). Our We are the first business school in the region to be awarded accreditation by both the US-based Association to Advance Collegiate Schools of Business (AACSB International) and the European programs are highly regarded for their cutting edge design and delivery, and are consistently ranked among the very best in the world by international media. Financial Times Financial Times QS Asian University Global MBA Rankings EMBA Rankings Rankings Asia No. 1 World No. 1 Asia No. 1 HKUST MBA Program Kellogg-HKUST EMBA Program Message From the ACADEMic Director The MSAC program provides students access to professionalism, and the opportunity to master future success. Financial Times Asia s youngest but most respected business school The Economist One of the world s best qualified faculties... The Master of Science in Accounting Program (MSAC) offered by the HKUST Business School provides students with an interest in accounting a prime opportunity to further their study with a premier accounting curriculum at postgraduate level. The program is tailor-made and is both practical and academically rigorous. It is based on a foundation of carefully designed courses and components, and intends to cultivate thinking professional accountants, nurturing them to become successful business professionals across different business functions within diverse organizations. (ACCA), CPA Australia and Chartered Institute of Management Accountant (CIMA). As the top university in Asia (QS Asian University Rankings ), HKUST will provide our MSAC students with an exciting learning environment, distinguished faculty, highly internationalized student profile and activities, and our famously beautiful campus. The MSAC program provides students access to professionalism and the opportunity to master future success. The program caters for accounting and nonaccounting majors from business and non-business disciplines who are thinking of developing, or further enhancing, their careers in accounting and other related fields. Through his program, our graduates will derive knowledge in accounting and business related areas at postgraduate level and be accredited by major accounting professional organizations, including the Hong Kong Institute of Certified Public Accountants (HKICPA), the Association of Chartered Certified Accountants Prof. Tony Shieh MSAC Academic Director PhD, New York University
4 5 HKUST BUSINESS SCHOOL Master of Science in Accounting 6 Program Program Design Program Schedule The Master of Science in Accounting Program (MSAC) is a one-year full-time program that aims at providing postgraduate accounting education to students with bachelor degrees in business and non-business disciplines, and bridges them with a channel to enter accounting-related professions. The program is both practical and academically rigorous. It intends to groom thinking professional accountants at postgraduate level and educate them to become successful business professionals across different business functions, such as accounting, finance, treasury, taxation, auditing, business consulting, and corporate strategic planning. The program will further promote the collaborations and connections with the professional community, e.g., CPA firms and other corporations. Students will be provided with specialised knowledge in accounting which will enable them to enter the HKICPA QP, as well as related fields of finance, information systems, international business and investment so that graduates can make a significant contribution to the functioning and development of their employing organizations. The MSAC program commences in September and starts with nine core courses (18 credits) as foundation training in accounting. Students completed the core courses and the prescribed elective course ACCT 5220 International Treasury Sample program schedule: Term 1 (Fall) Sept Dec Nine core courses in Accounting: ACCT 5160 Corporate Financial Reporting I ACCT 5170 Corporate Financial Reporting II ACCT 5180 Advanced Corporate Financial Reporting* Management (2 credits) are eligible to apply for the HKICPA QP. Students can then choose five elective courses (10 credits) in disciplines across different business functions. Term 2 (Spring) feb may Prescribed elective course (for HKICPA QP): ACCT 5220 International Treasury Management Five elective courses in various business disciplines: Accounting ACCT 5210 Managerial Accounting Foundations Finance ACCT 5410 Taxation Information Systems ACCT 5510 Auditing Management ACCT 5630 Business Law ACCT 5640 Company Law FINA 5120 Corporate Finance * subject to approval 18 credits 12 credits Remarks: Offering schedule for individual course is subject to change
5 7 HKUST BUSINESS SCHOOL Master of Science in Accounting 8 Program Curriculum Students are required to complete a minimum of 15 courses (30 credits) of coursework in order to graduate, including 9 core courses (18 credits) and 6 elective courses (12 credits). Elective Courses (Offering schedule of individual course is subject to availability) ACCT 5140 Financial Statement Analysis FINA 5340 Financial Markets in China Core Courses ACCT 5160 Corporate Financial Reporting I Corporate financial reporting including topics in current assets, fixed assets, income taxes, liabilities, leases, off-balance sheet debt, equity, financial assets and dilutive securities. ACCT 5170 Corporate Financial Reporting II Corporate financial reporting including topics in inter-corporate investments, business combinations, multinational operations, pensions and earnings equity. ACCT 5180 Advanced Corporate Financial Reporting* Reporting of inter-corporate investments that convey significant influence or control and cross-border activities. Core topics include business combinations, consolidated financial statements, associated companies, and foreign currency issues. ACCT 5210 Managerial Accounting Foundations Use of accounting data in decision-making, financial planning, control, and performance evaluation within organizations. ACCT 5410 Taxation The course introduces the fundamentals of Hong Kong taxation based on case law and legislation. Topics include: property tax, salaries tax, profits tax, depreciation allowances, personal assessment, and stamp duty. ACCT 5510 Auditing It covers the relevant principles, objectives and ethical requirements of audit and assurance services; identifies the audit process from client acceptance, design of audit procedures and express an appropriate audit conclusion based on the audit evidence obtained. Topics include: audit planning, audit evidence and documentation, internal control, completion of audit, audit opinion and reporting, professional ethics, rights and obligation of auditors. ACCT 5630 Business Law This course is designed for the study of Business Law with practical examples of the application of law in the real business world. The course materials cover topics highly relevant to the business managers in the decision making process. The end goal is to elevate the student s level of understanding of the surrounding legal environment. ACCT 5640 Company Law Law relating to companies registered in Hong Kong; company formation and records; share and loan capital; management and administration; reconstructions; mergers and take-overs; liquidation and receivership. FINA 5120 Corporate Finance Valuation of cash flow streams (PV of cash flow streams, annuities, and perpetuities); valuation of bonds; valuation of stocks using dividend discount model; capital budgeting decisions (NPV, IRR, payback); capital structure; limits to the use of debt (trade-off models); estimation of cost of debt and equity; WACC; terminal value. Integrated analysis of industry strategy, accounting policy, financial ratios and cash flows. Forecast of earnings and financial statements and application in equity valuation; credit analysis and bond ratings. Essential for those planning careers in financial management, investment analysis, credit analysis, business valuation, and consulting. ACCT 5220 International Treasury Management* The course covers specialised knowledge in international treasury operation and management control, risk management, inflation and foreign currency changes as well as international transfer pricing. ACCT 5420 International Taxation It covers the essential principles and functions of tax treaties and other cooperative arrangements involved between treaty nations. Specific emphasis is on the treaty network established here in Hong Kong. Topics include: models of tax treaty, double taxation relief, tax issues on transfer pricing, antitax avoidance measures and international tax planning issues. ACCT 5650 Corporate Governance The course covers corporate governance at two levels. At the practice level, it builds on students prior knowledge of company law, and introduces them to the various requirements of compliance by company boards as stipulated in the Hong Kong regulatory framework. At the company policies level, this course introduces students to broader aspects of corporate governance, focusing on the multitude and interaction of stakeholders and how their interests may be protected. FINA 5150 Corporate Risk Management Practical and theoretical issues in risk management from the corporate end-user s perspective; benefits and optimal strategies of risk management; current cases which have been debated in the media. The course is an overview of China s financial markets, their latest development, and future trends. Topics include: History of China Financial Markets, Structure of China Financial Markets, Regulation and Regulatory Bodies, Foreign Exchange and Monetary Policy, the Peoples Bank of China, Banking Industry, Securities and Bonds Market, Development of the Stock and Bond Market, Development of the Insurance Industry, Private Equity Funds, and the Real Estate Industry. FINA 5350 Strategic Finance & Value Creation Key valuation techniques including discounted cash flow approach and valuation by multiples. Understanding of how firms manage and create value through restructuring assets, liabilities and organizational design. FINA 5470 Merger, Acquisition & Restructuring Focuses on the design, analysis, and implementation of financial strategies aimed at repositioning and revitalizing companies. Corporate value creation by restructuring a company or by undergoing a business combination. ISOM 5360 Information Systems Auditing This course introduces the fundamental concepts of information systems (IS) auditing. Topics include IS control and assurance, COBIT, business continuity planning, protection of information assets, auditing the network infrastructure, physical access exposures and controls, and disaster recovery management. MGMT 5480 Strategic Management in China The primary topic of this course is strategic management in the Chinese context. This course has three major objectives: 1) to help students understand the conditions under which different kinds of strategy have the potential to create economic value and competitive advantage for Chinese context; 2) to help students who plan to work in Chinese companies understand their roles and responsibilities in helping the companies to achieve competitive advantage; and 3) to help those, who work in foreign companies that either already have or will have operations in China, obtain the knowledge necessary to compete or cooperate with companies in Chinese context more successfully. * Subject to approval * Remarks: Prescribed elective course for student who wish to apply for enrolling the HKICPA QP after completing the MSAC program.
6 9 HKUST BUSINESS SCHOOL Master of Science in Accounting 10 Professional recognition HKICPA Qualification Program The HKICPA stipulates the following six basic subjects as entry requirements for the QP. Students interested in the QP but lack those subjects in their undergraduate study will need to make up with the equivalent HKUST courses designated. The program will not admit students who missed more than two of the basic subjects/courses in their undergraduate study. CPA Australia The graduates of MSAC program were being granted for the exemptions for the following papers and can direct entry to the exam of Professional level: 1 Foundations of Accounting 5 Business Finance Students will be charged an extra fee of HK$10,000 per course for taking the 2 IT and Business Processes 6 Financial Accounting and Reporting undergraduate basic courses. 3 Economics and Markets 7 Management Accounting HKICPA QP major areas Subjects 4 Fundamentals of Business Law 8 Accounting Concepts and Principles Accounting ACCT 2010 Principles of Accounting I Economics ECON 2103 Principles of Microeconomics Information Systems ISOM 2010 Introduction to Information Systems Management MGMT 1110 Introduction to Management Chartered Institute of Management Accountant (CIMA) Marketing MARK 2120 Marketing Management CIMA professional qualification comprises three pillars of domain knowledge Statistics ISOM 2500 Business Statistics divided into three levels of achievements. The pillars are enterprise, performance and financial, and the levels are operational, management and strategic. The graduates of MSAC program were being granted for exemptions for at least 11 papers, including C01-C05 of certificate BA level and the following papers: Operational Level: Management Level: Strategic Level*: The Association of Chartered Certified Accountants (ACCA) E1 Organizational Management E2 Project and Relationship Management E3 Strategic Management The MSAC program has been accredited by the Association of Chartered Certified Accountants (ACCA) and being granted exemptions to MSAC graduates for the following papers: P1 Management Accounting P2 Advanced Management Accounting F3 Financial Strategy 2015 Syllabus F1 Financial Reporting F2 Advanced Financial F1 Accounting in Business F6 Taxation and Taxation Reporting F2 Management Accounting F7 Financial Reporting MSAC students can start with the Management Case Study Exam from Management Level. F3 F4 Financial Accounting Corporate and Business Law F8 F9 Audit and Assurance Financial Management * E3: Elective Module: MGMT 5480 Strategic Management in China F3: Elective Module: FINA 5350 Strategic Finance & Value Creation F5 Performance Management
7 11 HKUST BUSINESS SCHOOL Master of Science in Accounting 12 Faculty Profile Our professors are internationally respected and graduated from world-renowned universities. Their insights and perspectives will inspire students to pursue innovative business ideas. Below is a selected list of teaching faculty for the intake: Prof. Kevin C. W. CHEN Prof. Guochang ZHANG Prof. Amy ZANG Mr David LAI Chair Professor and Head of Department, (PhD, University of Illinois at Urbana-Champaign) Professor, (PhD, University of British Columbia) Assistant Professor, (PhD, Duke University) Lecturer, (JD, City University of Hong Kong) Accounting information and securities pricing; use of accounting information in contract enforcement and regulation Accounting information and equity valuation; the roles of accounting and finance in resolving agency conflicts; management accounting in China Earnings management; financial analysts; managerial compensation; short selling Auditor s liabilities; company law and corporate governance; international taxation Prof. Kai Wai HUI Prof. Dennis Suk Sun CHAN Mr Charles K. N. LAM Dr. Kelvin MAK Associate Professor, (PhD, University of Oregon) Associate Professor of Business Education, (PhD, RMIT) Lecturer, (Master of Law (LLM), University of Hong Kong) Lecturer, (PhD, City University of Hong Kong) Voluntary disclosures; executive compensation and contracting; financial reporting; earnings management Accounting information and stock pricing; financial markets and institutions Business law; company law; corporate governance; financial crime; business ethics Analysts behavior; cost of equity capital; taxation Prof. Tony SHIEH Prof. Shiheng WANG Associate Professor of Business Education, MSAC Academic Director (PhD, New York University) Assistant Professor, (PhD, Queen s University) International accounting; corporate governance; accounting information systems International accounting; earnings management and accounting fraud; financial analyst activities
8 13 HKUST BUSINESS SCHOOL Master of Science in Accounting 14 students & Alumni A majority of the students in the intake possess a bachelor degree in business disciplines. Although the students mainly come from Mainland China, some of them were graduated from renowned universities in the UK, US, Canada, and Russia etc. Education Background by Undergraduate Major ( Intake) Others, 14% Management, 2% Non-business discipline, 4% Economics, 12% Finance, 40% Carrie LU, Intake Bachelor University: Zhejiang University (Bachelor in Financial Management) Current Company: PwC Hong Kong Position: Assurance Associate Accounting, 28% Country of First Degree Institution ( Intake) The whole program had a systematic course design and abundant study resources for us. In the first semester, the program gave basic and essential knowledge in accounting. This helped us to form a solid foundation for further study. Then in the second semester, the program provided several experienced professionals in the industry to instruct us. We had the opportunity to know more about the industry. After all of these training sessions, I had gained firm knowledge to be ready for my career, and understood the importance of teamwork. The program also provided various resources for me to get my dream job. Firstly, we had the chance of exposure to different top accounting firms and commercial banks through career fairs and info sessions. During the semester, the MSc Career & Professional Development team held events to guide us, from modifying resumes to mock interviews. The program provided various resources to help me to get my dream job. Russia Federation, 2% Others, 2% Canada, 2% US, 4% UK, 6% Hong Kong, 8% Mainland China, 76%
9 15 HKUST BUSINESS SCHOOL Master of Science in Accounting 16 Careers & Enrichment The HKUST MSAC program helps prepare students to be ready to start their career. The HKUST Business School s MSc Career & Professional Development team provides guidance and service for all full-time MSc students, which includes: Identifying the student s unique career-related interests, values and capabilities; Enhancing job searching skills, preparing for workplace requirements and career management strategies; Lingjie KONG, Intake Accessing opportunities for internships and full-time employment with a diverse group of recruiting firms and organizations. The MSAC program gave me a full-year career break and provided me a great environment to develop my skills and carefully think about what to look for in a career. It offers a solid combination of theories and real world practice in a wide scope of module topics in accounting, finance and management. It was a unique opportunity to receive a master level education at a world-class business school, and to learn from some of the most reputable professionals, holding executive positions in the city. The course was demanding, but also a lot of fun and very rewarding. Bachelor University: Lancaster University (BSc in Accounting and Finance) Current Company: CITIC Securities Position: Senior Associate The career services from the School were really useful. They offered comprehensive career training courses, and updated the latest information regarding career opportunities every week. They even helped me connect with the right people in the industry and to navigate my way throughout my job seeking experience. One-on-one career coaching, as well as career-related training/workshops will be provided for students when they join HKUST. The MSc Programs Offices will also arrange various enrichment activities and luncheon talks for students. These will be a platform for networking with industry practitioners and senior management from industry in Hong Kong and Mainland China. In addition, a study tour will be arranged for students during the semester break. The study tour will help students to better understand the industry landscape, develop applied skills in industry and company analysis, and network with industry practitioners outside of Hong Kong.
10 17 HKUST BUSINESS SCHOOL Master of Science in Accounting 18 Campus Life Admissions HKUST is more than just a place to learn. We aim at developing our students to their full potential, preparing people to take the next step toward career success. We focus on creating a unique learning experience for each of our students, and develop future business leaders in Asia for the world. Spread over 60 hectares in a beautiful setting in Clear Water Bay, the HKUST campus provides students with a relaxing environment in which to study and grow. Students enjoy all the benefits of a full-scale university campus in a relaxing environment. Student amenities such as banks, medical clinics, a supermarket, a bookstore, postal services, hair salon, souvenir shop, and choices of Asian and Western catering outlets are located on campus. Other facilities include a five-storey library with over 700,000 books, periodicals, microfilms and 100 electronic databases, computer barns, wireless Internet access, a languagelearning center, a self-access center with multimedia resources, swimming pools, a fitness center, tennis courts, an athletic track and a soccer pitch. A wide range of amenities is also provided to encourage extra-curricular activities, the pursuit of hobbies and generally to enhance the quality of campus life. These include conference and meeting rooms, common and quiet rooms, workshops and a darkroom, karaoke and music rooms, and a performance stage. The new Lee Shau Kee Campus, including the Lee Shau Kee Business Building and the Institute for Advanced Study, is specially built to cater for the expansion of student cohorts. Located atop the HKUST s main campus, the Lee Shau Kee Campus occupies an area of about 10 hectares, representing about 15% of the total campus. The HKUST Business School is now relocated to the Lee Shau Kee Business Building so that our students can enjoy state-of-the-art teaching and learning facilities and an exclusive area for them to work on group projects or assignments. Admission Requirements Applicants of the program should satisfy the following requirements: 1. A Good First Degree Applicants should possess a bachelor degree with good standing in business disciplines from a recognized university or approved institution; or 2. English Proficiency Applicants whose first language is not English, and whose bachelor s degree or equivalent qualification* was awarded by an institution where the medium of instruction was not English, are Applicants who graduated from a non-business discipline should fulfill at least one of the required to fulfill the minimum English Language requirements in TOEFL/IELTS examination. following conditions: i) Studied courses in Accounting, Economics, * Qualification with duration equivalent to a full-time bachelor s degree (i.e. at least 3 years). and Statistics during their undergraduate studies with satisfactory performance; or ii) Passed the module / paper on Financial Reporting or Financial Accounting from a recognized Certified Public Accountant (CPA) 3. GMAT / GRE Applicants are highly recommended to have a satisfactory GMAT / GRE score. examination; or iii) Having a minimum of 2 years full-time post-qualification working experience in an accounting related field. 4. Relevant Experience No minimum working experience is required. However, any relevant work or business experience will add weight to the application under consideration. The key selection criteria will be assessed through written and/or online application documents and through a personal assessment interview.
11 19 HKUST BUSINESS SCHOOL Master of Science in Accounting 20 Admissions Application Deadlines Application Materials Program Fee Scholarship Awarded by MSAC We invite applications from September 2015 onwards for the intake. Admissions operate on a rolling basis. We recommend that non-local applicants apply as early as possible to allow sufficient time for student visas, personal preparations and arrival in Hong Kong. Application deadlines for the intake are as follows: PHASE APPLICATION DEADLINE 1 15 Oct Dec Feb 2016 Consideration of the phase 3 applications will depend on the availability of places. Only applications with complete set of application materials will be considered. Your application should include the following materials: Completed online application form, including a personal statement CV/resume with photo Transcript and degree certificate of undergraduate studies Documentary proof of other professional qualifications (if applicable) Official TOEFL/IELTS score report (if applicable) Official GMAT/GRE score report (if applicable) Two academic referees Application fee Shortlisted applicants will be notified individually for interview. The total program fee for the intake is HK$230,000. The program fee covers tuition, course materials for some of the core courses, and some enrichment activities. Other Expenses Students will be charged an extra fee of HK$10,000 per course for taking the designated undergraduate basic courses in order to meet the HKICPA QP requirements. Travelling and living expenses in Hong Kong are not included in the tuition fee. On-campus accommodation at HKUST is not available due to heavy demand. Students have to explore short-term off-campus accommodation. APPLY ONLINE NOW! Eligible candidates will be considered for scholarship. Student s eligibility for the scholarship will be assessed after online application is submitted and interview is conducted on a case by case basis. Scholarship Awarded by HKICPA HKICPA scholarships were established to encourage accountancy studies and recognize academic excellence in accountancy at universities. For each academic year, the scholarship of HK$6,000 will be awarded to deserving candidates as recommended by the universities. The scholarship recipients for undergraduate or postgraduate programs of respective university should be a person of good character, possess outstanding performance in both academic studies and extra-curricular activities; and accept an undertaking that he/she will take the Institute s QP as the first professional accounting examination after graduation.
12 21 HKUST BUSINESS SCHOOL Master of Science in Accounting 22 MASTER THE FUTURE ACCESS TO PROFESSIONALISM
13 23 HKUST BUSINESS SCHOOL HKUST BUSINESS SCHOOL MASTER OF SCIENCE IN ACCOUNTING Room 2037, 2/F, Lee Shau Kee Business Building HKUST Business School The Hong Kong University of Science & Technology Clear Water Bay, Kowloon, Hong Kong Phone: (852) Website: